The first step you take as a binary options trader is to create a trading account with your chosen broker. This is often a quick and easy process, where you fill in your personal details into a registration form. On most sites, in order to begin trading, you must make an initial deposit, and then you are able to access the options and resources on the site.
Before you make your deposit and open your account, you should have some information at your fingertips. To begin with, you need a clear idea on the deposit methods preferred by the broker, as well as those used when you would like to withdraw from your account. This will save you from dealing with issues in the future, particularly when you want to gain access to your winnings. Here are some vital points you need to know.
Making A Deposit
Every binary options trading platform you visit will offer you a variety of options to deposit funds into your trading account. This is to make trading easier for all the different types of traders. The most popular options including making use of a credit or debit card, wire transfers, CashU, MoneyBookers, Western Union and select online payment methods.
Binary options brokers also allow you to make deposits in different currencies, so that they can accommodate traders from different parts of the world. Pay attention to the currency that you choose, ensuring that you are familiar with it so that you can make wise decisions as you trade. On most sites, the first currency you select will be the only currency that you can trade in as there are no provisions to facilitate changes. All deposits and withdrawals shall be done in this currency.
Depositing into your account will typically be free of charge but in case you are depositing through your bank, you may have to check out with your bank about transfer charges. Your broker will not be accountable for any charges that are imposed on you by a third party.
If you want to start trading right after registration, use deposit methods that will send the money to your account immediately. Most of the deposit methods allowed by many brokers work this way, though bank transfers may take longer as you wait for the money to reflect to your account before you can start trading.
Accessing Winnings Through a Withdrawal
Withdrawing money from your account should not be a hard task if you have understood the withdrawal procedure of your chosen broker. Each broker will have their own procedures in place, with minute differences and conditions for differentiation. Always be careful about hidden charges and ensure that you have read and understood the terms and conditions of withdrawal by your chosen broker before you proceed.
Withdrawing from your account is often a straightforward process; you enter the amount that you wish to withdraw from your trading account, then you choose the payment processor and confirm the withdrawal. There are certain requirements that you may be asked to provide before you can finish the withdrawal process. These are proof of your identity and support documents.
After receiving your request, your broker’s support staff member will evaluate it and then proceed to process your request. Depending on the withdrawal method that you have chosen and the broker that you are dealing with, you should be able to receive your money within 4-7 working days.
There are no fixed fees for withdrawals as they vary between brokers. It is worth noting that most brokers will charge for withdrawal, unless the amount to be withdrawn surpasses their own internal limits.
A genuine trading platform will have a smooth withdrawal process, but, the moment you start experiencing issues when you want to withdraw, then you should be wary of your broker. Also, keep in mind that there is a screening process that takes place, which may cause a delay if you do not provide all the information that is required in good time.
Protect your investment and your winnings by being aware of deposit and withdrawal procedures. This will make it possible for you to quickly identify situations where things could go wrong.