Expert Option minimum deposit – Payment methods guide
The minimum deposit is the process by which you deposit funds on Expert Option, a binary options broker that has been providing one of the most impressive brokerage services in the industry. Expert option is one of the most notable names on the binary options scene today. This is due to the number of stellar services and offers that it provides to traders that trade binary options with it.
However, before you get to trade with Expert Option, you must sign up to have a trading account with the broker. Upon getting the account, the account must be funded with capital – unless you are making use of a demo account. You should note that if you are making use of a demo account, there are no profits that you can withdraw.
Thus, we assume that you are depositing your own capital. Here, we guide you on how to exactly do that. However, you can’t just deposit funds, trade, and make profits and leave them in your account; you also have to withdraw. We also give advice as to how to go about that.
What is the Expert Option minimum deposit?
Expert Option does not operate one single type of live account. There are different account levels on this trading platform. And the level that you go for determines the minimum deposit that you will put forward. Here, we outline each of these accounts and the minimum deposits you are required to put up:
- Micro account – $10
- Basic account – $50
- Silver account – $500
- Gold account – $2500
- Platinum account – $5000
- Exclusive account – you can get this through invitation.
All of these account types or levels come with specific perks and benefits – the more the minimum required deposit, the more the perks you can get. The least Expert Option minimum deposit of $ 10 is quite on the high side, even though we can still say it is small. So many other binary options brokers offer minimum deposits of as low as $10 or less.
(Risk Warning: Your capital can be at risk)
How does it work to deposit money?
Expert Option gives traders access to multiple channels to be able to make deposits into their binary option trading accounts. With this, traders all over the world have the ability to make deposits without any restrictions. For now, there are 3 major ways to go about depositing into your account. They are:
- Credit and debit cards
- Electronic wallets
- Wire and bank transfers
In a bid to ensure that it has a good variety of transaction methods on its platforms, Expert Option works with quite many financial service providers. Also, many of these transaction methods are embedded in the Expert Option platform, which means that you do not have to visit a third-party platform to make your deposit.
The details and process of how each of these platforms works differ from one platform to another. Thus, it is important that traders are educated as to how each platform works. Here, we give some details to properly guide you:
Credit and Debit Cards
Expert Option works with the best service providers in the credit and debit card industry to facilitate deposits from its traders. Among the most notable card service providers, you find on the Expert Option platform are MasterCard, Visa, Visa Electron, and Maestro. These service providers are among the best in the industry and their services are above board.
There are many advantages to choosing credit or debit cards as your method of deposit. One of the most notable pros is the fact that your credit or debit card deposit is going to reflect on your trading account with immediate effect. Card payments are usually completed instantly and Expert Option will reflect the balance on your trading account immediately they have received the funds.
Note that you might be charged a small amount for the transfer. The exact amount differs from one service provider to the other and it also depends on the amount that you are depositing. We must, however, note that these charges are not made by ExpertOption but by each of the service providers themselves.
Another payment method that works on ExpertOption is electronic wallets – and they have quite become the most popular methods, due to various reasons.
For one, they are very convenient. All you have to do is login and make the transaction. All of their processes are quite fast. Their processes are instant. For instance, on the Expert Option platform, the moment you hit the send button on any of the E-wallet platforms, Expert Option is going to receive your deposit and they are going to credit your trading account with the amount equivalent to your deposit.
Furthermore, they are usually available globally and do not have the stringent requirements that you find with other payment providers like banks and card processors. To cap it all, the services they provide are quite cheap – and in many cases, even free. It is thus no surprise that Expert Option has partnered with some of the most popular names in the E-wallets space.
E-wallet services are already embedded into the Expert Option platform to make it easy for you to make your payment. You just need to click on your e-wallet of choice on the Expert Option platform and you will be led to a checkout page where you will enter the amount you need to deposit and send.
Below is a list of the E-wallet Platforms available on Expert Option:
- Union Pay
- Perfect Money.
It is important for us to note that not all these E-wallets are available in all countries. In fact, in some countries, you may discover that you only have access to one – or better still, two – of these E-wallets. However, there are still some cases where traders don’t have access to both the card payment and E-wallet. The only option then is the bank/wire transfer.
Bank transfers are pretty much an old method of payment. So, they can be very inefficient. And they have seemingly refused to upgrade to the level of speed that is needed in today’s online world. Nevertheless, many still consider them the safest and most secure form of payment. Bank transfers can be very slow and can take days.
Also, they are expensive – as they do charge exorbitant fees on transactions. A bank transfer deposit can take between five and seven working days before the funds you’ve deposited reflect on your Expert Option trading account. Expert Option has bank transfer as one of its money transfer methods for traders in countries that have no access to credit cards or e-wallet services.
A new service established by Expert Option is cryptocurrency deposits. You can use Bitcoin, Ethereum, Litecoin, and some other digital currencies. The broker will not charge any fees for it. Cryptocurrency withdrawals are also possible. The deposit is not instant, it takes up to some hours of time till the money is credited to your trading account.
How to withdraw the money?
As we mentioned above, you can’t just deposit your funds and leave them in your trading account. After you have made profits by trading the deposit, you also have to make withdrawals. We will not be going over the methods of withdrawal because the same channels you use for deposits are also the ones you use for withdrawing your funds. Also, the processes work the same way.
It, therefore, means that if you want to receive your fund withdrawals in the shortest time possible, you should choose credit cards or E-wallets as your preferred method of transaction. If you must use bank and wire transfers, then you must have the patience to wait for a couple of days before the funds hit your bank account.
Your withdrawal requests are processed within 24 hours of making the request. There’s always a platform on which you can follow the progress of your request. This is one of the innovative services provided by ExpertOption. Immediately the request is confirmed, your funds will be sent into your preferred withdrawal channel. For more details, you should read our review of the withdrawal process.
Conclusion on the Expert Option minimum deposit
Expert Option is a great binary options broker not only for beginner traders but also for expert traders. You will get a satisfying trading experience on the platform. However, to be able to trade, you must know how to deposit and also withdraw your funds. The above points should guide you.
(Risk Warning: Your capital can be at risk)