With the efforts made by certain binary options brokers to promote their services to the public worldwide, the number of payment methods available overall is highly varied. Besides conventional credit/debit card payments and bank transfers, binary options brokers also tend to make more extensive use of global payment processing systems, e-currency and prepaid cards – presumably in an effort to attract a maximum of consumer customers from all over the world. Some brokers appear to using the same software (Tradologic is one example of such software) to run their sites, leading to similarities between the payment methods offered.
Country and regional differences also play a role. Despite possibilities of credit card payments in Germany for instance, there is a clear preference (supported by data from the World Bank) that Germans prefer in general to pay in cash. This explains the additional GiroPay payment method available for traders based in Germany. Similarly, there is a lower rate of credit card ownership in various Arab countries and restrictions in the past in the availability of solutions like PayPal. These factors have led to a rise in popularity of other methods such as cashU in this region.
Anyoption offers a comprehensive list of payment methods. According to the country where the trader is based, credit card payments can be made using Visa, MasterCard, Maestro, and American Express, while Moneybookers (Skrill), cashU, Ukash and WebMoney are further possibilities. Country-specific options include payment methods from iDEAL, La Caixa, Sofort Überweisung, Giropay, Santander, POLi, teleingreso, moneta.ru, and EPS.
Traders can see the specific range of possibilities available to them by selecting their country from a drop-down menu. For example, the site displays payment methods for customers in the US as credit/debit cards (Visa, MasterCard, Maestro), bank/wire transfers, domestic payments and Moneybookers (note: other sources indicate that Moneybookers no longer supports the US as of February, 2013). For the UK, the difference is that in addition to all the same payment methods available to the US, UK customers can also use Ukash. For Germany, payment methods include all the ones available in the UK and in addition Giropay and Sofort/Direct24.
Deposit payment methods offered by this binary options platform are bank/wire transfer, credit card payment and e-wallets. Banc de Binary uses Alertpay and Moneybookers for e-wallet funding, and Moneybookers is also used to process third party credit cards. The site gives instructions on how to make a payment by bank transfer and how to fund trading using Moneybookers. Moneybookers payments, whether directly or via third party credit cards, do not require the user to open an account with banc de Binary, as long as the amount deposited does not exceed USD $1,400.
The accent is on the accessibility of funding an account with BetOnMarkets: a minimum of $10 (or £10 or 10€) is sufficient to start trading using a number of the deposit payment methods offered by the site. More generally, payment options include bank/wire transfer (local bank transfers are possible as well), credit/debit cards (Visa and MasterCard), Western Union and Citadel (for deposits in pounds sterling). BetOnMarkets also offers an extensive range of e-wallet payment methods: Moneybookers, Neteller, moneta.ru, WebMoney, Liberty Reserve, Ukash, InstaDebit and ClickandBuy are all available. Minimum and maximum deposit amounts vary according to the method used: the e-wallet payment methods are typically among the most accessible (lowest minimum amount) and the fastest, while bank transfer allows the biggest deposit payments, but may require up to five days to clear.
As a further distinguishing feature, BetOnMarkets also works with a number of Indonesian and Nigerian payment agents, extending payment methods in these cases to Bank BRI, BCA, CIMB NIAGA, Mandiri, BNI, Mandiri Syariah, Permata Bank, MoneyGram, Alertpay, PayPal, and Solid Trust Pay (Indonesian), and GT Bank, First Bank, Zenith Bank, Diamond Bank, Perfect Money, e-gold and cashU (Nigerian).
Dragon Options deposit payment methods include credit cards, e-Wallets and bank transfer. In particular, Visa, MasterCard, WebMoney, Wallet One, Moneta.ru, Skrill/Moneybookers, and cashU are accepted as payment methods. The broker also invites visitors to the website to make known any other payment methods they would like to be able to use.
This broker groups its deposit payment methods into “main” and “alternative” groups. The main payment methods group covers credit/debit cards such as MasterCard, Visa, American Express, JCB, Discover, and Diners Club. Bank transfers are also accepted as are e-wallet payments made by Skrill/Moneybookers. The alternative payment methods indicated cover country-specific payment methods: iDEAL for the Netherlands, POLi for Australia and New Zealand, moneta.ru (Russia), Przelewy24 (Poland), eKonto (Czech Republic), SEB/BankLink (Denmark, Estonia, Finland, Lithuania, Sweden, Latvia and Lithuania), Instant Bank (Estonia, Finland, Sweden, Poland), abaqoos (Hungary), SwedBank/BankLink (Latvia and Estonia), DineroMail (Argentina, Chile and Mexico), Sofort (Austria, France, Germany, Italy and Spain), Neosurf (Belgium, Italy, France and Spain), BOLETO (Brazil), AstroPay (Brazil), MB (Portugal), Web Money (Russia), Yandex Money (Russia), and cashU (UAE).
Credit/debit card payments, bank transfers and e-wallet (Moneybookers) payments are the main payment options offered by GTOptions. Credit/debit cards accepted are Visa, MasterCard, Diners Club, Delta, Visa Electron, Solo, Maestro and Maestro UK (Switch). Wire transfers are possible with a minimum of $300 per transfer; below this level, GTOptions applies a $30 handling fee. Country or region specific payment methods available are Nordea (Sweden and Finland), and cashU (Middle East and North Africa).
Opteck makes a relatively standard panel of deposit payment choices available. Credit/debit card payments are possible using Visa, MasterCard, American Express, JCB, and Diners Club cards. Bank transfers are also accepted, as are payments via Moneybookers and WebMoney, and via Western Union and cashU (with cashU prepaid card, for instance). The minimum amount to activate an account is $200. Payment can be made before account processing has been completed but in this case traders must send in the necessary information and proof (ID, address, credit card details if this payment method has been used) within the following two business days.
OptionBit provides users the possibility to make deposit payments using Visa and MasterCard cards, Skrill/Moneybookers, bank transfers, WebMoney and Western Union. PostPay can also be used as a Visa card for making a deposit.
Information on this broker’s site indicates deposit payment methods of Visa, MasterCard, Visa Electron, Maestro, Skrill/Moneybookers, iDEAL (Netherlands), Solo, Switch, Delta and cashU. For any further information (including possibilities of bank transfers), visitors are routed via the “deposit” menu item directly through to the trader login page.
Tradersleader also offers a variety of different payment methods for deposits. Credit/debit card payment possibilities are available for Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo cardholders. The broker points out that online deposits made with Maestro cards require that the holder has a 3D code for authentication that must be done with MasterCard SecureCode.
E-wallet payments for deposits are also accepted, using WebMoney and Moneybookers. A Moneybookers account can also be funded using a credit or debit card. Other Internet payment methods are also possible in many countries and include Giropay, Sofortüberweisung, Przelewy24, CartaSi and others. Finally, bank/wire transfers and MoneyGram payments are also possible.
Traders are offered the possibility to make deposit payments using credit/debit cards, bank transfer and online payment methods (Moneybookers, Liberty Reserve). TradeRush accepts payments via Visa, MasterCard, AMEX, Maestro, Visa Electron and Diners Club. The broker applies a minimum level of payment for bank transfers of $500, and charges a $30 fee for any transfer under this amount.
Deposit payment methods cover a relatively wide range of credit/debit cards (Visa, MasterCard, Diners Club, Maestro International, JCB, Carte Bleue, Dankort, CartaSi, Laser, and Discover), as well as e-wallet payments (Liberty Reserve, Moneybookers) and bank transfer. Compared to other brokers discussed here, 24option is at the upper end of the scale when it comes to minimum deposits: $250 for credit cards and e-wallet payments, and $1,000 for bank transfers. Deposits can be made in US dollars, British pounds, Japanese yen or Euros (although once a choice has been made during the registration process, it cannot be changed). Daily and monthly maximum deposit limits also apply; for credit card, these limits are $10,000 and $40,000 respectively.
Given the numerous possibilities for deposit payments from these sites, it would seem difficult for customers not to be able to find a payment method that suited them. The broker sites with the most payment options are BetOnMarkets and EZTrader. BetOnMarkets also has one of the lowest minimum deposit schedules, indicating that it is pursuing the mass consumer market. Anyoption has one of the most user-friendly deposit methods pages, indicating immediately for a given country which payment methods are accepted. In the end, the choice of a payment method may be determined by any of a number of factors, including commissions charged, availability in different countries, security (for example the protection of personal details in a Moneybookers account), and the possibility of retraction of a payment already made (possible with credit cards and PayPal, but not with WebMoney, for example).
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