Using an e-wallet to pay for your binary options trading can be really simple, especially if you use these services already. It will help you to skip a lot of other steps for getting cash to your brokerage account and will help speed up the withdrawal process down the road. Some services are not available […]
Credit Card Deposits
Using a credit card to deposit with a binary options broker is the fastest way to get money into your account. Brokers use a secure SSL encryption in order to make sure your personal data is always safe, usually through a third party site. The best part of using a card to make a payment to your trading account is that it updates instantly. As soon as the card is processed, then the money is in your account and ready to be used. Almost all binary brokers use credit cards for deposit methods because they are so simple to use. An agreement between the broker and a third party service is all that it takes.
Withdrawing your cash from your account is what trading is all about. After all, the profits we make are completely pointless is we don’t ever get to see them. The process is not quite as immediate as deposits, however. Believe it or not, the brokers out there are working to help preserve your personal information and your hard earned money. To do this effectively, they need to take some precautions. Every single reputable broker will have a few security measures that you need to meet before you can enjoy the money that you’ve made. It will be the same whether you use credit cards, wire transfers, or an online wallet, like Moneybookers. You need to prove to the broker who you are. It sounds overly complicated, but it’s really not. If you use a credit card, you will need to verify your identity with a government issued ID card, provide a proof of address–a utility bill works well here–and then you need to send them a copy of the front and back of your card. After that, you are good into the future, too.
The downfall of using a credit card for a deposit is that most brokers will only process withdrawals in the same manner that funds were deposited into an account. This can take a few business days to finalize, but once you have the cash on your card, you will need to follow whatever procedures your company has for getting a surplus amount of cash into your hands. Many card providers will just send you a check for the overage, but you will have to check on the details with them yourself.
As with any form of payment, you will find that there are limits on how much you can withdraw and deposit. Credit cards generally have the lowest deposit minimum, usually between $200 and $500, depending on which sites you use. Withdrawal limits are typically a bit different from site to site. Sometimes there might be a small fee on what you take out, but it’s up to the site and the type of account that you have. And you might only be able to withdraw money for free at certain times during the course of a month. This really isn’t much of a problem, though, if you plan ahead of time and are not trading with money that you need to get by with in your day to day life.
***Your capital may be at risk. This material is not investment advice.***