Yes, I can confirm Neteller does not work. Experimented with Neteller last year and found it to be worthless. Going back several years, Neteller used to be a favorite among USA Forex traders and on-line gambling enthusiasts, until the company was forced to exit our market after the controversial Unlawful Internet Gambling Enforcement Act of 2006. Neteller came back to the USA a couple of years ago as a shadow of its former self. USA residents don’t get a digital purse, just a prepaid Discover card issued by some crap bank in Ohio. Ironically the card is being marketed for on-line gaming in Nevada and New Jersey, but absolutely will not work at any Forex or gaming sites overseas.
I duct taped my Net+ card to the wall and threw darts at it – turned out to be good for something!
On Traders Way website they say you need to contact the back office for the cost of a wire transfer. So I did… $95 !
I contacted Joe Carney in sales and he said it was because the US increased the cost for incoming international wire but TW was looking for a better bank with lower costs. He was pushing Skrill as the best choice.
Tallinex charges $25. Assets Fx doesn’t say on their website but I contacted customer service and they verified no charges for wires.
I opened a Neteller account about an hour before reading Shatners’ last post. Fortunately, I hadn’t gotten around to funding it yet. I just opened a Skrill account and funded it with my debit card. Then I made a deposit to Tradersway, everything went through instantaneously. Also, when I was confirming the Tradersway payment the Skrill screen made mention of the option to use a credit/debit card for the payment in lieu of my Skrill balance. Though I have no doubt they’ll still charge the Skrill upload fee.
I don’t remember if i was required to provide my social sec number but i do know i have been using skill for approx two years and have not had one single bad incident everything goes through expeditiously both ways and the fees are so reasonable i have never even considered searching for any alternative withdrawal method…hope this helps.
double thumbs up for skill deposit/withdrawal see post of mine on page 287…the fees for skill deposit and withdrawal are so much more reasonable than wire deposits i always use the skrilla.
I was required to provide a social security number. During the verification process, I forget how many questions there were but they included things like: a list of addresses and I had to pick which, if any, I was associated with. My incomplete ssn and I had to pick the correct combination of numbers from a list that completed it. There were 3 or 4 more questions which followed the same format.
Just adding my 2-cents to this part of the thread…
Bank charges for international wires are creeping up - the actual cost to Tallinex starts at $55 but can be $300+ for large amounts as banks switch from fixed fees to a “percentage with minimum fee” system. Overall, we believe that makes our $25 fixed fee for international wires quite reasonable.
To provide an alternative, Tallinex is now processing withdrawals back to cards wherever possible (some cards work better than others). Unfortunately, such withdrawals cannot exceed the amount of the original deposit but have the advantage of carrying no fee for clients.
Yes, I definitely think this is the case as well. For the normal trader, they are much more cost efficient than using a wire transfer. I would much rather pay a flat 1% than use a wire. It is much faster for me to get the money in my account. I also like using ACH transfers much more than wires as who knows where your money could get stuck if something went wrong with a wire transfer. I already had this happen to me once in the past and it took a long time for my bank to find it and get it back.
If only bitcoin was not so volatile, it could be a much better solution to this stuff. I don’t trust it with more than a few hundred dollars personally. I know [B]ProfiForex[/B], [B]Tradersway[/B] and [B]FXChoice[/B] use it. Do you guys know of any others?
I agree with the wire transfer getting lost. I’ve had that happen when withdrawing funds. Although the fault was more with my Bank side than with the offshore Broker.
I wish more would use ACH transfer. Why don’t they. Is it more difficult with overseas banks?
Same here, it was my bank’s fault as the offshore broker had nothing to do with the issue. ACH requires a license within the USA/Canada as far as I know, so an overseas bank cannot just participate in ACH without having some sort of acquirer in the States to handle the transactions. I think that this would set up the overseas broker for imminent demise.
However, Skrill and other electronic payment systems can use ACH, so these systems (in my opinion) are essential to keeping the offshore brokers functioning efficiently for their clients.
Wanted to say thanks to the Tallinex representative for his/her continued contribution to this thread. I would definitely open with them except for the lack of funding/withdrawal options. I currently have a live account with Assets Fx and will be opening a secondary account with Traders Way. Opened a SKrill account and am waiting for the ACH/bank information to process.
Just to confirm, Skrill did require my SS#.
Anyone using CTrader with Traders Way ? Joe Carney with sales assured me that the data feed and prices were the same as on MT4 but CTrader seems to always be 1-3 points higher in the spread. Not a big deal unless you scalp but I thought it was odd to have different prices from the same broker.
Just wanted to jump in regarding Trader’s Way and the CTrader platform. As most of you are aware, I have an account here. I communicate with Joe several times per week and this actually came up when I first signed up. Traders Way actually has as many or more liquidity providers than any broker I’ve ever used, however, they do not all feed into CTrader. There are only a couple that do not, but that is what accounts for the slight difference in pricing. They are working to have them exactly the same in the near future. If you have any questions regarding Trader’s Way, please feel free to message me. I am one step away from using them exclusively due to the fact the more I learn about them, the happier I am to be trading with them.
Great information Frank. Thank you for sharing this. It is very nice to hear some technical “inside information” … Makes perfect sense to me. I have had many positive experiences with [B]Trader’s Way[/B] and not one hesitation to any of my withdrawal requests. I have not really traded too much lately however so I have nothing else to withdraw.
$25 is great!