Binary Options Broker Deposit and Withdrawal Methods

BinaryOptionsNow | Published on April 15, 2011 at 10:55 pm

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Deposit and Withdrawal Methods Accepted by Binary Options Brokers

If you are looking for binary options brokers for your new binary options trading career, it pays to check out each website for a variety of factors. There are a lot of significant differences between binary options brokers that warrant further inspection before you choose the one for you.

Since you will need to deposit and withdraw money from your account to trade, it helps to know the various deposit and withdrawal methods out there for option traders. Furthermore, when you trade binary options and withdraw your profits (or losses), you may have to pay fees for transferring funds, or may have other considerations to consider.

This article will take a look at how deposit and withdrawal methods impact binary options trading, and how you should consider these factors before you trade binary options with a binary options provider.

A Look at Various Payment Methods for Deposit

Taking a trip around the binary options market and all the binary options trading possibilities out there reveals several popular payment methods for deposit. Since a vast majority of these brokers are located overseas (usually in Cyprus or the British Virgin Islands), deposit methods really matter.

  • Credit card transfers: The most common method most option traders use when depositing funds is through credit cards. Virtually every broker supports Visa and MasterCard, and most allow American Express. Discover is less common, but chances are, you can find brokers to handle that transaction. Just make sure it’s a charge and not a cash advance.
  • PayPal: More and more brokers are starting to offer PayPal, perhaps the most trusted online payment method on the market today. If you want to trade binary options quickly, but don’t want to use a credit card, PayPal is an excellent choice. Just know that withdrawing funds from your account to PayPal, and then from PayPal to your bank, can take 3-5 business days.
  • Wire Transfers: This is a trusted method, and can result in very quick transactions, but some brokers only allow wire transfers from non-US banks. Also, many websites charge a fee to withdraw funds from your trading account via wire transfer.
  • Electronic Wallets: There are several companies that act like PayPal and can transfer money from an online account to the broker of your choice. Moneybookers is a rising e-wallet company, as is AlertPay – which is more affordable than most options out there. As with PayPal, moving funds with e-wallets can be subjected to service fees.

Withdrawal Fees

In addition to depositing methods, option traders need to consider withdrawal fees when they choose a binary options platform. Some fees can be as high as $40 per withdrawal, with the industry average hovering around $20. This is one of the ways brokers make money, so choosing a website with low withdrawal charges is one factor to consider – especially if you withdraw funds often.

Deposit and withdrawal methods are not the be-all, end-all of factors to consider, but they are something every trader should consider.

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  • Harold says:

    Thank you for the very informative post. I’m on at optionfair at its very interesting.

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