Forex brokers give their clients several options when deciding how they will deposit funds into trading accounts.
These choices can be categorized into the following Forex payment methods:
eWallet Payments
Some of eWallet payments’ selling points include ease of use, faster processing time, and of course, lower transaction costs. The rise of eWallets has enabled fintech companies to process deposit and withdrawal requests instantly.
Some of the most used eWallet funding methods include:
- Webmoney
- Skrill
- Paypal
- Neteller
Without a doubt, eWallet payments are more convenient than using other funding methods.
In case traders want a refund because their brokers don’t pay them, trusted eWallet services such as Paypal and Skrill can help.
Forex brokers also offer exclusive bonuses when traders deposit using any of the eWallet methods mentioned above, pushing the popularity of eWallets even further.
Credit/Debit Cards
Another popular way to fund your trading account is through credit and debit cards. If you want to request for a refund because of a scam related issue, you can ask for a chargeback.
However, you must have to explain to your bank manager about the transaction. Be reminded that requesting a charge back is not a guarantee that you can get your money back.
Traders should be cautious when funding their accounts with credit or debit cards. There’s a risk of data theft because your broker could save your card data.
Offline Payments
Offline payments include traditional means of funding your account such as wire, check, Western Union, and local deposit.
These are the best Forex payment methods for large deposits. But before you initiate a transfer of large amount, you should first ensure the credibility of your chosen broker.
Moreover, payments through bank wire, check, and local deposit are much pricier and could take at least 5 days or more. Take note that there are additional fees such as bank transaction fees and currency exchange services that are levied when you initiate payment.
The downside of using the above-mentioned methods is that if you recognize a scam, getting your money back could be a long and painful process.
Conclusion
With all the methods mentioned above, it seems that the use of eWallet payments is the best choice because of the following reasons:
Safe to Use
eWallets can efficiently secure your money. If issues ever occur, you won’t find it hard to request or dispute your transactions if you have enough proof that your broker has scammed you. eWallets are widely known to intervene on your behalf, and the service comes at no extra cost.
Lower Transaction Cost
Most brokers don’t charge any kind of fee. They may charge you with withdrawals, but you can expect smaller transaction fees than other methods.
Fast Processing Time
When you make deposits and withdrawals, you will notice that it can be much faster when the requests are made through eWallets. Furthermore, you can link your credit or debit card in your eWallet and use it right away.
Also read: Technology’s Impact on Forex Industry
