Sofort Binary Options Brokers
- Binary Brokers with Sofort
- About Sofort
- How Sofort Payments Work
- Transaction Times
- Pricing Review
- Pros Of Sofort Binary Options Brokers
- Cons Of Sofort Binary Options Brokers
- How To Make Deposits & Withdrawals To Binary Options Trading Accounts
- Contact Support
- Verdict On Sofort Binary Options Brokers
- What Is A Sofort Deposit To A Binary Options Trading Account?
- Is Sofort By Klarna Safe To Use To Deposit To Binary Options Trading Brokers?
- Is Sofort Free To Deposit To Binary Options Trading Accounts?
- Which Binary Options Brokers Accept Sofort Deposits?
- Are Deposits To Sofort Binary Options Brokers Processed Instantly?
Sofort, also known as Pay Now with Klarna, is a convenient and secure European money transfer service. The solution uses existing online banking details, with no sign-up required, to process deposits to binary options brokers that accept Sofort. Our review will cover how it works, its security features and how to make a deposit to your binary options trading account.
We have also compared and ranked the best Sofort binary options brokers in 2023.
Binary Brokers with Sofort
Sofort is a popular digital payment method in Europe, founded in 2005 in Munich, Germany. The company was acquired in 2014 by Klarna, so is now also referred to as Pay Now with Klarna.
Together, the two companies are estimated to process $10 billion in transactions per year. On average, three million transactions are made every month.
The company is currently available in 13 European countries including Austria, Finland, France, Germany, Switzerland and the UK. In fact, Sofort is the #1 online bank transfer provider in Europe and one of the top three digital money transfer solutions in Germany and Austria.
The service has over 85 million registered users and an impressive 35,000+ online merchants offering payment gateway services to customers, including binary options brokers like Pocket Option.
The gateway essentially enables binary options traders to make online transactions using personal banking credentials.
How Sofort Payments Work
Payments are made using personal banking credentials, with no Sofort account required. After logging into your binary broker’s payment interface, simply enter your banking details to make a deposit.
There is no need to enter lengthy card numbers or create an account, which, is advantageous vs other e-wallets like PayPal and TransferWise.
All transaction details are entered via Sofort’s secure payment interface, to which the merchant has no access. The external partner, such as a binary options broker, will receive real-time confirmation of the transfer order.
You can use Sofort/Pay Now with direct banking via online-capable current accounts at almost every bank. A helpful payment wizard is also available to search for your current financial provider.
The Sofort definition means ‘instant’ in German, and the solution ensures services reflect that. As the company works by securely accessing online banking credentials, funds are taken straight from your bank account and reflected in online trading balances.
With this in mind, processing times at binary options brokers that accept Sofort deposits are usually immediate. However, some Sofort binary brokers may have longer processing times. IQ Option, for example, has a maximum processing time of two working days.
Note, chargebacks are not possible with the brand as this is not a direct debit, but a direct, automated transfer. Though, for this reason, default payments are less common.
Payments to Sofort binary options brokers are typically low cost. As you do not have to open an account, and simply need your existing online banking information, there are no charges to register. This is similar vs Trustly or iDEAL.
An Online Payment Study carried out by the EHI Retail Institute concluded that Sofort banking, or Pay Now with direct banking, is the digital payment method for which merchants are least likely to forward a payment fee to consumers. Our experts also found this to be true when depositing to IQ Option.
With that said, Pocket Option traders face a 2% commission to use the integrated payment software.
It is also worth noting that the settlement and processing currency is Euros, meaning exchange rate charges may apply if your binary options account base currency is in USD or JPY, for example.
With 15+ years of service, Sofort is a safe and secure e-commerce banking solution. Klarna Bank AB is regulated by the Swedish Financial Supervisory Authority (SFSA).
With this, the company is also deemed authorized by the Prudential Regulation Authority under the Financial Conduct Authority’s Temporary Permissions Regime. Traders should feel assured of reputable oversight of the payment solution, though we always recommend trading with trusted Sofort binary options brokers too.
Importantly, when using the gateway, there is no need to enter card details or create a personal account profile. Transactions are executed externally via the payment solution’s interface, meaning that no sensitive information can be accessed by binary options brokers that accept Sofort deposits.
Each transfer is made using the established online banking login process combined with a confirmation code (TAN). This offers a high degree of protection from misuse as it can be used only once and then immediately becomes invalid.
Transactions are also only completed via 256-bit encryption. All products use 2-factor authentication (2FA) to keep customers’ details, and money, safe.
Pros Of Sofort Binary Options Brokers
Benefits of binary options brokers that accept Sofort deposits include:
- Customer Support – We were pleased to see contact details specifically for Sofort users. Many Stripe API merchant payment solutions do not offer this help, which is ideal for direct contact regarding recurring payment help, login issues or maximum limit concerns
- Speed – Deposits made with Sofort are usually instant, which will benefit binary options traders looking to open positions quickly. Funds are taken straight from your bank account balance. Remember, binary options brokers that accept Sofort deposits may also have their own processing times
- Test Profile – A demo profile is available on the official website to reassure new users. You can practice making a virtual transaction. Customers can input an existing bank account number and verification code. Note, no funds will be taken
- Secure – You can deposit to your binary options trading account without having to provide your personal banking details. A one-time confirmation code, industry-standard encryption and 2FA are integrated into all transactions. Additionally, Klarna is regulated by Swedish Financial Supervisory Authority (SFSA)
Cons Of Sofort Binary Options Brokers
Downsides to Sofort binary brokers include:
- Limited Binary Options Brokers That Accept Sofort – Although providing services to users across Europe, the deposit method is not widely accepted by binary options brokers and trading platforms
- No Cancellations Or Refunds – It is not possible to cancel a payment made via Sofort direct banking once the transfer order has been received by your bank. Similar to a refund, the payment provider is not liable for any errors, scams or incorrect fund transfers made. Any credit returns will be at the discretion of Sofort binary options brokers
- Geographical Availability – The solution is currently only available in 13 supported European countries. Binary options investors outside of these locations, including in the USA, will be unable to use the payment solution as integrated banking services will not be available. You may find Western Union or WorldPay, for example, more convenient if trading binary options with an offshore brokerage
How To Make Deposits & Withdrawals To Binary Options Trading Accounts
Firstly, you will need to make sure your binary options broker supports Sofort deposits and withdrawals. Look out for the logo. Reach out to the broker’s customer support team if this information is not clear. Alternatively, use our list of the top binary options brokers that accept Sofort deposits.
There is no need to create a Sofort account or download an app to make payments. You will, however, need an online banking account with your current financial institution.
To deposit to Sofort binary brokers, login to your client page and enter the deposits and withdrawals section. Click on Sofort and you will be directed to the secure page. Select your country and with the help of the bank’s sort code, choose the bank that will carry out the transfer.
Log in with your own online banking login details. The information will be sent to your bank in an encrypted form. You will also be asked for a confirmation code. A summary of your Sofort/Pay Now deposit will be generated for proof of payment.
The brand’s FAQ section also has useful step-by-step tutorials. Alternatively, binary options traders can access YouTube video content for visual guides.
The firm provides several customer support options. Communication is provided in both English and German. This is ideal for binary options traders with queries relating to online banking and deposit issues.
Services include an email contact form, an international telephone number (Monday to Friday 9 AM to 6 PM and Saturday to Sunday 10 AM to 5 PM), plus a comprehensive FAQ section. It was disappointing to see no live chat facility.
Verdict On Sofort Binary Options Brokers
Sofort is a safe and fast payment gateway. The cardless service is low cost, convenient and highly secure, with no additional sign-up requirements.
Binary options brokers that accept Sofort typically offer cheap deposit and withdrawal transactions.
That being said, the solution is only available within select European countries and there are still a limited number of Sofort binary brokers.
What Is A Sofort Deposit To A Binary Options Trading Account?
A Sofort payment to a binary options trading account is a real-time bank transfer available to European investors. Funds are transferred directly to Sofort binary options brokers from existing online banking profiles.
Is Sofort By Klarna Safe To Use To Deposit To Binary Options Trading Brokers?
Sofort is a safe and secure payment solution. Klarna is regulated by the Swedish Financial Supervisory Authority (SFSA). The gateway also integrates several security features such as two-factor authentication (2FA) and one-time confirmation codes (TAN).
Is Sofort Free To Deposit To Binary Options Trading Accounts?
Many merchants offer Sofort as a free payment solution. There are no registration requirements, including account maintenance charges. Sofort binary brokers, including IQ Option, also charge zero fees for deposits to live trading accounts.
Which Binary Options Brokers Accept Sofort Deposits?
Although the deposit method is not currently widely accepted by binary options brokers, our review found that several established platforms, including Pocket Option and IQ Option, accept Sofort payments.
Are Deposits To Sofort Binary Options Brokers Processed Instantly?
Sofort payments are processed immediately, however, handling times for deposits or withdrawals vary between binary options brokers. Fortunately, the top binary trading providers, including Pocket Option, aim to process deposits instantly.