Binary Options How to Withdraw Money
Binary Options How to Withdraw Money
October 18, 2012Im sure every binary options trader depositng money has eventually come across some type of difficulty cashing out funds. These difficulties can usually be separated into 2 main categories:
The first has to do with the documentation you are required to provide when trying to make a withdrawal, and the second has to do with the withdrawal method.
* There is an exception to US traders, the transfers can only be done via Bank Wires/Wire Transfers.
In all cases documentation has to be provided when cashing out. These are the items that have to be sent:
- Official Photo ID or Drivers License
- Some type of signed Fax form establishing your identity.
- A utility bill with your address – make sure this address correlates to the one on your trading account otherwise you will have a problem cashing out.
- If you used your credit card to deposit you may be asked to produce front and back photos of your credit card.
If you deposit with an ewallet like moneybookers, you will not be required to provide CC photo copies. But you may be asked to provide a valid photo ID and a signed Fax form authenticating your identity.
Here are some of the advantages of using an ewallet to deposit:
>> You will be able to cashout much faster and continue trading and making more money and additional deposits.
>> Using an ewallet is also recommended for reasons of anonymity as well as budget control.
>> Your deposit limits will also be much higher if you deposit with an ewallet like moneybookers (Skrill) or Neteller.
At times you will be offered bonuses to reverse your winnings and continue trading, this is fine and you can do that as long as you factor this into your risk management strategy. As in all cases, reversing cashouts is also much faster when using an ewallet as opposed to credit cards. Make sure to read how bonuses work in binary options trading and why issues like trading volume requirements may delay your cashout times.
For an in-depth analysis of all brokers according to available payment methods please make sure to check out our banking section located on the right panel.
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