Binary options brokers offer a wide range of deposit and withdrawal methods that you can use to fund your account. Every broker offers a different deposit and withdrawal methods and there may be different fees associated with it. Which options broker deposit method should you use? Find out below.
Credit cards are offered as a deposit method at nearly every broker. They’re quick and easy to use, only take a few minutes, and you can even earn rewards points on your deposits. Visa and MasterCard are usually accepted, and some brokers will offer support for American Express and Diner’s Club.
However, while credit cards may be accepted at all brokers, not all banks will allow deposits at brokers. This is especially true for US traders. If your credit card is rejected for a deposit, try one of the other methods listed below.
Bank Wire Transfer
Bank wire transfers are offered at nearly every broker as well. These allow you to quickly and easily deposit and withdrawal funds right to your own bank account via SWIFT or IBAN transactions. The biggest downside to an electronic transfer is that it may sometimes take a few days for the transaction to clear.
PayPal is one of the most popular electronic payment processors online. It’s a quick, easy, and secure payment method open to everyone. Unfortunately, trading binary options with PayPal deposits isn’t available everywhere. Because they are a U.S. company, there are restrictions on the types of brokers they can deal with. As a result, most binary options brokers that accept PayPal don’t accept U.S. traders.
Western Union is another popular payment method that is accepted by the majority of binary brokers. It allows you to wire money to anyone worldwide without the need for anything other than access to cash. If you can’t deposit via any of the other methods offered by a broker, Western Union might be for you. However, most Western Union deposits carry a processing fee by the broker.
Moneybookers is the most common way to deposit into any broker. They are regulated by the U.K.’s Financial Services Authority and have over 15 million customers. The fees are low and you can deposit into your account via credit card or bank transfer. If you plan on moving money between multiple brokers, Moneybookers is the easiest way to do so.
Webmoney is another online payment processor similar to PayPal. It has over 11 million customers, makes transactions fast and easy, and is also accepted by a wide range of brokers.
Liberty Reserve is a fairly new payment processor with limited support, but it is quickly growing. The deposit fees are capped at $2.99, no matter the size of your transaction, making them the lowest cost electronic wallet for traders moving large amount of money. However, you can’t make deposits into your Liberty Reserve account via credit card.
AlertPay is a fairly new payment method with growing support from many online brokers.
Deposit and Withdrawal FAQs
What are the fees for different deposit methods?
Fees vary by broker, but the great majority of brokers have no fees for any deposit methods. The only fees that you will incur are the ones levied by the payment processors themselves.
How can I withdrawal funds?
Most binary broker withdrawals are made to the same account that you deposited with. If you would like your money back into a different account, you will need to mail the broker supporting documents.
How much time does it take to process withdrawals?
Withdrawal times vary by broker. Read binary broker reviews to find out more information on how long withdrawals take.
How much money do I need to deposit?
Once again, minimum deposits vary by broker. The minimum deposit for a mini account is generally between $100 and $200, but can be as low as $20. For a standard account, minimum deposits range between $1,000 and $2,500.