Binary option trading is easy and a simple way of earning profits within a very short time span and also by investing a low amount. But as a trader you are required to make minimum initial deposits and also withdraw the returns and profits that you have earned in a trade. This is a procedure very few traders are actually well versed in. So, we will address this topic in this article so that you have a better idea about the manner in which you can withdraw funds from the binary option trading account that you have opened with a trading platform or a binary option broker. So, read on for more information.
Easy and secured
If you are planning to withdraw funds from your trading account, it is a simple process. When you visit the website of the trading platform you have opted for, you have to look for the withdrawal box, which is present on the main page and rarely, there are websites that will require you to navigate to another web page of the website when you want to withdraw your binary option trading funds. All you have to do is select the amount that you intend to withdraw. Remember, it will essentially be currency based and you have to choose your currency.
Essential features of fund withdrawal in binary trading
Although the process takes less than even a minute, there are few important aspects that you need to know pertaining to withdrawal or deposit of funds when you are associated with a trading platform. These include the following-
ü If you are withdrawing binary option trading funds for the first time, you will have to furnish your proof of identity. This is usually done so that there is no other individual or prospective trader that uses your name for fund withdrawal. This process makes your transactions secured and reduces the chances of fraudulence. As far as documents that you can furnish to prove your identity include recent utility bill that is in your name, photo identification, valid passport. Alternatively, you can also provide details of your credit card bills as identity proof.
ü Time limits apply when you withdraw your funds from the binary option trading account. While wire transfers and bank transfers take longer, you can opt for E-wallets, debit as well as credit cards for withdrawing your profit funds. Also the time taken for accessing your funds will depend on the mode of withdrawal that you go for. The time limit for the fund withdrawal will vary from one trading platform to another. Also do not forget to take into account the processing fee of the broker.
ü You will be required to shell out the so called withdrawal fees when you want to avail the returns from binary option trading that you have earned. This fee also differs from one broker to another and also on the mode of withdrawal of funds that you have opted for.
Regardless of the trading platform you have opted for, it is best to find out the details about deposit as well as withdrawal even before you sign up for the services of a binary option trading broker. In this way, you know what you can expect.