Why are we spending time to talk about binary options withdrawal methods? The withdrawal methods offered by a broker will determine if you can use that broker for your business or not. There are countries that find themselves on an international financial blacklist and this created problems for traders from those countries for no fault of theirs. In other instances, it may just border on convenience of transactions. This is why traders must be familiar with some of the binary options withdrawal methods available so as to better tailor their choices and preferences for a better trading experience. Withdrawal methods follow the methods by which the trader deposited funds in his trading account. For instance, it is presently impossible to deposit with one method and withdraw using another method. Most brokers will not allow it. The financial markets have strict rules for compliance with money laundering laws, and this is just one of the provisions that they have adopted. Another consideration is that there are rules regarding limits that can be withdrawn from an account using a particular method. These limits will be defined quite clearly by the broker. So without further ado, let us look at ways a trader can withdraw profits made in the binary options market.
- Paypal: This is not a widely adopted payment method. This is probably tied to the stringency with which PayPal controls account usage on its platform. However, traders in America can use PayPal on the Nadex binary options platform.
- Wire Transfers: this is the withdrawal method that is most universally accepted in the binary options market. Almost anyone can transact with a bank wire from a domiciliary account with a bank in the native country to the broker’s bank. In addition, brokers are generally liberal with how much can be withdrawn from a trading account. The only snag is that it is the most time-consuming method: withdrawals can take up to 5-7 working days to process.
- E-wallets: E-wallets such as Moneybookers, CashU, Ukash, Neteller and Webmoney provide fast withdrawals and less paperwork than a conventional bank account. Moneybookers is especially good because they offer third-party credit card processing and allow traders have access to several different payment methods. So access to Moneybookers is actually access to several withdrawal methods. The disadvantage is that there is a geographical restriction to owning a Moneybooker’s account. Other e-wallet options like Liberty Reserve and Alertpay are generally more accommodating. If you need fast withdrawals and live in a country with access to e-wallet services, e-wallets are a very good option.
- Credit/Debit Cards: This option offers the fastest withdrawals. All a trader needs is to be located in a geographically accepted location, then perform the required payment verification in order to use this method for withdrawing funds. Most credit/debit card brands are accepted: MasterCard, VISA, Diner’s Club, Carte Bleue are the most acceptable brands.
- Payment Agents: some brokers will utilize payment agents that have been verified for their business. This is a viable option for those traders who are nationals of countries that are barred from most of the payment methods. It is thought that by using a few agents who are registered with the brokers and whose identities have been verified, traders can get verified by these agents who are closer to these traders and in the process, faster withdrawal service can be provided without breaking any money laundering rules.
These are the withdrawal methods accepted in the binary options market. Traders can feel free to use the methods that are most suitable for them.