Creating a binary options account with a respected broker in South Africa is a good start. Now that you have funded that account and have been trading for a while, you are probably wondering what the best way to make a withdrawal from your trading account is. Here’s a quick breakdown of the things that you need to know if you are going to reap the rewards that you’ve worked so hard to earn.
The Major Binary Options Brokers South Africa
There are several well-respected and regulated brokers currently doing business in South Africa. Regardless of which one you trade at, many of them share a lot of similarities when it comes to the withdrawal process. For starters, almost all brokers will require you to take a withdrawal in the same manner that you made your deposit. If you used a credit card, for example, your withdrawal will need to go back to that same credit card. If this is a problem, such as you would find when if you had used a disposable credit card, then you will need to get in touch with your broker’s customer service department before you begin the withdrawal process.
Another thing to keep in mind is that brokers require you to prove your identity and residency before you make a withdrawal. It’s required that you send a scanned copy of a government issued identification card and a copy of a utility bill into your broker before your request can be granted. This is to prevent identity theft and misuse of funds. You can use a passport for your ID card, if you have one, or you can use your driver’s license. If you used a credit card, you will likely be required to scan the front and back of your card to prove that it belongs to you. These are all normal procedures put in place to keep your money right where you want it to be. If you want to make sure that your withdrawal is processed as quickly as possible, you should take care of all of this paperwork before you think you might need to make a withdrawal. The sooner it’s taken care of, the easier the withdrawal process will be in the future.
If you have any questions about security, do not hesitate to get in touch with a customer service representative to walk you through the process and help you along the way.
The normal processing time for withdrawals is between 5 and 10 days. Online wallets, like Skrill, often have slightly faster processing times because of the lower cost of doing business with them.
Most brokers give you one free withdrawal per month when you use a credit card or online wallet. Wire transfers always have a fee attached with them. The cost of additional withdrawals will vary from site to site.
IQOption Withdrawal Options
IQ Option is one of the most respected brokers within South Africa as they are fully regulated and this helps to add to the security of all financial transactions that you have with them.
When you request a withdrawal from IQ Option via credit card, you cannot withdraw more cash from your trading account than what you initially deposited. Unfortunately, this is prohibitive to traders that are successful. And this is something that you should be striving for, too. As a result of this, we believe that the best way for most South African traders to withdraw funds from this broker is through an online wallet. While limits exist on how much you can withdraw onto a credit card, this limit doesn’t exist for e-wallets like Skrill. You can deposit onto this site with multiple methods to help avoid this issue.
Banc de Binary Withdrawal Rquests
When it comes to withdrawals, Banc de Binary has some of the fastest processing speeds of any reputable broker in South Africa. These typically take only two days to show up in your final account. Skrill has the fastest processing time when it comes to withdrawal requests at Banc de Binary, with deposits sometimes showing up the following business day after the request is processed.
24Option has Options
Before your withdrawal request is processed at 24Option, they require all of the generally accepted methods of verification that are outlined above, along with a quick refresher on all of the personal information supplied at the time of your account creation.
To request a withdrawal, you will need to fill out an online form. Most of the details will be supplied for you, the important part for you here is to make sure that you fill out the correct amount that you want to withdraw. Normal hours of operation for 24Option are between 9:00 and 16:00 on Monday through Thursday, and 9:00 to 13:30 on Friday. If your request for a withdrawal is made outside of these hours, it will be processed during the next business day.
24Option suggests that when you send a scanned copy of your credit card (assuming you are using your card for withdrawals) that you block out all but the last four digits of the card number. Since data is encrypted, this will help prevent any misuse of your card.
Unlike most other sites, this broker typically will charge you when you use a credit card for your method of withdrawal. Your fee is based upon the size of your withdrawal.
For South African traders, bonuses can be a great way to boost your account’s size, but if they impede your ability to withdraw your cash, they are more harmful than helpful. Be sure that you know what your broker’s requirements are for any bonuses you might be offered before you accept it. Using tools like signals services, practicing with demo accounts, and using trading robots can all help you to make the most out of a bonus.
You want the best binary options trading platform South Africa, and the withdrawal process is often the final step in guaranteeing that you get this. This is the final step before you get to see your earnings put back into your bank account and use the money that you worked so hard to earn.