Most traders are attracted to the forex market because of its accessibility. The modern currency market combines record liquidity, potentially high income, and modest starting deposits, drawing more and more people like a magnet from all walks of life, often those totally unrelated to finance. Forex is a source of profit for both major investors operating with tens of millions of dollars and ordinary people who hear about the currency market for the first time. All of these traders, both novice and professional, turn to forex brokers for currency trading services.
Despite the huge number of potential clients, there is a great deal of competition among brokerage companies, which have to outperform each other to retain traders. There are three main criteria that determine how attractive a forex broker is to the trading community: reliability, profitability and the convenience of both trading and non-trading transactions. Reliability and profitability are obviously the most significant factors for any trader desiring a stable income. However, convenience is also an important factor that deserves closer attention, especially with respect to how traders fund their trading accounts and withdraw profits.
Issues with cash
Some brokerage companies accept cash to fund a trading account. To fund with cash, the client must go the company office in person and fill out the necessary paperwork, after which he or she receives a receipt confirming that the money was deposited into his or her trading account. The advantages of this method are questionable. On the one hand, the client avoids both the charges associated with electronic payments and the potential risk of the payment being misdirected. On the other hand, depositing cash takes time and not every brokerage office accepts cash. Withdrawing profit in cash is a similarly time-consuming process.
Modern internet brokerages offer their clients several ways of depositing or withdrawing funds. The most common methods are bank transfers, credit cards and electronic payment systems. There are pros and cons to each of these three options. Bank transfers are reliable but often complicated, and the movement of funds can be byzantine, tying up funds for a number of days. The unwieldiness of bank transfers is simply not convenient for traders.
Credit cards are a quick and convenient method for depositing and withdrawing funds, but the spread of plastic has given rise to a huge industry of fraud, bringing together people specialising in counterfeiting credit cards and the theft of personal data from their owners.
While security systems have certainly improved and the credit card is far better protected today than it was decades ago, caution is always advisable when using a card.
Nevertheless, the simplicity of using credit cards makes them popular with currency market traders.
Electronic payment systems (EPS) are the easiest way for traders to deposit or withdraw funds. In fact, it is hard to imagine a quicker and more convenient option for acquiring goods and paying for a wide variety of services. In the past, electronic payment systems were hobbled by spotty reliability and the fact that they were complicated to learn and inconvenient to use. Today’s systems are much improved. They have survived global economic crises, created exchange networks and accumulated capital. Exness firmly believes that the future of settlements belongs to electronic payment systems.
At present, many major banks are integrating elements of electronic payment systems with their own services. A network for converting electronic money is under development, and users can already use the internet to easily turn funds from any EPS into cash. It is quite likely that in time people will be able to use electronic money anywhere. This is favoured in many ways by the growing indications of the reliability of EPS. Transaction security is ensured through various options for identifying the system user: from encrypted electronic keys to control SMS messages being sent to the account owner’s telephone when making payments. Nobody can give a 100 percent guarantee for the security of money in electronic payment systems, but in light of the current economic situation, who can guarantee the stability, for example, of the American dollar or even of the banking system of any country? One way or another we live in a world of risks and can’t afford to ignore the advantages of new innovations.
Electronic payment systems
Forex traders have evaluated their options and overwhelmingly choose electronic payment systems. New and experienced currency traders alike are attracted to the convenience and reliability of electronic payments. Many well-known brokerages work with electronic payment systems, substantially increasing the flow of clients who enjoy the advantages of electronic money. Exness is a brokerage that has always been at the forefront of adopting new technology, and its clients have access to a wide array of electronic payment systems for depositing and withdrawing funds. Serving traders from practically all over the world, Exness makes it possible for all of its clients to choose the EPS best suited to their needs.
By striving to offer its clients the best terms, Exness has become the only company in the world providing traders with a completely unique service – the ability to automatically withdraw funds from their trading accounts. The essence of this truly revolutionary service is that any client can withdraw funds from his or her trading account to an electronic wallet in a matter of minutes. Withdrawals are automated without any participation by experts from the finance department, which guarantees the absence of any interference. In other words, any Exness client can instantly withdraw profit to his or her electronic wallet. Nobody else offers this type of service on Forex.
Online financial journals are full of stories about how many brokerage companies delay profit payments to their clients using a variety of false pretexts. At Exness, this problem has been fundamentally solved. The trader controls the profit payment process. The only important condition is that the funds must be withdrawn to the same electronic wallet from which the trading account was funded. And since Exness is committed to continual improvement, the company has gone still further, waiving fees for deposit/withdrawal transactions via the most popular electronic payment systems. By partnering with electronic payment systems and optimising the algorithms for moving funds, Exness has created an exclusive model for serving traders that minimises client costs at all stages of collaboration.
While reliability and profitability will always be important, the future of forex trading belongs to brokerages that can offer their clients the highest degree of convenience.