Alternative Debit Card Payment methods for Binary Options Sites
Debit cards are considered to be one of the oldest and most trustworthy payment methods in everyday life. That is why, as soon as e-commerce platforms demanding online payments started to appear, debit cards inevitably needed to adjust to the latest trends. Nowadays, there are people who use them for all transactions and people who are yet reluctant about sharing personal banking information with any online site.
The invention of binary options trading sites has prompted the expansion and use of such online payment methods, urging the appearance of new and the improvement of the older services. As an older payment method, the chances were great that it would go down in history.
However, debit cards faced the upcoming competition with a fast transaction processing capability and reliable security proven by years of impeccable service. Their greatest advantage when compared to these competitors is in their sole nature. Namely, debit cards are directly linked with the bank account you have at your chosen bank and the money available on it are yours to spend. This minimizes the risk of spending more than you can afford and allows you to manage your budget more successfully. All this might make you wonder why anyone would like to use a separate payment method for their binary options investments.
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Reasons Why Debit Cards Are Not Accepted as a Payment Method
People enjoy using their debit cards for online payments mainly because they don’t have to suffer long waiting times or learn complex funding and refunding e-wallet procedures. Despite all this, there are certain negative aspects of debit cards which have made investors turn to other services.
The main reason why many of the binary options traders give up on using their debit cards and go through introductions to other payment methods is the limited availability of this service on most sites. Most binary options platforms don’t accept debit card deposits and withdrawals or haven’t clearly stated that they do – either way, traders are more likely to choose another option in such situations.
Efforts are being made to make up for this disadvantage, as the company Visa has declared that its services are readily available to any binary options site that would like to offer them as a payment method. This will significantly increase the popularity of debit and credit cards as payment methods, and with the added consideration of the risk factor, you should have no problem choosing between sites as most of them are bound to include this payment processing service.
Other than this, there is one more important point that may be identified as a reason behind the lesser use of debit cards. Binary options traders and online payers in general dislike the fact that they need to disclose their personal banking information with the relevant platform. This is why they often seek alternatives such as e-wallets that limit disclosure of such information to their own servers.
Alternatives to Debit Card Payments to Fund Binary Options Sites
This payment processing company is the ultimate alternative to debit cards, as it provides this type of cards along with credit and prepaid cards to all its clients. MasterCard is known as one of the pioneers in the debit and credit card industry expansion back in the early beginnings. At present, this company seems to have successfully managed to keep up with the latest trends and fit in the online payment community.
Compared to debit cards in general, this company offers a greater variety of card choices to its clients. However, the rest is more or less the same. The processing time and the fees charged for these services are nearly equal, as well as the countries where their transactions are available. Security of all transactions is guaranteed by these services, making MasterCard the ultimate alternative to debit card payments on binary options platforms.
One of the newer, revolutionary payment methods which aim to replace standard debit card transactions is Skrill. This is an e-wallet company which provides its clients with a digital storage location for their finances. It mainly uses the previously mentioned payment methods as a way of funding your e-wallet address. This is the only time you need to disclose personal banking information. After that, all investments are performed using only the email address associated with your e-wallet account.
The most similar aspect of debit cards and Skrill e-wallets is the level of security they provide. Differences are a bit more common, as Skrill’s deposits and withdrawals are performed much faster and at a lesser expense. The matter of availability is where they differ the most. Although debit cards are starting to expand their use on other platforms, Skrill is still considered to be the ultimate payment method for all binary options investors.
Debit cards face the greatest threat of becoming redundant on binary options platforms from e-wallet services. Apart from the leading method for these sites, Skrill, there is one more company whose transactions are widely used for these investments. Neteller functions in the same manner as any other e-wallet and has similar specifications when it comes to security, payment processing time and fees. The only distinction is in the limited availability of Neteller as a payment method which wouldn’t be a problem for debit card users who regularly come up against this type of obstacle. Even though Skrill takes the definite lead in regards to e-wallet investments, Neteller is still a fitting alternative for any debit card user.
All in all, debit cards managed to fight their way to modern times by improving their online functionality and adding more features to attract users. They are still regarded as the simplest option for online payments, but there are certain disadvantages which need some more work done. Anyway, it is safe to claim that their services still find their applicable use in some cases, whereas other situations can be handled with the use of their most suitable alternatives.