Withdrawals from IQ Option
IQ Option is a reputable broker, and they are regulated by one of the most heavily respected regulatory bodies in the binary options business. But even with this distinction, traders often have concerns about the wellbeing of their money. This is legitimate; there are a lot of scammers out there, and nobody wants to fall for one of these and lose their money. Here, we will go over the withdrawal process and let you know what you can do to make sure that this process goes as smoothly as possible for you.
IQ Option Withdrawal Methods
You can make a withdrawal by Visa, MasterCard, or Maestro, as far as credit cards go. You can also use a wire transfer or an e-wallet. The e-wallets that IQ Option currently is compatible with includes Skrill, WebMoney, CashU, and POLI.
The primary way to make a withdrawal from IQ Option is by the same method that you made your initial deposit with. You should spend some time thinking about what’s going to be the most convenient way for you to make a withdrawal when you’re making your deposit so that you can expedite this process a little bit and avoid the potential for delays here. For example, making a deposit with a disposable credit card might be problematic if you want to withdraw your IQ Option funds back to that card later.
Wire transfers are the most reliable and safest way to send and receive large amounts of money to and from your bank account, but there are some concerns here. Your bank may charge you for wire transfers, for example. No one wants to have to pay these fees, but if the safe transfer of your money is important to you, then this is worth looking into.
Minimum IQ Option Withdrawal
There is no minimum amount that you can withdraw from your IQOption account.
Maximum IQ Option Withdrawal
The maximum that you can withdraw from your IQOption account is $1,000,000. You can make multiple withdrawal requests over the course of time if you need to, but this is the maximum amount per day that you can withdraw. Also know that depending on your deposit method, you may not be able to withdraw as much as you want all at once. For example, if you made a deposit to your account with a credit card for $500, you would not be allowed to withdraw more than $500 back to that card. Once your card withdrawal request is complete, you can make another request for the rest of your balance, but it would need to be processed as a wire transfer or as an e-wallet transaction.
How Long Will My IQ Option Withdrawal Request Take?
Once you make a request for a withdrawal, the time it takes before it is processed will vary depending on the type of your account. If you have a VIP account, your request will be processed within 24 hours. If you have a normal cash account, the request will be between one and three business days. Once things are completed on IQ Option’s end of business, it may be another few days before the money shows up in your account, depending on how fast your bank works. Typically, it will be no more than 72 hours after IQ Option has completed your request, but banks do vary here.
You will need to provide paperwork before you can make a withdrawal from your IQOption account. If you do not already have this paperwork turned in, then your withdrawal request will be held up until it is complete. As per local regulatory guidelines, money cannot be withdrawn until this has been received. We recommend completing this step as soon as you can, long before you ever want to make a withdrawal. That way you will have a much smoother time when you are ready to make your first withdrawal from IQ Option.
This paperwork includes a copy of a government issued identification card, like a driver’s license or a passport, a copy of a utility bill, like your electricity or gas statement, and, if you used a credit card, a copy of this, with details blotted out (first 12 numbers and CVV) to protect your financial identity. The utility bill must show your home address.
This paperwork might seem like a hassle, but IQ Option is strict about keeping their traders’ money safely kept, and this means following all of the industry standard rules. Is it a hassle? A little one. But it’s one that we will take any day to make sure our money is safely kept and handled responsibly.
How Much Do IQ Option Withdrawals Cost?
Currently, withdrawals from IQ Option are free of charge. This does not mean that other institutions will not charge you, though. For example, your bank will likely have a fee for you if you use a wire transfer. IQ Option attempts to do their part to keep your costs down, though.
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IQ Option Withdrawal Conclusion
IQ Option is one of the most lenient brokers when it comes to choices for banking with them. A lot of the issues that traders have with their broker has to do with financial transactions, but IQ Option is very simple to work with. Their rules are clearly stated on their site, and they are all compliant with regulations. Credit cards and e-wallets are the quickest way to get your money returned to you. If you have a VIP account, this process will be even quicker.
If you’re going to create an account with IQ Option and you have further concerns or questions about deposits and withdrawals, we recommend getting in touch with their customer service. They have a quick turnaround on emails, but a phone call may be more helpful if you are looking to get this resolved quickly. IQ Option is a reputable broker, and if you are familiar with their regulations for withdrawals before you get started, your dealings with them will be much smoother.