Withdrawals are one of the topics that most binary options traders neglect. As a result, they pay a high price. In this guide, we explain how you can use IQ Option easy and secure withdrawal options to make the most of your withdrawals. In detail, learn how to make an IQ Option withdrawal:
With the answers to these questions, you will be able to make the most of your withdrawals with IQ Option.
To make an IQ Option withdrawal, you have two basic options:
Credit card / debit card withdrawal
Since both withdrawal options are fundamentally different, let us take a closer look at each option.
All IQ Option withdrawals will be processed within 3 business days. Depending on your withdrawal method, you have to add the methods withdrawal time to calculate your overall withdrawal time.
Credit card / debit card withdrawal
Credit card or debit card withdrawals are the most popular withdrawal method. They are free, quick, and easy, and they are the natural payment method for many traders who use credit cards to pay and receive money every day.
Deposits via credit card will take 3 days to process by IQ Option and two days to process by your credit card provider. Overall, a processing time of 5 business days is the quickest you can get with binary options.
Wire transfer withdrawals
Compared to credit card withdrawals, wire transfer withdrawals have a number of disadvantages that make them the less perfect withdrawal method:
With this lopsided list of features, you might ask yourself why some people use wire transfer withdrawals at all. The answer to this lies in an anti-money-laundering law: You are only allowed to withdraw as much money with a credit card as you deposited with it. Since some people deposit money by wire transfer, they have not deposited any money via credit card and have to use wire transfer for all of their withdrawals.
Similarly, traders who have been trading for a while have used up their credit card budget. At some point, you will have withdrawn just as money as you deposited. From now on, you are withdrawing your profits and have to use wire transfer. While this is great news for any trading career, it comes with the
For now, there is no need to worry about this point. When you get to it, you will understand your trading and your financial needs well enough to make due with one withdrawal every couple of month, which will draw a low fee compared to your account balance, which has to be quite large to get to that point. So – don’t worry.
Also, you should understand that this is a law all brokers have to follow and that there is no legitimate broker that allows you to withdraw more money via credit card than you deposited this way. So again, don’t worry about it, it will be fine.
IQ Option withdrawals are easy. To withdraw money from your IQ Option account follow this simple three-step process:
When it comes to withdrawals, the good binary options brokers separate themselves from the bad. Since withdrawals are the last thing on the mind of a new trader, some brokers apply insane fees or make your life difficult in some other way. Luckily, the IQ Option withdrawal process proofs itself to be one of the best in the business.
There are no fees on IQ Option withdrawals, and IQ Option executes 75 percent of all withdrawals immediately. Some withdrawals will take a little longer to execute, but you can generally expect to get your money quicker than with most other brokers.
Many new traders pay little attention to a broker’s withdrawal policy. They are so focused on high payouts and other more exciting features of a broker that they completely ignore the question how they can get their money back once they entrusted a broker with it.
This neglect is a mistake. Withdrawals might seem like an insignificant factor to your success, but in the long run, they can have a major impact. Just consider this example: many brokers apply a fee on their wire transfer withdrawals, usually around $30 to $50 for every withdrawal. Since new traders can still use credit card withdrawals and want to keep all of their money in their accounts until they are rich anyway, they often feel that these fees are irrelevant. Nothing could be further from the truth.
Think about your long-term goal. What do you want to achieve with your trading? Financial independence, right? This means that, eventually, you want to live from your trading. To achieve this goal, you have to withdraw money regularly, most likely every month, just like you would get with a regular income.
When you pay a fee of $30 every month – which is the best-case scenario – you end up with $360 a year. Throw in a few extra withdrawals for unforeseen expenses, and you pay $500 in fees every year. Even if you have an account balance of $10,000, this is a 5 percent annual loss that you have to earn back with your trading. Even if that is easy for you, there is no reason why you should just kiss that much money goodbye, especially since you are not getting anything in return.
With IQ Option, you can have the same quality for free. In addition to IQ Option’s many other first-class sales points, being able to get free withdrawals is essential to your long-term success.
Similarly, having quick withdrawals will make your life a lot easier. Imagine that your car breaks down and that you quickly need to get it repaired. With IQ Option, you will have the money as quickly as possible, but with many other brokers you would have to wait for days and weeks before you can finally drive again. Once again, IQ Option offers a better service for less money.
As we eluded to earlier, you should plan your withdrawals with IQ Option in advance. While there are no fees on withdrawals, there are other important points to consider. Let’s look at these points one by one.
Once new traders make their first profits, they are often quick to withdraw the money. Before you do that, you should get clear on why you trade binary options.
New traders should think twice before they withdraw money from IQ Option, and if their goal is long-term success, they should minimize their withdrawals as much as possible.
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Experienced traders have cleared the first stage that new traders still have to overcome: they have grown their account balance and know that they can make a profit by the end of the month. For these traders, the question becomes how much they can afford to withdraw without endangering their long-term goals. To answer these questions effectively, we recommend setting up a withdrawal schedule.
The idea behind a withdrawal schedule is simple. Once you have traded for a while, you will know the average monthly profit you can expect from your strategy. Let’s say that you make a profit of around 2 percent every month, which is a realistic assumption. Over the time of a year, a monthly profit of 2 percent will amount to an annual profit of 27 percent, which is a great result for any financial investment.
The issue with this result is that when you withdraw the seemingly small amount of 2 percent every month from your account, you will end up exactly where you started. There will be no profit, and you might even lose money.
To prevent such a stand-still, you can define a monthly withdrawal amount of about 1 percent of your account balance. In this case, you will still make an average profit of 1 percent a month, which will amount to an annual gain of 12.6 percent, and you can still get a monthly payment to pay your bills.
With a monthly withdrawal schedule, you get the best of both worlds. You grow your capital, and you get some money every month. As your account balance increases, you can increase your monthly withdrawal, too. Because of this process, you can soon make more money with your monthly withdrawal schedule than if you would withdraw your profits completely.
IQ Option withdrawals are easy, quick, and safe. You can use credit cards and wire transfer to withdraw money, which allows you the complete freedom of withdrawing money in the way you want.
The great advantages of IQ Option withdrawals are that they are no fees and that you will get your money quicker as with most other brokers. Where other brokers take two days to process your withdrawal and charge you $30 to $50 for it, IQ Option does the same job quicker and for free.
Such policies matter. When you want to become a professional binary options trader, you will have to make hundreds of withdrawals. Some traders withdraw money on a weekly basis, which means that they make 52 withdrawals a year. Saving $30 on every withdrawal will amount to a whopping $1,560 over this time span – an amount you should not waste.
All in all, IQ Option is the perfect broker to make the most of your withdrawals.