It only takes 3 things to withdraw money on IQ Option: a fully verified trading account, more than $2 on your balance, and a bank card or an e-wallet to receive the money to. Let’s take a peek at the IQ Option withdrawal process, payment method options, fees, and whatnot.
IQ Option withdrawal review
Withdrawing funds through IQ Option is quick and easy. There are many options available, from world-renowned giants to local banks and e-wallets.
Traders can withdraw money for free once a month. The request processing takes from 1 to 3 days, and the crediting period depends on the chosen payment method.
There are virtually no restrictions on withdrawals — the only requirement is that you will need to verify your account in advance. In case of withdrawal complications, the broker has round-the-clock support and an established system for handling claims.
IQ Option withdrawal methods
The broker works with Visa/Mastercard/Maestro cards, international payment systems like Skrill and Neteller, as well as many other e-wallet options and local banks.
Since the broker provides services all over the world, traders have the opportunity to choose a payment method that is popular in their region. See the full list of providers available for your country here.
Verification for withdrawal
To make a deposit on IQ Option, it’s enough to have your phone number and email verified. However, you’ll have to complete the verification process if you want to cash out. This implies confirming your ID and payment method.
The broker requests traders’ IDs to make sure they are trading on their behalf and not hiding behind someone else’s identity while on the platform. You can provide your passport, ID, or driver’s license. Needless to say, it must be real and non-expired.
The document scan must be clearly visible, with no damages, cropping, watermarks, or drawings. It must contain your full name, photo, date of birth, expiry date, number, and signature.
To upload your ID, go to the homepage and press Verification.
Confirm your phone number and email if you still haven’t, and proceed to the Proof of identity section. Press Upload documents.
Choose the issuing country and ID type, upload your scan, and press Complete. After that, your documents will be sent to moderation.
Bank card verification
The next step is to prove your ownership of the card that you use for transactions. Please note that the card must be issued in your name. It means that you can’t use your mother’s, spouse’s, or friend’s card.
Take a photo or scan both sides of the card. To prevent any security issues, make sure to cover the sensitive data: your CVV code and 6 digits of the card number before sending the scan:
Once both your ID and card data have been sent to moderation, all you have to do is wait. Moderation might take up to 3 business days. Once your documents are approved, you can make your first withdrawal request.
- Go to the Withdrawal page
There are two ways to initiate the withdrawal process: from the homepage or from the Traderoom.
When on the homepage, click Withdraw Funds on the menu on the right. That will take you to the Withdrawal page, where you can choose the payment method and proceed with your request.
In the Traderoom, switch to the Real account and click on your user picture. Select Withdraw Funds from the dropdown menu.
- Choose a payment method
Choose a bank card or an e-wallet that you like. Then, specify payment details. They may vary depending on the chosen method. For example, wire transfer withdrawals require your ID details, Skrill will ask you for the phone number, etc.
Be attentive at this step — mistakes in payment info are a popular reason for withdrawal cancellation.
It is recommended to use the same payment method for both IQ Option withdrawals and deposits, especially when it comes to bank cards (more on the card withdrawals below).
- Specify the withdrawal amount
The minimum withdrawal at IQ Option starts from $2 or an equivalent in your account currency. If you want to withdraw less than $2, this is still possible, but you’ll need to contact support first. The maximum withdrawal amount can be as high as $1,000,000. Note that your payment system may have limitations for transactions.
How to withdraw to Visa/Mastercard
The broker accepts any Visa, MasterCard, and Maestro cards. If you’d like to receive your earnings on your bank card, keep in mind two important limitations.
- Use the same card you used to make a deposit — technically, bank card withdrawal at IQ Option is processed as a refund.
- The withdrawal amount can’t exceed the total deposit amount made in the last ninety days. Thus, your withdrawal amount should be equal or less.
You deposited $1000 over the last three months. Your profit is $10,000, and you want to retrieve 5,000 BRL. To do that, request a withdrawal of $1000 to the card first. For the remaining $4,000, use another payment method, for example, an e-wallet.
How to withdraw to an e-wallet
Withdrawals to e-wallets are considered the fastest and easiest method. The broker works with multiple providers, both international and local. Each e-wallet has its own rules for money withdrawal, so you’ll have to compare the conditions and choose the one to your liking.
The international options like Skrill, Neteller, and WebMoney are the most predictable and easy to use. They require you to verify your account before you could retrieve your funds. Note that although IQ Option doesn’t limit your withdrawal amounts, certain e-wallets do.
If you are looking for a more native withdrawal service, check out the local options by region: for instance, mPesa for African countries, FasaPay for Indonesia, and many more.
How to withdraw using a bank transfer
Wire transfer is another withdrawal method available at IQ Option, yet not the most popular one. The thing is, it takes more time to process such requests: up to 8 business days. IQ Option doesn’t charge commissions for bank transfers, but you still have to pay a little fee — the amount is determined by the bank.
How long does the IQ Option withdrawal take?
IQ Option processes your requests instantly and sends the data to the payment system provider the same day. However, the total transaction time depends on the chosen payment method.
|Visa/Mastercard||Usually instantly, yet might take up to 21 days, depending on your banking service provider.|
|Neteller||1-3 business days|
|Skrill||1-3 business days|
|Perfect Money||1-3 business days|
|Local banks||1-8 business days|
Unfortunately, there is no way IQ Option can speed up the process since the operations are processed on the payment system provider’s side. However, in most cases, the money will land on your account in a couple of days. If you withdraw money to a bank card, you will receive it instantly.
How to check your withdrawal status
You can track your withdrawal status in real-time in the Withdrawal section.
- Requested: request is in progress.
- Hold: provide extra documents.
- Funds sent: operation completed.
- Canceled: operation failed.
IQ Option withdrawal limitations
Each trader can withdraw profit for free once a month. The IQ Option withdrawal fee of 2% only applies to the subsequent withdrawals. The good news is the upper end for this commission can’t exceed $25 or an equivalent in the account currency.
A few things can cancel your withdrawal at IQ Option: mistakes in billing information, technical problems, etc. Check out the article on the most common withdrawal problems and how to fix them and mind the following to avoid complications when withdrawing on IQ Option.
- Double-check you filled out all the fields in the application correctly.
- Using an e-wallet? Verify your account with the service provider first.
- Using a virtual card? Make sure it’s applicable for refunds (because some are not).
- Deposited with Bitcoin? Choose e-wallets or a local bank transfer for withdrawal
IQ Option withdrawal is a simple and intuitive process. Any registered user with a verified account can retrieve their money in a matter of a few days using bank cards, e-wallets, or local bank transfers. The broker has multiple withdrawal options for every region so that each trader could withdraw money in the most hustle-free way.