Binary Options Brokers that Accept Wire Transfers
Binary Options Brokers that Accept Wire TransfersNovember 20, 2013
Big or small, new or veteran, every binary options broker out there accepts bank wires. The reason for this is simple, in order for the broker to operate he needs to register a company and open a bank account. So if you encounter an account manager or support representative telling you that wire transfers are not accepted, they are either completely incompetent or would prefer you fund your trading account using an alternative depositing method.
Bank Wires: The Benefits
The advantage of wiring money is basically not being restricted to any amount. For example, if you have $100,000 in your balance and would like to deposit half of that sum the only way for you to do it would be through a wire transfer. Its also the most secure and reliable means to transfer money from your bank account to your trading account.
There is another upside, if you have winning trades your bank account details are already in order and there is no need to fill out additional forms for that again. This is important, because most brokers will only send you your money via wire or bank transfers.
Wire Transfers: Disadvantages
The disadvantages are basically 2 disadvantages. The first is probably the most annoying and has to do with fact that you have to wait until the money shows up. Unlike a credit card or E-wallet, someone on the broker side has to verify the money has been sent and shows up in the broker’s bank account. Only then is the amount reflected in your balance and you will be able to start executing trades. The second one has to do with the relatively high fees associated with these types of transactions. Therefore it is not recommended transferring money for small amounts like $200.
Another disadvantage is the fact that there is complete transparency where the transaction is concerned and if you have a shared account or alternatively have to declare expenses you are exposed to tax evasion practices and will have to declare investments according to your legal jurisdiction.
To sum up, if you wish to fund your real money trading account with a bank transfer, make sure you have plenty of patience and all your documentation is in order. If you don’t have a pin number or deposit confirmation your transfer will bounce and you will have to use an alternative payment means such as Moneybookers or Neteller to deposit.