What are the Most Popular Deposit and Withdraw Methods On Binary Options Brokers?
Right up until a couple of years ago, there were a lot of difficulties faced when payments were being made to accounts at binary options brokers. Most of this hassle arose from the fact that there simply weren’t any good facilities to make such payments.
Of course, today there are many online methods through which payments can be made. Back in the day, the only way to make a payment was by actually going to a bank and filling out a payment form.
This method required a lot of time and effort, which not a lot of people had. Today though the advancements in technology and the internet allow people all over the world to make deposits as and when they want to. People can fund their accounts with most brokers using online payment through credit and debit cards from most banks, as well as through a bank wire transfer and even payment through virtual wallets. This has improved the quality of life for most of the traders out there today.
Debit Cards and Credit Cards
A debit card is a special card issued by a bank through which most transactions can be made electronically. The name of the trader (the person who owns that bank account) as well as the UCN (unique card number) is written on the card. It is the best way for traders to make electronic payments without having to actually wire the cash over to the broker.
The two most popular types of debit cards are Maestro (used extensively in the EU) and Visa (used globally). Deposits and withdrawals made from that account are updated when the payments are made, and new balance is seen immediately.
Credit cards are different in that the amount of money that is withdrawn from the account has to be paid to the bank issuing the card at the end of the fiscal month. MasterCard and American Express are two of the biggest credit card companies in the world. While Amex isn’t as widely recognized by brokers as the Mastercard, they are both incredibly useful with payments.
- Here is a list with the best brokers that accept Debit and Credit Cards.
Bank Wire Transfer
Wire transfers aren’t the same as normal bank transfers. Where the traditional deposit and withdrawal method through a physical bank could take many days or even weeks to process and go through, a wire transfer (telegraphic transfer) is done within a day or two.
While it isn’t as popular for deposits as a credit or debit card, a lot of traders use this method to fund and withdraw money from their trading account. It is still slow, and sometimes takes as long as a business week for the payment to actually go through. However, it is still a very safe process when working with most brokers out there.
- Here is a list with the best brokers that accept Bank Wires.
These are probably the most popular way in which payments can be made to and from a binary options broker in the modern day and age. The e-wallet is a very reliable online method. It is basically a wallet that is virtualized. Recognized globally, these wallets are available to users with any income level, credit score or bank account. They serve as the middle man, allowing the trader to keep their card details and other information secure from attacks by malicious entities. Traders who are a little cautious when it comes to the brokers they give their information to typically use this type of account because of its credibility.
Some of the most common e-wallet providers include PayPal, one of the oldest out there that is available in 24 currencies and 190 countries, Skrill, which has a ton of different features, 40 currencies and no withdrawal fees, as well as their own credit card, and Neteller.
- Here is a list with the best brokers that accept Paypal.
Who Uses Which Method?
When it comes to traders working from the USA, credit cards are the most popular method to pay and get paid by far. However, recent advancements in the security technology from e-wallet providers has led to an increase in the number of US traders who use this method instead. Another reason is that a lot of brokers don’t support the use of American Express credit cards directly. In Europe, where most brokers have no location restrictions, all of the above methods are popular deposit and withdrawal option for their brokers.
Which one do you like to use?