Best Ways for Funding Forex Account
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A while ago, forex trading was limited to some folks and institutions. The reason being, it required significantly higher funds, but now things have changed with individuals investing to a minimum of $100. However, praise should be directed to the use of leverage.
You have an account, right? But, are you aware of the best ways to fund your account?
When buying shares, a ‘payin’ gets debited into your account, and when selling shares, a payout is credited. However, before buying, you first need to fund your trading account; it’s the starting point.
4
Payment methods
Trading platforms
Regulated by
Support
Min.Deposit
Leverage max
Currency Pairs
Classification
Mobile App
Min.Deposit
$100
Spread min.
Variables pips
Leverage max
100
Currency Pairs
40
Trading platforms
Funding Methods
Regulated by
FCA
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Average spread
EUR/GBP
-
EUR/USD
-
EUR/JPY
0.3
EUR/CHF
0.2
GBP/USD
0.0
GBP/JPY
0.1
GBP/CHF
0.3
USD/JPY
0.0
USD/CHF
0.2
CHF/JPY
0.3
Additional Fee
Continuous rate
Variables
Conversión
Variables pips
Regulation
Yes
FCA
No
CYSEC
No
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
71% of retail investor accounts lose money when trading CFDs with this provider.
Min.Deposit
$100
Spread min.
- pips
Leverage max
400
Currency Pairs
50
Trading platforms
Funding Methods
Regulated by
CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Average spread
EUR/GBP
1
EUR/USD
0.9
EUR/JPY
1
EUR/CHF
1
GBP/USD
1
GBP/JPY
1
GBP/CHF
1
USD/JPY
1
USD/CHF
1
CHF/JPY
1
Additional Fee
Continuous rate
-
Conversión
- pips
Regulation
No
FCA
Yes
CYSEC
Yes
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
Yes
CBFSAI
Yes
BVIFSC
Yes
FSCA
Yes
FSA
Yes
FFAJ
Yes
ADGM
Yes
FRSA
71% of retail investor accounts lose money when trading CFDs with this provider.
Min.Deposit
$10
Spread min.
- pips
Leverage max
10
Currency Pairs
60
Trading platforms
Funding Methods
What you can trade
Forex
Indices
Cryptocurrencies
Average spread
EUR/GBP
1
EUR/USD
1
EUR/JPY
1
EUR/CHF
1
GBP/USD
1
GBP/JPY
1
GBP/CHF
1
USD/JPY
1
USD/CHF
1
CHF/JPY
1
Additional Fee
Continuous rate
-
Conversión
- pips
Regulation
No
FCA
No
CYSEC
No
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
Your capital is at risk.
Min.Deposit
$50
Spread min.
- pips
Leverage max
500
Currency Pairs
40
Trading platforms
Funding Methods
What you can trade
Forex
Indices
Actions
Raw Materials
Average spread
EUR/GBP
-
EUR/USD
-
EUR/JPY
-
EUR/CHF
-
GBP/USD
-
GBP/JPY
-
GBP/CHF
-
USD/JPY
-
USD/CHF
-
CHF/JPY
-
Additional Fee
Continuous rate
-
Conversión
- pips
Regulation
No
FCA
No
CYSEC
No
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
71% of retail investor accounts lose money when trading CFDs with this provider.
Some brokers may refuse to pay traders, and you don’t have to fall victim to those scenarios. Therefore, that’s why this article is best for you.
Forex Broker Funding Methods
One thing that makes forex trading even more attractive is the number of payment methods that are available for traders. The methods are all favorable for both deposits as well as withdrawal options.
These methods are placed in the following payment methods:
Offline Payment Methods
Offline methods are the traditional options, which are often involved when trading large sums of money into your account.
They include;
- Cheque
- Bank WIRE
- Western Union
- Local deposit
These methods are mostly expensive and will take you up to 5 days or even more for your funds to be in the account. Moreover, they have additional fees like bank transactions and currency exchange service fees.
But before making any significant transfer, ensure the broker is trusted. Offline payments come with a downside that whenever a scam happens, getting your funds back would be difficult.
eWallet Payment Options
Another category you can decide to apply is eWallet payment methods. The method is straightforward to use, has faster processing times, and it has lower transaction costs.
Therefore, this method sounds like the best shot (no wonder it’s overgrowing and getting popular).
The well-used methods in this category include;
- CashU
- PayPal
- Neteller
- Webmoney
- Skrill
eWallet can be described as the best option a trader can use because its methods like Skrill and PayPal protect from any possible scams. Also, there’re bonuses from most forex brokers once a trader deposits using the eWallet methods.
Credit/Debit Cards
Another popular way of funding an account is via a debit or credit card. It’s the best as it’s more instant. But, it may not be appealing to you depending on your bank. The amount limit to deposit may differ with various banks.
Also, in cases of a broker being a scam, it’s easier to get a refund by merely a chargeback, but there’s a lot of explanation to do as well as some costs. However, it’s not a guarantee that you’ll get your money back.
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- Instantly deposit funds with a debit/credit card
Nevertheless, the best method of funding your trading account should always be safe to use, have cheaper transaction costs, and the processing times have to be quicker. The choice is for you to make, but for most traders, the eWallet is winning because it has all those attributes.