Funding your Forex Account

 

Funding your Forex Account

 

Not a handful of traders have experienced scams that made a significant impact on their career and confidence. Various stories have shown us that there are really brokers who don’t pay their traders, and it is, indeed, a horror story for many. 

 

If you are one of the countless traders who fell victim with these scams or are clueless about the right way of funding your trading account, then this article is for you. 

 

Through this article, I would like to equip you with the right knowledge to help you avoid costly mistakes that can make a significant impact on your career. 

 

Various methods of Forex Broker Funding 

 

Because of fierce competition, forex brokers offer various payment methods to attract all kinds of traders. These choices include both deposit and withdrawal methods and can be categorized with the following methods. 

 

eWallet payments 

 

One of eWallet’s main selling point is its ease of use, faster processing time, and of course, lower transaction costs. With these conveniences, a large number of forex brokers provides instant deposits and withdrawals via eWallets. 

Some of the most used eWallet funding methods include:  

 

Webmoney 

Moneybookers/Skrill 

Paypal 

CashU

Neteller

 

Without a doubt, eWallet payment is more convenient than using other funding methods. 

 

In case that traders want to refund their deposits because their brokers are not paying them, trusted eWallet services such as Paypal and Skrill can help. These services can help traders use their eWallets to intervene between the merchant and the customer. Forex brokers also offer exclusive bonuses when traders deposit using any of the eWallet methods mentioned above. With this, it pushes the popularity of eWallets even further. 

 

 

Credit/Debit cards 

 

Another popular way for an instant deposit is to fund your trading account using Credit and Debit cards. But the amount that traders can deposit depends on their respective banks. Another thing is, if you want to request for a refund because of a scam related issue, traders can just swiftly chargeback. 

 

But traders have to explain to their bank manager on the transaction. Traders should be reminded that requesting a chargeback is not a guarantee that they can get their money back. With this, traders should be cautious when funding their accounts with Credit or Debit cards. There is also the risk of data theft because your forex broker could save your credit card data. This information, if accessed by some other person or people, could create a lot of problems for that trader. 

 

Offline payments 

 

This kind of payment method includes traditional means of funding your account, such as:  

Bank WIRE Check Western Union Local deposit 

When you prefer to trade a large amount of money to fund your trading account, these are the best methods to use. But before you initiate a large transfer amount of trading capital, ensure the credibility of your chosen broker. Payment through Bank WIRE and other methods mentioned above are much pricier and take at least five 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 a payment. 

 

The downside of using the methods mentioned above is that if you recognized a scam, getting your money back would be a complicated process. At best, what your bank can only provide is the payment proof, the proof that you can only have as a proof of payment.  

What is the Best Way to fund your Trading Account

With all the mentioned methods above, it is inevitable that using eWallet payments are the best choice for the following reasons: Safe to use: eWallets use can efficiently secure your money. Traders would not find it hard to request or dispute their transactions if they have enough proof that a forex broker has scammed them. eWallets are widely known to intervene on your behalf, and the service comes at no extra cost. 

 

Cost Transaction 

 

A large number of Forex brokers do not charge any kinds of fee. And even if the withdrawal requests have some fees, traders can expect smaller transaction fees than other methods.

Swift Processing Time

When traders make deposit and withdrawals, they will notice that it can be much faster when these requests are made through eWallets. One of the features that most traders love is that they can link their credit card or even their bank account in their eWallet and use it.