The IQ Option platform is available from South Africa from 2013. One of the important things is how to deposit and withdraw your money. There are a few methods of payment such as debit or credit card, e-wallet or bank wire transfer. Today 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 the 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.
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.
Withdrawing money with a local bank
The procedure for withdrawing money 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.
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 withdrawal method should be the same 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.
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