Withdrawing money from your binary options account gives you a variety of options.
Most often, binary brokers will allow traders one free withdrawal each month. If you can stick to that schedule, you can save yourself some unnecessary fees. While there are typically a few different ways that you can withdrawal your money, some brokers require that you utilize the same method that you used when depositing your funds.
Various Withdrawal Methods
Normally, brokers give you a choice of how you would like to withdraw your money. These choices vary by broker. Most give you the options to either have your money wire transferred into your personal banking account or you can have it applied to the credit card that you used to fund your account with. The credit card method is usually free, but it allows the broker to have ready access to your personal information. On the other hand, wire transfer requires a fee but protects your privacy.
There are brokers who also allow withdrawals to be made using e-wallet services like PayPal and Moneybookers, otherwise known as Skrill. These services typically have relatively small fees associated with them, and most brokers will require that you be responsible for these fees. Like using a wire transfer, these services better protect your privacy than the credit card method.
Withdrawal Isn’t Immediate
Although it is typically a simple, quick process to deposit money into your trading account, withdrawing money often takes a little more time. Regardless if you choose to have your money put back onto your credit card or wire transferred into your banking account, it is not going to happen immediately. Even PayPal usually takes a couple of days.
The time factor is an important fact to keep in mind if you are considering putting large quantities of your money into a trading account. Try to make sure that you also have easy access to funds elsewhere in the event that you need to get to it quickly. In addition, while it may take a few days to get your money, it usually does not take an exorbitant amount of time either.
Be Aware of Nuances
It is important that you are aware that some brokers require you to withdraw money in the same fashion that you deposited it. In other words, if you initially deposited your trading funds through wire transfer, your broker may require that you use a wire transfer to withdraw your earnings. So just, be aware of this nuance and be prepared for it before making your initial deposit.
There are typically varieties of options available to the trader looking to withdrawal money from his account. However, there are several things to keep in mind when entertaining withdrawal methods. While using a credit card is often cheapest, it is also the least secure method. Wire transfers and e-wallet services are safest, but usually charge fees. Also, be aware that some brokers require traders to withdrawal in the same fashion that they deposited their money. While it is not as fast to receive withdrawn funds, as it is to deposit money, it usually takes no more than a few days for the transaction to process.