Hello all!
I was wondering why it mattered on how to fund your account?
Maybe I overlooked a topic regarding this somewhere, but I haven’t found an answer as of yet.
What I mean is, why wouldn’t you set up a bank wire with a forex broker. Specifically, if I was staying here in the US, so a broker such as Oanda, or FXCM.
Why would Paypal, or another third party, be better than a bank wire?
Bank wire taking too much time than Third party services so Third party is better option.
It’s a lot of bureaucracies in Bank Wire transfer and you may not be completely safe. Why not shift the risk to PayPal so they can handle any form of eventuality.
By and large, it’s a matter of choice and personal decision. The onus is yours.
+1 on that. It comes down to preference, but a third party transfer is faster (if that matters to you). A lot of brokers also only allow withdrawals the same way you deposited so make sure to double check that as well (again, if that matters to you).
Im from south east asia, bank wire takes more time and more fees, and it eats up my profit through low exchange rates (locally) thats my reason for using a third party processor. not sure about the others, though i trade with hotforex, i find the payoneer service good ina way.
I am a newbie on Forex, but I realized that fundind your account by bank transfer is a bad decision.
It takes too much time and money. The best way - to use paypal or okpay. But as far as I know, okpay does not work with the US citizens so far
You need a safe way to deposit/withdraw. Also some brokers will let you deposit with a method and wont let you change it. (money laundering precautions…)!
Bank wire tends to take some time; depends more on the bank. And while paypal or other online payment portals do make it easy to transfer funds…would not suggest that you should automatically opt for Paypal, look around check the other payment portals and see which one works for you…
Bank wire in addition to the time lag, also would levy charges for wiring funds over…
The third parties like paypal or skrill or webmoney or any other online processors are used for the fact that not all the people living worldwide have the laws in their country which is allowing them legally to trade in the forex market and thus such sources are used to remain anonymous.
Bank wire requires more time and also sometime some extra fees. Skrill,neteller etc are significantly faster and easier.