After careful research, you have found the perfect binary options broker for your needs. The next thing you need to consider is your method of deposit. Once you do this, you may begin trading. You are sure to find an option that you are comfortable with as most brokers’ offer a variety of choices that are both safe and convenient. It is probably wise for the newbie trader to choose a deposit method that is simple and easy to understand initially.
The Credit Card Option
Many folks choose to utilize their credit cards to deposit funds into their trading accounts. Typically, the simplicity of the transaction is its strongest selling point. Just log in to your trading account and approve the transaction. While this method is indeed convenient, you should be aware that you would need to provide much of the personal information that is on your card. If you are uncomfortable with this, you may find a different method. Not only do brokers usually request your credit card number and expiration date, they normally also ask for the 3-digit security code on the back.
The PayPal Option
You may feel extremely comfortable with using PayPal for a variety of reasons. First off, you never have to hand over any of your most sensitive information, such as banking or credit card account details. This is because PayPal serves as the intermediary. You will give PayPal your information so that they can withdrawal money from your banking or credit card account for a relatively small fee. Then PayPal will give the authorized amount of money, using your email address as opposed to your personal information, to the broker. As such, both your interests and your broker’s interests are appropriately taken care of. One drawback to using PayPal is that it is not available across the globe. However, more and more brokers are offering it as a deposit method as its popularity grows.
The Moneybookers Option
Moneybookers and PayPal have quite a bit in common. Both serve as e-wallets when you need to deposit funds into your trading account. You may utilize Moneybookers one of two ways. You may give your trader your identification associated with Moneybookers and initiate the transaction. If this does not suit you, you may also go to your trading platform, log into Moneybookers, and move your funds.
The Wire Transfer Option
Using a wire transfer is another method for moving money from your bank account into your trading account. Most brokers offer this method, but double check before counting on it. Often, a fee is charged in association with this transaction. Usually, wire transfers are performed through companies like Western Union.
Even if you exercise the utmost caution in transferring your money into your trading account, it is wise to take safety to the extreme initially. Consider depositing the smallest amount of money possible into your account the first time to ensure that all is on the up and up. In addition, with every transaction that you make, print paper copies and record the transaction number.