Understanding IQ Option withdrawal: An Investors’ Guide

There comes a point for every investor when it is time to consider making a withdrawal from their account, but each and every investment company has a different procedure that they want you to follow or a certain set of criteria that they want you to meet. Here we consider the IQ Option withdrawal procedures so that if you have decided it is time for you to get some of your money out, you know exactly what you should do.

  • How to make a withdrawal
  • What about fees?
  • Notes on the use of bank cards
  • Demo accounts

 

Forex Highlights

The IQ withdrawal policy

If you decide that you want to get some of your funds back, the way to do this is through your personal profile with IQ Option. You need to submit a withdrawal request, which features a number of withdrawal methods, and you should provide all the details needed for this to be completed properly. Once you have hit ‘Submit’ on your request, this is then marked in your account as ‘Requested’.

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This will change to ‘In Process’ as the request is making its way through the system. At this stage, the amount that you have requested to withdraw will be taken from your account balance. The next stage will see the request marked as ‘Processed’ and the funds that were taken from the client account will be moved into the payment system. Each IQ Option withdrawal request is processed by the financial department of the company, and these are dealt with one at a time, rather than in bulk. The IQ Option withdrawal time for the request to be processed is on the same day as the request was made. If you make the request outside of the normal working hours then this will be the next working day. It may occasionally be that the processing time has to be increased and if this is the case, you will be notified.

You need to be aware that when you make an IQ Option withdrawal request, you can only withdraw funds to the same payment system that was used to deposit them in the first place. There may be times when technical issues will not permit this and, if this happens, then the withdrawal payment method will be chosen by the company but according to the preferences of the client. Generally, this information will be provided on the client’s personal profile, so the company is aware of other preferences. IQ Option can only process a withdrawal request based on the information that you have provided. You do need to be aware that if there are any errors in this information that this is your responsibility. If you use your bankcard to deposit funds into your account, then you can only withdraw up to the amount deposited within 90 calendar days of the last deposit. Bankcard withdrawals are given higher priority than other types of withdrawals. Another option for withdrawing is the OTN tokens that are held within the trading account, but in order to do this, you need to have a verified account and have a wallet that can receive the tokens.

You will need to take responsibility for making sure that the wallet that you have specified to receive the OTN tokens is compatible for that purpose. If it is not compatible, then there is the risk that the tokens will be lost and this will be the responsibility of the client. There is a minimum withdrawal amount for the tokens. You have to make sure that you are trying to withdraw a minimum of ten OTN tokens. For the tokens, it takes anything between one and three working days to complete the withdrawal request, but there are a number of possible factors that could affect this processing time. It could be that the speed of the digital network slows down the transaction. If there is a delay, the company does not take any responsibility for any loss that may be caused as a result. This is why it is so important that any details that you have on your personal profile are up to date and that you check all of your requests before you submit them so that you reduce the possibility of any delay and any problem with the processing. Even a small detail, such as a spelling error, could cause a problem with the withdrawal of funds to your account.

Top 3 Forex Broker Comparison

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of 21 Forex Broker Cityindex
Currency pairs 84 Currencies
Max. Lever 1:30
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Minimum deposit € 100
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Risk warning: Capital can be lost. Terms and conditions apply.
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of 21 Forex Broker Markets.com
Currency pairs 50 Currencies
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Risk warning: Capital can be lost. Terms and conditions apply.

The IQ Option withdrawal fee

Those who are new to trading with IQ Option will naturally want to know if there is an IQ Option withdrawal fee. Taking a look at the IQ Option site does not provide you with any information on fees for withdrawals. From this, it is perhaps easy to conclude that there is no actual fee for withdrawing funds back to your bankcard or e-wallet. However, despite the lack of an IQ Option withdrawal fee, you do need to be aware of the other fees that are charged by the company. Naturally, there is a trading fee and this does vary depending on the type of transaction, so you need to look into this when you set up your account. There is also an overnight fee, where the company charges a fee to hold a trading position overnight. Again, this will vary according to the type of trades you are doing and the assets you are holding. This is why it is so important to do your research before you start trading with your own money. Moreover, it is a good idea to make the most of a demo account so you can see all of this in action before it affects your own finances.

More about withdrawal to bankcards

It is considered that IQ Option withdrawal requests to bankcards can be much more complicated than a request to an e-wallet. If you make a withdrawal request to a different card or e-wallet, then this will automatically be cancelled by the withdrawal system. There is no IQ Option withdrawal limit if you are requesting a withdrawal to an e-wallet but if you withdraw to a card, then it cannot be for more than the amount that you deposited in the first place. This is just one of a number of security measures linked to the withdrawal system, which are designed to prevent any issues. While it may seem as though IQ Option is placing limits on bankcard withdrawals, they are also taking steps to make the process a little smoother. Instant bankcard withdrawal processing has now been implemented, so while it could previously have taken up to three working days, the transaction is now completed immediately. However, you need to keep in mind the amount of time that it will take your bank to process the request. Some banks will take around nine days to put this money into your account. The transaction will be marked as ‘Complete’ on your account with IQ Option but your bank might not have the same sense of urgency.

Consider a few examples: You might have deposited $200 within the last 90 days from your bankcard. Your account with IQ Option has $250 in it. In order to withdraw the full amount, you would only be able to withdraw $200 to your bankcard and the other $50 would have to be taken out to an e-wallet. Some banks will also charge a fee for this withdrawal, and with some transactions attracting fees of $50 or more, it is important that you work out if it is worth transferring money this way, as small transfers back to your bankcard could end up costing you more than you are actually getting. Another example shows what happens when you try to withdraw funds to a bankcard after the 90-day time limit. You might have made a $200 deposit 100 days previously, but if you wanted to get that back on your bankcard, it would be a problem. After the 90-day limit has passed, you can only withdraw funds to an e-wallet. Remember, too, that if you want to withdraw to both the bankcard and an e-wallet that the transaction with the bankcard will always be carried out first, as this is given priority.

Practise your trading skills

You can put your trading skills to the test when you open an account with IQ Option, as they offer a demo trading account that allows you to practice the trades. The account will show you step by step the process of trading and give you the opportunity to become familiar with the various trading methods and the platform that is used. There is no financial risk or outlay with the demo account, and it works in exactly the same way as a real account. The demo will look at live markets so you will see exactly the same information as you would if you were operating your own account. There is no fee involved if you are using a demo account, although if you were to carry out a broker comparison, you might find that other companies do charge you to use this service. IQ Option understands that the best way for people to become familiar with the platform and the methods used for trading is to practice, and the demo account is a great way to do this. You can use the demo account for as long as you need and when you are comfortable to move on, all you need to do is set up the standard trading account.

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The figures speak for themselves

In 2015, there were around 8.1 million registered users on IQ Option. This is a very healthy figure but the company has seen tremendous growth in the number of people registering for trading accounts. By 2016, this figure was more than 14.6 million and in 2017, it had risen again to more than 25.5 million registered users. The company has also enjoyed a rise in the number of daily transactions on the site. In 2015, this was more than 646,000 transactions, while the following year it had reached almost a million. A year later, that had doubled to 1.8 million transactions each day. However, the proof of success for the investor is how much money is being withdrawn by traders. In 2015, the total withdrawals by traders was $1.5 million. Again, this sounds like healthy profits are being made, but it does not stop there. The following year, the withdrawals were up to $5.8 million each month, and this had almost doubled in 2017 to around $10.8 million each month. This is something that is important to consider if you are looking for the best stockbroker for you. A stockbroker comparison will show how many people are using that broker to process their trades, and details of the withdrawals will give an idea of how many people are making money through those platforms.

1
of 21 Forex Broker Cityindex
Currency pairs 84 Currencies
Max. Lever 1:30
Trading size Mini-Lot
Minimum deposit € 100
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Risk warning: Capital can be lost. Terms and conditions apply.
2
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Currency pairs 70 Currencies
Max. Lever 1:30
Trading size Mini-Lot
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Risk warning: Capital can be lost. Terms and conditions apply.
3
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Risk warning: Capital can be lost. Terms and conditions apply.
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Risk warning: Capital can be lost. Terms and conditions apply.
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Conclusion:

Our verdict

Our IQ Option review is based on the simplicity of the withdrawing system. For a beginner, this might look as though it is quite complicated and the restrictions on bankcard withdrawals are not designed to be helpful, although IQ Option does state that these are for security reasons. While the use of a bankcard might be more convenient for some people, the limits might be off-putting. Using an e-wallet for this type of transaction might actually be the convenient option and it is worth looking into this a little more to ensure that you are able to make the most of the withdrawal system. A great deal will depend upon the amounts that you are going to be depositing with a bankcard, as this forms your own limit for the withdrawal, and will dictate what you are able to do when you want to take your money out again. In addition, remember that the withdrawal process is only one part of the trading process, so you need to consider the system as a whole when making your decisions about which broker to use, and research everything that you need to know in advance of setting up your account.

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