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 […]
Make a Moneybookers Deposit
Moneybookers, or, Skrill, as they are currently known, is one of the world’s most popular online wallets. They are based out of London, but have offices within the European Union and in the United States. They fulfill a lot of different purposes, and they also make for a great way to instantly fund your binary options trading account at a low price. It’s free to have an account, but they will sometimes charge you to transfer money to individuals and businesses. The good news with Skrill is that they have just started allowing customers from the U.S. to utilize their services within the last several months. It’s opened up a lot of doors, and has definitely added to their reputation. They are a versatile tool that can be used for much more than just gaining access to trading, too.
Using Skrill in conjunction with your binary broker account is straightforward. If you already have a funded e-wallet with them, the transfer is usually instant. There can be a delay in transferring money from your bank account to your online wallet, but this delay would still exist even if you were to transfer cash from a checking account right to the binary site. Depending upon your home bank, this might take up to several days. Alternatively, you can fund your Skrill account with a credit card–and this feature gives you immediate access to your money. It is an extra step, however. Instead of paying the broker directly with a card, you would fund your Moneybookers/Skrill, then use the e-wallet to pay your broker. Because of this reason, some sites will give special preference to e-wallets like this one. This can be realized when it’s time for a withdrawal of your funds.
Getting your money from a binary website into your Skrill account is simple, but it can take a few days. First, you must prove your identity. This is to protect you and it is now an industry standard in order to help combat money laundering. If you are trying to withdraw to a Skrill account, you will most likely have needed to deposit into your binary account with Skrill, too. This allows you to skip the credit card verification process and the fees that are associated with it–at least on the brokerage end of things.
It was mentioned above that some brokers give preferential treatment to Moneybookers account holders. One top site charges 3.5 percent of your withdrawal as a fee to put your cash onto a credit card, but only 2 percent if you are using Skrill. This is very worthwhile if you make frequent withdrawals or you have a smaller account size and do not qualify for a higher end VIP account with the site you use. But do remember that some sites will allow you up to one free withdrawal every month, so this may not affect you directly.
Please be aware that Skrill is not a non-profit organization. They are in business and provide their services because they make money doing so, and that profit comes from a small percentage of your transactions. It’s usually a tiny amount, and it works just like a credit card would, but if you use this tool often or for large amounts, it will end up costing you a bit over the long run.