When starting to explore forex trading and deciding to place a deposit at a broker, traders are faced with a variety of payment options available, ranging from Wire Transfers, credit cards, and various kinds of E-Payment options. Now, choosing the best E-Payment to support deposit withdrawal activities is something that needs to be considered carefully.
The role of the best E-Payment in the smooth running of forex trading, of course, cannot be ignored. Do not let it because we choose an e-payment that is not reliable, the funds we deposit do not reach the brokerage account, have problems during the withdrawal process, or experience a unilateral fund freeze.
Having the initial name Moneybookers, this best E-Payment service was founded in 2001. Providers of online payment methods that facilitate cross-border transactions have been regulated by the UK FCA with register number 900001. Skrill and bridging payments from various types of currencies, making it ideal to use for traders from various countries. Here is the official introduction video from Skrill:
Currently, Skrill serves users in more than 200 countries, and provides cross-border transaction services in about 40 currencies. In keeping with its motto of "Simple, Secure, and Quick", Skrill offers services that are easy to perform, safe, and save time. There are a number of ways to make a withdrawal from your Skrill account, including debit or credit cards.
Most of the forex brokers have provided a fund replenishment feature via Skrill. What needs to be noted, the rules and fees for depositing withdrawals via Skrill are quite diverse. InstaForex broker, for example, instant deposit via Skrill will not be charged a fee, but withdrawal is subject to a commission of 1% (Maximum 11.41 USD) with a processing time of 1-7 working hours.
2. NetellerThe name of the best E-Payment provider on this one, of course, has often been heard by forex traders. The average forex broker has included Neteller as a recommended payment method. Founded in Canada in 1999, Neteller moved to the Isle of Man in 2004 and has served millions of clients from all over the world.
In terms of security, this E-Payment product from the Paysafe Group Plc company is facilitated with special features such as BIN / IP Check, security code verification, PCI DSS usage, and real-time monitor transactions. Their services have also been licensed by the Financial Conduct Authority (FCA). In addition, they apply the Segregated Account rule, so that customer funds will not be mixed with company operational funds.
Broker policies regarding deposit withdrawals using Neteller vary widely. For example, the FBS broker does not charge any commission for deposits, but charges 2% commission if a trader withdraws.
3. PayPalPayPal's reputation as the best E-Payment which is widely known by users of the online buying and selling system is inversely proportional to the number of its users in the world of forex trading. The cause is a company policy that restricts the use of PayPal in certain countries, especially in countries that are listed on the US economic sanctions list.
This policy makes there are still a few forex brokers who provide payment facilities via PayPal. However, some brokers still consider providing PayPal because it is considered as the E-Payment of choice, especially if you look at its proven safety and quality.
Of the few brokers who provide deposit withdrawal options via Paypal, there are the names FxPro, Pepperstone, and eToro. FxPro discloses a 2.7% deposit fee and takes about 10 minutes to process. As for withdrawals, FxPro does not charge any fees, but determines a processing time of 1 working day.
PayPal already has licenses from the US, Australia and the European Union. The PayPal security system is structured to mutually benefit both the seller and the buyer in an online transaction. In operating its security system, PayPal applies the principles of information protection, Real-Time fraud prevention, account protection, services for refused payments, monitoring accounts to prevent fraud such as email phishing, and many more.
4. WebMoneyE-Payment, founded by the company WebMoney Transfer Ltd, has been operating since 1998 and originates from Moscow, Russia. At first, WebMoney only served users from Russia and beyond. Now, WebMoney users globally reach around 30 million people. At the end of 2015, WebMoney Europe Ltd headquarters located in Cambridge, UK, issued an announcement that they had obtained a license from the FCA.
The great feature of WebMoney is their purse system. The Purse WebMoney is divided into 8 currency units, with the Purse USD being the favorite currency most widely used by forex traders.
When it comes to data security and client funds, WebMoney has implemented a layered security system. Authentication methods that range from passwords, secret keys, Personal Digital Cerfiticates, to E-Num (One-time passwords) make WebMoney worthy of being included in the ranks of the best E-Payment.
There are also quite a lot of brokers that accept withdrawal deposits via WebMoney, including: XM, FIBO Group, and FBS. The transfer commission charged by WebMoney for payment services to this broker pegs an average of 0.8%.
Choosing the Best E-Payment As NeededThe number of online payment facilities in circulation, makes it more flexible for traders to choose which E-Payment is the best according to personal needs. Before making a withdrawal deposit, pay attention to the payment methods provided by the forex broker. Also read the policies provided by each E-Payment site, so that there are no misunderstandings that come from user ignorance.
The E-Payment methods that are most widely accepted by forex brokers are Skrill and Neteller. However, if you want low commissions, then WebMoney and paypal are the answers. What is clear, the convenience provided by E-Payment is currently not inferior to a credit card.