TradeDay Payment Methods: Crypto, Wire, and Rise Explained

Written by Paul

Published on

January 14, 2026

TradeDay processes all funded trader withdrawals through Riseworks (also known as Rise), a third-party payment processor that offers three primary withdrawal methods.

You can receive your payouts via US bank wire transfer (free for domestic traders), international bank wire transfer ($15 fee per transaction), or cryptocurrency on either Layer 1 networks like Ethereum ($2.50 plus gas fees) or Layer 2 networks like Arbitrum, Optimism, and Polygon (completely free). Each payment method has specific advantages, processing speeds, and cost structures that make certain options better depending on your location, withdrawal frequency, and crypto comfort level.

Quick heads-up: This article is based on my real experience with TradeDay and the info available when I published/updated this. Things change in prop trading — rules, payouts, promos, all of it.

For the absolute latest, check TradeDay´s website or their faq page.

The Riseworks platform functions as an intermediary between TradeDay and your chosen payment destination. When TradeDay approves your withdrawal request, they transfer funds to your Riseworks account within 24 business hours. From there, you control the final withdrawal step by selecting your preferred payment method and initiating the transfer to your bank account or cryptocurrency wallet. This two-step process provides flexibility since you can change payment methods between withdrawals without needing to update your TradeDay account settings.

Understanding the true cost of each payment method requires looking beyond the advertised fees. US bank wires appear free but may involve 3-5 business day processing times. International wires charge $15 directly but can incur additional correspondent bank fees and currency conversion costs that TradeDay doesn't control. Layer 2 crypto withdrawals are technically free but require you to have a compatible crypto wallet and basic understanding of blockchain transactions. Most US traders default to bank wire for simplicity, while international traders increasingly prefer Layer 2 crypto to avoid excessive banking fees and multi-day delays.

Riseworks Platform Overview

Riseworks serves as the payment infrastructure connecting prop trading firms to funded traders worldwide. The platform handles Know Your Customer (KYC) compliance, tax documentation, payment routing, and multi-currency support that prop firms like TradeDay would otherwise need to build internally.

What Riseworks Handles:

Identity verification and KYC compliance for all funded traders
W-9 form collection for US traders and W-8BEN for international traders
Contractor agreement signatures between trader and TradeDay
Payment method storage (bank accounts and crypto wallets)
Transaction processing for all withdrawal types
Tax reporting and 1099 generation for US traders at year-end
Customer support for payment-related issues separate from TradeDay support

Why TradeDay Uses Riseworks:

TradeDay chose Riseworks instead of building their own payment infrastructure because it specializes in global contractor payments with built-in compliance for financial regulations across 190+ countries. The platform supports the unique needs of prop trading firms where funded traders are classified as independent contractors rather than employees, requiring specific tax treatment and documentation.

Your Role as Trader:

You must complete Riseworks onboarding before accessing any payouts. This includes uploading government ID, providing address verification, adding at least one payment method (bank account or crypto wallet), and signing the digital contractor agreement with TradeDay. The onboarding process typically takes 24-48 hours for identity verification approval, after which you can request and receive payouts immediately.

Payment Method	Processing Fee	Arrival Time	Best For	Potential Issues
US Bank Wire	Free ($0)	3-5 business days	US traders, simplicity	Some banks charge incoming wire fees ($10-15)
International Wire	$15 flat	5-10 business days	Non-US traders, large withdrawals	Correspondent bank fees ($10-50), currency conversion losses (2-3%)
Layer 2 Crypto	Free ($0)	1-2 hours	International traders, crypto users	Requires crypto knowledge, wallet management
Layer 1 Crypto	$2.50 + gas ($5-30)	1-2 hours	Rarely recommended	High and variable gas fees, L2 superior alternative

Bank Wire Transfer Method

Bank wire transfers remain the most common payout method for TradeDay traders, particularly those located in the United States who benefit from zero-fee domestic wires.

How Bank Wire Works:

TradeDay processes your withdrawal request and transfers approved amount to Riseworks within 24 hours
You receive email notification that funds are available in Riseworks
You log into Riseworks platform and navigate to the Payments section
Select "Withdraw" and choose your bank account from saved payment methods
Enter withdrawal amount and confirm transaction
Riseworks initiates wire transfer to your bank (typically same business day if requested before cutoff)
Bank receives wire and posts to your account in 3-5 business days for domestic, 5-10 days for international

Setting Up Bank Wire in Riseworks:

When adding your bank account during Riseworks onboarding or later in Payment Methods, you need to provide specific information depending on your bank's location. US banks require your account number and routing number (9-digit number found on checks or bank website). International banks require your IBAN (International Bank Account Number) and SWIFT/BIC code (8-11 character code identifying your bank globally).

Domestic Wire Requirements (US):

Bank account must be in your legal name matching your verified Riseworks identity
Account type must be checking or savings (not business accounts unless single-member LLC)
Routing number must be the wire transfer routing number, not ACH (some banks have different numbers for different transaction types)
Account must be able to receive incoming wires (some basic checking accounts restrict wire transfers)

International Wire Requirements:

Full bank name and address
SWIFT/BIC code for your specific branch
IBAN if applicable in your country (required for European banks)
Beneficiary name must exactly match your Riseworks verified identity
Currency specification if account is non-USD (causes automatic conversion with fees)

Common Bank Wire Issues:

Many banks charge incoming wire fees even when the sender (Riseworks) pays nothing. These fees range from $10-25 for domestic wires and $15-40 for international wires. Your bank deducts this from the wire amount before posting to your account, so a $2,000 withdrawal might show as $1,985 after your bank's $15 incoming wire fee. Check your bank's fee schedule before selecting wire transfer as your primary method.

Some banks reject wires from financial service providers or payment processors due to anti-fraud policies. If your bank rejects a wire from Riseworks, the funds return to Riseworks and you need to choose a different withdrawal method or switch banks. This issue occurs more frequently with small regional banks or credit unions that have strict wire acceptance policies.

Cryptocurrency Payment Method

Cryptocurrency withdrawals offer speed and cost advantages, particularly for international traders avoiding expensive wire transfer fees and multi-day processing delays.

Layer 2 vs Layer 1 Explained:

Layer 2 networks (Arbitrum, Optimism, Polygon, Base) are blockchain networks built on top of Ethereum that process transactions cheaper and faster than Ethereum's main network. Transactions on Layer 2 networks cost fractions of a cent and confirm in seconds, making them ideal for frequent withdrawals. Layer 1 refers to Ethereum's main network where transactions are slower (minutes to hours) and expensive ($5-50 in gas fees during high network congestion).

Supported Cryptocurrencies via Riseworks:

Riseworks primarily processes payouts in stablecoins, which are cryptocurrencies designed to maintain a stable $1.00 value pegged to the US dollar. The most common stablecoins supported are USDC (USD Coin) and USDT (Tether). Both function identically for payout purposes—you receive the exact dollar amount of your withdrawal in stablecoin form (example: $2,000 payout = 2,000 USDC or 2,000 USDT).

Setting Up Crypto Withdrawal:

You need a cryptocurrency wallet that supports the network you plan to use. Popular wallet options include MetaMask (browser extension and mobile app), Coinbase Wallet (mobile app), or hardware wallets like Ledger or Trezor. The wallet must support the specific Layer 2 network you choose—for example, if withdrawing on Arbitrum, your wallet must have Arbitrum network added and configured.

During Riseworks onboarding or in Payment Methods section, you add your wallet by pasting your wallet address (a long string of letters and numbers starting with "0x"). You must select the correct network (Arbitrum, Optimism, etc.) matching your wallet's configuration. Sending funds to the wrong network address results in permanent loss with no recovery option.

Layer 2 Withdrawal Process:

Log into Riseworks after TradeDay funds your account
Navigate to Withdraw section
Select cryptocurrency as payment method
Choose Layer 2 network (Arbitrum recommended for speed and reliability)
Select or add your wallet address for that specific network
Enter withdrawal amount
Confirm transaction (fees: $0)
Receive stablecoins in wallet within 1-2 hours typically (sometimes minutes)

Converting Crypto to Cash:

Receiving stablecoins in your wallet is only halfway to accessing cash if you need traditional currency. You have several options for converting. You can transfer stablecoins from your personal wallet to a cryptocurrency exchange like Coinbase, Kraken, or Binance, then sell for USD and withdraw to your linked bank account (1-2 day process). Alternatively, you can use peer-to-peer platforms where individuals buy your stablecoins directly via bank transfer or cash. Some countries have Bitcoin ATMs supporting stablecoin swaps, though fees are typically high (5-10%).

Why International Traders Prefer Crypto:

A trader in Brazil requesting $2,000 via international wire pays $15 to Riseworks plus $20-40 in correspondent bank fees plus 2-3% currency conversion (Brazilian Real exchange rate markup) for total costs of $95-115 and 7-10 day wait. The same trader using Layer 2 crypto pays $0, receives funds in 1-2 hours, then converts locally using Brazilian crypto exchange at market rate (0.5-1% fee) for total costs of $10-20. The economics favor crypto by $75-100 per withdrawal.

Rise Platform Security and Compliance

Riseworks (Rise) operates as a registered Money Service Business with the Financial Crimes Enforcement Network (FinCEN) under registration number 31000314184255, meaning they comply with US federal anti-money laundering regulations and customer identification requirements.

Security Measures:

All connections to Riseworks use bank-grade 256-bit SSL encryption. The platform never stores your full bank account numbers or complete cryptocurrency private keys—only encrypted references allowing transaction processing. Two-factor authentication is required for all account access, using email-based login links that expire after 20 minutes to prevent unauthorized access.

KYC Requirements:

Financial regulations require Riseworks to verify every user's identity before processing payments. You must upload government-issued photo ID (driver's license, passport, national ID card) and provide proof of residential address (utility bill, bank statement, lease agreement dated within last 90 days). International users may face additional verification steps depending on their country's specific regulations.

Tax Reporting:

Riseworks automatically generates and files required tax forms. US traders receive Form 1099-NEC if total annual payments exceed $600, reporting your TradeDay earnings as independent contractor income. International traders receive Form 1042-S if applicable. You can download these forms from your Riseworks dashboard after January 31st each year. TradeDay does not withhold taxes from your payments—you're responsible for paying estimated quarterly taxes if earnings are substantial.

Account Recovery:

During initial setup, Riseworks provides a 12-word recovery phrase (also called seed phrase or backup phrase). This phrase is the ONLY way to recover your account if you lose access to your email or face technical issues. You must write this phrase on paper and store it in a secure physical location. Never email it, save it in cloud storage, or share it with anyone including Riseworks support staff. If you lose this recovery phrase and lose account access, Riseworks cannot recover your funds.

FAQ

Can I use different payment methods for different withdrawals?

Yes, you can switch between bank wire and cryptocurrency methods freely. Each withdrawal is independent, so you might use bank wire one time and Layer 2 crypto the next depending on your needs and fee considerations.

How long does Riseworks KYC verification take?

Typical KYC approval takes 24-48 hours after submitting documents. During high-volume periods (after TradeDay promotions when many traders pass evaluations simultaneously), verification can extend to 3-5 business days.

What if Riseworks rejects my bank account?

Common reasons include name mismatches between your verified identity and bank account name, or attempting to use business accounts when verified as individual. Fix the issue and resubmit, or choose cryptocurrency method instead.

Are cryptocurrency withdrawals taxable?

Yes, receiving stablecoins as payment for trading services is taxable income identical to receiving bank wire. The IRS and most tax authorities treat cryptocurrency payments the same as cash payments for tax purposes.

Can I withdraw to someone else's bank account or wallet?

No, all payment methods must be in your verified legal name. Attempting to withdraw to third-party accounts violates Riseworks terms of service and financial regulations, resulting in payment denial and potential account termination.

What happens if I enter wrong cryptocurrency wallet address?

Funds sent to incorrect address are permanently lost with zero recovery option. Blockchain transactions are irreversible. Always double-check addresses, consider sending small test transaction first, or use address book feature in Riseworks to save verified addresses.

Do I pay fees on the TradeDay side or Riseworks side?

TradeDay charges zero withdrawal fees—the profit split (80/90/95%) is the only deduction. Payment method fees ($15 international wire, $2.50 Layer 1 crypto) are charged by Riseworks during the withdrawal step.

Can I have multiple bank accounts or wallets saved?

Yes, you can add multiple payment methods and select which one to use for each withdrawal. Many traders keep both US bank account and crypto wallet on file, choosing based on withdrawal size and timing needs.

What if my country is restricted by Riseworks?

Certain countries face restrictions due to international sanctions or high fraud risk. If your country is on Riseworks' restricted list, cryptocurrency might still be available even if bank wire isn't. Contact Riseworks support directly to confirm options for your specific location.