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How to start getting payments in Bitcoin

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Just in case you left out some of IQOption recent news, iqoption would like to remind you about a new payment method which may be considered a good alternative to wire transfers or e-wallets – payments in BTC. Though Bitcoin cannot boast of the price stability, the risk of losing the value of your funds due to a sudden price drop is mitigated as much as possible (more about that below).

For your convenience, we’ve divided the process of receiving the affiliate commission in BTC into phases. Here’s what you need to do:

Get acquainted with the conditions for BTC payments.

Carefully read all the requirements here to make sure that Bitcoin payouts will work for you. Be advised that this payment method is available for the non-regulated balance only. It is also worth noting that although the payment processing may take up to three business days, the Bitcoin exchange rate gets locked in 15 to 30 minutes before the transaction is sent to the blockchain. Hence, the dollar value of BTC you receive will be as close as possible to the initial withdrawal amount in USD.

Pass the KYC

To start getting withdrawals in BTC, make sure that you have passed KYC (that stands for know-your-customer) procedure, which is rather simple and will take less than five minutes of your time. Passing KYC is required due to the fact that all transactions on a blockchain are totally anonymous, thus we need to make sure that it was you who specified the receiving cryptocurrency address in your affiliate account.

Set up a Bitcoin wallet.

There are hundreds of Bitcoin wallets out there, starting with mobile applications and ending with hardware devices that look like a flash drive. A Bitcoin wallet can even look like a piece of paper as it serves only to keep your private key in a safe place or encrypted form (depending on a wallet’s type). If you opt for a personal crypto wallet, we advise you to keep your private key in a safe place where only you can access it. Don’t keep it in a purse written on a piece of paper, also don’t write it down in notes app on your mobile. If you plan to convert BTC into fiat currency right after getting a withdrawal, you might consider receiving payments in a cryptocurrency exchange account (the most popular methods of Bitcoin cashout are described below).

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Specify your BTC address in the affiliate account.

The Bitcoin address is also known as a public key. It looks like a random combination of numbers and letters and represents a virtual place on a blockchain where your bitcoins are stored. Such an address is publicly available on the Internet. It allows IQOption to track the transaction history and serves as a recipient address for its owner. Don’t confuse it with a private key which is required only when you need to get access to your cryptocurrency for further manipulations with it. The address field is placed in the Payment settings of your affiliate account. Make sure to enter the correct wallet address. To that end, copy the address from your wallet and then paste in the address field instead of entering it manually since crypto transactions are irreversible, and there is no chance to cancel a transaction once it’s been initiated on a blockchain.

Convert your BTC into fiat currency if needed.

With the Bitcoin ecosystem development, the modern methods of cashing out BTC became as convenient and widely-used as online payment transfers such as Skrill or WebMoney. There are cryptocurrency exchanges that allow their users to cash out Bitcoin to a bank account. To withdraw your Bitcoin directly into cash, use a Bitcoin ATM. Various crypto ATM radar applications will help you to find an ATM near you. As with regular ATMs, you’ll need to own a bank card to withdraw fiat currencies (i.e., USD, BRL, etc.). Another option to cash out Bitcoin is by using a peer-2-peer platform. The biggest advantage of this payout method is that it allows you to withdraw funds completely anonymously.

And that’s about it. We really hope that you found this small guide helpful.

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NOTES: This and other articles are not investment advice. They are of an informative nature and are based on external analysis and we do not guarantee that the information is thoroughly checked by us. As required by the European Securities and Markets Authority (ESMA), binary and digital options trading is only available to clients qualified as professional clients.