24option withdrawals

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So, you've made some successful trades and have decided it's time to cash out. Or you've had a play with the demo system and decided that it's not for you and you want to withdraw your funds from your trading account. In either case, before you can withdraw funds, you need to prove your identity in order to comply with international money laundering regulations. Annoying, I know, but in order to make a withdrawal from any online system you will always need to provide proof of who you are.

24option withdrawals

24option requires the following information from you before it will authorise a withdrawal of your funds from their system.

  • Official I.D. with photograph - The key word there being "OFFICIAL" - Passport, driving licence etc. The I.D. must not be expired.
  • Proof of address - Bank statement, utility bill etc.
  • Copy of card used to deposit funds (front and back) showing last 4 card digits of card and name of cardholder.

N.B. If multiple cards are used, they must all be individually verified using the three pieces of proof mentioned above. 24option state that they will email traders to tell them what proofs are required, and that withdrawals will not be processed until these proofs have been received.

Withdrawals will always be processed via the same method that your deposits were made. If you are withdrawing more than you deposited (Let's hope so as that's the idea of trading in the first place!) then the excess will be credited to your account via wire transfer.

24option Withdrawal Charges

Different membership levels permit differing amounts of free withdrawals. The Regular level permits one free withdrawal. Gold Membership allows one free withdrawal per calendar month. Platinum members are not charged for any withdrawals.

If you are a regular or gold member and have exceeded your free withdrawal limit, the following charges will apply:

  • Credit or debit cards: A fee of 3.5% is payable.
  • Moneybookers(skrill): A fee of 2% is charged.
  • Paypal and Neteller: A fee of 3.5% is charged.

Wire transfer: Flat fees of £20, $30 or €25 is charged. The minimum withdrawal amount for wire transfers is £100, $100, €100.

Whilst you can place a withdrawal request at any time, 24option will only process withdrawals during normal opening hours of financial institutions, so don't expect to receive payments on the weekends or bank holidays. As 24option's head office is located in Cyprus, they run on GMT + 2 hours.

As previously stated, any withdrawal requires identity verification to be completed before funds can be released to you. For this reason I would recommend sending identity proofs in as soon as you can rather than waiting until you wish to make a withdrawal in order to more expediently facilitate movement of invested funds. Generally, withdrawals will take around 3-7 working days to be credited to your bank account or credit/debit card.