Well, I’ve never totally understood why people use credit cards on the internet anyway…
Give over just one number and they can debit your account at any time they feel like?

Credit card security
Most forex brokers will accept deposits by credit card, wire transfer and, in some cases, checks by good old snail mail. However many forex traders share the view about the use of their credit card online and the possibility of endangering their saving account.

Online payment methods
In recent years, depositing and withdrawing money from your forex broker with online payment methods such as Paypal, Moneybookers, Neteller, e-bullion and others has become much more widespread. This is because the money can be transferred immediately (and securely) to and from your forex broker. All of these payment options used by forex brokers may well offer better protection for your money than would be the case with any other transaction method. Most forex traders place a greater trust in these online payment systems and will prefer making use of them to that of a credit card.

Do bear in mind that while a broker may accept a deposit via one of these payment methods, there’s a few (of the smaller) brokers that won’t make payment by the same method – they’ll quote something along the lines of internet security, real or imaginary – so this is always something to check on first…

Check the small print
As we know only too well, each and every forex broker has subtly different policies, terms and conditions. Many brokers will permit you to withdraw profits via the same payment method you used to deposit, but occasionally you won’t be able to make a withdrawal until a fixed amount of money is reached and or bonus requirements are fulfilled. Also, while most forex brokers do not levy any extra fees – the bid/ask spread ought to be enough, really – it’s not unknown for some brokers to charge transaction fees on withdrawals.

Always read the terms and conditions of your selected broker before you make a deposit. The first place to check is the Frequently Asked Questions on the broker’s web site – if you can’t find full details there, then it does become a case of going through the fine detail in the terms & conditions, not always a rewarding experience…

And if you’re still not totally sure, then definitely contact your forex broker via email, online chat or telephone (remember, the quality of support services can vary before and after you’ve put your money with them..)

You’ll need the answers to these questions:

1. What are the available payment methods?
2. Transaction fees? If so, how much and depending on what?
3. What is the withdrawal process?
4. How long will it take to receive the money in your account?
5. What is the minimum amount required to make withdrawal?

2 Responses to “Forex payment methods”

1. Forex » Forex payment methods says:

   January 19, 2009 at 2:02 pm

   [...] Well, I’ve never totally understood why people use credit cards on the internet anyway… Give over just one number and they can debit your account at any time they feel like? (more…) [...]

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2. Forex payment methods says:

   January 19, 2009 at 2:06 pm

   [...] Original post by ForexPerform [...]

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