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When you decide that it’s time to withdraw some or all of your money from your binary options broker, you have a few choices. Most brokers will allow you to have one free withdrawal per month, so timing your withdrawals correctly is important if you wish to avoid the fee that is attached to multiple withdrawals. Once you do decide to withdraw, you can choose between a wire transfer to your bank account or a credit back onto the credit card that you originally funded your account with. The choice is up to you, but there are a few things you need to know.
Neither credit card payments nor wire transfers are instant. If you want your money, it is highly unlikely that you are going to get it out as quickly as you were able to put it in. This might frustrate you, but this is just a part of doing business and is unavoidable. So if you do need instant access to your money, it is best that you not invest too much of your own capital into binary options. Remember, you want to avoid putting money that you need to get by from day to day at risk like this.
Most brokers require that your withdrawal be processed in the manner that it was credited to your binary trading account. If you used a credit card to fund your account, you will receive a credit back onto your card. If you made a wire transfer, you will have the money wired back to your bank account. This is pretty straight forward.
Withdrawals are usually pretty easy to do on your part, but you will have to wait, sometimes several days, before you receive your money.
Many brokers has a minimum credit card withdrawal amount of $10. The only maximum with this broker is the amount that you have in your account. This doesn’t include unfulfilled bonus monies if you haven’t completed the binary options trading requirements to have unlocked this amount fully into your account. If you want to make a wire withdrawal, the minimum amount is $100. Remember to read the terms on their site before making a deposit. With the raise of cryptocurrencies many brokers started to offer crypto withdrawals as well. If you want to know more about this, make sure to check our cryptocurrency trading bot reviews.
Other brokers will vary with these withdrawal amounts, so make sure you are aware of what the minimum and maximum standards are for your particular broker.
Binary.com Minimum Withdrawal
Binay.com has various withdrawal methods available, and some of the most popular ones are credit cards, e-wallets like Skrill & Neteller, WebMoney, and bank wire transfers. Each trader will get a full overview of the eligible Binary.com withdrawal methods when they are logged into their account.
Binary.com minimum withdrawal depends on the chosen payment method, and it starts from just $5 for most e-wallets. If you decide to process your withdrawal using a credit card, the minimum withdrawal amount is set to $10 and with the bank wire transfer minimum amount is set to $500.
As we already mentioned, most brokers are taking some time to process withdrawals. However, as explained in our Binary.com review, their withdrawal processing time of just 1 business day is above industry standards.
Keep in mind that there might be additional processing time required by your bank, e-wallet or money transfer service to credit funds to your payment account.
IQ Option Minimum Withdrawal
IQ Option is one of the very few binary option brokers that allows you to get your withdrawal processed via PayPal. This is a great advantage for a lot of traders since PayPal is very popular in most countries. However, you have to be aware that it might not be available for all traders. As explained in our IQ Option review, you will get a list of all withdrawal methods after you log in to your IQ Option account.
IQ Option, as one of the most prominent binary options brokers, is unique in its withdrawal limits. Believe it or not, but the IQ Option minimum withdrawal is set to just $2 USD. This low amount is set for e-wallets, as well as credit cards. Another good news is that there is no commission charged from IQ Option on these withdrawal methods.
If you, however, decide to process your withdrawals using a bank wire transfer, the IQ Option minimum withdrawal amount is set to $10 and there is an extra commission of $31 that has to be paid in order to get the withdrawal processed.
IQ Option withdrawal time is from 1-3 business days, however some payment methods may require extra processing time from your service provider.
Conclusion of Binary Options Withdrawals
Many people find that withdrawing money from a binary options broker is a big hassle, but the process is fairly straightforward. Keep in mind that your account needs to be fully verified and all KYCs have to be done before your withdrawal can be processed. Make sure to do verification as soon as possible so you don’t have to spend a lot of time getting it processed after you ask for withdrawal.
During the withdrawal process, there is a bit of waiting, but this is usually because of slow moving banks and banking procedures. Be patient and don’t trade with money that you will need right away and you can avoid the frustration that is sometimes associated with the withdrawal process.
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