Making your first deposit or any deposit is a big step in your trading career. This is the time when you fix the broker and when you begin to build your account. This is an exciting time for any trader because you are taking a step towards controlling your destiny. There is more than one way to replenish, so it is important to learn as much as possible about each broker; they all have their own attractions, as well as disadvantages. This is a list you should study before contributing your hard-earned money.
Five Tips You Need When Making a Deposit
An electronic wallet account is the best way to replenish: electronic payment systems are the best way to deposit for many reasons. First of all, it is the ease and speed of withdrawal of funds; Electronic Wallets provide the fastest withdrawal of funds in the forex market. The problem is that not all brokers support e-wallets and those that do not support withdrawals at all. Be sure to check which methods are available and which of them can be used to withdraw funds.
Credit Cards are the easiest way: Credit cards are simple and as fast as an electronic wallet in terms of topping up. The problem here comes when you want to withdraw funds; Withdrawals often limit the initial deposit amount and any other cash, i.e. profits, will have to be withdrawn in a different way. This is because, in the eyes of the credit card processes, you are receiving a refund, not a withdrawal.
Money Transfers are the longest – money transfers take the longest deposit and withdrawal, up to ten working days in each direction. This is often a limiting factor for traders, but it actually has some advantages.
If you use a credit card, you will need to provide the details for a bank transfer, so that you can withdraw your profits. This means a bank with a swift code. If you use an Electronic Wallet for a deposit and the broker does not support withdrawals using this method, you should also have a bank transfer provision.
Beware of Fees – brokers have different withdrawal fees, which may vary depending on the method. You may want to use a credit card simply because there are “no fees for the first withdrawal of each month”. It’s an enticing offer, but let it not be the only thing moving your decision because you can only get one credit card withdrawal anyway.
Bank transfer rates will be $25 or $30 for each withdrawal, regardless of what the broker can set, since this fee is charged by banks. These are not big funds for large players, but small traders can easily see their winnings eaten up by wire transfer fees if they draw multiple conclusions in a month.
Skrill is still the best way to replenish, because there are usually no withdrawal fees, only a small fee you pay to an electronic wallet to process your transaction.
Bonuses, free risk and trade insurance – bonuses are the most risky part of your deposit, because they can have a big impact on your ability to withdraw, regardless of the method of deposit. Bonuses are good in that they can increase your capital and reduce your risk portfolio, but they always come with the minimum trading volume that must be met before funds can be withdrawn.
Some brokers add to your first deposit automatically, so be sure to check during registration. Other offers such as risk-free bidding and trade insurance are too big, but keep in mind that they replace money with bonus money and link you to the requirements of the bonus.