If you want to use a bank card to deposit and withdraw money at IQ Option, you will have to verify it. But how to pass IQ Option bank card verification procedure? To do this, you will need to send the payment information to the broker and wait until the card is approved.
We compiled the most frequent questions that traders ask when verifying cards and answered them in this article.
Do I need to verify my card?
Only in case you used a bank card for deposits before and you wish to withdraw your profits with other payment methods later, for instance, an e-wallet or wire transfer. If you deposited with an e-wallet and never used a bank card, there’s no need to verify it.
Note that IQ Option works with all types of Visa/Mastercard debit and credit cards, but Maestro is not accepted.
Why is IQ Option bank card verification mandatory?
It is necessary to prove to the broker that you are the legitimate owner of the card you use for trading. This is an obligatory measure to comply with the anti-money laundering legislation: an identity assessment is needed to ensure all traders are who they claim to be and are not investing on behalf of someone else.
How to verify a standard bank card?
You need to take a photo of both sides of your card and send it for moderation.
Before you upload the image, make sure to cover 6 digits of the card number so that the only visible digits are the first 6 and the last 4. Also, you need to hide your CVV code on the back. The card must be signed.
Make sure the image is clearly visible and meets the quality requirements:
- Positioned frontally
- Not cropped
- Not blurred
- Not obscured with different objects
- No glare reflections
- All edges must be visible
- Image size: up to 8MB
- Image format: JPG or PNG
Watch a step-by-step guide in the video.
How to verify a virtual bank card?
The verification process will be slightly different in the case of a virtual card because it’s not physical, and you can’t take a picture of it. Instead:
- go to your online banking cabinet;
- take a screenshot of the main screen containing the cardholder’s name;
- take a screenshot so that the first 6 last 4 digits of the virtual card are visible, along with its expiration date.
Is it safe to send the photos of my card via the Internet?
It is. Firstly, only IQ Option’s verification officers have access to traders’ bank card photos. Secondly, the bank card photo would be of no use since the most important information — card number and CVV code — is hidden. If you forget to hide the info, the system will cover it automatically
How long does the IQ Option bank card verification take?
1 to 5 business days. Card verification is a one-time-only process: once it is done, you won’t need to upload the card again. You can check the verification status in your account.
What if I want to use several cards?
Each card you use for deposits on IQ Option is considered a separate payment method. Thus, you will need to verify each card separately. Later, you’ll be able to choose one of the submitted cards for deposit and withdrawal from the payment options list.
What if my bank card got expired?
If the card has expired, the broker does not require anything at all. Simply contact support and say it’s expired, and it will be verified automatically (if it isn’t already).
What if I lost my card?
If the card hadn’t expired by the moment you lost it, you would still have to verify it. To do that, contact your bank and ask to give you a bank letter with the information about the card, the cardholder, and the statement that the card was replaced or canceled. You can upload this document instead of the card photos, it will be checked within the same timeframe.
Can I use my mom’s/spouse’s/friend’s card?
It’s forbidden to use third-party cards, regardless of the degree of kinship. This will be considered a violation of the broker’s terms and conditions and result in account suspension.
Bank card verification at IQ Option takes a few minutes to submit and up to 5 days to get approved. There are nuances though, for example, when you use a virtual, expired, or third-party card. Follow the guide above to successfully verify your card, or contact our support team to figure out a proper verification scenario for your case.