Your essential guide to all the best Forex deposit methods

Deposit methods are one of the most important subjects when it comes to Forex trading in general. Especially for the absolute beginners, getting into trading can be a bit tedious, so when a broker offers a great payment system to make deposits and withdrawals, it’s hugely helpful. A great payment method is the one that helps the traders deposit fast, easily and conveniently, without having to go through difficult and needlessly-complicated processes that are unfortunately very common nowadays, not only with Forex, but any kind of payment.

With that in mind, one of the most common questions we always get is what is the deposit method for Forex trading makers. There is no one clear answer on which one is the best because there definitely isn’t one “best method”. It all boils down to your own specific conditions, and what is available to you at the given time.

As such, this guide won’t be dedicated to one single “best” method. Rather, it will be a general, all-around explanation and discussion of several of the most popular deposit methods, and explaining where the advantages and use-cases for each one of them lies, and showing you how to best utilize Forex account top up methods for maximum potential.

With that being said, there are dozens of different payment methods that are very commonly used by different types of Forex brokers. Seeing as Forex is complex enough as it is, it can sometimes be a difficult task for a beginner to decide which particular deposit or withdrawal methods to use, as there are all kinds of different things to take into account that may not be all that apparent for the beginners.

By the end of this guide, you will have a solid understanding of which deposit method is best suited for you at any given time, how to compare different types of methods and many more. In the meantime, check out one of our top-reviewed brokers that provides great withdrawal and deposit options so you can start trading today!

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Visa and Mastercard

What better way to start off a list of Forex trading deposit methods than with Visa and Mastercard? Card payments are the most common and preferred method of payment with pretty much everything, Period. Forex is no exception to this, and upon doing research, you’ll soon find that most of the deposits on Forex brokers are made via cards.

Visa cards even better for withdrawals and as much convenient. Keep in mind though, that in some cases, card withdrawals may have certain limits imposed on them. This means, that you won’t be able to withdraw more than the allowed amount. This is pretty much the one and only disadvantage of withdrawals with the cards. The reasons for this can be numerous. Sometimes, it’s because of the fact that the broker itself has imposed these limits. In other cases, it’s maybe because of some local laws and regulations. Whatever the case may be, make sure to find out if there are any limits that you need to fit into. This info is usually readily available for display on the same page you choose your withdrawal method at.

One thing to note when using cards as a top up method for Forex trade, is to make sure that you are not using your credit card, but a debit card. Using credit for top-ups is definitely not a good idea, as things can get really hectic with Forex trading, and you may find yourself making lots of small, unplanned transactions that can really add up. This may result in you racking up a huge amount of credit. It’s much wiser to use your actual balance instead, as you are more in control that way. As you’ll find with experience, there are way better methods to make deposits in your account quickly and conveniently!

PayPal

Similar to the cards, PayPal is heavily favored by the traders due to its convenience. Usage of PayPal as a deposit method for Forex traders is a relatively new concept and is still being implemented on a mass scale, but it’s growing really fast. The main advantage of PayPal is that it’s a completely no-hassle payment. To use PayPal, all that is required is to simply sign up with your email, attach your credit/debit card to your account, and that’s it!

It is estimated that PayPal handles around 3.5 billion payments every year. Being so commonly-used for all kinds of payment purposes around the world, it has zero issues with being processed fast and smoothly. On top, PayPal offers unparalleled security. When making a deposit via PayPal, you and the broker are essentially entrusting the whole security process of the payment to PayPal. You, as a customer, can essentially look at it as a “free” way of significantly boosting up the security of your transaction, all for just using PayPal.

Another great benefit of using PayPal with Forex is that it’s quickly becoming one of the most popular new top up methods for Forex. Essentially, it has a built-in top-up feature that can be used in a similar way to using a credit card. If you have PayPal’s top-up feature enabled, as an example, if you try to make a deposit and are short for 10 dollars, PayPal will automatically top it up from your bank account. The advantage here is that your payment most likely won’t be declined due to a lack of funds, which can sometimes be really frustrating, as you may need to make a phone call to approve the charge. With the benefits just described, it’s easy to see what’s the reason for PayPal being so popular among thousands of Forex traders in the world. If you want to start trading with PayPal today, check out this broker below.

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Bank/Wire Transfer

Bank Wire Transfers are definitely not the most convenient Forex trading deposit method. By far not. Even doing it the “easy way”, by visiting your bank and just handing over a printed paper with wiring info, it can still involve the tedious process of signing paperwork and going through a lot of needlessly complicated procedures. Barring that, you are left with fiddling with the online banking app of your bank, and hoping to god that it’s built well enough to not be a total nightmare of an experience.

If it’s such an unpleasant experience, why should one even bother with paying via Wire Transfer? After all, you have some quick and easy payment methods like cards or PayPal. The answer is that Wire Transfer has some specific benefits of its own that are not available with these payment methods.

For one, unlike your average deposit method for Forex trade, Wire Transfers usually don’t have any transfer limits. Not within the range of most people’s volume, that is. What you may commonly find is that card payments will have some kind of a limit, past which you can’t go. The usual reasons for this are international laws and regulations that may permit going past a certain point for deposits, or specific charging descriptors of your broker not being able to process over a certain amount. Whatever the reason may be, most of the time, you can be sure that you won’t run with this problem during Wire Transfers.

If you want to transfer money from Forex to bank account, that is possible too. Going back to the issue of limits, if you make a large sum of profit and need to withdraw it, splitting it up in several pieces and withdrawing via cards is definitely not the best approach when you can simply withdraw almost as much as you want and withdraw it from your bank account in one go. Because of this, though not the most convenient method, bank wires still remain one of the most commonly-used withdrawals and deposit methods, especially with people who have been in the trading game for a very long time now, and are accustomed to dealing with large numbers and volume of trading.

Bitcoin

Bitcoin is one of the new deposit methods for Forex that is being used more and more frequently. For the uninitiated, Bitcoin is a form of internet currency that can be used for instant payments, for almost no payment fees. It’s a revolutionary technology really, and is being used more and more frequently in all sorts of different fields, Forex is one of them.

Bitcoin has very distinct and unique advantages. For one, as mentioned, it’s almost instant. The moment you go to your electronic wallet (Wallets are what Bitcoin accounts are called) indicate the wallet of the receiver and press send, that’s it. You may expect it to be complete in minutes, if not seconds.

If you are a person who values security and stability, then Bitcoin is right up your alley! Based on its blockchain technology, Bitcoin allows for full and uninterrupted security that cant’ be matched by any other payment methods Forex. It achieves this via its ground-breaking blockchain technology, which is so powerful with so many applications and real-life use-cases, that it even transcended Bitcoin and is actively used in different industries such as banking, agriculture, power, etc.

The reason Bitcoin is becoming quite popular and preferred for the brokers themselves is because of the fact that it removes the “middlemen” like banks out of the equation, and essentially lets you maintain a one-on-one relationship with the brokers. This is a win-win scenario for both parties, as you are enjoying the unparalleled security and privacy of Bitcoin while allowing for a cheaper and faster deposit method for Forex trading brokers.

Payment Methods

There are many other payment methods that are used extensively for trading Forex. All of them have their own distinct advantages and disadvantages, depending on your personal requirements. Let’s have a brief look:

 

  • Skrill: Skrill is an internet-based payment service that is used by millions of people around the world. It has been especially gaining in popularity in the last few years, mainly due to how amazingly simple, fast and convenient it is to use. If you’re looking for a reliable payment method to make deposits without using your card, you may really enjoy Skrill to make a Forex deposit.
  • Neteller: Neteller is also an internet-based payment service, and is very similar to Skrill. They work more-or-less the same way, as you have to simply create your account, and attach your card to it. It’s all a very simple process, and after it’s done and your account is activated, you’re left with a great payment system that you can use for many different purposes. Neteller is very popular with Forex brokers, as they synergize very well.
  • MPesa: MPesa is also similar to Neteller and Skrill, in that it’s also an online, e-wallet type of system. It shares some of their qualities like speed and simplicity. It is especially popular with countries on the African continent, as it’s based in Kenya. MPesa is a great payment solution to African traders, and not only. It offers great security and protection, as it’s directly affiliated with the Kenyan government, which supervises and heavily scrutinizes all of its financial activities to ensure safety.
  • Western Union & MoneyGram: Moneygram, as well as Western Union, are both very commonly used for Forex trading. They are almost identical to each other, in terms of how they work. They are both very popular and experienced companies in the international money-transfer business, and are used by millions of people around the world. They are mainly used by traders who want to deposit without using their cards, or specifically pay via cash.
  • Perfect Money:  Perfect money is another great deposit method that is used by thousands of traders in the world. While it shares the qualities of accessibility, usability and such, its main focus is affordability. With its very low fees, many believe Perfect Money is the cheapest way for Forex deposits. Depending on your location and the location of your broker, you may definitely find Perfect money to be the perfect choice for you!
  • Payoneer: Payoneer is one of the most popular international payment systems. Their main focus is providing payment services to as many people as possible, in as many locations as possible. Payoneer Forex brokers, thus, are becoming very popular, especially for the people who are not able to deposit due to payment options being restricted in their countries. If you have had this issue in the past, you may be interested in giving Payoneer a try!

So, which one is the best payment method for you?

As you have seen, there are tons of different payment methods that are very commonly used by different types of Forex brokers. Seeing as Forex is complex enough as it is, it can sometimes be a difficult task for a beginner to decide which particular deposit or withdrawal methods to use, as there are all kinds of different things to take into account that may not be all that apparent for the beginners.

This guide covered a lot of info about Forex brokers deposit methods, with all the details like what are the various deposit methods, how they work, what are each one’s advantages, and many more.

The answer to this question is that there are no “ideal” or “perfect” payment methods. It all depends on your own personal needs and requirements. However, if you have read this guide fully, you are now armed with all the best possible knowledge that you are going to need to make a well-informed decision on which payment method to choose! If you feel that you are ready to use your new-found knowledge of the market, check out one of our top picks for brokers that offer great payment systems.

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Frequently asked questions

Why are there so many sorts of different payment methods for Forex trading?

With such high popularity and demand, Forex brokers know, that if they are hoping to survive and stay competitive, they need to differentiate themselves from the others by making everything as easy, accessible and convenient as possible. One of the best ways to achieve this, without a doubt, is by improving their websites’ Forex account deposit methods. Having studied dozens upon dozens of Forex brokers online, we can say, without a moment’s hesitation, that this is one of the most important aspects that the customers pay attention to. Why? Because of the nature of the Forex business itself. Let’s just say that it’s really not a walk in the park to get started with Forex. Assuming you have enough willingness and inclination to get started with it in the first place, it’s very common for Forex websites to have some needlessly complicated procedures for getting started with trading. In order to avoid people from getting discouraged, facilitating a welcoming and easy Forex trading deposit methods for beginners is crucial for a broker’s success, and should be a priority of any broker.

So how big is the global Forex market?

Forex is one of the most popular methods of trading in the world. It’s estimated, that around $5.1 trillion’s worth of volume is traded every single day in the world, which is mind-bogglingly high. People from all around the world are showing higher and higher interest in Forex, and there’s no end in sight to this interest. As compared to the other methods of trading, Forex offers a much cheaper way of trading. If not cheaper, then, at least, with much lower entry point, making itself available not to for the richest people but regular everyday normal people like us. This becomes even more pronounced when brokers offer amazing top up methods for Forex trading like PayPal, which makes the whole process of trading from start to finish all that much easier.

What will I gain from reading this guide?

Forex is one of the fields that is constantly evolving. Nothing is ever the same here. As the global economies keep advancing and expanding, so does the market, and so does Forex. In the age of the internet, where information is much more available to the general public, the doors to Forex are opened to many more people than previously thought possible. Trading is not reserved for the ultra-rich people in suits anymore. Rather, it’s looked at as a legitimate way for earning additional income for most people. In fact, the ratio of people with significantly lower incomes who are getting into Forex is increasing rapidly, as Forex is looked at as a way of earning passive income, which can supplement the low salaries.

With that being said, as we discussed, Forex isn’t the easiest thing in the world to get into. With so many newcomers and “casual” people showing more and more interest in getting into the market, one of the biggest challenges that brokers are faced with is making everything more accessible and digestible for regular folk, and, as you may have seen from this article, making payment methods easier is a key aspect in this. If you have read this guide fully, you can be sure that you are now much better-equipped with knowledge the next time you are making a deposit for Forex account.