Apple Pay Binary Options Brokers
- Binary Brokers with Apple Pay
- About Apple Pay
- How Apply Pay Works
- How To Make Binary Options Deposits & Withdrawals
- Transaction Times
- Pricing Review
- Pros Of Apple Pay Binary Brokers
- Cons Of Apple Pay Binary Brokers
- Customer Support
- Privacy & Security
- Apple Pay Vs Google Wallet
- Apple Pay Vs Samsung Pay
- Verdict On Apple Binary Options Brokers
- Binary Brokers with Apple Pay
- How Do I Know If A Binary Options Broker Accepts Apple Pay Deposits?
- Which Binary Options Brokers Accept Apple Pay Deposits?
- Do I Need To Pay A Fee To Fund My Binary Options Account With Apple Pay?
- Is There A Limit On Apple Pay Binary Options Deposits?
Apple Pay is a mobile wallet that enables users to pay for goods in iOS apps, shops, and online. It essentially replaces physical debit and credit cards, facilitating secure payments to various merchants, including binary options brokers. But how does it compare with the likes of PayPal and Google Pay and which binary options brokers accept Apple Pay deposits?
In this review, we unpack the pros and cons of funding binary options trading accounts with Apple Pay. We also list the top Apple Pay binary options brokers in 2023.
Binary Brokers with Apple Pay
About Apple Pay
Apple Pay launched in 2014, providing a secure digital wallet to house debit, credit and prepaid cards. Today it is the leading mobile wallet with over 500+ million users. In comparison, PayPal has over 400+ million users while Google Pay has 150+ million users and Samsung Pay has 100 million.
Apple’s payment application is compatible with iPhones, iPads, Macs, and Apple Watches. This means traders can make deposits to Apple Pay binary brokers directly through the device they trade on, whether that’s a desktop computer, mobile or tablet.
Traders also benefit from an additional security layer. Where traditional bank cards feature outdated magnetic stripe technology, Apple uses data encryption to secure transactions and ensure privacy between online brokers and binary options traders.
How Apply Pay Works
Apple Pay facilitates contactless payments with near-field communications (NFC) technology. Card details are stored on a device and users can unlock the app with Touch ID or Face ID to make payments with a tap or the click of a button.
Apple Pay binary options brokers facilitate deposits and withdrawals by partnering with e-commerce platforms and using APIs. For online companies to accept payments, their website must be:
- Served over HTTPS and hold an SSL certificate
- Have a domain verified with Apple
- Support TLS 1.2 or later
How To Make Binary Options Deposits & Withdrawals
Binary options traders must have an Apple ID and be logged in on an Apple device to make a deposit.
To set up an Apple ID you will need to create an iCloud email and password. You can then add up to 16 bank cards from accepted banks, such as HSBC, Halifax, Monzo, and Barclays. The most popular card issuers include Visa, Mastercard, American Express, and Interac.
To add a bank card to your Apple wallet you will need to enter the card number, expiry and/or issue date, security code, your name as it appears on the card, sort code, and account number. The exact details you will need to enter may differ between cards. Alternatively, you can scan the card using your device’s camera.
To make payments to your binary options account, you will need the password for your Apple ID login and/or Face ID or Touch ID. This will give you access to your wallet. Apple will then automatically select your default payment card, though you can alter this either in the app’s settings or by choosing a different card each time you make a deposit.
Making a deposit to a binary options account with Apple Pay will usually be instant, just like making a contactless payment in a store. World Forex for example offers immediate account funding with the digital wallet.
Withdrawals, however, usually take longer (between 30 minutes and several working days). This is because most binary options brokers have KYC and AML protocols to follow, meaning they may need to verify your identity before they can approve the payment.
It is also worth noting that some Apple Pay binary options brokers will only pay out profits to the original deposit method.
Apple does not charge for the use of its digital wallet, however, the final transaction fee a trader will pay is down to the binary options broker.
The best binary options brokers that accept Apple Pay deposits, including World Forex, do not charge for initial account funding. Traders can make deposits in USD/EUR/RUB with a 300 RUB minimum payment. Withdrawals however, often come with a fee, with World Forex charging 2.5% + 50 RUB.
Apple Pay accepts 150 currencies, including the US Dollar, Euro, British Pound, Indian Rupee, Japanese Yen, Russian Ruble, and Zimbabwe Dollar. This can help reduce conversion fees, meaning no additional charges for transferring funds to a binary options account.
Pros Of Apple Pay Binary Brokers
- Fee-free deposits
- Secure payment solution
- 150 currencies accepted
- Near-instant trading deposits
- Convenient for mobile binary options traders
Cons Of Apple Pay Binary Brokers
- Only available on Apple devices – not available to Android traders
- Limited list of binary options brokers that accept Apple Pay deposits and withdrawals
Apple Pay hosts a comprehensive help portal on its website. Simply fill out the query details and you will be directed to popular answers.
Alternatively, Apple has a telephone support line, a live chat service (available 8 am – 8 pm on weekdays and 9 am – 6 pm on weekends), plus online community forums.
Note, if you are experiencing withdrawal issues, it could be worth speaking to your binary options broker first. They should be able to advise on the status of your withdrawal request.
Privacy & Security
Apart from the initial set-up process to verify your bank account and details, Apple does not store your personal data. The only information that is not encrypted is the approximate purchase amount, the time and date the purchase was made, the retailer it was made with (app developer and app, or website), and if the transaction was completed successfully.
Additionally, to add a bank card to your Apple wallet, there is a verification process to maintain bank-level security. You can choose to receive a one-time passcode by text or call to the phone number associated with the bank account. Alternatively, you can receive an email with a verification code.
Finally, every time you wish to make a payment to binary options brokers that accept Apple Pay deposits, you will need to verify your identity with Face ID or Touch ID, reducing the risk of fraud.
Apple Pay Vs Google Wallet
Apple Pay and Google Wallet, formerly Google Pay, offer virtually the same service. The main difference is the method of authenticating and approving payments. With Apple Pay, you will need to use Touch ID or Face ID.
With Google Pay, a one-time password will be sent to your device via text or email, or you can set up a GPay password/pin/pattern to use each time.
Behind the scenes, Google Pay acts as an intermediary between your bank and merchant (binary options broker), and tracks transactions, giving you virtual receipts. However, it does this to send targeted ads.
In contrast, Apple Pay never stores data on your transactions – the encrypted information is transmitted from the broker to your bank, which approves transactions.
Apple Pay Vs Samsung Pay
Samsung Pay is available on Samsung devices. The experience is identical for Samsung and Apple Pay users – setting up your wallet, inputting card details and using Touch ID or Face ID (Apple Pay) or Iris Scan (Samsung) to enable and authorize payments.
But unlike Apple’s digital wallet, Samsung Pay cannot be used on websites or applications and is only suitable for in-store payments. As a result, it is not offered by binary options brokers.
Verdict On Apple Binary Options Brokers
Apple Pay is a fast, cheap, and secure method of payment. After the initial setup, only your face or fingerprint ID is needed to make deposits to Apple Pay binary options brokers.
The only major challenge is that there are not many binary options brokers that accept Apple Pay deposits currently. However, we expect this to change as more individuals start trading and managing their investing activity from their mobile or tablet device.
Check out our list of the best Apple Pay binary brokers to start trading today.
Binary Brokers with Apple Pay
How Do I Know If A Binary Options Broker Accepts Apple Pay Deposits?
Either the broker will have the black and white logo on their website or Apple Pay will be listed as a payment method in the cashier portal.
Alternatively, head to our list of the top binary options brokers that accept Apple Pay deposits in 2023.
Which Binary Options Brokers Accept Apple Pay Deposits?
Not many binary options platforms have integrated Apple’s digital wallet into their payment facility. Currently, World Forex is the best option for traders looking to make deposits and withdrawals using Apple Pay. Traders can make payments in USD/EUR/RUB and the minimum deposit is 300 RUB. Deposits are processed instantly.
Do I Need To Pay A Fee To Fund My Binary Options Account With Apple Pay?
The best Apple Pay binary options brokers cover fees at the deposit stage, including World Forex. However, withdrawals may come with a charge, usually a percentage of the payment amount and/or a fixed fee.
Generally, binary options traders can expect to pay fees similar to those charged on bank card deposits and withdrawals.
Is There A Limit On Apple Pay Binary Options Deposits?
Apple Pay does not place a limit on the size of the transactions. However, retailers and binary options brokers that accept Apple Pay deposits may have their own minimum and maximum limits. World Forex, for example, has a minimum deposit requirement of 300 RUB.