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.