One key thing to check about every broker is their withdrawal process.
By being aware of a broker’s withdrawal conditions, you know exactly what to expect.
That’s why we’ve examined the IQ Option Withdrawal for you so there’re no surprises when moving funds from your trading account.
Let’s get started.
IQ Option Withdrawal Fees
The great thing about IQ Option is that they don’t charge fees if you make a withdrawal.
It’s completely free to withdraw your money at anytime, and the broker is one of the fastest in the market to process them. In fact, they aim to process all requests within 24 hours.
The one fee charged is if you choose to withdraw your money via a bank/wire transfer. In this case a fee of $31 will be charged by the broker.
Otherwise there are no additional fees charged by IQ Option. You can also be reassured that as a fully regulated broker (CySEC 247/14), IQ Option is not a scam and lets clients withdraw their money when requested.
This is a regulation condition that all regulated brokers must meet. In fact all regulated brokers must let traders withdraw funds from trading accounts.
So there’s no need to worry whether you can make withdrawals or not- with IQ Option is a legit and regulated company.
How to withdraw from IQ Option
You can make a request directly from your IQ Option account, just follow these steps:
- Go the IQ Option platform and sign in to your account
- From the top right-hand side of the platform screen you can select your user profile.
- When the user profile has been selected, a list of options will show.
- Click on the ‘Withdraw Funds’ tab which is featured on this list.
- The “Withdraw Funds” window will then open.
- From there select and click on the payment method you want to use
- Enter the amount you wish to withdraw and follow the last steps shown in the window
Once these steps are finished the withdrawal request is complete. The next steps are for the IQ Option team to approve and process the request.
This is normally done within 24 hours and you can keep track of the withdrawal status directly from your account.
IQ Option Withdrawal Methods
IQ Option offers a range of methods for you to make a withdrawal. This includes:
- bank/wire transfers
- debit/credit cards
- e-wallets (WebMoney, Neteller, Skrill)
You just need to decide which option suits you the best. When this has been selected, the broker will process the withdrawal request to the selected payment method.
However, it’s important to remember that ideally you should use the same payment method that was used to make the deposit to your trading account.
This is because it makes things faster and simpler for you. For example, if you made the deposit with an e-wallet, you’ll be able to withdraw money to the same e-wallet.
IQ Option Card Withdrawals
We should point out though that for any withdrawals made with a credit/debit card, you can only request the total amount of deposits made by you within the last 3 months to your card.
For example, let’s say that you’ve deposited $100 to your IQ Option account with a credit card.
You have done well and made some profits, so now you wish to cash out $250.
With IQ Option, you’ll be able to withdraw the amount of $100 to the credit card (as this was the deposit amount).
However, the remaining $150 will need to be withdrawn to an e-wallet or via bank transfer. (Note that a $31 fee for bank transfers will be applied.)
This is because the broker treats card withdrawals like refunds, which is why they cannot process a figure higher than the initial deposit amount.
It’s only for card withdrawals that this limit applies.
IQ Option – Withdrawal Time
IQ Option aims to process all withdrawal requests within 24 business hours. This is so they can deal with all customer queries quickly and efficiently.
The customer support team will verify every request to check that your are the actual owner of the account. Doing this helps to protect accounts against fraud and to keep your money safe.
This is why you should make sure that your account has been verified so that the team can check your account ownership quickly. (Read more about verification below).
If everything is in order the request should be processed by the team on the same day- or next day if outside business hours.
The money will then be sent to the selected payment system, for example to your bank or card provider. Time wise this means that credit/debit card and bank/wire transfers will take a few days to process the transaction to you.
However, if you have chosen to withdraw your money to an e-wallet, the money will be sent normally straight away and on the same day. This is why e-wallets like Neteller and Skrill are the fastest methods for receiving funds.
It’s possible to track the status of your withdrawal request at anytime, directly from your trading account overview.
IQ Option Verification Account
One thing that cause problems for withdrawal requests is if your IQ Option account has not been verified.
For security reasons the broker will not process any requests if the account has not been verified.
This is because they need to make sure 100% that you are the genuine account owner so fraudulent transactions cannot be made.
To have your account verified you’ll need to upload the following documents to the platform:
Proof of Identity: a copy of your passport, driving licence or ID card
Proof of Address: so a utility bill or bank statement from the last 6 months showing your address
If you have any problems with the uploads the IQ Option customer support team will be happy to help. The team aims to have all uploaded documents verified within 3 days.
You many also be asked by the team to upload a copy of your bank cards or a scan of your e-wallet ID. This is not a scam, but they may require it for further verification. However, you must make sure that you hide the CVV number on the card and part of your credit card number.
This is to keep your card secure and because the team only needs to see your card signature and part of the card number, not all of it.
If you want to have more information about the broker, read our review here