Making a deposit to your binary options brokers is very easy and quick. You can make deposits via credit or debit cards, wire transfer and digital means like Skrill, Neteller, Paypal, CashU and many others. Barring the wire transfer all the transaction methods work instantly. You will have the deposit amount immediately in your binary options trading account and you can start trading right away. You do not need to verify your identity or do any other formality to make a deposit.
#24option300x250#Making a withdrawal from your binary options trading account implies taking out the entire or a part of your balance amount from your broker's account. When you want to make a withdrawal you would be amazed to know how suddenly the complexities increase drastically. This article will help you understand the withdrawal process in a better manner and make a withdrawal with the lowest or no cost at all. Just go through the following points and you would be making withdrawals in a smooth manner.
- Currency: When you open an account with a binary options broker, you would be asked to specify your currency along with some other basic information like your name, country, email id etc. It is very important that you select a currency which is suited for you. If you want to withdraw the money to your bank account, you must select your country's national currency otherwise you will have to pay a lot of currency conversion fee. All the currencies have different exchange values and some users tend to specify a different currency to lower their initial deposit amount. This way they are able to work with a smaller deposit amount but they end up paying a lot more when it comes to making a withdrawal.
- Getting your account verified: In order to make a withdrawal the first step is getting your identity verified. In order to prevent money laundering the binary options brokers do not allow you to make a withdrawal unless you verify your identity. You need to verify both your identity and your address to be able to make a withdrawal. For identity proof you can submit a government issued id proof which has your picture. The frequently used id proofs are driver's license, passport, voter card etc. In order to verify your address you need to submit a document with your address specified. The most commonly used address proofs are electricity bill, telephone bill, utility bill etc. You have to scan these documents and send them to the customer care. The customer care will take a few days to verify your details. It is recommended that you should make a deposit only after you have verified your identity and address. If because of any reason the customer service of you binary options broker rejects your id proofs after you have made the deposit, you will not be able to withdraw the deposited amount.
- Method of withdrawal: There are many options to make withdrawals. Some withdrawals methods like credit/debit card and wire transfer are offered by all the brokers while some other methods like Neteller, Moneybookers, Paypal, CashU etc. may not be available with all the binary options brokers. Wire transfers should be avoided as they are heavily charged and also take a long processing period. However, for very a large amount wire transfer is a safe option. Withdrawals via Digital means like Moneybookers, Neteller, Paypal are fast and hence you should use them to make your transactions. If you want to use the money you withdrew for shopping or making another transaction, the digital options are really good. In case you plan to transfer your money back to your bank account, you will need to pay some processing fee via the digital transaction modes. In this case you should use credit or debit cards. You must submit the scanned copy of your card to your broker for making a withdrawal so that it can be verified that you are making a withdrawal to your own account.
- Amount and number of withdrawals: In case of some binary options brokers there is a minimum withdrawal amount. You can't withdraw an amount smaller than this. The ideal condition for the traders would be no withdrawal conditions but we don't really live in an ideal world, do we? The minimum withdrawal amount can be as small as $10 or can go up to $250. It is always better to let your money stack up a bit and withdraw in one go. It is because there are many brokers which charge for making a withdrawal. Some brokers offer one free withdrawal per month and the subsequent withdrawals are charged.
- Withdrawal to the same source: You should make the deposit form a source you can easily make a withdrawal to. It is because some binary options brokers have a rule that you can't make withdrawal to a different source. It means that if you used skrill to make a deposit you can withdraw the money only via skrill. If your broker has this rule it would be a smart move to figure out the withdrawal charges before you decide to use a particular mode of payment.
- Terms and conditions: The terms and conditions page of a broker is the one which no one wants to go through but it is highly recommended that you do not skip this step. Some brokers have a ridicules rule that you can make a withdrawal up to the amount you deposited via the same source but for any surplus amount you will have to use the wire transfer. You will also need a written confirmation from that bank that the account you want to use for withdrawal belongs to you. If you go through the terms and conditions you can avoid the hardships you would otherwise have to face while making a withdrawal.
Now that you know all the hurdles that you can face while making a withdrawal you can avoid them and make a smooth withdrawal like you always wanted to.