CherryTrade offers two methods to withdraw money: Credit card and wire transfer. Both withdrawal options, however are far from equal. To help you withdraw money the right way, we have the tips you need. Learn about the CherryTrade withdrawal methods.
How to make a CherryTrade withdrawal
On first sight, both of CherryTrade‘s withdrawal methods seem pretty similar. You can choose wire transfer or credit card withdrawals. After you confirm your withdrawal, the money is booked from your binary option account and transferred to your method of choice.
When we take a closer look, however, both payment methods start to become very different:
- Withdrawals with credit card will be booked to your account within a few days, while withdrawals with wire transfer can take up to 10 business days.
- Withdrawals with credit card are free, while there is a fee on withdrawals with wire transfer.
- Withdrawals with credit card are limited to the amount you deposited with this credit card, while you can withdraw any money you want by wire transfer.
In other words: Credit card withdrawals are quick and cheaper, but limited to the amount you deposited. After you have withdrawn an amount equal to the amount you deposited, you are effectively trading with your earnings. From a legal standpoint, this money is different than the money your brought into your account, which is why you can only withdraw your earnings with wire transfer.
Once you have become such an advanced trader that you have withdrawn your entire initial deposit, wire transfer’s limitation will be negligible to you. You will establish a withdrawal schedule that can make up for the longer payment time, and you can easily afford to pay a small fee on a withdrawal.
In the beginning stage of your trading career, however, a fee can set you back significantly. Therefore, you need to make sure to keep fees as low as possible. Since CherryTrade does not charge any fees on its trading process, you only need to avoid the fee on deposits and withdrawals by wire transfer.
You can easily accomplish this feat by always depositing and withdrawing money by credit card. While depositing money via ewallet payment provider is also free, you can only withdraw this money by wire transfer. Since you deposit money only rarely and in big chunks, while you withdraw money constantly and in smaller amounts, deposits via ewallet hardly solve your problem.