Wire transfers are a great way to put money into your binary options account if you are dealing with a large amount of money, or if you want to simplify the withdrawal process. They are direct, and make the connection between your bank account and your trading account seamless, but the downside is that they […]
Funding with Western Union
Using Western Union to fund a binary options broker account is generally pretty easy to do, although it might take some effort on your behalf. There are hundreds of locations all throughout the United States and the rest of the world. It is a convenient service that traders within the U.S. can use without hassle. They’ve been around for over 150 years and have established a very good reputation for themselves thanks to their secure methods of transferring cash wherever you need it to go.
Making a deposit to a broker is simple, but you will need to go to a location nearby and fill out some paperwork to do so. Before you begin to do this, though, make sure that you have all of the information that you need from your site of choice’s customer service department.
Their job is to help you and make your trading as seamless as possible. If you want to create an account and put money into it, these people will be very happy to help you out so you can get started immediately.
There are some big benefits to using Western Union. They are a safe and very secure method of making payments throughout the world. They also provide quick access to an account. Once the recipient gets notice that cash has been sent, your account should see that money within just a few minutes. You might need to give customer service another phone call in order to notify them that they have a payment pending, but once this happens, your account balance will be updated immediately. The downside is that there is a fee for using this service. Some places also allow you to send money directly from the Western Union website or by phone. The amount you will pay in fees varies depending upon where and how you are sending the money.
Getting a payment from a binary broker back to you is not overly complicated. If you used Western Union to make a deposit, odds are it will be simple to get your site to send you your profits back using the same method. As with any other type of withdrawal, you will need to supply your customer service or banking department with proof that you are who your claim to be. You will need a government issued ID–such as a driver’s license–and proof of your address–such as a utility bill or mortgage payment invoice. This is a constant throughout the industry in order to protect you and their own business. You would need to do this whether you were doing a wire transfer, credit card payment, or if you were using an online wallet, like Moneybookers or PayPal.
The good news about using Western Union is that once your site processes your request, you will have your money a lot quicker than with any other type of withdrawal. Western Union has a next day cash option, or an instant cash option. You may be able to specify which you’d like with your broker, but either way, your cash will be available a lot faster than if they were to send it to your bank, which can sometimes take a week or so before the cash is yours. Another benefit is that if you go and pick up the money at a Western Union location, you will be able to just fill out a paper and they will give you the money in your home currency. There’s no check to cash or credit card refund to wait for. It’s yours and you can use it right away.
Western Union has a few hoops for you to jump through, but there are definite advantages, too. If you feel that these advantages will benefit you, then contact your broker and see if they accept this form of payment. Most brokers do.