What are the popular payment methods of online brokers?
When trading online, you can choose from plenty of payment options. That’s because different brokers support different deposit and withdrawal options.
Each payment method has certain advantages and drawbacks, which you must consider before registering with a trading broker. Some payment methods can quickly process the money, while others take time.
We have discussed all the popular payment methods. Scroll down to have a look.
Table of Contents
The list of the most popular payment methods of online brokers:
1. Bank transfers
Bank transfer is a reliable payment method that almost all online brokers accept. But the bank requires you to pay deposit and withdrawal charges, which makes it one of the most costly payment methods.
It is a direct bank-to-bank transfer. Thus, your money quickly gets deposited into the account. This method is divided into two categories, i.e., domestic wire transfer and international wire transfer.
2. Visa Card
A Visa Card is a popular payment method for depositing and withdrawing money for online trading accounts. As it’s a fast, stable, trustworthy, and secure method, many trading brokers use it.
In fact, depositing money through this payment method is fairly easy. To use it, you must enter your card’s PIN and the deposit amount.
What happens if your money doesn’t get deposited via Visa Card? Well, your money will get back to you if the transaction fails. Visa Card requires you to pay a transaction fee of 5%.
Trade more than 3,000+ markets from 0.0 pips spread without commissions and professional platforms:
(Risk warning: 78.1% of retail CFD accounts lose money)
3. MasterCard
MasterCard is similar to Visa Card because it’s safe and quick. Traders can deposit and withdraw money to their online broker accounts.
To deposit money through MasterCard, you need to select it as the payment method, enter the details, and deposit the amount. In no time, the amount will get transferred to your account.
Once you have selected MasterCard as your preferred payment method, you don’t have to enter the card details again. While your money quickly gets deposited through MasterCard, withdrawing takes up to one to two business days.
Overall, MasterCard has made the process of funds transfer and withdrawal easier.
4. Bitcoin
If Visa Card and MasterCard are not your preferred payment methods, you should try Bitcoin. So many trading platforms are using Bitcoin for depositing and withdrawing money.
It’s a safe payment method with a transaction fee of 0.5% to 1%. Compared to card methods, this fee is less.
Although the transaction fee is low, it doesn’t mean Bitcoin compromises the safe. It’s one of the safest payment methods that uses public-key cryptography to protect the wallet’s essential information.
To deposit money using Bitcoin, select it as your preferred payment method. Following this, a Bitcoin address will appear, which you need to copy to your Bitcoin wallet. Enter the amount to deposit money to your online trading broker account instantly.
Trade more than 3,000+ markets from 0.0 pips spread without commissions and professional platforms:
(Risk warning: 78.1% of retail CFD accounts lose money)
5. Altcoin
Are you looking for an alternative to Bitcoin? Well, you can use Altcoin. It’s a safe payment method that uses public-key cryptography to protect its user’s information.
The transaction fee of Altcoin is comparatively cheaper, and money depositing is faster. In addition, this payment method has the least chance of scams and fraud because the transactions are secure and irreversible.
The steps for depositing money through Altcoin are similar to Bitcoin. Choose this payment method to avoid paying huge transaction fees.
6. eWallet
Many online brokers have started accepting eWallet as their preferred payment method because they are secure and convenient.
While eWallet works similarly to the Visa Card and MasterCard, the money is stored in a prepaid account. eWallet does not charge transaction fees, which makes them so much better.
Common eWallet payment method includes:
Neteller
Online brokers use Neteller eWallet because it’s easy to use. It keeps the payment secure and safe.
To deposit money, open your online trading broker and select this payment method. Then add the amount you want to deposit and complete the transaction.
Skrill
Skrill is another popular eWallet you can use for depositing or withdrawing money. You will be glad to know Skrill accepts 40 different currencies.
This payment method can be used for quickly depositing money. It’s fast, secure, and trustworthy.
Before you choose any payment method, compare its pros, cons, and transaction fee.
Deposit and withdrawal fee
Traders need to pay a small deposit and withdrawal fee during the process. It’s important to note that different trading brokers charge different deposit and withdrawal fees. But some brokers do not charge this fee.
To avoid paying heavy deposits and withdrawal fees, you can select a payment method other than Visa Card or MasterCard.
You should also compare different trading brokers and check what payment method they support. The method you use to deposit the money should be used for withdrawing money. Thus, choose a broker that accepts a variety of payment methods.
Conclusion about popular payment methods of online brokers
As you know about the possible payment methods accepted by online brokers, you can easily select one.
But before you do that, compare different methods to know which one has the least transaction fee. Comparing also helps you understand the fastest, safest, and most reliable method.
Trade more than 3,000+ markets from 0.0 pips spread without commissions and professional platforms:
(Risk warning: 78.1% of retail CFD accounts lose money)
Last Updated on June 17, 2023 by Andre Witzel
