The process of funding a real forex trading account and why a wire transfer is much safer than a debit card or credit card - demo trading forex indonesia

The process of funding a real forex trading account and why a wire transfer is much safer than a debit card or credit card ~ demo trading forex indonesia

Once you have decided on the forex broker type that you are comfortable to trade with you will need to fund your account. Funding an account is a lot less complicated but a number of issues may still arise depending on the method you are using to fund your account. To most people the payment method will be either by wire transfer or credit card.

Funding an account by wire transfer will involve you getting the bank details of your forex broker first. These include the bank name, bank account number, branch and other essentials. The broker will likely send you a form with all these details upon request and you are supposed to present the form to your local bank. You will use the information provided to feel into the transfer form that your bank will provide.

I am not a fun of funding by credit or debit card. This is because you can only withdraw money from your forex trading accountby the method you’ve used to deposit your initial capital. If your card has either expired or was lost you might have difficulty withdrawing your forex profits. Whereas you can deposit money into your trading account by way of a debit card, it is not possible to receive money sent directly back to your debit card. Even when it is possible, too many complications tend to arise. The option to send and receive money is only reserved for the credit card. And that is in fact the biggest difference between a debit card and a credit card. Unscrupulous forex brokers will deliberately allow you to deposit money by way of a debit card well knowing that there are limited chances of you getting your money back in case the debit card gets lost or expired. Some forex brokers will however indulge you especially in the case of expired debit cards so long as the date of expiry is similar to what you indicated at the initial stage of funding the trading account.

You must also be aware that unless you have a dollar account, you will have to pay for the conversion fee which will be declared to you by your bank once you complete filling out the wire transfer form. If you are using the card option it will be unto you to check the conversion rate.

A point to note is that forex can be highly profitable if your bank account is in the same denomination like the base currency of your forex trading account. Banks engage in big reap offs when it comes to the conversion of currencies. It is advisable that you maintain a dollar account or any currency account that is similar to the base currency of your forex trading account. That way, you will only have to worry about the withdrawal fee every time you decide to withdraw your forex profits.

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