There are various methods of deposit and withdrawal with binary options, it is mostly the same for every broker, since it is in best brokers interest to be as flexible as possible to traders, especially when it comes to depositing and withdrawing money.
Deposit methods with binary options
There is a variety of ways to deposit, here are some:
Very popular way is also deposit by debit cards. Mostly traders from United States use above mentioned methods, while European users use debit cards in most cases. All brokers accept credit/debit card payments, as well as regular bank transfers.
Traders must be careful when depositing money in their accounts for the first time, since trader needs to choose which currency he wants to use. This chosen currency can’t be changed afterwards and it is used for both additional deposits and withdrawals. Most brokers work with USD, EUR and GBP. There are brokers who even accept deposits in JYP, AUD and CAD.
With most brokers deposits are free of charge (remember to check), but if trader deposits money via bank transfer, then probably he has to pay fee to the bank. But this is something you need to check with your bank it has nothing to do with chosen broker.
Deposited funds will be available to you if you deposit by PayPall or any other above mentioned payment method. On the other hand bank transfer my take up to 5-7 days to be completed.
Withdrawal methods with binary options
Withdrawing money from your account is entirely different thing. It usually means that you have to wait for few days to get your earned money, sometimes you need to fulfill some condition before you can withdraw your funds. E.G. if you received bonus money from your broker they will usually oblige you to make certain volume of trades before you withdraw your funds. You will probably have to make trade volume that is 30 times greater than the bonuses value. Anyhow make sure you read the terms and conditions to avoid any nasty surprises you might have before you sign up with a broker.
Withdrawn funds will go to whatever source you have deposited in. Before making withdrawal broker will probably ask you for some documents to prove your identity. This is a good thing, this means you are dealing with legitimate broker. They usually ask for your debit cards copy (make sure you blurr last numbers and security code) and government issued ID or driver’s license.
Withdrawals are rarely completely free, especially bank wires. According to the type of client account you have opened you receive different withdrawal arrangement. Standard and Mini account holders usually get one free withdrawal per calendar month and VIP and Platinum account-holders get free and faster withdrawals. There is a minimum requirement for the amount you can withdraw. It is usually equal to the minimum initial deposit requirement.
Deposit and withdrawal with binary options is very important part of every trading experience. Make sure you check them with your broker before you start trading.