- Binary Brokers with Perfect Money
- How Does Perfect Money Work?
- Deposit & Withdrawal Times
- Pricing Review
- Perfect Money Security
- Benefits Of Perfect Money For Binary Options Traders
- Drawbacks Of Perfect Money For Binary Options Traders
- How To Make Perfect Money Trading Deposits & Withdrawals
- Verdict On Perfect Money Binary Options Brokers
- How Do You Get A Perfect Money Account?
- How Do You Fund A Perfect Money Account?
- Which Binary Options Brokers Accept Perfect Money?
- How Do You Make A Perfect Money Deposit To A Binary Options Broker?
- Are Perfect Money Trading Deposits Secure?
Binary options traders looking for a quick, safe and easy-to-use method for depositing and withdrawing funds with their broker regularly turn to Perfect Money, an online payment service that allows users to create up to six digital wallets. Perfect Money provides customers with accounts in four different currencies and assets, along with other features including free deposits, e-voucher payments and a mobile app.
Binary Brokers with Perfect Money
This all makes Perfect Money a great option for binary options traders, but is there a reason investors choose this payment method over the traditional Visa or Mastercard debit and credit cards? This guide will find out by exploring the latest news, the company’s history, and helpful tips. We have also compiled a list of the best binary options brokers that accept Perfect Money deposits and withdrawals.
How Does Perfect Money Work?
Perfect Money was established in 2007 and is registered in Panama, but its headquarters are based in Zurich, Switzerland with another office in Hong Kong. The company aims to provide a convenient and low-cost gateway for making online payments, but it is no mere PayPal or Western Union clone, and it also has significant differences to competitors like WebMoney, Skrill and Payeer.
At the basic level, Perfect Money is a service that allows traders to open an e-wallet for US dollar, euro, bitcoins and gold accounts and use these to make deposits, withdrawals and other financial transactions.
Registration is quick and easy, as users only need to input their personal details to open an account and start performing financial operations. However, you will need to complete a verification process to access the full range of Perfect Money’s features, as unverified accounts have certain limits and are unable to perform some basic functions such as using bank transfers. Verification requires account holders to provide a scan of valid identification and answer a phone call after they sign up.
Deposits can be made through bank wire transfers or via a long list of certified exchange partners that can be found on the company’s official website, including many local services such as Vietnam’s muabanpm.com.
One selling point of Perfect Money is that it allows users to accept payment to their e-wallet without needing to have a bank account. It also allows you to make payments without involving a bank by using e-vouchers.
Additionally, Perfect Money lets you send money anywhere in the world for a 5% service fee when making an internal currency transfer, though there may be an additional implicit charge depending on the exchange rate of the day.
An account owner with an iOS or Android phone can perform all these functions if they download Perfect Money’s official app, and they won’t need to sign into the website each time.
Perfect Money also offers one unique selling point: verified account holders can add funds to their accounts through a peer-to-peer loan system. This allows users with additional funds in their accounts to stake some of it and earn interest at around 4% in return.
It is worth noting that Perfect Money is available in a wide number of countries, but does not currently accept new registrations of customers from the United States due to current regulations.
All-in-all, Perfect Money is a reputable and relatively popular payment service worldwide. Its advantages have also made it popular among aspiring traders and binary options brokers.
Deposit & Withdrawal Times
One of Perfect Money’s main selling points is its ease of use, particularly when it comes to making quick trading deposits and withdrawals. While bank transfers will take the standard three-to-five working days, Perfect Money’s internal transfers are instantaneous, and like with other e-wallets, this is usually the case when you use the service to deposit with a binary options broker.
With that said, individual trading brokers have their own rules on withdrawals, so you should check out the terms and conditions to see whether there is a minimum withdrawal and how long it will take to receive your profits. Quotex, for example, accepts instant Perfect Money deposits, but withdrawals will take between one and five days to process.
Perfect Money advertises as having the lowest fees on the market, but there are various charges for using its services, and anyone trading binary options will need to take these into account when they add up their net profit or loss.
While Bitcoin deposits to the platform are free, there is a charge starting at 0.5% for wire transfer deposits. The Perfect Money website says EUR/USD and USD/EUR conversions are charged at the market rate, but there is the additional 5% charge for sending money to countries with other currencies.
Perfect Money also charges a 0.5% internal transfer fee for verified and premium customers, which goes up to 1.99% for unverified customers, and charges the same rate when users buy e-vouchers. On top of this, wire transfer withdrawals will cost 2.85% plus the bank’s fee, and Perfect Money charges 0.5% plus $10 for instant Bitcoin withdrawals.
Fortunately, the best Perfect Money binary options brokers absorb the third-party charge to facilitate fee-free deposits for their traders. Withdrawals, on the other hand, come with a charge on some trading platforms.
Perfect Money Security
Perfect Money has been around for a long time, and it has earned its reputation as a secure and reputable service. Of course, internet users and binary options traders must always be on the guard for phishing and other scams through which criminals gain access to their personal information. But Perfect Money does well at protecting its users through various optional security settings, including an automatic check of users’ IP settings on login, a PIN code, two-step authentication via SMS, and a special code card.
Users may also be concerned about the security of money they stake through Perfect Money’s peer-to-peer loan system. Thankfully, the service allows users to vet loan recipients by checking the rating they received over historic loans. If a user does not repay their loan, Perfect Money will lock their account and use their balance to repay the lender.
Benefits Of Perfect Money For Binary Options Traders
Perfect Money is a great way of managing a range of currencies and assets in one account, and offers quick, simple and secure deposits and withdrawal options. The key advantages for binary options traders include:
- Accepted by the top binary options brokers and trading platforms
- Features such as auto-payments and real-time statements
- Accepts bitcoin and gold as well as euros and dollars
- Users can earn interest on the funds in their account
- Safe and secure, with in-built security protocols
- Quick and easy payments anywhere in the world
- Cheap internal transfers
- 24/7 customer support
Drawbacks Of Perfect Money For Binary Options Traders
Though Perfect Money is great for many binary options traders, there are several reasons that you might turn to a different deposit solution:
- Some of the fees can be steep, particularly if you need to make a wire deposit and send money in a foreign currency
- PM only accepts deposits in two fiat currencies
- Not available to traders in the United States
- Withdrawals via wire transfer are costly
- No sign-up deposit bonus
How To Make Perfect Money Trading Deposits & Withdrawals
Different binary options brokers will have their own terms, conditions and procedures for making payments using your Perfect Money account, but while things like minimum deposit and withdrawal limits may vary, most of the time making a transfer will follow the same basic steps:
- Log in to your binary options trading account
- Go to the “cashier” or equivalent page
- Enter the amount you would like to deposit
- Select Perfect Money as your payment method (look for the red logo)
- Enter your Perfect Money account number and credentials
- Review your payment details
- Click “confirm” or equivalent
With most binary options brokers, this procedure will create an instant deposit to your account, allowing you to start trading immediately.
When it comes to withdrawals, the procedure can vary a little more. Online brokers often ask users to go through an additional check, such as via their email or mobile phone, to verify that they are making the withdrawal. Some binary options brokers also require that users make a withdrawal using the same method that they deposited funds.
Note, the time it will take the withdrawal to reach your account can vary from broker to broker, though a withdrawal period of between one and five days is common.
Verdict On Perfect Money Binary Options Brokers
Perfect Money is an established and reputable payment system that has done well in reviews since its foundation in 2007, and it is widely supported by online binary options brokers. PM’s app makes it simple to deposit dollars, euros, bitcoin and gold into an e-wallet, and this provides users with a payment gateway that is quick, convenient and secure.
While the price of transactions can sometimes be steep, and binary options traders will need to take this into account while calculating their profits, the platform does allow you to recoup some of your expenses by loaning your extra funds to other users and earning 4% in interest.
Use our list of the top binary options brokers that accept Perfect Money deposits to start trading.
How Do You Get A Perfect Money Account?
It is easy to set up your Perfect Money account. Just enter your email address and other details into the registration page, and you’ll nearly be ready to go. The next step involves verifying your account, and for this, you need to upload a scan of a valid ID document, and then answer a security phone call. This process can take up to 72 hours to complete, but it is worth your time – Perfect Money charges verified accounts reduced rates for some transfers.
How Do You Fund A Perfect Money Account?
You can use a bank or wire transfer to get funds into your Perfect Money account. The service also accepts deposits via e-vouchers, which are usually bought by other users, or you can make a deposit through one of Perfect Money’s many partner exchange services. These set their own fees for the transfer, so you should try to get a quote before you make the deposit. It is also convenient to transfer bitcoins to Perfect Money since the service doesn’t charge anything for crypto deposits.
Which Binary Options Brokers Accept Perfect Money?
A wide range of binary options brokers allows deposits and withdrawals through Perfect Money. Just check their websites for the company’s logo. Among the biggest binary options brokers which accept Perfect Money are Quotex, Pocket Option and Race Option.
How Do You Make A Perfect Money Deposit To A Binary Options Broker?
Each brokerage will have its own procedures for making deposits and withdrawals, but generally speaking, a Perfect Money deposit is no more complicated than using your Visa or Mastercard debit or credit card. Simply select Perfect Money as your payment method, choose how much you wish to deposit, enter your account number and detail and click the “deposit” button. Note, binary options brokers may have their own minimum deposit and withdrawal limits.
Are Perfect Money Trading Deposits Secure?
Perfect Money has been around for a long time, and it is one of the safer and more reputable payment services online. Users are protected by various security protocols, including an automatic IP monitoring system, and various degrees of authentication. You can sign up for two-step authentication via email or your phone, and even request a code card to keep your account safe. All of this is available through the security tab on your Perfect Money account, and remember that each verified account requires valid identification to register.
Additionally, traders who want to earn interest through Perfect Money’s credit exchange service can check the rating of the borrower before making the loan. This allows you to choose only users with a good history. Of course, there is no guarantee that the money you lend will be 100% risk-free, but if someone doesn’t pay you back, Perfect Money will freeze their account and use any balance therein to reimburse you.