When trading in the binary options market, platform users will typically have a number of different payment methods to choose from when they are making deposits into their trading accounts, as well as when they are making a withdrawal. One of the most popular choices is the use of credit cards.
Using credit cards has become the most popular method that is chosen by binary options traders. One reason for this is because credit cards are used worldwide – making deposits and withdrawals easier in nearly any type of currency.
Which Credit Cards May Be Used By Binary Options Traders?
Because using credit cards for binary options trading is so popular, nearly all platforms will accept this method. The top credit cards that are used include:
- American Express
There are also some platforms that will accept Discover, as well as other lesser-known credit card options.
How Are Credit Card Deposits and Withdrawals Conducted?
In most cases, a trader’s deposit transactions using a credit card are instant, allowing users to begin placing binary options trades almost immediately – provided that the minimum deposit amount is made.
On the withdrawal side, it will typically take one business day in order for the transaction to be completed with a credit card. However, if a trader is using a credit card for the first time on a particular trading site, the platform may request to see some type of confirmation from the user, such as an account statement or an ATM transaction receipt that possesses the trader’s name, address, and other information.
In some instances, for identity purposes, the binary options platform may even request to see a picture of the trader holding their credit card, or a close-up picture of both the front and the back of the credit card. Once the initial confirmation has been completed, subsequent transactions will be made much more quickly.
In addition to using traditional credit cards as a payment method, traders may also use prepaid credit cards. It is important to note, however, that while these types of cards are typically accepted as a payment method, it may oftentimes take longer to have money refunded back to this type of credit card.
Which Binary Options Brokers Use Credit Cards as a Payment Method?
Nearly all binary options trading platforms, including AnyOption, Banc de Binary, and 24Option, allow their traders to use credit cards as a form of both deposit and withdrawal. If a trader comes across a binary options trading site that does not offer credit cards as a payment method, it may be wise to stay clear of that particular platform.
Due to both their ease of use, as well as their worldwide acceptance, nearly all of the binary options trading platforms today use credit cards as a method of account deposit and withdrawal for their traders.
Funds from credit cards can easily be drawn from such accounts both quickly and automatically – and, those who possess a high credit limit on their card can even make larger account deposits without the need to drain funds from their personal checking or savings account.