Safety withdrawal of traders’ funds is highly significant in binary options trading.
Therefore, we decided to write this guide and provide our readers with an important information on how to safely withdraw funds from top binary brokers.
Below, you can find out more on withdrawal methods with best binary brokers on South African market and get significant updates.
Since binary options trading belongs in online industry, security of trading platform should be primary goal of each binary broker.
WebMoney has become very popular payment method around the world, and binary options South Africa are not excluded. Traders can simply use it to make a deposit or a withdrawal, and what makes it popular is the fact that there are almost endless possibilities. You can send and receive money, transfer it to other users and make transactions to your banking account etc.
Unfortunately, many of the brokers do not offer WebMoney as a payment method, but there are several brokers that have added WebMoney to their list and one of those is Deriv.com that you can access when you do Deriv login. Keep in mind that in order to execute any transactions, you must have valid and verified WebMoney account.
WebMoney Withdrawal South Africa
One of the benefits of WebMoney is the fact that it allows you to ‘top-up’ or deposit at any time. You can use different methods for this process, but count on some fees. The fees are very common in the e-wallet industry and it is impossible to find a service without any fees.
Here are methods used to deposit to your WebMoney account:
- Bank card – includes popular debit and credit cards with 2.5% fee
- Bank account – online banking and bank wire, with fees up to 5%. Additional bank fees may apply.
- e-money – instant transactions, no fees
- Cash – includes cash-in terminals, bank branches, money transfer systems, prepaid cards, vouchers, WebMoney exchange offices. Fees go up to 10%.
The same methods can be used for WebMoney Withdrawals. There are also some rates that apply, but no fees higher than 3%.
Make sure to understand all terms and conditions and to ask your credit card company or bank about fees that might apply to this type of transactions. It is also important to get familiar with the SARS and binary trading tax South Africa to make sure that you don’t experience any legal issues. Sometimes it is more convenient to do transactions directly from the WebMoney account than to transfer the money between different services.
Identity verification – Key Step for Successful Withdrawal
Many top brokers on the financial market in South Africa are regulated brokers. This means that they not only hold the license of a certain regulatory body but also have a certain level of obligations. One of those is KYC or Know Your Customer policy.
This means they have to know the true identity of every customer before they even try to make a withdrawal. In most cases, this check is done after the trader opens the account. Some brokers go even that far to ask for documents during the binary optons registration process. Even though many traders find this step annoying it is of crucial importance for their own safety and security of their funds. Thanks to policies such as this, it is impossible for someone else to withdraw your profit.
Documents needed to verify your identity are:
- ID card, passport, driver’s license or other document issued by the government
- utility bill, bank statement or other proof of residence
- the binary broker might also ask you for other documents, according to their T&C
Keep in mind that the entire procedure can differ from broker to broker.
How long does it take to make a Withdrawal?
If you want to submit, for example, IQ Option withdrawal South Africa request, the process is fairly simple. Go to the trading platform, find a button for withdrawal and follow the instructions. Your withdrawal request is submitted immediately. Once the funds reach your wallet, you will be able to withdraw them from the WebMoney account to your bank card, bank account, another e-wallet or via other payment methods. To choose the withdrawal option click on theTransfer button.
However, a binary broker might need some time to process it. This usually lasts anywhere between 24h to 5 days.
Even then, the money won’t be seen immediately on the account of your choice as some withdrawal methods are slower than the others. For example, withdrawal via e-wallets is almost instant, while bank wire takes several days and fees might be applied.