- Binary Brokers with Maestro
- What Is Maestro?
- Transaction Times
- Pricing Review
- Pros Of Maestro For Binary Options Traders
- Cons Of Maestro For Binary Options Traders
- How To Make Maestro Deposits & Withdrawals
- Verdict On Maestro Binary Options Brokers
- How Quick Are Deposits To Maestro Binary Options Brokers?
- Is It Free To Make A Deposit To Binary Options Brokers With Maestro?
- What Should I Do If I Have A Problem With A Maestro Deposit To My Binary Options Broker?
- Which Maestro Banks Support Binary Options Deposits?
Maestro is one of the most popular debit cards and can be used to fund binary options trading accounts. Issued by Mastercard, the brand has a global presence with over 400 million cards in circulation. A simple transaction process, fast payments, and low prices mean there is a decent list of binary options brokers that accept Maestro deposits.
This guide will run through the benefits and drawbacks of using Maestro for binary options trading, from fees to payment timelines and limits.
We also list the top Maestro binary brokers in 2023.
Binary Brokers with Maestro
What Is Maestro?
Maestro is a debit card that was launched by Mastercard in 1991 to improve its services for customers when they travel. To that end, the company set up offices across the world in countries such as the UK, South Korea, Thailand, Qatar, Dubai, and South Africa. This is in addition to the US network of offices which has its headquarters in New York City.
Nowadays, Maestro is one of the few cards that are accepted by businesses and companies around the world. The payment card can be used for everyday purchases, from buying a coffee or hotel stays to withdrawing cash and depositing funds to binary options brokers.
Importantly, Maestro is linked directly to a client’s bank account so funds can be instantly transferred securely.
Most binary options brokers that accept Maestro offer instant or near-instant deposits. Fund are usually immediately available in online trading accounts, including at Alpari.
Withdrawal times at Maestro binary brokers can vary. Payments from IQ Option, for example, can take anywhere from 1 hour to 24 hours while at Quotex, they can take five working days. This is because most binary options brokerages verify their clients’ IDs before releasing funds.
Deposits are usually free at Maestro binary options brokers. For example, neither Pocket Option nor IQ Option charges a commission for payments using the debit card. Of course, this can vary so make sure you check your broker’s fee schedule before making a transfer.
Typically though, the only charge to use Maestro would come via your card issuer, but most banks waive usage fees for customers.
It is also worth being aware of the minimum transfer limits which binary brokers that accept Maestro may impose on both deposits and withdrawals. Quotex, for example, requires deposits and withdrawals of at least $10. Pocket Option has a minimum deposit requirement of $50 while the minimum permitted withdrawal is $50.
Maestro is a secure way to load funds into binary options trading accounts. Mastercard employs a protective measure called 3D secure protocol which helps to authenticate transaction requests. It works by verifying sellers and their associates, plus the buyer and the system which carries out the transaction.
Additionally, the brand uses two factor-authentication (2FA) whereby either an OTP is sent to your phone or you must log in to your bank’s mobile app, and verify the payment amount and destination. It also involves a system that checks transactions for any suspicious activity. If unusual activity is detected, the cardholder is alerted and has the option to continue with the purchase if it is genuine or cancel the payment.
This alert may arise the first time you make a payment to Maestro binary brokers, but it should quickly start to recognize the trading platform if you make regular deposits.
Pros Of Maestro For Binary Options Traders
- Chargeback available
- Uses 3D-secure protocol
- It is usually free to deposit with Maestro binary brokers
- Most binary options brokers that accept Maestro offer instant deposits
Cons Of Maestro For Binary Options Traders
- Not all banks issue Maestro cards
- Not available as a credit card – it is a debit card only
- The list of binary options brokers that accept Maestro is limited versus the number of platforms that accept Visa and Mastercard
How To Make Maestro Deposits & Withdrawals
- Go to the ‘Finance’ or ‘Funding’ section in the client area of your binary broker’s website
- Click on either ‘Deposit’ or ‘Withdraw’
- Select Maestro as the payment method
- Choose the amount you wish to transfer
- Input your Maestro account details. For a deposit, this will be the 16-digit code on the front, expiry date, name on the card and the CVV on the back. For withdrawals, this will be your bank account number and sort code.
- Confirm the request and complete the authentication process
Verdict On Maestro Binary Options Brokers
Maestro is a reliable and secure method of depositing funds to trading accounts. Many of the binary options brokers that accept Maestro debit cards do not charge a fee and make funds immediately available for trading. The only major downside is that the debit card is not as popular as alternatives like Mastercard and Visa.
See our list of the top Maestro binary options brokers to make a deposit and start trading.
How Quick Are Deposits To Maestro Binary Options Brokers?
Most binary options brokers that accept Maestro offer immediate deposits, including Pocket Option and Alpari. However, withdrawals usually take longer. This is because Maestro binary brokers often have to meet KYC requirements and verify a trader’s identity before releasing profits.
Is It Free To Make A Deposit To Binary Options Brokers With Maestro?
This will depend on the trading platform. Some binary options brokers that accept Maestro deposits offer fee-free payments, including IQ Option, Pocket Option, and Alpari. Other platforms may levy a charge, but it is more likely that a fee will be applied at the withdrawal stage.
What Should I Do If I Have A Problem With A Maestro Deposit To My Binary Options Broker?
If you are having financial issues with Maestro, such as being unable to process a payment or if other services are not working, there are several ways to find a solution. Firstly, you can check the Mastercard website for FAQs and helpful tips. Alternatively, you can contact the customer support team of either your bank or the binary options broker through their live chat, phone number or email address.
Which Maestro Banks Support Binary Options Deposits?
Many banks issue Maestro cards. In Belgium, for example, Maestro is one of the many cards that ING Bank provides to its customers. Another example is Revolut, which is useful for binary options traders based in the UK, EU and Japan. Unfortunately, traders based in Canada and Mexico cannot open an account that supports Maestro cards. The brand’s cards also used to be available in China, but they are no longer accepted.