- 1 Is IQ Option allowed in South Africa?
- 2 Depositing money on IQ Option with a local bank
- 3 IQ Option withdrawal in South Africa using a local bank
- 4 Additional facilitations
- 5 Pros and Cons of Trading on IQ Option in South Africa
- 6 Comparison of Deposit and Withdrawal Methods on IQ Option in South Africa
- 7 Conclusion
- 8 Common Questions About IQ Option in South Africa
- 9 GENERAL RISK WARNING
|→IQ Option is accessible in South Africa and offers various deposit and withdrawal methods.|
|→Local banks can be used for deposits and withdrawals, with no fees charged by IQ Option.|
|→Alternative payment methods, such as PayGuru and AstroPay, are available for added convenience.|
Is IQ Option allowed in South Africa?
The IQ Option platform is available in South Africa since 2013. One of the important things is how to deposit and withdraw your money. Today we will tell you what IQ Option withdrawal in South Africa looks like and show you the deposit methods available. There are a few methods of payment such as debit or credit card, e-wallet or bank wire transfer. We will describe the process of transferring money with a Local Bank.
You should know that in order to conduct any transaction, you will have to send some documents to the broker for verification purpose. It may be a copy of your ID card or a proof of address.
Depositing money on IQ Option with a local bank
The first thing you must do is to log in to your IQ Option account. On the right side of the trading interface, you will find a green Deposit button. Click on it and you will be redirected to the next step.
Here, you have to determine what amount of money you wish to deposit. Then, select a local bank from the list that will be displayed on the right side. Some of the banks that are supported by IQ Option are ABSA, FNB, Nedbank, Capitec, Standard or Investec.
Now, click the green Go to payment button. It will take you to your bank's page where you will need to fill some data such as your User number or Access Account Number. Once you finish this, the OTP code will be sent to your mobile phone. You should write it in the corresponding field and wait for the confirmation of successful payment.
A minimum deposit amount is just $10. You may also deposit in your national currency and the sum will be converted automatically.
You will not have to pay any fee in respect of making a deposit.
The money should be on your trading account within 1 business day.
IQ Option withdrawal in South Africa using a local bank
The procedure for IQ Option withdrawal in South Africa is very simple. You just have to choose your preferred local bank, write the amount of money you would like to withdraw, your name and the account number. After that, click the Withdraw funds button.
You will then see a confirmation that the transaction went well.
Withdrawing money is possible via cards and wallets. Thus, there is no fee connected to it. Make sure, however, that you have checked whether there are some fees that are not dependant on IQ Option. They may be applied to the transactions by the payment method or service.
The card and currency in which you withdraw your money should be the same that you have used while depositing funds.
The limit of the withdrawals to the card is equal to the total deposits that have been made within 90 days. The rest of the money you will be able to withdraw to any wallet that is available on IQ Option. However, if the time since your last deposit is longer than 90 days, you can freely transfer the whole sum from your trading account to your bank card.
PayGuru is a company with a license that has built a mobile payment app. It provides easy and fast deposit&withdraw services. This is why so many IQ Option users in South Africa make money transfers via PayGuru.
To benefit from the innovative payment services that PayGuru provides, you should register on their site. You will have to create an account, fill in the requested information and upload the required documents. After you confirm your contract with PayGuru you are ready to start using their services.
Another way you can utilise for depositing and withdrawing funds from the IQ Option trading account in South Africa is AstroPay Card. It is a virtual card that is approved by many businesses in the online world. You get easy access to it from your mobile phone. The payments are processed fast and the security standards are high.
You will have to register on the website or through the mobile app. There is no registration fee. You will be asked to choose the value and currency for the AstroPay Card as well as the payment method. After you pay in your local currency you will receive an e-mail with all the necessary information about your AstroPay Card.
Pros and Cons of Trading on IQ Option in South Africa
- 😃 Accessible platform for South African traders
- 😃 Multiple deposit and withdrawal methods
- 😃 No fees for deposits or withdrawals from IQ Option
- 😃 Additional payment options like PayGuru and AstroPay
- 😃 User-friendly interface and ease of use
- ☹️ Account verification is required before transactions
- ☹️ Withdrawal limits to bank cards
- ☹️ External fees may be charged by payment providers
Comparison of Deposit and Withdrawal Methods on IQ Option in South Africa
|Local Bank||Deposit and Withdrawal|
|PayGuru||Deposit and Withdrawal|
|AstroPay||Deposit and Withdrawal|
|Credit/Debit Card||Deposit and Withdrawal|
|e-Wallet||Deposit and Withdrawal|
Depositing and withdrawing money on IQ Option with your local bank is not a complicated process. Remember, that your account should be verified beforehand. Also, the IQ Option withdrawal in South Africa should use the same method as the one used for depositing money.
There are no fees related to making payments.
Additionally, you can use PayGuru or AstroPay to facilitate the process even more.
If you have any comments, there is a special section down below the site. Share your experience with our community.
Wish you high payouts!
Common Questions About IQ Option in South Africa
- Q: How long does it take for a deposit to be processed on IQ Option?
- A: Deposits are usually processed within 1 business day, depending on the payment method used.
- Q: Are there any fees associated with using a local bank for deposits and withdrawals on IQ Option?
- A: IQ Option does not charge any fees for deposits or withdrawals using a local bank. However, your bank or payment provider may charge their own fees.
- Q: How do I verify my account before making transactions on IQ Option?
- A: To verify your account, you need to submit a copy of your ID card or proof of address to the broker.
- Q: Can I use a currency other than USD for deposits and withdrawals on IQ Option?
- A: Yes, you can deposit in your national currency, and the sum will be converted automatically.
- Q: Are there any limitations on the amount I can withdraw to my bank card?
- A: The limit for withdrawals to a bank card is equal to the total deposits made within 90 days. The remaining balance can be withdrawn to an available e-wallet.
GENERAL RISK WARNING
Kindly note that this article does not provide any investment advice. The information presented regarding past events or potential future developments is solely an opinion and cannot be guaranteed as factual, including the provided examples. We caution readers accordingly.
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