Hi, Im a newbie and from what I read, many people use MoneyBooker to deposit and withdraw. Can someone explain why you would do that instead of just using wire transfer or direct deposit from your credit card?
I don’t use wire transfer because I’m just small in learning traders so I don’t want to pay 30$ wire transfer fee, beside it takes a couple of days or even weeks for the money to arrive in your account.
I have no credit card.
Money bookers is a payment processor through which we can deposit orwithdraw funds from our account .It is low fee transaction method and trusted too that is why people use this method to fund quickly in their trading account.
Usually every forex brokers have different ways to deposit and withdraw process. But it seems it would be better if not through a third party.
It’s all about time and expenses. Wire transfer takes from 1 to 5 working days and has high expenses for small amounts (for example, 1% with minimum $25 per transfer means $25 / $500 = 5%).
What is about credit/debit cards - they are quite popular but usually one way only (deposit), that’s why you still need third-party moneybooker to avoid additional costs.
Plus they offer a mastercard which makes it even easier to access your funds once you withdrew them. It is all about easy and expenses. I think MB is far superior to PayPal.
MB or Skrill is a reputable payment portal, much better than say paypal. Traders use skrill to withdraw or deposit funds instantly. The transaction charges are quite low and they are better regulated than some of the other options available; moreover wire transfer takes anywhere from two to five working days to get credited back to your account…
Hope that answers your question.
Skrill is much better to fund and withdraw money from Forex than Paypal, because of their anti-laundering policy. Paypal often freezes customer accounts without any warnings