Payment Methods used by the Forex brokers
The Forex brokers and similar companies use several methods to add and withdraw funds from their trading accounts. The two main methods are credit cards (the main credit cards like VISA and Mastercard) and bank wire transfer that are used by practically all brokers. However, in most cases the brokers use various electronic payment methods that are becoming increasingly popular for the following reasons:
- Transactions are instantaneous and allow customers to trade in less than a day.
- The client does not need to use its credit card without the risk that your data is stolen.
- The electronic payment systems are generally quite safe.
- The electronic payment systems can be used anywhere in the world with a computer and internet connection.
- These systems are becomming more popular and common each day. In fact there are millons of clients around the world using payment methods such as Paypal for example.
Thus, electronic payment systems like Paypal facilitate the transactions with Forex brokers, especially the addition of funds to the trading account. For this reason, are used by most of these companies seeking to attract in this way more customers every day. In fact, there are now many companies offering services to make payments through Internet that are used by many brokers of different markets. The following is a list of payment options accepted by the most important brokers, including Forex brokers and Binary Options Brokers (the two most popular types of brokers today):
|Service||Link||Service Description||Brokers that use the service|
Bank wire transfer
By SWIFT and IBAN bank transfers the traders can add and withdraw funds from their trading accounts safely and quickly. Typically these transactions take a few days while they are verified.
Virtually all brokers accept bank transfers to deposit and withdraw funds from their accounts.
Credit cards are used by most brokers to add funds to their trading account. Usually these companies accept major credit cards like VISA and Mastercard. Transactions take a few minutes and in less than a day the client can be trading in the market.
Virtually all brokers accept credit cards to deposit and withdraw funds from their accounts.
Paypal is one of the main systems to make electronic transactions on the Internet. It is used by millions of clients worldwide to send and receive payments. The sending and receiving of funds is immediate and totally secure. For these reasons a lot of brokers accept Paypal to receive and withdrawl funds.
After Paypal, Moneybookers is one of the principal companies for electronic transactions in the Internet. This company is currently regulated by the FCA of United Kingdom so their transactions are totally legal.
Neteller is a company dedicated to electronic money transactions and it is located in United Kingdom. Neteller is fully regulated by the FCA of that country, therefore it is used by many brokers to receive and withdrawl funds.
Webmoney is a company similar to Paypal that is used to send and receive money through internet. Thanks to the quality of service currently it has more than 11 million customers.
Liberty Reserve is an electronic payment company which has had an important growth in recent years. Many companies, including Forex Brokers use it to send / receive payments. With Liberty Reserve the transactions take place immediately.
Alertpay is a company dedicated to electronic transactions which has been expanding in the sector. For this reason, some brokers have included this company among their options to deposit and withdrawl funds.
*The electronic payment processors charge a commission for sending and receiving funds, but this commission is not very large, however this obviously depends on the amount of money sent and received by the client, in this case the trader.