Best Ways to Withdraw Your Money
Best Ways to Withdraw Your MoneyNovember 20, 2013
If you are a binary options trader and have been thinking about the fastest and most efficient way to cash out your winnings from your broker account, the answer is simple. It’s always going to be much easier and quicker to withdraw funds using an E-wallet.
Now, the real question is how to choose the E-wallet which is best for you. Primarily there are two very professional merchants that have an extremely professional background and have been around for the longest time. These two are Neteller and Moneybookers (AKA Skrill). Brokers such as Anyoption or Optionsclick accept Skrill, but Neteller is tricky and if you come across a broker that has this solution please tell me about it. Apparently their management has made a decision not to work with binary options brokers due to the fact that there is regulation lacking in this area.
Whatever the case may be, if you are a US resident you will not be able to use any of these wallets. Moneybookers is strictly for Europeans and other countries such as Australia, United Kingdom, Canada, New Zealand, Singapore, and Hong Kong.
Fees Versus Speed – The Trade Off
Generally speaking E-wallets will tends to have higher transaction fees, but its so much better cashing out with one of them as opposed to getting a wire sent to your bank for a variety of reasons. Besides the speed, there is also a lot of paperwork and documentation to consider. If you use an Ewallet to deposit and withdraw funds, you are exempt from this headache. You just send in an ID and some Utility bill confirming your address and that’s it, you are good to go!
On a side-note, some traders have also asked me if I know about brokers sending paper checks made out to their name. I have yet to meet a broker that does that, but if that happens you might as well wait for a really long time to get your money.