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Author Topic: Online payment systems - discuss and exchange.  (Read 317 times)

Offline HFT Group

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Online payment systems - discuss and exchange.
« on: June 23, 2019, 02:50:38 AM »
I thought I would open a thread to compare and discuss available online payment systems used by Forex brokers.

Unless you are an EU resident many processors limit the availability of debit cards for online and POS purchase as well as convenient withdrawals from ATMs.
Visa and Mastercard have also implemented strict policies resulting in the withdrawing of debit card options for some processors.

Neteller significantly withdrew the option of debit cards for non-EU residents a few years which was a blow for many clients.
Hotforex also withdrew their debit card option recently.

I have been using ePayments since the demise of Netellers' debit card for non-EU clients. I found ePayments to be the best option I have come across in a long while with high account limits, an excellent Visa debit card and very reasonable fees. Unfortunately it seems Visas' current compliance requirements resulted in the halt of issuing new debit cards and it was recently cancelled as an option for payments from a large rebate provider.

I am currently using Sticpay which is certainly not ideal but supported by the abovementioned rebate provider.

Am interested to hear opinions, experiences and recommendations from others.

Offline petersurrey

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Re: Online payment systems - discuss and exchange.
« Reply #1 on: June 23, 2019, 11:43:41 AM »
The only one I currently use and trust is PayPal..instant deposits and withdrawals from and to bank account...

Offline y5nitro

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Re: Online payment systems - discuss and exchange.
« Reply #2 on: July 17, 2019, 11:52:09 AM »
I also think that PayPal is most convenient mean of payment when it comes to Forex money transfers. However, I think that this company has some internal rules, so it is not always possible to transfer funds to every broker. Certainly it should be checked

Online vik2001

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Re: Online payment systems - discuss and exchange.
« Reply #3 on: July 21, 2019, 02:51:13 PM »
I use paypal also with IC Markets and its instant.

I have a question, my account with IC Markets is in USD because I was copying signals on and off for about a year and majority of signal accounts were in USD. 
I reside in the UK where my currency is GBP.   now when converting USD to GBP I could end up loosing out due to currency movements.   What do others do to combat this,   was I best to keep my account in IC in GBP from the beginning or not?

Or do others just wait till the exchange rate is good before they withdraw?

Offline petersurrey

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Re: Online payment systems - discuss and exchange.
« Reply #4 on: July 21, 2019, 03:08:31 PM »
I use paypal also with IC Markets and its instant.

I have a question, my account with IC Markets is in USD because I was copying signals on and off for about a year and majority of signal accounts were in USD. 
I reside in the UK where my currency is GBP.   now when converting USD to GBP I could end up losng out due to currency movements.   What do others do to combat this,   was I best to keep my account in IC in GBP from the beginning or not?

Or do others just wait till the exchange rate is good before they withdraw?

Yep you can open MT4 accounts in different currencies - transfer back to your GBP MT4 account for withdrawals; which, as you say, using Paypal is free and instant  - you just pay the IC Markets wholesale rate at the time of transfer to your GBP account which is negligible vs bank rates. Things have changed a lot in the last decade  or so where it cost 3% + bank fees for each transfer :o
« Last Edit: July 21, 2019, 03:42:37 PM by petersurrey »

Offline HFT Group

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Re: Online payment systems - discuss and exchange.
« Reply #5 on: July 22, 2019, 01:20:01 AM »
I use paypal also with IC Markets and its instant.

I have a question, my account with IC Markets is in USD because I was copying signals on and off for about a year and majority of signal accounts were in USD. 
I reside in the UK where my currency is GBP.   now when converting USD to GBP I could end up losng out due to currency movements.   What do others do to combat this,   was I best to keep my account in IC in GBP from the beginning or not?

Or do others just wait till the exchange rate is good before they withdraw?

Yep you can open MT4 accounts in different currencies - transfer back to your GBP MT4 account for withdrawals; which, as you say, using Paypal is free and instant  - you just pay the IC Markets wholesale rate at the time of transfer to your GBP account which is negligible vs bank rates. Things have changed a lot in the last decade  or so where it cost 3% + bank fees for each transfer :o

Great advice. This is what I do as most brokers give you a much more attractive conversion rate than banks and payment processors.

Online nwboater

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Re: Online payment systems - discuss and exchange.
« Reply #6 on: July 22, 2019, 02:14:10 AM »
I use paypal also with IC Markets and its instant.

I have a question, my account with IC Markets is in USD because I was copying signals on and off for about a year and majority of signal accounts were in USD. 
I reside in the UK where my currency is GBP.   now when converting USD to GBP I could end up losng out due to currency movements.   What do others do to combat this,   was I best to keep my account in IC in GBP from the beginning or not?

Or do others just wait till the exchange rate is good before they withdraw?

Yep you can open MT4 accounts in different currencies - transfer back to your GBP MT4 account for withdrawals; which, as you say, using Paypal is free and instant  - you just pay the IC Markets wholesale rate at the time of transfer to your GBP account which is negligible vs bank rates. Things have changed a lot in the last decade  or so where it cost 3% + bank fees for each transfer :o

Great advice. This is what I do as most brokers give you a much more attractive conversion rate than banks and payment processors.

I think vik2001's question was more about should he have his account in his home country's currency. I try to do that when the broker I'm with allows trading in CAD.

I find Forex risky enough to not want to have another layer of risk by having my account in other than my home currency. I could make money if the CAD goes up but also could lose a lot if it should go down.

Cheers,
Rod

Offline HFT Group

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Re: Online payment systems - discuss and exchange.
« Reply #7 on: July 22, 2019, 03:15:04 AM »
I use paypal also with IC Markets and its instant.

I have a question, my account with IC Markets is in USD because I was copying signals on and off for about a year and majority of signal accounts were in USD. 
I reside in the UK where my currency is GBP.   now when converting USD to GBP I could end up losng out due to currency movements.   What do others do to combat this,   was I best to keep my account in IC in GBP from the beginning or not?

Or do others just wait till the exchange rate is good before they withdraw?

Yep you can open MT4 accounts in different currencies - transfer back to your GBP MT4 account for withdrawals; which, as you say, using Paypal is free and instant  - you just pay the IC Markets wholesale rate at the time of transfer to your GBP account which is negligible vs bank rates. Things have changed a lot in the last decade  or so where it cost 3% + bank fees for each transfer :o

Great advice. This is what I do as most brokers give you a much more attractive conversion rate than banks and payment processors.

I think vik2001's question was more about should he have his account in his home country's currency. I try to do that when the broker I'm with allows trading in CAD.

I find Forex risky enough to not want to have another layer of risk by having my account in other than my home currency. I could make money if the CAD goes up but also could lose a lot if it should go down.

Cheers,
Rod

Ideally you would trade in the currency of the country you reside in (or your bank resides in). I believe some trade copy services have the option of converting currencies from master account to slave account. FX Blue TradeCopy does this automatically. I guess you could also manually adjust if desired and the option is available.

Offline Fastrack Forex

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Re: Online payment systems - discuss and exchange.
« Reply #8 on: July 22, 2019, 05:52:35 AM »
I don't know FX blue does this automatically. Let me take a look. That would be awesome.

Offline HFT Group

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Re: Online payment systems - discuss and exchange.
« Reply #9 on: July 22, 2019, 06:14:17 AM »
I don't know FX blue does this automatically. Let me take a look. That would be awesome.

I know it recognises the currency of the slave account as I have seen it in MT4 logs.

 

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