Binary Options Deposit
Like in any other sector of the financial industry, binary options brokers make a living from facilitating trades. The first step for them to be able to do this, is to get traders to open accounts and make a deposit. This is one of the reasons why most binary options brokers give traders a welcome gift in the form of a deposit bonus. But beyond this deposit bonus, there are many other characteristics that traders should know about binary options deposit methods before they make a deposit and start trading.
Most brokers nowadays work with E-wallets. For those of you who are not familiar with the term, you might have heard about companies like PayPal, Netteler and Skrill. All three of those offer E-wallet services. PayPal was the pioneer in this realm and is probably still the most popular E-wallet in existence.
Apart from E-wallets, brokers allow traditional deposit methods as well. These deposit methods include: credit and debit card deposits, as well as money order and/or wire transfers. Generally speaking, every deposit method has its advantages and disadvantages, but traditional deposit methods such as wire transfers, could have greater processing fees than others. Recently there has been a surge of brokers that accept deposits in Bitcoin. This is an additional deposit method that should be considered in terms of its advantages and disadvantages.
To understand the advantages and disadvantages of each deposit method, it is necessary to analyze what they offer beyond their cost. For example some E-wallets will allow you to dispute a deposit if you find out that the broker you wanted to trade with, is not delivering on its promises, like refusing to give you your deposit bonus. In the case of a wire transfer this would be impossible to dispute. It would also be difficult to dispute the payment if you made the deposit via debit card. Also some credit cards will give you trouble if you ever wanted to dispute a deposit.
This is why some brokers do not work with certain deposit methods like E-wallets. Brokers who refuse to take E-wallet deposits, often point to the fact that traders have disputed payments and have gotten their money back even if they got exactly what they paid for. This is a dispute that has been going on for a few years in binary options forums, regarding deposit methods.
Regardless of which deposit method you chose, we have compiled a small list of things to look out for before you deposit, to make sure that you will get what you paid for:
- Check the policies regarding the broker’s deposit bonus
- Make sure that the broker you chose accepts your preferred deposit method
- Read broker reviews before you make a deposit and make sure that the broker you chose is trust worthy
- Make sure that you read about the withdrawal policies because your preferred deposit method might not be available for withdrawals
In order to help you chose your broker, we have compiled a list of our recommended brokers ranked according to the deposit methods they accept, as well as their various deposit bonuses. Click on them to open your account, deposit and start trading!