There are different methods to make payments in a Forex trading account.
To deliver as many choices as possible for the clients, the top Forex brokers bring a wide range of depositing and withdrawals for Forex payments. However, to point out, both payment types require the same payment methods. For the most part, the Forex payment methods can be divided into three categories.
Using Offline Forex Payment Methods
The offline Forex payment is a traditional payment method that includes bank wires, checks, local deposits, Western Union, etc. This method is an excellent option for making a reasonably large deposit. Do not forget to pick a trustworthy broker whose services you can rely entirely on.
However, offline payment options like bank wire payments can be expensive and time-consuming to reach your trading account, which is a maximum of five days. In these types of payments, you will be charged by the broker first, then by the bank, and lastly, by the currency exchange.
One major issue of this Forex payment method is that if you fall into the trap of scammers, you cannot get your money back. The most the bank will do is provide you with the proof of payment, and then it’s on you how you will recover your account.
Funding Your FX Trading Account Via eWallets
Though eWallets are a recent innovation in Forex trading deposit methods but are becoming very famous with time. The primary motivating factor for this is the easy accessibility and quick processing time at a low cost while trading.
Most of the best Forex brokers online offer easy deposit and withdrawal options because of eWallets. Some of the most popular methods include:
- Skrill
- CashU
- Webmoney
- PayPal
Funding the trading accounts is best done via eWallet payments. Numerous well-known eWallet providers, like Skrill, PayPal, etc., deliver enough security that traders need to refund their deposits.
If your Forex broker is causing some issues and doesn’t pay you, these reputable eWallets providers will become the intermediary and solve the problem. Also, brokers even offer special promotions and bonuses for those who choose eWallets for payments.
Depositing Your Account with Debit/Credit Cards
Another way that people use to make payments on Forex is via credit or debit cards. Surprisingly, most of the top Forex brokers accept this payment method. Even though the payments are made quickly, there are certain enforcing limits of individual banks.
Hence, it is better to check your bank before making payments. Additionally, what makes credit/debit card payments accessible is the chance to avail of chargeback. For this, you must discuss the issue with your bank and then pay some amount to get the service.
Please note that chargeback does not mean getting refunds at any cost; it just means the issue is under consideration. One con of using cards is losing information to the wrong people, which can be risky.
Alternatively, another popular card payment method is prepaid cards. These cards work like credit cards but do not require personal account details for payments.
Most people use this method as there are minor risks of getting carried away and paying a huge bill. The traders get the coupon and top it up according to their needs. Unfortunately, the prepaid card method is only available in some countries.
However, the various payment options may vary depending on your physical location.
What is the Best Forex Payment Method to Prefer?
We have given three Forex payment methods above, and eWallets is the best and safest pick for any trader. Want to know why? Read the following reasons:
- Security of eWallets – Using eWallets is the safest and easiest Forex payment method noting the reliability of the broker you are choosing. The eWallet providers will manage it all on your behalf without giving you a long bill.
- Quicker Processing – Out of all the payment options, eWallets are comparatively faster and even more instant for making payments. Also, eWallets can be linked with credit and debit cards and bank accounts without causing any trouble.
- Fewer Costs – Generally, for payments via eWallets, most of the best Forex brokers do not charge any deposit fees. However, they do charge withdrawal fees that are significantly less when compared to the other payment methods.
How to Ensure FX Payments Safety in 9 Steps
Although there are many ways to make Forex payments, your security and safety should be your utmost priority. Before dropping in all your details, be careful, as thefts increase exponentially.
In conclusion, we will recommend ways to safeguard your privacy and stay safe while making online payments. Note all the following points before making any payments online, not just when funding your trading account.
1) Please only prefer secure sites – Before beginning with online payments, it is necessary to ensure the trustworthiness of the sites. Out of so many online Forex brokers online, there are chances that you come across a broker that does not offer secure payment measures.
You can predict the broker’s security by looking at the SSL iconic image at the beginning of the browser URL field.
2) Watch out for phishing – Phishing is a popular way for unethical hackers to get hands-on personal information from traders. You will think you are logging into your credit or bank account, but what is the guarantee?
Look at the site URL and select the security-enabled website beginning with HTTPS. You can even detect phishing when the account usually asks for personal information that it does not ask for while signing in, like addresses and social security numbers.
3) Use a secure network – Fund your account using secure networks, and never make payments via unsecured networks. If your network is insecure and open, it will not be a problem for the hacker to hack it instantly.
Also, you will not even know that a hacker has access to your trading account. If you are trading from the comfort of your home, then locking your wireless network is not an issue. You can check the encryption of your information quickly.
If you wish to trade from your mobile phone, secure your phone with a secure password to protect your data. Also, avoid storing any personal and financial information on your mobile phones.
4) Never give way to spam in your account – So much junk mail and spam will find a way to your emails daily. The phisher’s tactic is to get into your computer through these links, access your information, and use it for inappropriate purposes like fraud.
Hence, do not click on such emails and install spam-filtering software for further protection.
5) Do not re-use passwords – Most people keep the same passwords for all accounts to avoid forgetting passwords, as every password requires a unique one.
This technique is tempting but can cause a lot of harm to the traders. For instance, if the hacker gets the password of one account, they may be able to access the others too. Thereby, do not keep the same passwords for all your accounts and set a strong password for each.
6) Set up other security questions for logging in – If the broker allows you to add two-step verifications, then avail the opportunity. Add security questions to sign in to your accounts and the correct password.
The majority of financial institutions allow setting multiple questions that only you will be able to answer. Ad in many questions will be another layer of security to your account.
7) Allow notifications from financial institutions – Many financial institutions, like banks, deliver email and SMS alert services to their clients. The banks send a notice via email or SMS after a condition is met. F instance, if the account balance goes below some level or some transaction has been made through your account.
8) Check the security of the apps – In case you are trading on mobile, then check the security protocols of the application you are installing. Mostly, these security protocols are available for users.
9) Keep a constant check on your financial paperwork – One good practice that every trader must apply is checking the bank accounts, credit/debit cards, and eWallet statements.
If there are any issues, you will spot them at the very instant. So if you see some withdrawals you do not remember making, contact the card provider or your bank.
In conclusion, we would like to present some factors you must consider while selecting the Forex payment methods for deposits and withdrawals.
Is the payment method you are using secure?
In the article above, we have already given so many different payment providers that are safe, secure, transparent, and reliable. Some of these payment methods include Skrill, Webmoney, PayPal, etc.
Is the payment method you are using easy to use?
Did you not choose a specific payment provider to fund your trading account? So choose the one that opens the account within a few minutes, makes payments efficiently, and likes lighting.
What will be the charges for signing up with a payment provider?
Lastly, considering the cost, you must pay for the payment provider’s services. It depends on your broker, its service charges, and the broker’s extra payment cost. Choose the value-for-money one with the minimum additional fees, as these will cut your Forex trading profits.
