The technological development of the payment industry places great emphasis on innovation, convenience, and process efficiency. Both small businesses (online stores) and large brokerage companies are faced with the need to accept payments. It is important to get a reliable partner who will provide effective competition in the current conditions of the e-commerce market. In the following article we will have a look at various payment systems adopted by international Forex brokers.
WebMoney
Founded back in 1998, the electronic payment system managed to establish itself as one of the most popular payment methods in the financial industry. In 2013 it emerged as one of the most favourable alternatives for people.
WebMoney allows you to work with six currencies, as well as exchange gold. There is a separate type of electronic wallet for each currency, and the user can open an unlimited number of them. Currency conversion is carried out both within the system and using external resources.
WebMoney tariffs, in general, are reasonable, almost all brokers accept WM currency without commission, you have to pay only 0.8% of the amount to the system itself. Withdrawing funds is also quite simple, and the commission even for an instant transfer to another system does not exceed 2%.
Qiwi
The company was founded in 2008 and currently operates in 22 countries around the world. Wallets can be created in four currencies. Transfer between wallets within the system, as well as payments to brokers, are carried out with zero commission.
AstroPay
AstroPay may not be the first option for traders and at the same time is not as popular as other methods we have mentioned above but still, this payment system is widely used by brokerage companies. At the present moment the number of Astropay Forex brokers is not that large, but the number of brokers accepting this payment system is increasing.
What also makes AstroPay preferable among traders is the possibility to transfer money with small commissions. Furthermore, AstroPay is secured and protected from illegal interference.
Skrill
The world famous payment system, originally from London was founded in 2001 and enjoys the widest popularity of more than 30 million customers in 180 countries around the world.
The account can be opened in almost 40 different currencies. Registration takes place by email, and the only registration restriction is over 18 years of age.
Among the main advantages of the system we can point out the following:
- 99.9% of brokers accept Skrill payments
- There is no commission for transfers within the system
- A high level of payment security, the company is literally obsessed with this.
- Easy linking of payment cards and low fees for transfers to other systems
- VIP status on preferential terms and bonus up to 100 euros
But, there are also disadvantages. The main ones include a mandatory verification process and a slightly sluggish technical support service.
Neteller
Neteller experienced a strange history back in 2007 when the founders were arrested. Neteller has been operating in more than 200 countries for 10 years already. It differs from Skrill by a slightly smaller number of currencies (23) and much higher commissions for transferring to other payment systems, for example, to transfer money from Neteller to Qiwi, you will have to pay about 8% of the amount. There are also commissions within the system, but they are small and set at the level of tenths of a percent.
Of the pluses, it is worth noting:
- Tthe opportunity to get VIP status immediately upon registration;
- Increased limits on transfers and withdrawals;
- High security.
As for cooperation with brokers, we can say that almost all companies accept payments from Neteller, and with minimal (and sometimes absent) commissions. The security of the system is also at a decent level, all payments require confirmation. But, verification is imperative, without it it will not work normally.
PayPal
Probably the most famous payment system in the world, which currently has more than 200 million active accounts. Works all over the world, and is most popular in the USA.
Accounts can be opened in 25 currencies, and there is nothing to say about the security level of PayPal, the highest rates, the account is almost impossible to hack. Transfer fees are low.
But, due to the relatively low popularity of this system in post-Soviet countries, sometimes a problem arises opposite to that that was with Qiwi and WebMoney, when foreign brokers accept payments in PayPal, but domestic brokers do not. And this happens quite often.
The Bottom Line
In general, summing up, we can say that all payment systems mentioned in this article are reliable and safe. The conditions for working with them are also, in general, similar, with the exception of the issue of limits and an error of 1-2% in transfer fees. Well, decide which option to choose by consulting with the representatives of your trading broker, or by looking at the list of systems supported on the official website.
