Below you find a list of the best binary options brokers that allow deposits and withdrawals by Sofort :
Binary Brokers with Sofort
About Sofort
Originating in Munich, Germany in 2005, Sofort has grown into a leading digital payment system in Europe. Now known as Pay Now with Klarna due to its 2014 acquisition by Klarna, the partnership boasts an impressive processing capability of around $10 billion annually. This translates to an average of three million transactions monthly.
The service is utilized in 13 European countries such as Germany, France, UK, and Austria, among others. With its reputation as Europe’s leading online bank transfer system and a top digital money transfer tool in Germany and Austria, Sofort continues to thrive. The platform has garnered over 85 million users, with 35,000+ online vendors, including binary options brokers like Pocket Option.
This platform provides an avenue for binary options traders to conduct online transactions using their bank credentials.
How Does Sofort Payment Function?
Users can complete payments using their banking information without the need for a dedicated Sofort account. This simple and direct method contrasts with other e-wallet systems like PayPal or TransferWise which require account setups or card number inputs. The merchant does not have access to transaction details, ensuring the security of the user. Real-time transfer confirmations are relayed to third-party entities like binary options brokers.
This system can be accessed with most online-enabled bank accounts. Moreover, a user-friendly wizard aids in locating your bank provider.
Processing Duration
True to its German meaning, ‘instant’, Sofort promises swift transactions. Due to its secure online banking credential access, funds are promptly transferred and updated on online trading accounts. However, some brokers, like IQ Option, may have extended processing times of up to two days. It’s essential to understand that Sofort doesn’t support chargebacks, as it operates on direct transfers rather than direct debits, minimizing default payments.
Cost Implications
The cost of transacting with binary options brokers via Sofort is generally minimal. The system’s set up ensures you don’t incur registration charges. In comparison to options like Trustly or iDEAL, the costs are competitive. A study by EHI Retail Institute highlights the cost efficiency of Sofort banking. However, using the integrated payment software on Pocket Option incurs a 2% commission. Additionally, transactions are processed in Euros, potentially resulting in conversion fees for other currencies.
Security Measures
With over 15 years of service, Sofort has built a robust security framework. Regulated by the Swedish Financial Supervisory Authority, the platform assures users of its integrity. Transactions are encrypted and employ a two-factor authentication system, ensuring the safety of user details.
Benefits and Limitations of Sofort Binary Options Brokers
Pros:
- Customer Support: Dedicated contact options for Sofort users.
- Speed: Rapid transactions facilitate swift trading actions.
- Test Profile: A demo available on the official site provides reassurance.
- Security: Advanced encryption and authentication mechanisms ensure secure transactions.
Cons:
- Limited Broker Acceptance: Not all binary options platforms support Sofort.
- No Cancellations or Refunds: Once a transaction is authorized, it can’t be reversed.
- Geographical Restrictions: Only available in 13 European countries.
Deposit & Withdrawal Procedure
Before depositing, ensure your broker supports Sofort. The deposit process is straightforward, requiring your online banking credentials. Detailed guides are available on the platform’s FAQ section, and YouTube provides visual assistance.
Customer Assistance
Support is available in both English and German. Users can reach out via email, phone, or peruse the extensive FAQ section. However, a live chat option is lacking.
Final Thoughts
Sofort presents a secure, efficient, and cost-effective payment solution. While its reach is limited to specific European countries, those who can access it benefit from its ease and security.
FAQs
1. What is a Sofort deposit?
- It’s a real-time bank transfer system for European users.
2. Is Sofort by Klarna safe?
- Yes, it integrates several security measures and is regulated by the Swedish Financial Supervisory Authority.
3. Are there fees with Sofort?
- Many platforms offer it as a free payment solution, though some may charge fees.
4. Which brokers accept Sofort?
- While not universally accepted, platforms like Pocket Option and IQ Option do.
5. How fast are Sofort deposits processed?
- Transactions are instant, but processing times may vary among brokers.