Binary options trading is a modern financial product that utilizes all the latest technologies to cater to different categories of traders. The critical ingredient of trading binary options is the ability to make payments through a secure and convenient payment platform, which is why most brokers provide multiple binary options deposit and withdrawal methods to suit traders’ preferences.
The Different Types of Binary Options Deposit Methods
Payments are broadly classified into two categories, which include online and offline payment methods. Although offline payment methods such as bank wire transfers and money exchange services are increasingly moving towards an online platform, binary options companies typically prefer online payment processors, as they are fast, secure, inexpensive, convenient, and easily accessible. Most online payment gateways and e-wallets also enable their clients to make payments through credit/debit cards, by simply adding the card to their e-wallet accounts. We give a detailed rundown on the most popular and widely accepted binary options deposit methods, as well as cover all the crucial information that should help you while choosing a broker.
Bitcoin is the hottest commodity in the market that has been experiencing intense volatility over the past couple of years. Bitcoin has also been in the news for all the right and the wrong reasons, but it should be said that Bitcoin is one of the best cryptocurrencies in the market. The decentralized, Blockchain powered, peer-to-peer digital currency is primarily designed to serve as a payment system, but the general public did get caught up in its volatility and ended up speculating the value of Bitcoin as an investment vehicle. Regardless, Bitcoin offers a secure and anonymous payment option for depositing and withdrawing funds, which is accepted by a large number of binary options brokers. Since it acts as a decentralized currency that works without the intervention of a central bank or any other entity, every transaction is highly secure. Bitcoin users are assigned a private key, which serves as the identifier of an account, and losing the key will ultimately result in losing the entire Bitcoin account. The security and anonymity aspect is certainly one of the primary advantages that led to the popularity of the cryptocurrency.
Fasapay is an online payment solution that works as an e-wallet for transacting money online. It’s developed by a Singapore-based company and is designed to offer high levels of encryption, fast processing, and automatic transactions without manual confirmation. It uses advanced encryption protocols such as the AES-256 High-Grade Encryption for increased levels of security, which accompanies a scalable payments interface that can be seamlessly integrated into online business platforms with minimum hassle. The high levels of security and automation are the reason behind Fasapay’s popularity among binary options brokers, which is complemented by the incredibly low 0.5% transaction fee. Fasapay is only an e-wallet, and not a cryptocurrency, but offers various buyer and seller protection programs to improve the trust among users.
Neteller is another popular e-wallet that’s used extensively by forex and binary options brokers. It’s owned by Paysafe Group, a British company, which is strictly regulated by the Financial Conduct Authority of the UK. Therefore, it’s also one of the most secure e-wallets that allow users to deposit, withdraw, and transfer money to compatible accounts seamlessly. Neteller also stores your credit/debit card information make payments using your Visa or MasterCard, or it can also be linked to your bank account for withdrawing funds from the e-wallet directly to your bank account. As far as binary options payments are concerned, Neteller ensures instant deposits and withdrawals, with transactions being completed within mere seconds. The fee for these transactions is quite high, with the average being 3% of the transaction amount. In some cases, Neteller only charges a maximum of 1%, while in other instances, transactions may charge up to 45%, depending on the payment module.
OKPay is an all-in-one payment solution, or in other words, an e-wallet that functions as an online payment platform. The digital e-wallet allows transfer of funds between account holders, paying for products/services, and business solutions for online and e-commerce businesses. It’s owned and operated by MAYZUS Financial Services Ltd., which is regulated and licensed by the Financial Conduct Authority (FCA) of the UK. OKPay is a secure e-wallet that follows the standard approach of an online payments platform, and has lots of similarities with some of the more accomplished e-wallets in the market. The fees of transactions vary from 1% to 4% of the transaction amount, and the it can also be used to deposit funds into a binary options brokerage through a credit/debit card. OKPay allows its users to withdraw funds directly to a bank account, and all transactions are secured through some of the most advanced encryption protocols. OKPay may not be as popular as some of the other established e-wallets, but there are numerous brokers that accept it as a valid payment option for binary trading.
PayPal is one of the oldest and most widely used online payment platforms in the world, making it the largest e-wallet in existence in over 200 countries across the world. PayPal’s unique operating strategy has enabled the company to set up representative branches in different locations around the globe and is regulated by a fair number of regulatory organizations, including those based in the USA. PayPal also merged with eBay during the early 2000s, but since then, both parties have split up into independent entities. PayPal consistently improves its encryption protocols and payment platforms to enhance the security of transactions and is relatively one of the safest e-wallets in the industry. It does have a significant number of guidelines and policies that may restrict transactions in certain industries, such as gaming and binary options. Therefore, it may be challenging to find binary options brokers that support PayPal as a payment option.
Paysafecard is a prepaid card offered by the Paysafe Group, which is an FCA regulated company that operates several leading and popular e-wallets such as Neteller. Their cards are essentially similar to gift cards that can be topped up with a predetermined amount of money, which serves to protect vital financial data of a user such as banking information or credit/debit card details. It’s available as a MasterCard, which is accepted in almost all vendors across the planet. Paysafe Group has built in several security measures into the card such as a 16-digit unique Pin, which can be used at checkout to make the payment. They are available in 46 different countries as an over the counter product, with denominations available in 10, 25, 75, 100, 125, 150, and 175 GBP. Paysafecards are accepted at almost all binary options brokerages, and you can securely deposit money into your trading account within minutes.
Payza is a money exchange service that also works as an e-wallet, where users can send money abroad through a bank or the Payza platform. This payment method offers the convenience of transferring funds from one place to another for a nominal fee of around 3%, but the most significant advantage is that it can be used as a binary options deposit method for traders who otherwise don’t have access to banks, e-wallets, or credit/debit cards. It’s supported by a large number of binary options brokers and requires users to open an account for initiating a transfer. Payza uses 128-bit encryption, FraudMatrix, merchant review, and account verification to ensure that the platform is not used for financial scams or other malicious activities. It can also be used with Bitcoin for depositing and withdrawing funds.
Perfect Money is a popular online payment option for binary trading companies, as we have seen several brokers accepting Perfect Money as a valid form of deposit and withdrawal. It’s an e-wallet, just like the rest of the digital wallets in the market, but is based out of Panama. Therefore, Perfect Money may not be as safe on paper as the more accomplished e-wallets, but it does offer a highly secure option for storing money, for making online payments, and for buying Bitcoin and currencies online. It also offers cost savings by way of lower fees, along with instant transfers through advanced encryption protocols. Perfect Money has been used widely by binary options traders and brokers since 2008 and continues to be one of the most preferred binary deposit methods.
Skrill is an e-wallet that facilitates cross-border transfer of funds through strict regulatory oversight of the Financial Conduct Authority (FCA) of the UK. Skrill is also EU authorized under the EEA agreement and is closely scrutinized under the MiFID and the IMF. It has been around since 2001 and is one of the largest e-wallets in the market that supports online payments through a highly secure interface. Skrill is currently owned by Paysafe Group, the company that is responsible for other e-wallets, making it highly secure and reliable. It allows payments through e-wallet balance, or through credit/debit cards, along with the option of transferring funds between accounts and is perhaps one of the most widely adopted binary options deposit methods among brokers, which ensures fast, secure, and instant transactions every time.
WebMoney is a global payment settlement system that not only acts as a money transfer service and an e-wallet but also allows users to get a loan and raise funds for their projects. The company was founded in Moscow in 1998 and is used extensively for P2P and B2B payments. It’s also used as an Escrow in some cases, with transaction fees starting from just 0.8%. WebMoney purses can be held in any base currency, and users have the option of holding multiple purses to account for different currency transactions at multiple service providers. The payment provider also uses highly secure account protocols for keeping accounts and money safe from prying eyes, which include two-step authentication, secret keys, personal digital certificates, and the WM-Identifier system. These security features are on top of the regular encryption technologies, which certainly helps in enjoying a secure money transfer experience.
Factors to Consider While Using the Different Binary Options Payment Methods
The choice of payment method for binary options trading is up to the user, as it depends on a wide variety of factors such as geographical access, fees of transactions, and the choice of a binary options broker. Regardless, here are some tips to keep your binary transactions stress-free:
- Binary options withdrawal methods should be the same as the deposit methods.
- In case of withdrawing to a different account, the trader must submit the required documents to the broker.
- Brokers don’t allow third-party payments, to follow Anti-Money Laundering Laws.
- Ensure security of your e-wallets, credit/debit cards, and payment gateways by not sharing your password, OTP, Pin, or other account information.
- Keep your computer virus-free.
- Do not enter your payment information on websites that do not provide a secure payment gateway.
- Never trust unreliable or websites that display scam behavior.