The payment methods available play an important role when choosing a broker. Imagine that you have a credit card with which you want to deposit funds, but that credit card is not accepted at a given broker. In this case, you can either look for another broker or choose a different payment method.
A broker that offers the most deposit and withdrawal options is IQ Option – also the most popular broker right now. There you won’t have trouble depositing with the deposit method you prefer. And the minimum deposit is just $10 (compared to $250 at most other brokers)!
Click here to deposit at IQ Option now!
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
However, there is no doubt that the payment options for Binary Options brokers are limited. While there are an estimated 100 payment methods, only very few of them are currently accepted and offered by online brokers. Anyone who thinks he can quickly transfer 100$ to his broker by using PayPal is sadly wrong: there are very few Binary Options brokers that accept PayPal. And other eWallets such as Neteller, Skrill, Click & Buy, Click2Pay, Ukash, etc. might be popular when buying goods in online shops, but are only offered by very few Binary Options brokers.
Another thing to consider when looking for a binary options broker is that some of these will charge a withdrawal fee for transferring fees out of a binery options account. Although this does not apply to all brokers, some will charge up to $30 in order to execute the withdrwal. Whilst this is the highest withdrawal cost amongst brokers, it is certainly worth making sure of the conditions of withdrawing money from your trading account before signing up.
The good news is that this will change over the time. We expect that in the future, more and more brokers will add such popular online payment methods such as PayPal or Neteller. And there are at least a few brokers that already offer Skrill as a mean of payments. We are positive that soon other eWallet payment options will be added by the large Binary Options brokers. Just have a look at the Forex trading niche, which exists for a few years more. Most Forex brokers offer already a wide choice of payment processing methods.
Credit Cards and Bank Wire Transfer
People who stick to the traditional payment methods however won’t have a problem depositing their money. All brokers that we have reviewed accepted at least MasterCard and Visa plus bank wire transfers. There are even a few ones that also accept the less common credit cards such as Amex or Diners Club. However, it is important to note that with credit cards usually one cannot withdraw more money that he has deposited. The remainder has to be withdraws by wire transfer or check. You should therefore check this out before depositing money by credit card.
The classic bank transfer still has the highest confidence among users and is therefore very popular. However, there is one big drawback: the processing time is much longer than with eWallet services or with credit cards. Keep this in mind if you quickly need more funds for trading or if you want to quickly cash out your winnings.
Deposits and Withdrawals with eWallets
eWallets do not have the disadvantage of bank transfers mentioned above. The funds can be accessed almost instantly. It is even possible to associate a bank account or a credit card with a eWallet service in order to have a faster access to the funds. Also, the fees are (besides PayPal) much lower than with the traditional payment methods.
Unfortunately, they are still not very widespread at Binary Options Brokers. Besides Skrill (formerly known under the name of Moneybookers) there is currently no eWallet service which is commonly accepted by brokers. The reason that many of these have been hesitant to get involved with binary options brokers is that the online payment services such as Paypal have enforced strict money laundering and fraud barriers to transferring money and, with the web-based service offered by many online brokers, the location of those registering cannot always be verified. This is slowly easing and it is increasingly available to many traders, although some countries have been effectively blacklisted with binary options traders unable to use the service from these locations.
But we are convinced that over the time eWallets such as NETteller, PayPal and other large providers will become more and more popular among Binary Options brokers.
