You will learn about the following concepts
- Requirements of a real money account
- What information you need to provide
- Payment methods and payment details
- Making your first deposit
If you feel you already have sufficient knowledge to start trading binary options using real money, then it is time to talk about how to register a real money account (live account). Some brokers have combined accounts, which allow you to trade with both virtual and real money, but other operators will require you to register separate accounts.
If this is the case with your broker, then you probably know that opening a demo account is an easy process, which does not require much information. However, opening a real money account can be a bit more complicated, because you will be asked to provide additional information about yourself, as well as some extra payment details, etc.
Some brokers will require more information than others, but in most cases you will be asked to provide the following information:
- First & Last Name
- Preferred payment method
- Account currency
- Phone number
When you register a real money account, you will have to choose what the preferred currency of your account will be. Usually you can choose between euros and US dollars, but some brokers will allow you to choose from other major currencies as well. Make sure all the information you fill in is correct, because you may be asked to verify your identity or the information needed for other purposes such as phone support, email support, recovering a lost password, etc.
Payment Methods & Payment Details
One of the key moments you should keep in mind, when choosing a broker, is the payment methods accepted by the binary options operator. Make sure there is at least one payment method, which is available in your country. Almost all brokers accept withdrawals and deposits via credit/debit card and wire transfer. The most reputable ones also provide their customers with additional choices such as depositing/withdrawing money via check, Skrill, Neteller, WebMoney, etc.
Another thing you should always check is whether your broker has any fees for withdrawing and depositing money. The best brokers will not charge you anything when you deposit and withdraw money, but in some cases you may find yourself using the services of a broker, which will charge you $10-$15 for withdrawing money.
If your bank balance is smaller and you are working on a tight budget and every dollar is important for you, then it is probably a good idea to choose a broker that has smaller or no fees at all.
In most cases your money will be instantly deposited into your account, but depending on the payment method you use, the broker may need a few days or even a few weeks to validate the transaction and to make the money available in your account. For example, depositing money by check can sometimes take 3-4 days. In the meantime, depositing money via credit/debit card will almost always result in an instant transaction.