Best payment methods are just as important as trading platforms. Choosing a good payment method will make traders safe in business and be protected from risks. For traders, it’s very exciting for them to withdraw their money after trading successfully. But in reality, it doesn’t happen as they wish.
Many unexpected complaints are made by a lot of traders because they have trouble in withdrawing or several forex brokers don’t pay any money for them. If you are in such a situation or you don’t feel unsure of what is the right method to provide the money for your account, this article will be helpful. You will avoid unfortunate consequences that have a negative effect on your money.
Funding Methods from Forex Broker
Today, Brokers often use several methods to attract as many as traders. They often offer various options of payment methods. They consist of deposit and withdrawal methods. The detailed information of different payment methods will be sorted out to clarify as follows.
This kind of payment appeared on the market a long time ago. Some traditional channels of funding your accounts can be listed in more detail below.
- Bank WIRE
- Western Union
- Local deposit
This payment method will give you great advantages when you intend to trade a very big amount of money to fund your trading accounts. But keep in your mind that before transferring a huge amount of trading capital, you should have a trust in your brokers and know them well enough.
If you use Bank WIRE and other methods listed above, they are quite costly and often take more than 5 days or more to complete. In addition, some kinds of additional fees such as fees of bank transactions or fees of currency exchange services will be considerably levied when you use this kind of payment.
However, this payment has some disadvantages. If you sniff any scams or have any doubts, it’s hard to take your money back when you funded your accounts unintentionally. If something went wrong, the payment proof will be only supplied by the banks. That is the only proof for you in your payment. You will have nothing apart from this payment proof. It’s kind of risky.
Today, this kind of payment are growing in popularity at a fast rate because it has a lot of positive sides. It’s very easy to use. The cost of transactions is very low and it only take you a short time to complete your transactions. Also, the speed of processing is faster. In reality, most of the forex brokers offer instant deposit and withdrawal of money through using eWallets.
Here are some funding channels via eWallet payment:
Paying by eWallet is often overestimated other funding methods of payment. A lot of reliable providers of eWallet service such as Paypal and Skrill will be willing to protect you at all costs. In case, you want to refund your deposit because your forex trader doesn’t pay your money back, your eWallet providers can be involved in the merchant (your forex broker) and the client (you, the trader) in order to help you.
In addition, eWallets are very popular with most of the brokers if they want to give several bonuses when you deposit by using any kind of the eWallet payment methods listed above.
Nowadays, funding your forex account via Credit or Debit cards is becoming popular for traders and brokers. This kind of payment is another method for most traders if they want to deposit in a prompt way. However, the amount of money you want to deposit will depend largely on the limits set by your trading bank, so it’s important to make a careful check first.
One thing you need to care about is if you want to make a request to refund your account due to any scams, disputed or fraudulent transactions from your forex broker, Credit or Debit cards will return of funds to you. However, there are some costs entailed when you have explanations to the bank manager about your transaction. Please keep in your mind that when you request a chargeback, it does not make sure that you will be paid money back. Therefore, a trader need to act with extreme caution when making a decision on funding their accounts in terms of Credit or Debit cards.
You can put yourself to a lot of trouble if you don’t pay attention to your credit card data in case of saving it without care. Your data can be lost in the wrong hands and this is very risky.
What is the best way to fund your trading account?
With 3 methods of payment, you can easily realize what kind is the best options for your trading. It’s wise for you to choose eWallet payments because of the following reasons:
- The cost of transaction is very cheap: Most of the forex brokers don’t even charge any fees. That is to say, the cost of transaction is charged when you make a deposit covered by your forex brokers. Besides, if you make any request of withdrawals, it just costs a very smaller fee of transaction than using other methods.
- It’s safe to use: You can be protected when using eWallet service to make your money safe. You will not feel difficult when making a request or dispute your transaction in case you realize your forex broker has scammed you with any reasons. eWallets are considered as a fair arbitrator on your behalf and the services if there are any disputes involved. And no extra costs are entailed.
- Processing time is very quick: The fact that transacting via eWallets are usually faster than any kind of payment method. You can deposit and withdraw in a very short time, maybe immediately in all cases if you make a request through eWallets. Moreover, you can easily link your credit or debit cards or even your bank accounts to your eWallet. This is very convenient and flexible for your trading.
Through this article you knew about the various payment methods along with the popular payment means as well. I hope that the above-mentioned channels of payment are seen as the best payment methods for your forex business.