Are you ready to trade with a binary options broker who offers free and secure banking? If yes, you might want to consider IQ Option banking. South African traders have wandered left, right and centre in search of a banking option that would solve all their trade banking challenges. Having been disappointed earlier does not necessarily mean that you will be in for another frustration. Commit to using IQ Option banking and you will realise the difference.
One of the aspects that have been overlooked since time immemorial is none other than banking. Binary options traders have also been responsible for ignoring the issue of banking. Most of the traders in South Africa have not been ignoring the aspect by their own will; they simply had no choice other than to stay without banking since the bankers that existed back then were not practical.
However, with the coming in of IQ Option banking, a number of traders have agreed to use the service since it guarantees higher returns and enables the trader to exit the trade and plough back the profits to the bank.
In search of higher payouts and innovative types of binary options, most of the South African traders do not remember to perform a thorough scrutiny to ascertain the basics of a broker, such as the provision of banking facility. If a trader does not have an option of transferring money to and from his or her broker in an easy, fast and secure manner, then the rest of the features that a broker has are of no use. The IQ Option banking is a tested process that has remained trustworthy over time. Most of the traders in South Africa have benefited from this banking option.
There are three payment modes that are offered by the IQ Option banking facility:
1. Credit card
A trader in South Africa has the freedom of sending and receiving money to and from an IQ Option account. For a majority of the brokers, the only natural choice to make a payment online is the credit card. IQ Option supports the choice of credit cards issued by most brokers for ensuring that credit card banking is free, fast and convenient. Once a trader deposits money through a credit card, it is reflected in the nominated bank account easily. Withdrawals are effected after a maximum of 2 business days.
2. Wire transfer
If a trader in South Africa does not have a credit card, then it is necessary to try and understand the basics of wire transfer. This may be the best option if a credit card is not available. It is the only option that does not require a trader to have an account with a provider who is a third party.
However, the biggest drawback of wire transfer is its slowness. Withdrawals and deposits can take a maximum of ten business days. This is enough time to lose business, more so if a put or call option expires before your withdrawal has been executed. Moreover, IQ Option may charge a fee and a trader’s local bank might also charge an additional fee.
3. Online payment service providers
If a South African trader can use any online payment service provider, then it is a major boost to his or her binary options trade. The online service providers allow a trader to store all the financial information in one place. Moreover, a trader can make payment or place withdrawals from the comfort of an office or home at the click of a button. Online payment options are similar to credit cards in that they are fast, free and easy.
In order to assure all traders in South Africa that their banking is secure, IQ Option has moved to encrypt every communication that a trader makes. This has been done to the SSL standards. This is the best and securest method available. It is the same tool that has been employed by banks to secure their online banking platforms. It is a reliable method that is not prone to hackers.
Moreover, IQ Option has put in place a verification process that assures South African traders that no one can access their money. The process of verification requires anyone who wants to use a new method of withdrawal to provide an ID and proof of residence. If the withdrawal was to use a credit card, the picture of the credit card is required. IQ Option knows that it is only the South African trader who owns the documents, so only that trader can access money from his or her bank.
If a trader wishes to withdraw funds from his/her account, then the verification must be correct. In some instances, traders in South Africa have had several concerns about their money. The traders have expressed their reservations due to the many scammers who have swindled majority of the traders. A successful withdrawal has to be pre-applied by the trader and approved by IQ Option. Some of the methods through which a trader in South Africa can withdraw money are Visa, Mastercard and Maestro credit/debit cards, bank wire, Web Money, Skrill, CashU, Moneybookers and POLI.
A trader who wishes to withdraw must also show a proof of registration with a certain licensed broker. Traders will also be required to provide the amount, payment method and currency so as to ensure that the withdrawal request is successful. A normal withdrawal takes a maximum of 3 business days. However, if a trader has a VIP account, the withdrawal request goes through within a period of 24 hours. The minimum withdrawal amount is $10 while the maximum is $1,000, 000. A trader who has any query regarding a certain withdrawal request is always free to contact the customer care agent who will take him/her through the steps of withdrawal.
IQ Option is a friendly site that can be accessed anywhere by a South African trader through the use of a mobile phone. The phone should either have Android or iOS. The mobile application is easy to use and is a reliable application that can be of great help for any binary options trader.