Technology in the recent times has been advancing at an astonishing rate, which has brought several new and more convenient transaction methods into the picture. We no longer have to make cash payments and visit the counters in order to pay. We are now left with numerous ways to give or receive cash from someone regardless of their location, and binary options trading is one of those things that benefit the most from this. This article lays emphasis on various transaction methods one can expect to use from all around the world, especially the UK and the USA, also mentioning some of the customer’s favourites. Given below are the online payment methods people use all across the world.
Usage of Debit/Credit Cards in Binary Options Trading
With the help of a debit card, a user can directly transfer money from his or her bank account and can expect it to almost instantly reach the destination account safely. Debit cards have been a widely used mode of payment recently. There exist a lot of other ways, but many find this the simplest and safest of all. The biggest and the only difference between a debit and a credit card is that your funds are directly withdrawn from the main balance in case you use a debit card, and aspects such as due date or waiting time do not exist. Hence, the debit card helps you finish your payments quickly, once and for all. In Europe, the most widely used debit card is Maestro.
Similar to how debit cards work, local banks issue credit cards as well. The owner of the card can use the received credit card in order to make complete payments as soon as the due date is touched. Normally, credit card users are eligible to make one payment every month, and credit cards allow you to withdraw money from any ATM. VISA, American Express, and MasterCard are some credit card brands widely known and used. However, MasterCard and VISA are the favourites in European countries. The way they work does not need a lot of explanation as literally everyone uses credit cards and it is a famous payment method. Ever since these cards were introduced, people started to rapidly use them and the number of people using them also started to increase quickly. The people using cards for sending and receiving payments confidently believe that it is the easiest and safest way of payments. Even in the world of binary options, even though so many other methods exist, cards continue to remain the most widely used. Binary options accept a wide range of credit or debit cards so there are no chances of traders facing any sort of inconvenience.
Why Do Online Payment Methods Increase Their Popularity?
The main reason why online payment methods continue to grow as one of the most preferred modes of payment is that they’re safe, quick and easy, and allow you to transfer your cash regardless of the location of the sender or receiver. Every nation has a different preferred mode of payment depending on which method feel easier to use given the laws. For instance, Italy, Germany, Spain, France, etc. usually prefer credit cards for payment.
As per reports, UK leads the list of those countries where both, debit card and credit cards are popular modes of payment. 75% of the people use either credit cards or debit cards while 20% use PayPal. 73% use cards in Italy and 18% use PayPal, while in France, 73% of the people prefer to use the bank wire payment method, 9% go for cards. Finally, 23% of the people in Spain use cash payments and 37% go for cards. From the above reports, it is clear that a lot of people in Spain normally prefer to pay with cash while in Germany, barely anyone goes for cards and rather prefer bank wire over it.
Usage of Bank Wire in Binary Options Trading
With the help of bank wire, one can transfer money from one bank account to another on the very same day. It is yet another mode of payment which many prefer to go for, especially when it comes to binary options trading. However, many also feel that this mode of payment is the slowest and the most complex one out there in order to make deposits, mainly in the field of binary options. This is because most of the times, the fee associated with bank wire mode of payments are rather high.
However, there also exist some binary options brokers who do not charge any fee at all for your bank wire deposits, but such brokers usually compensate themselves by charging you for bank wire withdrawals. Moreover, in some cases, it takes days for your amount to show up in your account, as it requires an approval from the bank first. Once the approval is over with, the amount will instantly be credited in your binary options account for you to trade with. You will have to provide a lot of critical information regarding yourself before you start making bank wire transfers regularly. This includes bank account number, bank address, swift number, bank name, etc.
As per the regulations, you are going to have to pay a transfer fee for deposits or withdrawals to the bank, and the fee for receiving payments can be as high as $13, $25 for friendly transfers and $40 for international transfers.
Yet another secure, fast and easy method of paying online would be through e-wallets. A number of people do prefer this mode of payment as they feel it is more secure than an actual wallet, and nobody else can get their hands on the wallet except the real owner. The efficiency of this method is as good as that of the debit and credit card related method, and this mode of payment is usually accepted everywhere. However, the only downside that seems to exist is that you are required to make a virtual account, wherein you will be storing all your money and then pay using that particular account.
This method, however, allows you to quickly pay without any hassle on the internet. Moreover, in today’s world, which is dominated by the use of credit and debit cards, there are cases where customers receive bonuses for using e-wallets, which is a major plus. A lot of people prefer e-wallets in Europe and America. Moreover, new e-wallet providers have been emerging at an unreal rate recently, as the payment method continues to become more popular. You are going to find a great bit of information about e-wallets as you keep reading this article further.
These days, even the online businesses encourage their customers to go for e-wallets since the mode of payment is rather secure and fast. This is enabled by the fact that the technology used is of high level and of recent times, so in order to begin with, all you have to do is choose the best provider that you feel offers a simple payment gateway and seems secure. As soon as you create an account with that provider, you can get started. Besides, you are not even required to give any critical information about yourself or your account in e-wallets, and you will only be asked to enter your credit card number.
Once you’re done with all these steps, you can get started. You don’t have to be a genius to use this method, that is for sure, neither are you required to have any sort of minimum balance in your account, and even if a provider or two does ask you to maintain a minimum balance, it is surely not going to be more than $10. For the transaction to successfully take place, the receiver and sender should both be having an account with that particular provider. In case you belong to a country which supports credit cards, your account will be categorised as “Merchant account”. In short, this mode of payment has made it really easy to carry out transactions online. The online wallet providers make money by providing traders with accounts.
PayPal, Skrill (previously known as Moneybookers) and Neteller are the most widely used e-wallets. However, these are definitely not the only ones and there are other excellent providers not so well known. Google is surely going to help you find several, but a small issue with it is that a majority of those are localised. The three mentioned above are the ones very widely used all over the world, and knowing that 2 out of every 3 people use these, let us know more about them one after the other.
When it comes to e-wallets and online businesses, PayPal is the most widely used. Almost every nation accepts PayPal and almost every person prefers it. Binary Options Industries will be incomplete without PayPal; it is such an inseparable part of it. One reason could be that it offers maximum security and reliability with the transactions. PayPal first began in the year 1998. Even though it has just been 18 years, PayPal has gained the number one spot of preferred e-wallet providers not just in one or two countries, but all around the world. A total of 190 countries accept PayPal today, and it comes with 24 different currencies to choose from. PayPal directly offers protection to its users, so security is one less thing to worry about.
It does not take long to register with PayPal, as the registration process is short and simple. You will be asked to set a username and password and provide some crucial details such as card details, identity proofs, etc., but it is all for safety purposes and the information will be stored safely. Users can opt for the PayPal MasterCard as well, which they can use to shop online.
PayPal charges no fee for account creation, but at the time of transferring funds, you are required to pay a fee of 2.9% plus $0.3, but it really depends on what country you belong to. It could be greater in some, for instance, it could even be $1.50. PayPal is the customer’s favourite in Europe and America. Even though several new e-wallets and payment types have come up recently, PayPal continues to dominate, thanks to the handiness and simple user interface it comes with.
It was previously known as Moneybookers in the year 2002, but the name changed to Skrill in 2011. Over 200 nations support Skrill and users have more than 40 currencies to choose from. The best thing about Skrill is that it accepts credit as well as debit cards. It is really easy to open an account with Skrill; all a user needs to do is head to the website and fill in the registration form, which requires only basic information. As soon as you’re done with the registration process, you can get started. Skrill charges a fee of only 1% and not more than $10 in any case. However, for transferring money internationally, the fee charged is 2.99%. Skrill allows you to get in the driving seat, as you can freely do whatever you wish to with your money. You can either withdraw it or use it to pay online for different services. In case you possess a MasterCard, you can withdraw money from Skrill from over 2 million ATMs all across the world.
Gaming is the biggest reason behind Skrill’s success, as that’s what Skrill mainly focused on when it first kicked off. A lot of time has passed since, and Skrill continues to strive toward the top spot, being deemed as the best e-wallet by many. Traders usually prefer to go for Skrill whenever they wish to make deposits within their binary options accounts to trade. Following is a list of binary options brokers who entirely support Skrill withdrawals.
Neteller is one of Skrill’s prime competitors, continuing to try its best to be one of the best e-wallet providers out there, and they currently are succeeding in this motto of theirs. A large number of users prefer Neteller to pay, and it also allows the use of MasterCard in order to complete payments online in the quickest way possible, also letting users withdraw money via ATM with ease.
You are not charged any fee while transferring cash via Neteller, but you will be charged 4 Euros at the time of making MasterCard withdrawals in ATMs. The company first began in Canada and operated there for a while, but currently, it is known all around the world for providing excellent services. Neteller was a name only the casino-goers used to know at first, but it has eventually turned out to be the preferred mode of payment for various online services.
For the last few years, financial markets saw a new addition to them called Binary Options, a sector or business which lets people trade over the internet. It is recommended that you go for the best binary options trading account, given that this business may be a bit risky at times. Security should be the prime area of concern, something you should definitely look at before you settle with a broker. The brokers themselves are aware of this and make security their main concern.
Various binary options brokers today operate internationally, which are established and well known, meaning you can expect them to be secure enough. In the world of binary options trading, e-wallet is the most preferred mode of payment. However, end of the day it is you who chooses what payment option to go for, but you should be aware of the ease and convenience that comes with e-wallets. The excellence of e-wallets is the reason why they have become so popular today and have every potential to keep growing and becoming better with time. Hence, it is recommended that you choose e-wallets as your preferred mode of payment.
Withdrawal in Binary Options
Withdrawal is one of the prime concerns of traders when it comes to binary options trading. Most of the traders prefer to go for those binary options brokers that offer quick and simple withdrawal mechanisms. Many binary options brokers do not charge any sort of fees at the time of deposit but charge a certain fee for withdrawals. Typically, bank wire withdrawals always have fees attached to them, which normally ranges from $0-30. This fee is charged by the brokers in order to compensate for any losses or expenditures sustained during the transactions.
Many binary options brokers also offer new customers free withdrawals for the first month, charging no fees whatsoever. Typically, the time taken to withdraw money from such brokers can be as long as three days. Most of the users go for e-wallets due to the fact that the fees associated are really low, and the method itself is quick and efficient.
Which Online Payment Methods do Europe and the USA Traders Prefer?
Americans sure adapt to and change with time, as they first used to prefer a credit card but now with the passage of time, they rather go for e-wallets such as PayPal instead. It was noticed in the outcomes of a few surveys that PayPal is one of the favourites, with 79% of the participants choosing PayPal. Europeans, on the other hand, rather prefer credit or debit cards or simply bank wire instead of e-wallets, making it one diverse market with a wide range of choices found to differ in every country.
Payment Methods Preferred in the UK
It would be safe and fair to call the UK the greatest and a complete economy in Europe. A credit card is the preferred mode of payment in Ireland and the UK, and research has shown that at least 50% of the population of UK goes for either debit or credit cards. As per the records submitted by PayPal, around 23 million persons are registered with PayPal, and most of the customers rather go for debit cards in Ireland.
Methods of Binary Options Transaction in Germany
58% of the community in Europe prefer to use Bank Wire as a payment method. And 35% of them use Credit Cards as a payment alternative. A small portion of German people prefers to use e-Wallets and the majority of e-wallet users prefer ELV. The most significant fact is that only 10% of Germans have got a credit card.
Payment Methods Preferred in France
Credit cards and debit cards are the customer’s favourite in France. It has been found out via surveys that most of the French customers go for VISA, MasterCard, American Express or Carte Bleue to make their debit or credit card payments. The cardholder’s bank does not need to provide any sort of permission to the cardholder prior to the usage of the card, which obviously makes things more convenient. The rest of the widely used payment methods, however, not as widely used as credit and debit cards, consist of the wire transfer, PayPal, Allopass, and Ukash.
Payment Methods Preferred in Spain
At least 97% of the overall population of Spain prefers to make their payments through debit cards or credit cards (MasterCard or VISA), so it is safe to say that it is the cards that dominate the list of people’s favourite payment methods in Spain. Allopass, teeing reso, and PayPal are some of the other well-known payment methods used in Spain, with the e-wallets being famous mainly in the gambling sector.
Binary Options Trading Payment Options in Italy
Most of the population of Italy prefers to go for either PayPal or credit cards, with 73% reportedly preferring credit cards and 18% preferring PayPal. American Express Diners club, Postal Pay, Carta Si, VISA, and MasterCard are the most preferred credit card providers in Italy. This shows how most of the people in Italy simply go for credit cards. However, similar to Spain, PayPal is also preferred in some cases, mainly in the gambling sector.
Payment Methods Preferred in Russia
Russians normally prefer web money, QIWI, Yandex Money apart from the popular credit cards. It is evident due to it, that Russians rather prefer e-wallets over cards, probably due to the excellent ease and speed of payment they come with. Following is a list of most widely used e-wallet providers in Russia.
- Qiwi, Montea.ru
- Yandex Money
- RBK Money
Binary Option Payment Methods in Sweden/Denmark/Finland
People from these countries normally go for VISA or MasterCard credit cards. 35% of the people residing in Sweden or Finland prefer to go for credit cards and bank wire. Dankort is used by most of the citizens of Denmark, as it is a recognised and secure international organisation. Moreover, the credit you receive from Dankort could also be used to pay via debit or credit card, so one card acts as both, credit and debit card, which is excellent. Hence, a user can simply use the card as a debit card locally while the same card can be used as a credit card internationally.
Sweden has 20% of its overall population using Karn, an efficient e-commerce as their preferred mode of payment. This service has also found its usage in countries such as Australia, Germany, and others, which says a lot about its legitimacy and efficiency.
Payment Methods in Benelux Countries
Benelux comprises of three countries, namely Belgium, Netherlands and Luxembourg. Each of the nations mentioned above has their own preferred mode of payment, with Netherlands or Holland normally preferring to use iDeal ever since the year 2005. The ideal is a firm that operates mainly on internet banking. When it comes to Belgium, most of the people go for credit cards, and same is the case with Luxembourg. Both of these countries normally go for JCB, American Express and MasterCard for making their credit card payments.
After reading the article, it should be clear that a wide range of binary options payment methods exists, and each is a favourite of people, depending on the country. Hence, it is on you now to decide which suits your needs best and which seems rather an easy option for you. However, keep in mind that choosing the right payment method is not the only choice you need to make. Choosing the best binary options broker for you is yet another decision that you need to put a lot of thought into.