IQ Option has emerged as a strong competitor in the world of binary options trading. However, the question everyone asks before even signing up is how to withdraw money from IQ Option?
The answer is quite straightforward in terms of steps. However, it requires knowledge before choosing one way as everyone wants to receive more money without facing any hidden charges. As reviewed by many binary options brokers, it is immensely easy and simple to withdraw money from IQ Options in the binary options trading niche. Following are the steps explained in a very clear way;
- Visit the site www.iqoption.com
- Log into your account
- On the upper right-hand corner, there’s a button called User Pick. You need to click on that
- Choose “Withdraw Funds” from the drop-down menu that will appear
- Choose your preferred payment method
- Follow the simple guidelines that will appear on the screen
The withdrawing options include:
- Credit card/ debit card
- Wire transfer
Before discussing in detail the various options of how to withdraw money from IQ Option, let us first go over a few things that are necessary to address.
Withdrawal amount limit
There is a maximum and minimum limit to the amount of money you can withdraw at a time. It is set in place so there is no confusion when withdrawing bigger funds. The minimum limit is 2 dollars while the maximum limit is set at 1 million dollars per day.
For withdrawing money lesser or greater than the limits set, you must contact the IQ Support Team.
Status of the request for withdrawal
The withdrawal page, accessed from the home page, shows the status of the withdrawal request. When you make a request for a withdrawal to an e-wallet, it shows the Requested status. Request in Process is indicated when the destination of the transfer is a credit card.
The Funds Sent status on the withdrawal page denotes that the request has been successfully processed and the funds will be transferred to your designated account. If you see a Hold status, it implies that you have to submit the required documents that are needed to approve your transfer. If you see the status Cancelled, your request has not been successfully processed and you need to try again.
Time for processing
IQ Options take the crown for the fastest time of processing the withdrawal request. This is why traders choose it above other platforms.
IQ Options process the withdrawal request in a minimum of one business day for $2. This can be compared to the rest of the brokers that require more than two days to process the withdrawal request while charging you a fee of $30-$50.
Now coming towards the methods of how to withdraw money from IQ Options.
Credit card/Debit card
Withdrawal from credit/debit card is only applicable when you have made your deposit through these cards too. It currently supports MasterCard and Visa Cards.
Firstly, you should make a refund. That means withdrawing your initial deposit in your bank first. After that, you will be able to withdraw your profit in investment
There are some limitations to this method:
- The withdrawal request must be made in 90 days from the last deposit.
- Your withdrawn amount should not be greater than the amount initially deposited by you. Any amount exceeding that must be withdrawn through an e-wallet. For example,
You deposited $500 USD in the last 90 days and now you have $600 as balance. In order to withdraw the whole amount, you would have to make two requests for withdrawal. $500 to your card and $100 to your e-wallet or through wire transfer.
Although a withdrawal through a bank card is the primary method in IQ Options, doing it through an e-wallet is a better option. It involves a third party that allows you to use their channel to receive your earnings. It may create issues but they can be avoided by using the company recommended e-wallets;
E-wallets are a more common choice for people because there is no limitation to your withdrawal except for the monetary limit. E-wallet transactions do not require you to apply multiple times in order for you to get your profit as well as the initial deposit.
E-wallet has the following set of limitations;
- You need to use the same e-wallet to withdraw money that you used to deposit. For example, if you deposit through Skrill, you cannot successfully withdraw through Neteller. Applying to do so will cancel the request automatically.
Wire transfer means transferring the money to your bank account. This generally takes a bit longer to process at your bank’s end after your withdrawal request has been approved by IQ Option and sent to the bank. This method also incurs extra charges that you should consider as a cost before opting for this option. This method, albeit costly, is necessary in case you lose your access to your credit card and have to make the deposit through wire transactions.
This way, your only option for withdrawal would be wire transfer. Some people opt for it because even though it has a higher price, it is still secure. People, in general, are wary of putting their credit/debit card’s sensitive information on the internet which could lead to hacking of the bank account.
This method is secure and guarantees a safe transaction but still has the following issues:
- The duration from approval of your request for withdrawing to getting the cash in your account can take as many as 21 days depending upon your bank’s policy.
- The charges are not fixed, meaning they depend on your country and the value of the dollar in it.
You should always make sure that you have submitted all the documents needed by the company in order to process your request for cash withdrawal timely. Because of the very strict rules of transferring money, they need full verification when making these transactions. This ensures that the person who made the deposit is the same one receiving the profit and the refund.