Using a Wire Transfer
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 do take a few days to finalize transfers.
When you are making a wire transfer deposit, you will likely have a higher minimum deposit rate. For a lot of brokers, that limit is $1,000. Starting out, it seems like a really big number, especially because it’s four to five times bigger than the credit card minimum deposit, but it ends up being very worthwhile for many people. For one, you eliminate credit card fees and the potential for debt this way. You also make sure that your account is directly linked to a place where you can actually use your cash later on. The downfall of using this method is that it requires more effort on your part. For starters, you would most likely need to contact the customer service department of your binary options broker before you begin. They will need to supply you with banking information. Next, you need to contact your own bank and set up the transfer. Then you need to wait for everything to hit your account.
It sounds like a pain, but there are benefits for this, too, especially if you go with a major broker that has some sort of perks program. Many of these sites offer VIP programs for bigger accounts, and a wire transfer will get you much closer to meeting these requirements and getting the extras that come with a special account. Some of these include better rates of return on winning trades, and personal trading coaches and resources.
This is where you actually get to see the fruits of your labors. Being a profitable trader means making money, and withdrawing your extra cash is a great way to visualize your progress. Again, this becomes a lot simpler with a wire transfer. Most brokers make you withdraw your cash in the same way that you deposit. Rather than have to go through a third party or into a credit card, your earnings will go right to the best place–your checking account. Please keep in mind that some brokers will charge you for this service, and your bank may charge you, too. If you have a VIP account, they might waive this fee, or you might be able to make a certain number of free withdrawals every year.
Wire transfers are often seen as bulky and inconvenient, but they have a lot of extra benefits that you might not immediately recognize. Using this method will show the broker–and yourself–that you are serious about your trading and it will get you a lot closer to being considered for VIP status by sheer necessity. Making bigger deposits and the discipline that it takes to not have instant access to cash will force you to think things through and this leads to bigger deposits and withdrawals. As with any payment form, you will still need to prove your identity before a withdrawal, but wire transfers are much simpler to process because all of your necessary personal info will be on file already.
***Your capital may be at risk. This material is not investment advice.***