Which payment processor do you use to trade forex?
- Thread starter w3c
- Start date
I also prefer Paypal after a long time tried both these pp. However, PP is still not the best, there are only a few brokers support it.
I use payoneer and moneybookers, i have no issue with them, but lately i find payoneer more accessible when trading with hotforex, well it works for me despite the international charges when withdrawing.
i dont think somalia even has a decent bank. but wire transfers here in south east asia are not easy, given its a third world country, and it takes a lot from local exchange rates, not to mention fees added by banks, questions and what not. by the time i get my money, it might be 80% of what i originally should have got LOL. but yeah other processors makes our lives easier.
i live far from somalia, indonesia to be precise.
wire transfer are good choice. it took more time to process, and depend on bank account it charged vary, mostly 30-40 USD for each transaction. it may cost not much. I've been used wire transfer before for several brokers, but recently I use only skrill especially with my armada markets account, no wire transfer been made, all deposit/withdrawal are done through my Skrill account. and it's cost much cheaper.
you might think, why risking our money with skrill, why not wire transfer.
here's the real situation, instead of the lower fee which also taking into consideration.
different country have their own regulation, their own rule, bank regulation are no exception.
I have a uneasy experience with wire transfer before, for any wire transfer we had to sign an AML documents, each time I made transfer, and has to put down wire transfer purpose on those AML letter. during a months i've made several deposit, withdrawal just when the bank staff said, "pardon me sir, there's a clausure from the central bank, for any bank account with over 100k USD monthly transaction, it would be need an audit, a staff from central bank would take an interview (more like investigation for me) to see and checking for what purpose those transaction is"
quite normal actually, but when it's comes to futures trading activity, my country regulation wouldn't allow their citizen to had an account, had any business related to any foreign brokerage company. you may want to google a bit, there's huge list of blockage brokers website, unable to access from indonesian ISP unless we use any anonymous software (which is are dangerous act if you use unsecure one ), even myfxbook.com are not accessable with normal DNS connection.
and i had many friends, traders too, with the same problem with their bank, even one of close friend who had a business as IB from one of foreign brokers got his account under investigation, as vialotion of bank regulation, sued as inapporiate business activity, while he made huge earn each months and his bank account are seem accused for money laundry activity.
it's may happen with several country too, by this event, upon this situation a valid epayment processor with strong reagulation such Skrill more likely become my sanctuary, as i can cash out small portion profit from armada account at low fee without any worry for having a worry got busted from having illegal business activity with foreign brokerage company, when we cash out from skrill to my bank account, it;s clearly said from skrill, a payment processor, and skrill has a wide range payment capability, for example i can said this money from my online freelance activity or any other online business field.
it may a long post i write here, but it's more like a clarification, and perhaps a better insight of how hard for us to just do trade with foreign brokers, with a better trading condition. i believe there's many traders thinking the same as i do especially when they live outside europe or us region.
thank's for your time to read.
Regards,
L