Table of contents:
- 1 Payment methods: An important customer service factor for online brokers
- 1.1 Payment with credit and debit cards
- 1.2 Bank transfers
- 1.3 eWallets
- 1.4 With most brokers the customer is fixed to one payment method
- 1.5 Payments must be processed via your own account
- 1.6 ATFX: Deposit and withdrawal via multiple options
- 1.7 Deposit money at ATFX
- 1.8 When is the value date?
- 1.9 How does the ATFX payout work?
- 1.10 ATFX: withdrawing money without fees
- 1.11 ATFX payout: Fast processing by the broker
- 1.12 ATFX account opening – how it works
- 1.13 Welcome money at ATFX? Only for offshore clients!
- 1.14 Conclusion: Various secure options for ATFX deposit and withdrawal
ATFX is a Forex and CFD broker that operates internationally. The brokerage service is operated by AT Global Markets Ltd. with headquarters on the Caribbean island of St. Vincent. The broker also has branches in the UK and Cyprus, regulated by the British FCA and the Cypriot CySEC. ATFX is an NDD broker that directly routes its traders’ orders. The ATFX minimum deposit on the standard account is 250 Euros. In addition, the account needs to be capitalized occasionally. What are the deposit and withdrawal procedures for ATFX? Are there any costs involved in withdrawing money from ATFX? More in our test report.
- Minimum deposit in standard account $500
- Flexible payment options by credit card, bank transfer, eWallet
- Rapid value date
- Toll-free payments
Payment methods: An important customer service factor for online brokers
Traders who are looking for a Forex and CFD broker will naturally pay special attention to issues such as the trading offer and conditions. But the available payment methods are not unimportant either. Because if too high minimum amounts are set for deposits and withdrawals or fees are charged, this can make payment transactions uncomfortable. In addition, the sums instructed should of course be available as quickly as possible. Security is also a top priority.
Brokers are well aware of these requirements and are meeting them to an ever greater extent. Whereas only a few years ago it was only possible to make deposits and withdrawals by credit card or bank transfer, these options are now being supplemented by electronic payment service providers.
- Payment by credit card or debit card
- Bank transfer
- Electronic payment service providers
- The deposit method is usually a mandatory withdrawal method
- No payments from and to third parties
- Payments only from and to private accounts
Whether and how many of these solutions a broker integrates into his offer varies from provider to provider. Particularly customer-friendly brokers provide standard eWallets and occasionally even regional payment solutions.
Payment with credit and debit cards
The possibility of capitalizing the trading account by credit or debit card is available with most brokers, often supplemented by other methods, because not all clients have a credit card or want to use it in the context of trading. A certain choice should already exist. The great advantage of paying by credit card is that the money is available very quickly: the value date is immediate and the client can start trading.
The user does not have to worry about the security of his own data either if the provider protects his website and connections with the necessary care, so that modern encryption method is used during transmission. The use of Visacard and Mastercard is therefore very popular. However, there are sometimes limits on the amounts that can be moved when making deposits or withdrawals. In addition, the card provider may incur costs, even if the broker does not charge any.
Bank transfers in the SEPA area are uncomplicated, secure, and take at best one day. However, the value date on the trading account also depends a little on the processing by the broker, where you can expect two to five days until the amount is available for trading. Outside the SEPA area, the value date may be further delayed. Bank transfers can also incur costs, usually not from the broker but from the bank.
This may be the case if the transaction is not processed by the bank’s own online banking but at the counter of a bank branch, or by telephone – in this case, most banks reserve the right to charge fees. Interbank fees may be charged for international transfers outside the SEPA area. Brokers, on the other hand, rarely charge fees for deposits and withdrawals by bank transfer, except for the withdrawal of very small amounts.
Online payment service providers or eWallets are becoming increasingly popular. Payment solutions, originally a side branch of online commerce, such as PayPal, offer secure payment options, buyer protection, and good conditions. While PayPal is very rarely offered as a payment solution by brokers such as ATFX, traders can use Skrill or Neteller with many Forex and CFD brokers. Also IMMEDIATELY and GiroPay enjoy increasing popularity.
One of the advantages for the Users is that the value date of the eWallets is similarly fast as for payments by credit card; in addition, higher amounts can usually be transferred. Of course, the providers can pay for this, albeit mostly within reasonable limits. Traders should find out in advance what fees are incurred when using Neteller, Skrill, and Co. before deciding on a payment method.
With most brokers the customer is fixed to one payment method
One of the reasons why traders should think carefully when choosing a broker – and one of the payment options offered – is the fact that by choosing one you are committing to both deposits and withdrawals. The majority of brokers are not flexible. For example, if the deposit is made by credit card, the withdrawal must also be made this way.
A combination of different methods is usually not possible, even if this would suit many customers. For example, a majority of traders would certainly want to use their credit card for deposits but would choose a bank transfer or eWallet for withdrawals for cost or security reasons. Only a few brokers accommodate their customers in this respect.
Payments must be processed via your own account
Traders should also note that brokers such as ATFX do not allow deposits from or withdrawals to third parties. This is an effect of legislation against money laundering and tax evasion and is not only binding in Europe. Most Forex and CFD brokers, including those headquartered in so-called “tax havens”, do not accept payments from and to third parties. Payments from business accounts are also not allowed. Traders can only capitalize on their trading account through a private account – regardless of whether they choose to pay by credit card, bank transfer, or an electronic payment service provider.
ATFX: Deposit and withdrawal via multiple options
Traders who have had experience with one or more brokers know that deposits and withdrawals are very straightforward. The procedure is very similar to the respective payment methods. If you want to deposit money at ATFX and use a credit card, bank transfer, or skrill, you can quickly capitalize on your trading account based on previous payment experiences. The payments are managed and initiated via the personal customer area. At ATFX, card payments are available as well as bank transfers. Traders can also use Neteller, Skrill, or SafeCharge. There are no fees for deposits with a credit or debit card or an eWallet, the amount is credited immediately and the trader can dispose of it immediately. For a bank transfer, on the other hand, customers must expect a maximum of three working days processing time.
ATFX is also accommodating when it comes to payouts, with fees only being charged if less than 100 US dollars or euros are to be paid out or if no trading activities have taken place since the last payout.
- Payment by credit card
- Bank transfer
- Skrill, Neteller, SafeCharge
Deposit money at ATFX
After logging into the personal customer area of the broker, the option “deposit” is selected. Now the available payment methods are displayed. As soon as one of them is clicked on, a self-explanatory payment process starts, in which the user is guided through the entire process by instructions.
This provides for a redirection to the credit card provider or to the electronic payment service provider, if one of these options is desired. For a SEPA credit transfer, the user receives the necessary information from the broker and then executes the payment in the online banking system of his own bank.
In any case, ATFX does not charge any payment fees, but these may be incurred by the service provider. Another cost factor is currency exchange rates, for example, when a trading account in US dollars is capitalized with euros or vice versa.
Deposit conditions in a glance:
|Withdrawal method||Currencies||Fees||Minimum deposit||Processing time|
|VISA||EUR, GBP, USD||0||100||Usually within 30 minutes|
|MasterCard||EUR, GBP, USD||0||100||Usually within 30 minutes|
|Skrill||EUR, GBP, USD||0||100||Usually within 30 minutes|
|Neteller||EUR, GBP, USD||0||100||Usually within 30 minutes|
|Bank Wire||EUR, GBP, USD||0||100||within one working day|
When is the value date?
As has probably become clear by now, the payment methods offered by ATFX also differ in terms of processing time. Cards and eWallets can score points thanks to their fast value date so that trading can begin without delay after the trading account has been set up. This can be done particularly quickly with the help of Skrill. The one-click option of the electronic payment service provider allows you to set all the details so that no further entries are necessary later on, but each transaction can actually be completed with just one click. ATFX states that when depositing via these channels, a trader can dispose of the money within 30 minutes.
Bank transfers are still popular, partly because of their security, and partly because some users like to make their payments through their bank’s online banking. However, the transaction speed is much slower, so that one must reckon with one to three working days until the money is available. Depending on the processing by the broker, this can be extended by one or two days. In addition, in this case, ATFX will have the payment certified. Traders must therefore save the online bank transfer in the printable version and then send it by e-mail to the broker. The trading account number and customer number should be provided so that the processing can be completed as quickly as possible. With such proof of payment, the value date maybe after one working day, but the process is significantly delayed for bank transfers at the bank counter.
How does the ATFX payout work?
Paying out income is not complicated with ATFX either. Just like deposits, withdrawals are made from the personal customer interface, by clicking on the menu item “Withdrawals”. Withdrawals take place in the same way as the previous deposit(s). In individual cases, deviations are possible, but this requires consultation with customer service.
In general: for withdrawals, the trader must be verified beforehand. If this has not already been done when setting up the trading account, a scan of a valid personal document (ID card, passport, driving license) and as proof of address, a utility bill must be uploaded or sent to the broker by e-mail before the first payout. A further limitation relates to the number of payout processes possible per day. Here, ATFX clients are limited to one payout per day.
ATFX: withdrawing money without fees
Usually, not much attention is paid to the point of payouts when deciding on a broker. Then the annoyance is great if high minimum payouts are set later or high fees are generally charged, which reduces the return. With ATFX, no payout fees are charged if traders take some points into account. The Forex and CFD broker will only charge fees if amounts of less than $100 or Euro are to be paid out or if the trader has not been active since the previous payout.
Free of charge on the part of ATFX and without any conditions is a monthly bank transfer. Also free of charge is the payout via Skrill, Neteller, and credit card if at least 200 dollars are paid out. For amounts below this limit, ATFX charges a fee of 5 USD for each payout, also from the second monthly bank transfer.
Withdrawal options in a glance:
|Withdrawal method||Currencies||Fees||Processing time|
|VISA||EUR, GBP, USD||0||1 working day|
|MasterCard||EUR, GBP, USD||0||1 working day|
|Skrill||EUR, GBP, USD||0||1 working day|
|Neteller||EUR, GBP, USD||0||1 working day|
|Bank Wire||EUR, GBP, USD||0||1 working day|
ATFX payout: Fast processing by the broker
ATFX is therefore quite accommodating when it comes to payouts. Traders who follow the broker’s instructions can make their payouts without incurring any fees. Equally accommodating is the rapid processing of payout orders. ATFX usually does this within one business day. However, the broker checks whether there is still enough capital left in the trading account after deducting the desired payout to avoid possible coverage gaps for positions still open. The further procedure and the final value date of the payout will of course depend on the respective payment service provider and may take one to five working days
ATFX account opening – how it works
Once the broker’s conditions have been checked and the decision for a payment method has been made, the setup of the trading account can be initiated quickly. With ATFX, this is done via a button in the header of the website. Already here, users have the choice of opening a free demo account or a real money account. For a demo account, only a few details are required after clicking on “Open demo account”, then the access data is sent by e-mail.
The button “Open Live Account” leads to a registration form, which requires personal information, but also information about the personal financial circumstances. In addition, the broker will ask you about your experience in trading Forex and CFDs – if any. For the verification, which is part of the account opening process, new clients should have an identification document and proof of residence at hand and upload it during the account setup.
Once the online application has been submitted, the broker will verify it. If this fails to the satisfaction of the provider, the customer is informed – usually within minutes – that the trading account has been activated. If the documents are insufficient, the user receives a request to submit another document or a better scan quality. Afterward, the first deposit can be made and nothing more stands in the way of trading.
- Uncomplicated account opening online in a few minutes
- Three different account types: Demo, Standard, Edge
- Scope of functions of the accounts according to securities account volume
- Various payment methods
The ATFX Live account intended for normal traders requires a minimum deposit of $500. For the ATFX Edge account, intended for experienced traders, the minimum deposit is slightly higher at 5,000 USD. The advantage here is more favorable trading conditions.
Welcome money at ATFX? Only for offshore clients!
Welcome Money or Start-up Money is a popular means of attracting new customers among financial service providers and especially known from direct banks. Forex and online brokers are not allowed to use such advertising methods within the EU. Nevertheless, ATFX offers bonuses and also cash backs, but only to clients who open their trading account through the broker’s head office. This is located in St. Vincent & Grenadines in the Caribbean and is therefore not affected by the European-wide binding requirements of the MiFID Directive.
New clients will therefore receive a premium of 100 US dollars from ATFX International. To receive this bonus, however, the trader must deposit at least 200 US dollars into his trading account within two weeks and also have executed a certain number of transactions. Only then will the bonus be credited.
- Welcome bonus of 100 US dollars at the St. Vincent branch
- Credit is made after execution of some trades
- Cashback in five different levels
Also via the international ATFX in the Caribbean, there are cashback payments for existing customers on several levels from 1 to 5: While traders of the first level receive a cashback of at most 100 US dollars, level 5 offers cashback of up to 2,500 US dollars. Again, customers of CySEC- and FCA-regulated branches in Europe are not eligible for these bonuses. It should also be considered that such bonuses are not worthwhile in exchange for the European requirements for customer money protection and protection against additional payments.
Conclusion: Various secure options for ATFX deposit and withdrawal
Payment options are an important quality criterion for traders when choosing a broker – or they should be. Because if high fees are charged here, they can cancel out the advantages of favourable conditions and a large trading offer. ATFX scores in the broker comparison not only with respectable European regulations, a well-positioned trading offer and good conditions, but also offers traders sufficient choice of payment methods. In addition to payments by bank transfer and credit card, the eWallets Skrill and Neteller, but also SafeCharge are available. There are no costs for deposits on the part of the broker, and ATFX withdrawals can also be made free of charge, subject to the broker’s specifications.
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