Using Neteller for Forex Trading

Neteller is one of the most well-known online payment systems in the world. It also works as a payment solution in the forex trading industry. How does it work and what are the pros and cons?

Neteller is an online payment service (e-wallet/e-money) issued by Optimal Payments PLC. Since its foundation in 1999, the service has reached more than 180 countries all over the world, enabling fund transfers between merchants from various sectors.

Neteller users are commonly interested in their services because they have two types of accounts. First, a premium account which is called Neteller VIP, and the second one is a regular account. The VIP account offers more attractive features such as lower fees, higher transfer limits, and other kinds of perks.

The account making is simple, quick, and free. It is available on the Neteller's official website. Once you have an account, you can enjoy many benefits of Neteller for your financial support such as having a digital wallet or join forex trading.

Advantages and Disadvantages of Neteller for Forex Trading

You can enjoy many advantages of Neteller as a forex trader. For example, you can directly fund your trading account from your Neteller account. You can also withdraw from your trading account and transfer the fund to your Neteller account. To sign up the account is also simple and easy.

The best part of the service is the quick speed transfer, so the payment process would not bother your trading activity. The service is ready any time they want to deposit money. It is because the fund will appear instantly on your forex account balance.

Forex brokers mainly will not charge you any fees if you choose to deposit or withdraw through Neteller. It becomes the free budget payment solution when you use the service to deposit your trading account or to withdraw your profit.

Besides, payments via Neteller are secure. Neteller company has thought about the security of its customers, so it utilizes the service with the most sophisticated technologies. Your money will be properly protected and you can do any transactions online safely.

Another benefit is Neteller offers a currency conversion that charges you a small fee only. You can also withdraw funds to your local bank account in your currency because Neteller serves as a worldwide digital wallet.

On the other side, the service also comes with a few disadvantages that you might consider as a forex trader. The forex brokers may not charge an extra fee for deposit or withdrawal, but the transfer from your bank account to the Neteller account itself may be charged with some fees. Usually, the deposit fees are between 1 to 7 percent of the total amount of money transferred. The exact fee will depend on the payment method that you choose.

Another disadvantage of Neteller is that it is still restricted in some countries despite its popularity as a global payment service. Hence, forex traders from restricted countries can't use it as a payment solution.

Funding a Forex Trading Account via Neteller

If you have deposited your money into Neteller wallet, it means you can also deposit it to your forex account. Start to choose the broker you want and create an account. Once you get the account, you can transfer the deposit from Neteller directly. Here are the common steps of depositing your money to a forex trading account via Neteller:

1. Go to the payment page to enable you to do it.
2. Select the payment options and enter the amount you wish to deposit.
3. Select Neteller from the provided methods.
4. After choosing Neteller, the page will load to a prompt that asks you to log in to your Neteller account.
5. Neteller is different from other services. On this step, it does not ask you some sensitive information for confirmation. You just need to enter your User ID/email address and password to access the Neteller wallet.
6. Finally, verify the deposit transaction and your account will be funded as requested.

The process usually takes a few hours or even minutes. It is extremely fast and easy, making online payment via Neteller an attractive choice for many forex traders around the globe.

Withdrawing From a Forex Account via Neteller

You can also withdraw your profit via Neteller if you have used it for deposit. Many brokers allow you to do it. You can also do the same steps as when you deposit your money. The procedures usually go like this:

1. Firstly, open the payment section from your broker's member area.
2. Then, the withdrawal option.
3. Type some amount of money you want to withdraw.
4. Choose Neteller among the payment methods provided.
5. If you choose Neteller for withdrawal, you will be redirected to another page that requests some credentials you use to log in to the Neteller account.
6. Finally, verify your withdrawal request and wait until Neteller approves it.
7. After the approval, you need to wait for your money transfer for approximately 1 to 2 business days.

Charges and Limits in Neteller for Forex Trading

The benefit of using Neteller as a payment method for the forex account is that it comes with no fee. Moreover, the withdrawal from the forex account via Neteller is also free of charge. Any commissions applied mostly come from the broker's policy.

The deposit amount sent via Neteller also depends on the forex broker. To fund your Neteller account, you can choose from the various amounts offered by Neteller. Whatever method you use, the charge of the deposit will be around 2.5%. If you withdraw from Neteller, you can also choose some payment options and each of them will charge you differently.

If you want to top up your Neteller wallet via bank transfer, it will charge you $10. Meanwhile, if you transfer through the wire transfer, it will charge you $12.75. The money transfer will charge you 1.45% for at least a $0.50 amount of transaction. Finally, if you want to withdraw your money through Neteller and Prepaid Mastercard, the charge will be around 0% to 1.75%.

Neteller Chargeback for a Forex Account

Forex trading is obviously full of risks, one of them comes from the hacking incidents that are directed to dry out traders' balance in their forex accounts. Be careful if your account suddenly runs out when you haven't made any withdrawal request because it is an indisputable sign that you have become the victim of a forex broker hacking.

If you trade with a trusted and regulated broker, just contact the regulatory agency and inform your transaction history. Then, the regulator will handle and process your chargeback request and you will get your refund in a short time. Furthermore, if the hacking is somewhat proven to be inflicted by some errors in the Neteller's system, the company is obligated to be the one giving you the chargeback. But since such hacking incidents never occur, there have been no cases of Neteller chargeback for forex traders.

Neteller Security for Forex Trading

Neteller comes with various advantages compared to other payment methods. One of them is the security system. Many traders decide to use Neteller for this reason. They want a high level of security for their money transactions.

Whatever transaction you make with a forex broker, Neteller will never ask you to attach any kind of sensitive information. As mentioned before, you only need to login to your account and authorize your payment request. The password is the simple protection for your personal information and fund. In other words, your broker won't get any sensitive data from you.

Moreover, Neteller convinces you that when you are transferring or withdrawing some money to your e-wallet, no third party can see your important information. It encrypts any data coming from the client, so none of the other parties involved in a transaction can access it; although the information might be exposed during the Neteller transaction.

Forex Brokers Accepting Neteller

People today love practicality, and so do the forex traders. They want everything practical and instant. Therefore, they love how Neteller helps them in doing transactions. Many traders today are also interested in short term trade where the market changes very quickly.

A trader may find an opportunity by 10.05 a.m. and he needs to trade it by 10.15 a.m. But what if his account is actually in need of funding? Surely in this situation, a trader needs a reliable service to deposit should an extra fund is required immediately.

Neteller, with the various authentication, is the best and helpful digital wallet for forex traders at the moment. The flexibility, simplicity, and quick service is convenient for traders around the world. Here are some helpful tips to find out a forex broker that accepts Neteller payment:

1. Check the payment method page or the section which explicitly explains the deposit and withdrawal methods.
2. If a broker provides Neteller as the payment method, it will show the service's logo on the main page (usually near the footer area). You can also check the FAQ section about funding, deposit, withdrawal, and payment methods.
3. Check the Exclusive Offers page. Brokers accepting Neteller usually displays some information about offers on certain platforms that are supported.

There are many forex brokers accepting Neteller as one of their main payment methods. Three of them are described below:

FXTM

ForexTime or widely known as FXTM is a broker focusing on foreign exchange. Its specialization is to provide more than 50 currencies of CFDs including minor, major, and exotic pairs. With platforms open for 24 hours in 5 days per week, FXTM clients are provided with leverage up to 1:1000. It is located in Cyprus and is licensed by several regulators such as Cyprus Securities and Exchange Commission, International Financial Services Commission (IFSC), and other regulators inside and outside Europe. Plus, you can enjoy the demo account for free.

Strengths

• It has competitive spreads.
• It offers more than 250 products for global trading including forex, shares, indices, commodities, and cryptocurrency CFDs.

Weaknesses

• No Mac desktop and app support.
• The order size is low.

FP Markets

It is a brokerage that facilitates the IRESS, MT4, and MT5 platforms with leverage up to 1:500. The tradable products here include shares, CFDs, and forex pairs. Around 45 currencies are available to trade with competitive pricing and spread in this broker. FP Markets is originally from Sydney, Australia, and is regulated by the ASIC. It was founded in 2005 and provides educational resources for beginners.

Strengths

• It has competitive spread pricing in a raw account.
• It offers more than 10,000 tradable assets.
• It comes with 3 trading platforms.

Weaknesses

• Sometimes it charges additional fees.
• The high spreads occur on the standard account.
• The minimum opening balance must be AUD200.

OctaFX

The brokerage services include trading platforms for mobile phones (iPhone and Android), Windows Desktop, Web (Windows and Mac), and OctaFX Trading App itself. The OctaFX app is accessible for Micro, ECN, and Pro accounts.

The company was established in 2011 and offers CFD trading on indices, cryptocurrencies, and metals; all are accessible throughout cTrader and MetaTrader platforms. OctaFX's overall support is quite helpful for beginners as well as professional traders, with a wide range of education facilities and trading research tools such as AutoChartist.

Strengths

• It offers easy access to copy trading, a huge range of research tools, and bonus promotions.
• It offers ECN trading with up to 1:500 leverage.
• It supports trading on cTrader, MT4, and MT5 that are available via Web, Desktop, and Mobile.
• Its trading accounts cover the needs of both beginners and professional traders.

Weaknesses

• The deposit and withdrawal options are quite limited compared to other brokers.
• Its offering to the commodity markets and stock CFDs is relatively lacking.

Aside from the three brokers above, a wide range of brokers with Neteller is available in the forex industry. If you still find it difficult to define which brokerage is safe and can be trusted, don't worry. You can try some ways to recognize the reliability of a brokerage, especially in the way they offer deposit and withdrawal methods to their clients.