Best E-Wallets to Use For Forex Trading
Mar 03 2022The Forex (Foreign Exchange) market is the world’s biggest financial market. A massive 35 times larger than the stock market, over $6.6 trillion is traded every day as forex traders speculate on currency pairs to profit from one currency strengthening or weakening against another.
Here we highlight some of the key facts around adding funds to any forex trading account you open and how to withdraw money. We also explore the key benefits of using e-wallet technology when trading forex.
Getting Started with Forex Trading
When you start trading forex, you can either open an account with a forex broker to buy and sell currencies on your behalf, or leverage online trading to buy and sell currencies with financial derivatives like spread bets and CFDs via a trading platform.
The popularity of forex trading is growing every year, as it is relatively simple to get started. Typically, a forex trader opens an account with a provider or online platform, deposits money in a chosen currency, and then is able to buy and sell currency pairs.
Do I Need a Bank Account to Trade Forex?
Not always. Once you’ve opened a forex trading account, trading platforms, brokers, and merchants usually offer several ways for customers to deposit funds into their accounts.
Some of the most common choices include:
E-wallet, or digital wallet
Credit card
Third-party online money transfer
Bank wire or transfer
Personal or bank cheque
Why is an E-wallet the Best Forex Account Choice?
Forex is traded globally 24 hours a day and currency pairs are constantly fluctuating. To capitalise on this, traders need to be able to add funds to their accounts quickly with minimal costs.
Using e-wallets like STICPAY is becoming popular for forex trading because they are fast, convenient, and mobile-friendly when compared to other payment options.
With e-wallets, money is transferred immediately, with either no, or very low, fees. Bank wires, by comparison, could take days for funds to arrive in your account.
Key Reasons to Use an E-wallet for Forex Trading
Lower transaction fees: Most e-wallet fees are significantly lower than bank wire costs or money transfers made through third party providers.
Advanced safety: Digital wallets are secure, with most operators implementing strict Know Your Customer (KYC) and Anti Money Laundering (AML) checks.
Quick processing times: Generally, money transfers from digital wallets to a merchant (forex broker or online platform) are instant.
Multiple payment options: The best e-wallet solutions for forex offer multiple ways to deposit and withdraw funds. With a presence in over 190 countries and support for 29 national currencies, STICPAY allows transactions to be made with:
- Visa
- MasterCard
- UnionPay China
- Bank wire
- Cryptocurrencies, such as Bitcoin, Litecoin, Ethereum
How do I Withdraw Money from a Forex Trading Account?
A forex broker or trading platform usually allows the same methods for withdrawing money as for depositing it. But in many cases, you may be required to withdraw funds to the same source that was originally used to make a deposit.
This is another factor why e-wallets like STICPAY are the best for forex. Withdrawing funds to the e-wallet set up in your trading account is faster and more cost-effective than many other options.
Once the money is in your wallet you have instant access to it, either to keep and use in the wallet itself or to transfer it back to a bank account or card connected with the account.
Additional Reasons to Choose the Best E-Wallet for Forex Trading
Some forex brokers and merchants actively encourage clients to use e-wallets by offering bonuses to fund your account through this payment method. For example, a forex cashback service allows STICPAY users to earn up to 15% cashback money with any of the trusted Forex/CFD companies they partner with.
The rewards STICPAY customers can earn at each broker vary by account type and trading activity. And the cashback bonus gets credited directly into customers’ STICPAY accounts weekly or monthly. Customers can withdraw the cashback they earn anytime using one of the payment methods offered by STICPAY. Or you can hold, convert, or spend the balance.
You can use the simple STICPAY calculator app to see how much cashback you can earn at each service.
Why Use STICPAY for Forex Trading?
There are many reasons why STICPAY is the best e-wallet for any forex trader. It is a global money transfer service with 19 language options and partnerships with many top forex brokers. STICPAY's convenient and safe mobile apps for iOS and Android devices allow traders to make transactions on the move.
Offering a local bank wire feature allows you to receive funds to your bank account in your own currency. This saves on the time and fees associated with using an intermediary bank, especially with cross-border payments.
STICPAY is used in over 190 countries with 29 national currencies and three cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) - offered. Users can deposit and withdraw funds from their STICPAY accounts using Visa, Mastercard, UnionPay China, local and international bank wire, and cryptocurrency.
STICPAY also provides 24-hour customer service, which suits 24-hour forex trading.
Are you ready to join the e-wallet revolution and make your forex money transfers hassle-free? Then register for an account with STICPAY now!