After you might have made money in the markets with binary options, the next thing is to get the money into your hands. This involves you undergoing the withdrawal process. Here we take you through how you can withdraw your funds from Binomo.

Introduction

The withdrawal process is quite as important as the deposit process. In fact, we can say it is more important. This is because you are in the game of trading to make money. And when you make the profits, you should not experience any barriers in getting access to the money.

The process of withdrawing your profits varies from broker to broker. You should pay attention to the withdrawal process for your broker so that you don’t have issues when the time comes. 

Binomo

Binomo is a binary options broker with presence in 133 countries – and counting. Currently, over 980,000 traders trade on its trading platform every single day.

It has the Category “A” stamp from the International Financial Commission (FinaCom), which means it is a top-rated broker.

It is also an award-winning broker with awards from the IAIR and FE.

Although it is not yet regulated by the Cyprus Securities and Exchange Commission (CySEC), it is in the process of doing so.

Withdrawal Process

The process of withdrawing your profits or funds from your trading account differs from broker to broker. 

However we have to note about Binomo is that their own process of withdrawal is quite simple and, basic. That is, it is in fact straightforward  even for those who are not experts or vast in the use of technology. Be it withdrawing from your e-wallet such as Neteller, or withdrawals via bank transfer, you will see that it is quite an easy process. 

It is important we note some points. For one, before you can process your withdrawal from your Binomo binary options trading account, you must have undergone some process known as KYC (Know Your Customer). Here, you have to have submitted certain documents to help the broker ascertain that you are whom you claim you are. The required documents may vary from country to country; however the common ones are the national/international passport or driver’s license or voter’s card or national identity card, amongst others.

You are expected to send scanned copies of these to Binomo for verification of your identity.

Fees

Withdrawing your funds from Binomo takes some time to get processed, and this can take a couple of days. After that, it can take several days for the funds to actually become visible in your balance, depending on which method you’re using or the bank you use..

Whether or not a fee will be charged for your withdrawal depends on the withdrawal method or channel you are making use of. 

If you withdraw via bank transfer you will be charged some fees – and this can quite be exorbitant.

Some other payment service providers can charge even more, so make sure you get familiarized with their rules before you opt for them as your payment method with Binomo. However, if you have access to E-wallets like Neteller and WebMoney and use them as your withdrawal channels, you will not be charged any amount at all.

The Process

Here, we will take through the process of actually making withdrawals. However, it is felt that we cannot effectively talk about the withdrawal process without first discussing the processing of depositing funds in the first place.

The Deposit Process

This process is the initial stage of trading binary options. Transfer of funds to the Binomo broker is available after signing up for an account. 

The process is quite simple. You log in into your Binomo trading account and go to the dashboard. There is a section called named “Cashier.”

Under this, you come across a section named,”Deposit Funds.”

Upon clicking it, you will find yourself in the Binomo payment terminal, where you can instantly receive information about payments-related issues, including depositing.

This is also where you get to pay.

has an array of payment and deposit options including the following:

  1. Bank Transfer
  2. Bank Cards including debit and credit cards, especially those powered by card processors such as Visa and MasterCard.
  3. E-wallet providers such as Qiwi, Yandex Money, Union Pay, Neteller, Alpha Click, and WebMoney.

 

The choice of payment system you go for is always up to you as the trader. Binomo made this option open to everyone because client satisfaction is very important to the them. 

Upon selecting the payment system, the next thing is for you specify the amount you wish to have deposited into the account. 

Next you will be asked to fill in a simple form for the transfer of funds.

The information that they will require you to fill here will be dependent on the payment option you select. For instance, if you select the card payment (for instance, MasterCard), the platform will require you to enter your card number, the expiry and other information.

The transfer of funds occurs immediately. Moreover, the client is not charged any fees or additional payments, which happens with many other binary options brokers. 

It is worth noting the limits for depositing funds to a trading account – the minimum amount that you can deposit into a trading account is $10. On the other hand, the maximum amount you can deposit is $10,000. These restrictions are due to trading risks existing in binary options trading. 

We have to sound the warning that the same payment system and details that you intend to use for withdrawal is also the one that you use to deposit funds.

The Withdrawal Process

After you may have recorded profits in the markets, you need to convert your money into cash. 

To do this, use the Binomo company’s withdrawal service, which is also located in the “Cashier” section just like the Deposit. So to withdraw your funds, you go to the same section where you carried out deposits.

The broker has tried to make this process as simple and understandable as possible. 

All you need do is to specify the amount you want to withdraw, as well as the payment details for the withdrawal.

You can also make known the reason for the withdrawal in the comments if you feel like it. By the way, this is not compulsory – it is just an  opinion poll used by the broker to improve the quality of their services rendered to clients. In the “Withdrawal method” field, you will automatically be given the details that you used when depositing funds so you don’t need to go through the hassle of filling it again. 

If you are not going to change them, it means the withdrawal will be as fast as possible. If you change the details, the broker may request additional confirmation of your identity to protect your fund from fraudsters. According to the client agreement, the period for client withdrawal of funds is 24 hours. But usually, the process might last just 3-4 hours, which is actually very fast binary options brokers. 

Delays may happen if the transaction arouses suspicion from the broker’s security team. Withdrawal of funds can incur fees, for example, if the withdrawal is made immediately after the deposit. For this, the commission is 10%. In principle, this is not the broker’s commission, but that of the payment system through which the transaction is carried out.

The withdrawal methods are exactly the same as the deposit methods. So we have the regular options of bank wire, debit and credit cards (MasterCard or Visa), then E-wallets and cryptocurrencies.

Conclusion

The process of withdrawing your funds from your trading account varies from one broker to another. For Binomo, the process can get quite complex and complicated. However, the above explanations and clarifications should go a long way in helping you.