Online Brokers

Deposits and Withdrawals

When you are working with online brokers, you have a very convenient gateway to the Forex market. One of the most important issues when selecting your broker is how they handle their deposits and withdrawals. After all, if you can't put money into your account or take it back out conveniently, can you really make any money in the first place? When reading any Forex broker review, it is important to find out this information.

Deposit Methods

Every online Forex broker works a little bit differently when it comes to how they handle their deposits. You should be able to access their rules and regulations regarding deposits straight from their website. Reading this information is critical so that you know exactly what you are getting into.

For example, some online brokers only allow you to deposit via a bank wire. This is a relatively secure way to transfer money from your bank account to your Forex account. The problem with this process is that it can be expensive. Many bank wires generally cost about $25 to process.

Another common way that Forex brokers allow you to deposit is by using a debit or credit card. This is perhaps the most convenient way to get money into your Forex account. If you have ever bought anything online, you know how this process works. You simply enter in your credit card numbers and the amount that you want to deposit. Within a very short amount of time, the money can be in your account.

Many brokers also allow customers to deposit through third-party payment systems. For example, you could use PayPal to deposit money directly into your Forex account. Some brokers do not allow PayPal and would prefer to work with services like Alertpay or Moneybookers. These are fine too (unless of course you work exclusively with Paypal like many people do).

Deposit Process

Once you decide on the method that you want to use to deposit money into your account, you can go forward with the process. You might have to fill out a form and fax it to the broker or you might be able to handle everything through their website.

Brokers also vary greatly in how long it takes to get the money into your account. Just because the money comes out of your bank account does not necessarily mean that you can start trading right away in your Forex account. Some brokers can have the money in your Forex account the same day while others might take up to seven days.

Withdrawals

Once you win big in the Forex market, you need to be able to get the money back out of your account. Regardless of how many trades you win, you cannot actually benefit until you take the money out of your account. When choosing online brokers, it is important to read the rules regarding withdrawals and how they are processed. Many brokers like to process withdrawals in the same way that you fund your account. For example, if you fund your account with a debit card, they will put the money back on the same debit card as a credit. Other brokers have one uniform way that they process withdrawals.


Return From Online Brokers to Forex Brokers

Return From Online Brokers to Forex Trading

Photo credit: baikahl