How to make a deposit to your IQ option trading account using Skrill
Skrill is one of the leading online payment processors based in the UK. Most online forex brokers accept it as a payment option. This makes it quite popular among both experienced and amateur traders. Another reason why it’s popular among traders and brokers alike is the low fees charged for transactions.
With IQ Option there will be no fee charged for the deposit and withdrawal, this is why I choice skrill to found my trading account.
Create a Skrill account if you don’t have one already. The process is quite simple and you will be required to provide a bank account as well as identification documents which must be verified.
Once your skill account is set up, you will need to make a deposit. There are several ways to do this. For purposes of this guide, I’ll cover two.
The first method is via bank transfer. Through this method, you will be required to provide your bank account details and request funds to be transferred to your Skrill account. The great thing about bank transfer to Skrill is that it doesn’t attract any fees and there’s no maximum limit. However, it will take approximately 3 to 5 business days for your funds to reflect on your Skrill account.
The second method is via credit/debit card. The main advantage of this method is that funds will be transferred within seconds. This allows you to make your IQ Option deposit and start trading faster. This method however attracts a 1.9% transaction fee and has a $342.73 limit.
By now you might be wondering, why use Skrill to make deposits and withdrawals when I can use bank transfers?
The process of transferring money from your bank account to your Skrill account and then to your IQ Option account might seem tedious. However, there are two main advantages to this.
The first advantage is that IQ Option to Skrill withdrawals attract lesser fees compared to IQ Option to bank withdrawals. This makes it easier to withdraw small amounts from your IQ Option account.
The second advantage is that depositing and withdrawing from IQ Option to Skrill takes lesser time.
– Start by logging into your IQ option trading account and click on the deposit button.
– Once on the payment options age, click on Skrill.
– Enter the amount to deposit and click continue.
– You should be redirected to Skrill where you can log in to your Skrill account to complete the transaction.
Withdrawing from IQ Option to Skrill and from Skrill to your bank account
Login to your IQ Option account, click on balance and then withdraw. Once redirected to the payment options page, click on Skrill.
Enter the email address linked to your Skrill account and the amount to withdraw. Click send and the funds will be sent to your Skrill account.
Once your funds reflect in your Skrill account all you need to do select any bank account linked to your Skrill account. Next, input the amount to withdraw and then finish the transaction by clicking on the send money button.
How to Fund Your IQ Option Account Using a Debit Card
Debit card is considered one of the best and easiest ways to fund your IQ Option trading account. The cool thing about debit cards is that they’re funded with money you actually have.
The first thing you’ll need to ensure is that your debit card can be used to make online payments. For example, if you own an ATM type of card, you’ll need to visit the issuing bank and ask them to activate it to make online payments.
Why not simply fund your IQ option trading account using bank transfer?
Bank transfers take longer to process and also attract higher transaction fees. Your debit card is faster and you don’t necessarily have to visit your bank to make subsequent transactions with your IQ Option account.
Now that you have a debit card that can be used to make online payments follow these steps.
Open your IQ Option trader account. Click on deposit.
Select Visa/Master Card as the payment method. Next enter the currency type and amount. Finally, click on the continue button.
On the page that appears, you will need to enter your debit card details. These include the card number, validity period, your name as it appears on the card and, the CVV2/CVC2 number (3 digits that appear at the back of your card).
Finally click on the pay button.
IQ Option will send an SMS code. This code should be entered in the field that you’ll find on the page that appears after you authorize the payment. Entering this code indicates that you have authorized IQ Option to request funds from your debit card.
How to Withdraw Your Earnings from IQOption via Bank Transfer
One of the withdrawal methods IQOption accepts is to a bank account. This broker accepts withdrawals to all major banks in the world. In addition, they also accept withdrawals in different currency denominations. The cool thing about IQ Option is that you can withdraw via bank transfer even if you funded your account using a different payment method such as credit card.
If you’ve already earned profits from your trades and would like to withdraw via bank transfer, this guide is for you.
Go to your account and click on the balance tab. Next, click on withdraw. This will direct you to a page providing several withdrawal options such as WebMoney, credit card, Skrill, Neteller and bank transfer. View screenshot below.
Click on the bank transfer option. IQ Option will give you a form to fill in order to start the withdrawal process. The form has 10 different fields. Here’s a brief description of each field.
- Amount to withdraw to your bank account
- Your bank account number
- Your (TIN) Tax Identification Number. This is required in most countries where earnings from trading binary options is taxable.
- IBAN (International Bank Account Number). This is also required in some countries. IBAN uniquely identifies your bank account number.
- Bank SWIFT code. This uniquely identifies your bank. If you don’t know it, contact your bank and request for it.
- Bank address
- Bank name
- Country of residence
- Your personal address (as it appears on your bank account details)
- Your name (as it appears on your bank account details)
Once you’ve completed filling in out the form, click on send. IQ Option will start processing your withdrawal request almost immediately. However, depending on your bank you should receive your funds within 3 to 5 business days.
Note that your bank might charge additional fees on your funds so you might receive slightly less than what you requested from IQOption.
It’s also worth noting that your bank will automatically convert your withdrawn amount to your country of residences currency. For example, if your bank account is in India and you withdraw in USD, the amount will be automatically converted to INR. The conversion will be based on the prevailing exchange rate. This will therefore affect the eventual amount you receive in your bank account.
Compared to other withdrawal methods, bank transfers are a bit expensive especially when withdrawing small amounts. We recommend you use it when withdrawing $500 and above. The reason for this is that IQ Option deducts a flat $53 fee on bank transfers.
Guide to Making a Deposit to Your IQ Option Trading Account Using a Credit Card
One of the easiest and fastest ways to make a deposit in your IQ Option trading account is via credit card. As you’ll see in this step by step guide the process is quite simple. All you need is a valid credit card. Here are the steps.
Login to your IQ option trading account. Click on the deposit button. You will be redirected to a page showing different accepted payment options. Click on the Visa/Master Card option. Select USD under currency and enter the amount you wish to deposit. Click continue.
You should now be on a page asking for your credit card details. Fill in the card number, its validity, your name as it appears on the card and the CVV2 number. Click on pay to transfer funds to your IQ Option account.
This two step process is all that’s necessary for you to start trading with IQ Option. IQ Option doesn’t charge any deposit fees.
Guide to Withdrawing Funds from IQ Option to Your Credit Card
One of the IQ Option accepted withdrawal methods is credit card. However, you can only withdraw to your credit card if you funded your account with it. In this guide, I will take you through the steps involved in IQ Option credit card withdrawals.
Log into your account, click on balance and then withdraw. This will redirect you to a page with several payment options.
Click on credit card. The next page displays your credit card details. All you need to do is enter the withdrawal amount and click send. IQ Option then sends the money to your credit card. Interestingly it’s entered as a refund to your credit card.
IQ Option Credit Card Withdrawal FAQ
Q: How long does it take for funds to reflect on my credit card?
A: IQ Option starts processing your withdrawal immediately. However, the funds will take 3 to 5 business days to reflect on your credit card balance.
Q: Do credit card withdrawals attract a fee?
A: IQ Option doesn’t charge a credit card withdrawal fee.
Q: Is there a maximum withdrawal amount?
A: IQ Option will only accept withdrawals up to the amount you initially deposited. For example, if you deposited $250 using your credit card, you can only withdraw an amount not exceeding $250. Any amount above this should be withdrawn using any other accepted payment method such as Neteller or bank transfer.
Q: I deposited using credit card, can I withdraw earnings using another payment method?
A: Yes. However, you must first make a full deposit refund to your credit card before withdrawing via another payment method. For example, if you deposited $250 using credit card and want to withdraw $500, $250 must be withdrawn to your credit card first. The remaining $250 can then be withdrawn using another payment method.
IQ Option Deposit and Withdrawal FAQ
Q: My phone number is already registered with my banks mobile banking service. Do I need to register it again?
A: Your banks mobile banking service is separate from the debit card issuing service. In addition, you might have a different mobile number you’d want to use when conducting online transactions. Therefore, you will need to register your mobile number again.
However, with regard to IQ Option, you don’t have to register your mobile number twice since you already submitted it during account setup and verification.
Q: Are transactions made between my debit card and IQ option trading account secure?
A: IQ Option encrypts all data that’s passed between your debit card and trading account. No one can access the data as it’s passed between the two accounts. In addition, every transaction must be confirmed through an SMS code sent to your mobile phone.
Q: I don’t hold a US bank account but my IQ Option account is in USD. Can I deposit and withdraw to my debit card?
A: Yes you can. IQ Option will automatically convert deposits from your home country’s currency to USD. Conversely, withdrawals in USD will be automatically converted to your home currency by your bank.