Binomo withdrawal process – How to withdraw profits
After you might have made money in the markets with Binomo, 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 to the withdrawal process:
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.
Quick facts about the Binomo withdrawal:
- The minimum withdrawal is $ 10
- Withdrawal methods depending on your country
- The very fast withdrawal process
- No fees or costs
(Risk Warning: Your capital can be at risk)
What is behind Binomo?
Binomo is an online broker with a 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.
How to verify the account before the withdrawal:
What is the Binomo withdrawal? The process of withdrawing your profits or funds from your trading account differs from broker to broker, and Binomo withdrawal is the withdrawal of funds from Binomo (if it is the broker you are using, that is). We have to note that Binomo’s process of withdrawal is quite simple and basic. That is, it is in fact straightforward even for those who are not experts or well-versed in the use of technology. Be it withdrawing from your e-wallets such as Neteller, or withdrawals via bank transfer, you will see that it is quite an easy process.
Important note: The payment methods are depending on your country.
It is important we note some points, however. For one, before you can process your withdrawal from your Binomo trading account, you must have undergone some process known as KYC (Know Your Customer). Here, you have to submit certain documents to help the broker ascertain that you are who you claim you are. The required documents may vary from country to country, but 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.
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.
Important note: Binomo does not charge any fees on withdrawals.
On Binomo, you can pay through a variety of means. These means include MasterCard/Maestro, Visa, CEPbank, Neteller, QR Code, Advcash, Jeton Wallet, Webmoney WMZ, Perfect Money, and Payeer. It is easy to pay through any of those methods. All you need to do is to log in to your account on the mobile Binomo App or website, click the “Deposit” button, select the payment method you want and the amount to be deposited, and then go to the payment page.
- Payment methods are depending on your country
- Bank cards
- Bank transfers
- Online banking
- And many more
(Risk Warning: Your capital can be at risk)
The payment process
Here, we will take you through the process of actually making withdrawals. However, it is felt that we cannot effectively talk about the withdrawal process without first discussing the process of depositing funds in the first place.
The deposit process on Binomo
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 into your Binomo trading account and go to the dashboard. There is a section 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 deposits. This is also where you get to pay.
This section has an array of payment and deposit options including the following (depending on your country):
- Bank Transfer
- Bank Cards including debit and credit cards, especially those powered by card processors such as Visa and MasterCard.
- 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 has made this option open to everyone because client satisfaction is very important to them. Upon selecting the payment system, the next thing is for you to 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 they will require you to fill here will be dependent on the payment option you select. For instance, if you select the card payment option (for example, MasterCard), the platform will require you to enter your card number, the expiry date, and other necessary pieces of 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 that the limit 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 must also the one that you use to deposit funds.
Binomo withdrawal process
After you may have recorded profits in the markets, you need to convert your money into actual cash. To do this, use Binomo’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 your deposit. 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 their 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 don’t change them, 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 for binary options brokers.
Delays may happen if the transaction arouses suspicion from the broker’s security team. Binomo withdrawal 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 on the Binomo withdrawal: Fast and secure
The process of withdrawal of funds from your trading account varies from one broker to another. Specifically, the Binomo withdrawal process can get quite complex and complicated. However, the above explanations and clarifications should go a long way in helping you. From our experiences, the withdrawal process works very fast, and Binomo payout the funds quickly in 3 working days. Often you will get your money after a few minutes or hours.
(Risk Warning: Your capital can be at risk)