Best Binary Options Broker Cash Outs & Withdrawals
Withdrawals are something you will really want to pay attention to when you are selecting your first binary options broker. It is easy to get caught up in trading features and tools and to ignore the terms surrounding the simplest transactions, but these terms are among the most important. How easy is it for you to access your money in your binary options account? Is it even technically your money anymore? The answers to these questions depend on the terms surrounding cash outs.
Here are several different important factors to consider:
How Quickly Can I Withdraw?
Are you watching the clock tick-tock until you can withdrawal your money?
How long will you have to wait before you can access your money? Remember, different withdrawal methods will have different associated processing times. But most binary options websites will at least give you some kind of an estimate as to how long it takes to transfer your money out of your trading account and into your online payment system account or bank account. Typical transaction times usually range from one to three days, but some brokers are notorious for taking a lot longer to send out money. GOptions is a company that offers 24 hour cash outs to all verified traders. Other brokers provide 24 hour cash outs to traders with larger accounts.
How Can I Withdraw My Money?
What methods can you use to withdraw your money? If you visit our page on deposits, you will see the most common deposit methods for binary options: credit or debit card, wire transfer, and online payment service (Moneybookers, WebMoney, CashU and others). These are also the withdrawal methods offered by most sites. Usually if you can deposit via a certain method, you can also withdraw the same way. Indeed, many brokers require that your withdrawals take the same form as your deposits, so pay close attention to the terms of service before you make your first deposit. If you deposit using your bank card and then hope to withdraw using CashU, you could be out of luck.
What Are the Fees?
Generally there is a fee for withdrawals made more than a few times a month.
Withdrawal fees are something else you will want to pay attention to. The most common withdrawal fee is a fee for wire transfer withdrawals. There are usually fees for wire transfer deposits as well. Typically wire transfer fees range from $25-$35. Why is this service offered? Mostly because it’s fast, secure, and convenient. The fees are expensive however, and if you get stuck using wire transfer for all your deposits and withdrawals, you might soon be losing a lot of your profits on the fees.
There may also be a fee if you try to withdraw an amount under the minimum limit, but most brokers simply will not allow you to withdraw anything under a certain amount. Another type of fee which is common is one for withdrawing more than a certain number of times per month. For example, you may be told you can withdraw once each month, and then you might be charged a $30 fee each time you withdraw twice or more times in a given month. Or you might be given three free withdrawals each month, but your fourth transaction will cost you, and so on.
Carefully check the terms of any broker you are thinking of opening an account with to ensure that you are not going to be paying a lot of money in withdrawal fees. It is difficult enough to become a profitable binary options trader without losing all the money you earn trying to withdraw it.
What is the Minimum Withdrawal Limit?
Perhaps one of the most irritating drawbacks that you will encounter time and again among binary options websites is a high minimum withdrawal limit. Sadly even some of the better binary options brokers have this limit. Sometimes these limits are low: $25 or a similar number. That means you can only withdraw an amount of $25 or higher from your account. Other times, however, withdrawal limits are set as high as $100 or $200. That means if your account balance dips below $100-$200, you will be unable to access your money. In effect, it is no longer your money until you increase your balance by winning more trades.
So let us say for example that you open an account with $100, and the minimum withdrawal limit for that account is also set to $100. You could withdraw without making a trade and get all your money back. If you win your first trade, you could also withdraw all your money. But if you lose a trade and then decide you want to access your money, you will be unable to do so, even if your account balance is $99.
If you see this kind of setup at a broker who does not have a strong reputation or other positive features, you can view it as a red flag. Unfortunately, again, this feature does exist with some of the better brokers as well. You can get around it by depositing more money at the outset and then trading conservatively. This is a smarter way to trade anyway. Why? Because when you deposit money, you should also be considering the minimum trade amount. A typical minimum trade amount is something like $25 ($5 for 60-second options). You should be trading around 2.5-5% of your account at the most with each trade. So if you deposit $100, you cannot trade that reasonable amount, and are forced to trade closer to 20% of your account just to make a trade at all.
This is why we recommend you actually start out with around $500 in your trading account. That way you can trade conservatively and you are less likely to run into that problem with the minimum withdrawal threshold where you discover your money is suddenly inaccessible to you. Here is a quick overview of the fees and withdrawal limits for several of our top brokers:
- GOptions: $25 fee for wire transfers, $100 withdrawal minimum. Guaranteed 24 hour cash outs for verified traders.
- TradeRush: $30 fee for wire transfers, also, $30 fee for wire transfers under $500.
- 24option: Fees for withdrawing more than one time each month.
- Banc De Binary: No limits or fees.
- StockPair: $20 minimum to withdraw.
If you have any questions about withdrawals at a broker you are interested in working with, contact their customer service team and ask. Not only is it essential you clearly understand how to access your money and how long it will take to make a withdrawal, but it also gives you a great opportunity to check out the customer service at a given broker to see if the agents are helpful, friendly, and authoritative.
Photo credits: CASH_4738 by Machine Project, Clock by Earls37a, Cash by bfishadow