Many online trading companies are offering many trading options, and a considerable number of people are making money out of trading forex online. These traders are required to open an account and deposit through secure means – credit or debit cards, bank wire transfers, and various e-wallet and e-cash options. Traders can also withdraw their accounts anytime.
Iforex fund deposit options
Clients of iforex have the option to deposit funds online or offline. Deposits can be through bank wire transfers, credit cards, Skrill, Western Union, Debit Cards, or eWallets. The opening deposit is US$100 minimum. If a trader deposits using his or her credit card, it will appear on the statement as “iforex.com.”
Iforex withdrawal options
For instance, online trading company iforex withdrawal policy requires the trader to generate an iforex withdrawal request from the withdrawal page. They strictly adhere to the policy that they will not process requests to transfer funds to a third party. When a trader wishes to withdraw funds from an account, they are requested to provide personal identification, with front and back copies. The document should have the trader’s name, date and place of birth, and citizenship. It should also have a photograph and signature. They are also required to submit proof of current residence through utility bills or bank statements, telephone or mobile account statement, or Municipal Rates Invoice Statement. If the fund deposit was made through a credit card or debit card, the client is required by iforex to send the back and front copy of the card in the following format: the CVV code should be concealed and the first 12 digits of the card should also be concealed. Only the last four digits should be visible, along with the cardholder’s name and expiry date.
Iforex has the clients’ security in mind all the time. For those who are wary of sending credit card information to iforex, they will only be sent through their Secure Upload System. All the documents will be directly sent to their compliance department for immediate processing. They also warn clients not to send credit card details and copies through email.
Other online trading companies such as Plus500, Xtrade, and FXCM are equally strict with their withdrawal requirements. Plus500, just like iforex, requires the account holder to provide valid photo identification such as passport or driver’s license before being allowed to make a withdrawal. However, withdrawal transactions at iforex are completely free. FXCM deducts $25.00 withdrawal fee if transaction is done through Bank Wire request.
Funds that are deposited using credit cards will be credited upon withdrawal to the card only up to the limit of the deposited amount. This iforex withdrawal guideline ensures that the actual amount of the money deposited is debited to the credit card. Should there be any excess, it will be wired to the account holder’s bank. Another important policy in iforex withdrawal is if the denomination of the funds withdrawn different from the credit card or bank account, the refunded amount will be converted with the local exchange rate at the time of transaction.