Let’s be honest, international banking is a rip-off, period. Most wire transfers are not just expensive but are slow, perplexing with significant privacy issues too. If you plan to ma ke a living of forex you should probably look for an alternative solution, in the form of e-wallets, for your deposits and withdrawals before you begin to transfer larger amounts.
The reasons for this are multiple as you can see, but depending on your preferences, you might choose several different providers or solutions. Online payments are booming and it’s not just PayPal anymore—there are lots of cheap, quick, and reliable ways of transferring money that are easy to use and even more secure than traditional wire transfers.
Some brokers not just accept but actually encourage the use of these services as they also enjoy the benefits of e-wallets. This means that you can receive extra bonuses or rebates if you fund your account through one of the e-wallets. Credit card payments are also an option of course, at least for deposits, but withdrawals are sometimes expensive and providing credit card data is not the most secure thing to do online.
When choosing a solution, you should check your broker’s availability and the costs for the service as there might be meaningful differences. This article will provide you with all the basic info that you will need, but always check the fine-print! Remember that small costs add up, and if your forex business expands small differences can turn huge quickly.
Let’s see the best choices out there and the quality brokers that accept them!
PayPal is the oldest and the most popular e-wallet, although it’s not the cheapest anymore. A lot of brokers don’t accept PayPal transfers anymore as costs went up a bit and competition is becoming fiercer all the time.
The “not-so-friendly” rules also turned some companies away from Elon Musk’s first big winner. On the plus side, PayPal is reliable, quick, and accepted at the most online shops among e-wallets. So if you find a broker that you like and also accepts PayPal transfers, you will have a comfortable way of using your money online and via your connected credit card.
You can also enjoy rebates from transfer fees by certain brokers so be sure to check out the offers. All the brokers that we list here accept deposits and withdrawals but if you choose another company you should always double-check withdrawals as there some brokers who only accept deposits.
Forex brokers accepting PayPal:
- Plus500 (check out our review)
- eToro (check out our review)
- AvaTrade (check out our review)
- IronFx (check out our review)
- Forex Broker Inc (check out our review)
- easyMarkets (check out our review)
One of the biggest stories of the past 5 years in finance is the first “crypto-currency”, Bitcoin. It is a totally anonym and instant way of transferring money through its proprietary system blockchain, that also serves as a currency. Bitcoin is unique as a currency because it has a pre-determined maximum amount that makes it immune to inflation and the influence of governments and central banks.
The flipside is that the technology is new and no one really knows how Bitcoin will hold up in the future, will it become a standard or will its memory fade away. If you use Bitcoin you have to expect huge volatility in the value of your holdings, as the price of Bitcoin can change really quickly.
Also, there are only a few companies that accept Bitcoin transfers currently. Later it might be interesting for traders as a good way of diversification and protection against inflation so monitoring the price and the adoption of this new technology is a good idea.
Forex brokers accepting Bitcoin:
Webmoney is a great payment option that has one of the lowest fees (less than 1%) and puts great emphasis on security and anonymity. You can fund you account without a credit or debit card and with instants withdrawals and deposits available.
Forex brokers accepting Webmoney:
Okpay is a good alternative if you want to use Bitcoin but you want to have a better selection of brokers. Although it is not the most popular provider, it’s still more common than BTC and direct Bitcoin deposits are accepted by the company. Okpay is also cheap, quick, reliable and highly secure with an optional dedicated pre-paid MasterCard that can be linked to the service.
Forex brokers accepting Okpay:
Neteller offers very low fees (even free transfers for VIP customers but 2% is the maximum) with a good user base and lots of online vendors that accept the system. It is also a quick alternative, with mostly instant transfers and an easy-to-use interface. Neteller is accepted by practically all major brokers.