Secure Payouts Methods
When selecting a binary options broker, it is crucial that you also take into consideration the various binary options payout methods that are available to you. Imagine your frustration when you want to deposit funds into your trading account with your credit card, only to find that your credit card is not available as one of the payout options with that broker. You will either be forced to use an alternative method supported by the broker or look for a different broker that will accept your credit card. Although nowadays there are dozens of ways in which you can use to send money, often only a few of these methods are supported by a broker. To know if your preferred payment method is supported by a broker, let us take a look at some of the most commonly accepted methods of transferring funds that are accepted by the majority of the brokers in the industry.
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Commonly Accepted Payment Methods
Although binary options traders nowadays have a wide selection of payment methods at their disposal, these various methods can be categorized into 3 main methods:
- Bank Wire Transfers
- Credit/Debit Cards
Depending on the trader’s preference, these 3 main methods will usually be sufficient to meet the needs of traders around the world.
Bank Wire Transfers
Bank wire transfer is one of the oldest methods of transferring funds around the world. This method of transferring funds has been around before the existence of credit cards and involves the transfer of money between 2 banks. To execute a bank wire transfer, the following information is required:
- The recipient’s bank swift code
- The recipient’s bank address
- The recipient’s bank account number
Among binary options traders and brokers, bank wire has been recognized as the slowest method for making a deposit or withdrawal. The entire process normally takes several days before the fund transferred is posted to the recipient’s bank account. In addition, the banks usually charge a service fee for making a bank wire transfer which some brokers passed on to the trader. Nevertheless, it should also be noted that not all brokers will pass this service fee on to their clients.
Credit/Debit Card Payment Method
The most popular method of transferring funds among binary options traders is through credit/debit cards. Introduced during the late 19050s, credit/debit cards are now accepted by most businesses around the world. The difference between a credit card and a debit card is that for the former, the credit holder is essentially borrowing money from the card issuer each time he uses the card. The payment for the money borrowed is only due at the end of each month. The credit card holder can then decide if he wants to settle the payment in full or minimum amount due at the end of each month.
With a debit card, the cardholder must have sufficient funds in his bank account before he can execute the fund transfer. If there are sufficient funds, the money is then deducted directly from the cardholder’s bank account. It is widely acknowledged that credit/debit cards offers binary options fast payouts to traders who adopted this method of funds transfer. Most popular cards that are accepted by binary options brokers include VISA, MasterCard, Diners and American Express.
eWallets as a payment method has only became popular during the last decade in major economies around the world. In emerging economies, eWallets as a payment method is regarded as new and modern and hence still in its infancy. Only certain countries among the world’s emerging economies are accepting eWallets. Thanks to modern internet technology, binary options traders are now able to transfer funds from one party to another from the comfort of their own homes. It is fast and relatively secured. Because of the tight web security that is needed to ensure that an eWallet transaction is not compromised by an unauthorized third party, only brokers who have invested substantially in web security are willing to accept eWallets as a payment option. Some of the popular eWallets used by traders and brokers alike include Skrill, NETELLER and PayPal.
Binary Options Brokers with Fast Payouts
While there are lots of payment methods that are available to traders to fund their trading accounts, you also want to ensure that the broker which you are dealing with can process your withdrawal request expeditiously. The purpose of trading binary options is to try to get a steady stream of profit which you can then withdraw quickly into your bank account. There is no point trading and making lots of profit which you are unable to access. To help you avoid the frustrations of not able to get your money quickly, we have compiled below a list of brokers who offer binary options fast payouts:
Owned and managed by Rodeler Ltd, 24Option is based in Cyprus and is regulated by the Cyprus Security Exchange Commission (CySEC) under the Cyprus Investment Firm (CIF) license number 207/13. The broker was established in 2009 and is regarded as one of the pioneering binary brokers for the binary options trading industry. Apart from binary trading, 24Option also offers trading in spot forex. Over the few years that they have been operational, 24Option has developed a reputation in the industry as broker with high integrity. Provided all documentations are in order, the normal processing time for 24Option withdrawal request is just one business day.
- IQ Option
Another broker that is well known for its fast withdrawal is IQ Option. Just like 24Option, IQ Option processes their traders’ withdrawal requests within one business day. Founded in 2013, IQ Option is also based in Cyprus and regulated by CySEC under the CIF license number 247/14. The broker is highly popular among binary options traders not just because of its fast withdrawal time but also because its intuitive proprietary trading platform.
Established in 2010, StockPair is a binary options trading brand that belongs to Nextrade Worldwide Ltd, a CySEC and FCA regulated broker. The broker is well known for being an ethical broker and is committed towards offering their traders a safe and secured trading environment. Likewise, StockPair processes their traders’ withdrawal requests without any delay. The request is usually processed with 48 hours and traders can hope to receive their funds within 5 business days.
Q: What are the usual payment methods offered by a broker?
Answer: It depends on the broker and also where you are based. The majority of brokers will accept credit and debit cards and wire transfers. Although be advised this is an expensive and often time consuming way to transfer funds. Most brokers will also accept a variety of different ewallet payments eg. Neteller and Skrill.
Q: Can I deposit with one payment method and withdraw with another?
Answer: No. Most if not all brokers will expect you to withdraw funds in to the same payment method which you have deposited with eg. if you place a deposit with a credit card, you would need to withdraw to the same credit card.