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:
- Go to the payment page to enable you to do it.
- Select the payment options and enter the amount you wish to deposit.
- Select Neteller from the provided methods.
- After selecting Neteller, the page will load to a prompt that asks you to log in to your Neteller account.
- 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.
- 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:
- Firstly, open the payment section from your broker's member area.
- Then, select the withdrawal option.
- Type some amount of money you want to withdraw.
- Choose Neteller among the payment methods provided.
- 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.
- Finally, verify your withdrawal request and wait until Neteller approves it.
- 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.
See also: Exposing Forex Broker Secrets
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:
- Check the payment method page or the section which explicitly explains the deposit and withdrawal methods.
- 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.
- 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:
Variable and Fixed
Trading by telephone
Islamic accounts available
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on 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.
- It has competitive spreads.
- It offers more than 250 products for global trading including forex, shares, indices, commodities, and cryptocurrency CFDs.
- No Mac desktop and app support.
- The order size is low.
Trading by telephone
Islamic accounts available
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.
- It has competitive spread pricing in a raw account.
- It offers more than 10,000 tradable assets.
- It comes with 3 trading platforms.
- Sometimes it charges additional fees.
- The high spreads occur on the standard account.
- The minimum opening balance must be AUD200.
Interest rate on funds
Trading by telephone
Islamic accounts available
OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. OctaFX was founded in 2011 with headquarters in Strovolou 47, Kyros Tower, Nicosia.
Prestigious awards that have been received by OctaFX include the Best ECN/STP 2019 and the 2019 Best Broker in Asia given by FX Daily Info. The Global Banking and Finance Review magazine also gave the Best Broker award in Asia in 2018 to this broker. More than that, there were also awards from European CEO Magazine (Best FX Broker 2018 and Best Trading Conditions).
For traders in most countries, OctaFX is under the authority of Octa Markets Incorporated and is registered in Saint Vincent and the Grenadines. This broker also provides various facilities, such as providing support services by live chat and WhatsApp in Indonesian. Not only that, deposits and withdrawals of funds can be done through various local banks. OctaFX does not charge commissions for every deposit and withdrawal of funds made by traders.
OctaFX offers different types of accounts that are carried out with market execution (STP/ ECN) and floating spreads from 0.2 pips. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at OctaFX brokers.
There is also a fixed exchange rate offer when opening a Micro MT4 account. All deposits made in IDR will be calculated at the rate of USD1 = Rp10,000 and will be entered into the trader's account balance. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest.
Trading in OctaFX is also suitable for novice traders. Because OctaFX offers low spreads, which are floating starting from 0.0 pips. The required initial deposit is also low, only USD50. The currencies used on the account are US Dollars and Euros.
OctaFX gives a bonus of 50% each time a trader makes a deposit. That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions.
If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.
Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. The accuracy of the trend prediction reaches 83%.
Traders do not need to worry about the safety of funds at this broker. OctaFX uses segregated accounts and protects personal data and online financial transactions with SSL technology. This is adjusted to the international accounting standards and regulations.
Another advantage offered by OctaFX is the Trade & Win program. Opening an account in OctaFX would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.
Traders need not worry about missing out on promotions. Because OctaFX often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading.
One example of a prize contest is OctaFX Champion - MT4 Demo Contest. With a total prize of USD 1,000, there are places for 4 winners in each contest period. OctaFX broker also provides contests on the cTrader platform, titled cTrader Weekly Demo Contest. As the name implies, this trading contest is held on a demo account for 1 week and uses cTrader as the platform.
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.
- 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.
- The deposit and withdrawal options are quite limited compared to other brokers.
- Its offering to the commodity markets and stock CFDs is relatively lacking.
To get a clearer comprehension, here is the side by side comparison between FXTM, FP Markets, and OctaFX:
rated by 677 users
rated by 1 users
rated by 1 users
|Office(s)||Belize, Cyprus, Mauritius, South Africa and United Kingdom||Australia||Saint Vincent, Grenadines and United Kingdom|
|Regulation|| CySEC 185/12 |
FCA (UK), 777911
FSC (Mauritius), C113012295
FSCA (South Africa), 46614
| ASIC 286354 |
|CySEC, 372/18 |
FCA (UK) 679306
IFSA (St. Vincent and Grenadines), 19776 IBC 2011
|Minimum Position||0.01 lot||0.01 lot||0.01 lot|
|Payment||Bitcoin, Credit/debit cards, DIXIPAY, FasaPay, Neteller, Perfect Money, QIWI, Skrill, UnionPay, WebMoney, Wire transfer and Yandex.Money||Bitcoin, Credit/debit cards, Dragonpay, Ethereum, FasaPay, Local bank transfer, Neteller, Ripple, Skrill, Tether (USDT) and Wire transfer||Bitcoin, Credit/debit cards, Neteller and Skrill|
|Official Website||Visit FXTM||Visit FP Markets||Visit OctaFX|
|Forex Demo Account|
|US traders are welcome|
|Requires sending documents via postal mail|
|Overnight interest rates (swaps)|
|Trading by telephone|
|Interest rate on funds|
Trading Platforms and Complements
|Trading via API|
|One-Cancels-Other (OCO) orders|
|Gold & silver|
|Website Languages||Arabic, Chinese, Czech, English, French, Hindi, Indonesian, Italian, Korean, Malay, Persian, Polish, Russian, Spanish, Thai, Turkish, Urdu, Vietnamese||Chinese, English, French, Indonesian, Italian, Malay, Portuguese, Russian, Spanish, Vietnamese||Bengali/Bangla, Chinese, English, German, Hindi, Indonesian, Malay, Portuguese, Spanish, Thai|
|General Review||Read FXTM Review||Read FP Markets Review||Read OctaFX Review|
|User Reviews|| |
WAHYUDIJul 27 2020
I registered with fxtm with the name wahyudi
then fxtm agreed to verify my KTP with the name wahyudi
then I deposited with perfectmoney with the name wahyudi
then I traded, and I after there was a slight profit
I want to withdraw
BUT!!! when I want to withdraw, fxtm refuses to verify my perfectmoney named wahyudi, they deliberately refuse to verify my perfectmoney, so my money can't be withdrawn, fxtm refuses with a variety of unreasonable reasons.
be careful trading with fxtm, this broker is Fraud! Fxtm never intends to pay.
DianneJul 27 2020
Rattoon VrajnavikhulJul 28 2020
OctaFX made a lot of improvement in these recent years. When they first appear, there are a lot of flaws. But their service is getting better, so I consider to give 5 stars.
GyverJul 28 2020
The competition in octafx is interesting, so I join this broker. After joining the competition and learn some trading strategy, I finally register and open real account. Everything works just perfect, Octafx meets my expectation.
|Open Real Account||Open FXTM Real Account||Open FP Markets Real Account||Open OctaFX Real Account|
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.