Best Tips And Methods To Make a Withdrawal From IQ Option
As FX and options trading is so simple, many traders simply dive through all the features a broker shows them and only see all the different ways they might be able to make huge profits. Never for a moment do they take the time to investigate how to get the earnings they could make back into their bank account. When they finally realize that wire transfer fees may be up to US $50 per transaction, many new options traders get the shock of their life.
When Making a Profit from FX or Option Trading, Should These Be Withdrawn?
The first impulse for new traders that make their first profitable trades is often to get their hands on the gains by withdrawing the funds immediately. Many options traders however avoid this approach as they have their eye on long term gains. On the IQ Option website, these tips are given:
- If you want to trade to experiment or simply have fun, withdraw your profit. If this is the case, ask yourself why you invested real money in the first place. Using the IQ Option demo, the same can be achieved risk-free by.
- If you want to trade seriously, we presume you have a trading plan and should probably wait before withdrawing.
Let’s have a look at the various ways in which you can withdraw money from IQ Option.
To withdrawing money from IQ Option is as easy and fast as it is to earn money using the app. Various options broker reviews in fact cite it as being the easiest in the options trading market. Money can be withdrawn using wire transfers, e-wallet providers and credit cards.
Withdrawals via credit cards and e-wallets enjoy the huge benefit of not attracting any fees, and when the wire transfer option is used, the rate charged depends on the provider used.
While other brokers typically take 2 days to process withdrawals via credit cards and e-wallets, and charge between $30 and $50 per transaction, IQ Option doesn’t charge fees and processes these withdrawals within 24 hours.
This can make a huge difference, and IQ Option is simply the best option for traders as far as withdrawals are concerned.
IQ Option processes withdrawals for free within a business day. When the money actually lands in your account and which fees you have to pay after this, depends on how you withdraw your money – debit or credit cards, wire transfers or e-wallets. We’ll discuss each withdrawal method below.
Options for Withdrawals
1. Debit / Credit Cards
Withdrawing via a credit or debit cards is IQ Option’s preferred choice and they currently accept MasterCard, Maestro, Visa Electron and Visa cards.
If you have reservations about withdrawing funds via a bank card, rest assured that IQ Option has the highest data security standard in the payment card industry at a merchant level, an industry first.
2. Wire Transfers
Although there are various reasons to use a wire transfer for fund withdrawal from IQ Option, this should only be done as a last resort. IQ Option processes withdrawal requests via a wire transfer within 24 hours, as it does with e-wallets and bank cards. These withdrawal requests however normally take longer to be processed by the bank at which you have your account.
Generally, wire transfers also require the payment of fees. The rate you will be charged depends on your bank’s fee structure and the location involved. Traders can normally avoid these charges, but if you can’t, you should be aware of the cost. These fees do not apply if you do withdrawals via credit or debit card.
There might however be special reasons why withdrawing via a wire transfer can’t be avoided. One reason for this is the way anti money laundering laws work. This law requires that you may only withdraw the same amount via a credit card as what you deposited with it. If your initial deposit was done via wire transfer, your only option is to use a wire transfers for subsequent withdrawals.
You may also eventually use all the credit on your bank card by withdrawing as much as you have deposited. When this is the case, using a wire transfer for withdrawals may be the only option you have.
Using an e-wallet is a popular and good method to withdraw trading profits. E-wallets are normally provided by third-parties or payment gateways. E-wallets may however also have issues, but if only the popular ones are used, you’re not likely to run into any problems.
You can make withdrawals from IQ Option by using the e-wallets listed below.
Skrill is based in London, UK. When registering for this service, an email address is used as the account’s login. For additional security, two-factor authentication can also be activated. Although a credit card or bank account can be linked to the account, the verification may take a while.
Skrill accepts currencies from 40 countries. Skrill does not offer services in Afghanistan, Latvia, Myanmar, Yemen, Cuba, Somalia and Nigeria, and isn’t available in Libya, Eritrea and Iraq. Skrill imposes a maximum limit on a transaction.
Neteller is based in Douglas, Isle of Man, and requires account verification before allowing funds to be withdrawn. This is done by submitting a bank statement not older than 3 months.
The email address provided during registration is used as the account’s login. Neteller also offers their Net+ Prepaid Card, which can be used to transfer money directly.
Neteller has maximum and minimum transaction amounts, the former depending on the currency used, and supports 26 the currencies listed on their website.
Neteller does not operate in China, Afghanistan, Libya, Eritrea, Cuba, Kyrgyzstan and Iraq. It only offers restricted services in the following territories and countries: Germany, France, Italy, Hong Kong, Singapore, Macao, Turkey, Spain, the UK and UAE. Most banks in Arab countries don’t work with Neteller.
WebMoney is based in Moscow, Russia, and has won various awards in 2016. To open or use a WebMoney account, neither a bank account nor a credit card is needed, making it easily accessible. Eight different assets and currencies are supported and these are listed on their website.
WebMoney does not offer services in these countries: Afghanistan, American Samoa, Angola, Algeria, Ecuador, Bosnia and Herzegovina, Guyana, Guam, Iraq, Indonesia, Libya, Laos, Mauritania, Mali, Panama, Papua New Guinea, Northern Mariana Islands, Myanmar, Somalia, Uganda and Yemen.
Boleto, officially known as Boleto Bancário, is based in Brazil. It is regulated by the Brazilian Federation of Banks (FEBRABAN). Boletos can be paid until its due date via internet banking, branches and ATMs of any lottery agents, post office, and banks, and a few supermarkets. It can however only be paid at the issuing bank after the due date.
Boleto can only be exchanged by an authorized collecting agency in Brazil.
FasaPay operates from Orchard Road, Singapore and is an Indonesian electronic payment system. It allows maximum US $75,000 to be withdrawn and a minimum of US $1 for a single transaction. Multiple transactions may be done per day and fees range from free up to 5%.
Only verified account holders may transact at FasaPay. An account holder can be verified by submitting of bank statements. Apart from a password for an account, four other ways can be used to secure accounts.
FasaPay currently only supports the Indonesian rupiah (IDR) and the US dollar.
As a security measure, IQ Option requires withdrawals to be done with the same e-wallet or bank card that was used to deposit money. If this is not done, the system cancels the withdrawal.
With bank cards, withdrawals must be done within 90 calendar days from the last deposit, and the amount to be withdrawn may not be more than the amount deposited. E-wallets do not have this limitation.
If both a bank card and an e-wallet is used for withdrawals, IQ Option prioritizes bank card withdrawals before other types.
IQ Option has just implemented a process for instant withdrawals with bank cards, thereby eliminating the three working days waiting period previously applicable to withdrawal applications. Do however remember that once the application has been approved, it could take a bank up to nine working days before it credits the money to the relevant account.
Below are some examples of typical withdrawal scenarios:
- US $500 is deposited via a bank card and US $100 via an your e-wallet. The bank card funds can’t be left intact while withdrawals are made from the e-wallet. $500 needs to be withdrawn via the bank card before the e-wallet can be used for withdrawals. This withdrawal hierarchy is enforced by IQ Option.
- US $500 is deposited via a bank card and 100 days later, US $500 is available for withdrawal. It this is longer than the 90 days allowed, the bank card may not be used. Wire transfer and e-wallet options are however still available. The e-wallet is more logical to prevent having to pay the US $50 processing fee for wire transfers.
- US $500 is deposited via a bank card and 90 days later, US $600 is available for withdrawal. This needs to be done in two transactions – US $500 via the bank card and US $100 via an e-wallet of choice. The money could also be withdrawn via wire transfer, but this would once again attract the US $50 processing fee.
The Withdrawal Process
To withdraw funds from IQ options, follow these steps:
- Go to the iqoption.com website
- Log into your account
- Select the user icon in the top right corner of the page
- Click on “Withdraw Funds” from the available options displayed
- Select the payment system you prefer
- Follow the detailed instructions shown