Table of contents:
- 1 BDSwiss payment methods – everything about BDSwiss deposit, fees, withdrawal at a glance
- 1.1 BDSwiss payment methods: Why deposits and withdrawals are just as important as trading conditions
- 1.2 Three account types at BDSwiss
- 1.3 Opening an account with BDSwiss
- 1.4 First steps without BDSwiss deposit with the demo
- 1.5 Deposit and withdrawal methods with BDSwiss
- 1.6 Legal requirements for deposits and withdrawals: what is possible and what is not?
- 1.7 Conclusion: Plenty of choice and good conditions for payment methods at BDSwiss
BDSwiss payment methods – everything about BDSwiss deposit, fees, withdrawal at a glance
The abbreviation BDSwiss stands for Banc de Swiss, a Forex and CFD broker that has been offering its customers trading via three different account models since 2012. The Cypriot market maker is regulated by CySEC and makes its profits from trading currency pairs and CFDs via spreads. Which accounts and conditions the broker offers, how BDSwiss deposits and withdrawals are processed, how high the BDSwiss minimum deposit is and when fees can arise for a BDSwiss withdrawal are among the topics of the following article.
- BDSwiss minimum deposit of 200 Euro
- Payment methods: Credit cards, Bank transfer, Skrill, Neteller, GiroPay, IMMEDIATELY, iDeal, PostePay, eps, DotPay
- No deposit fees
- Fast processing of transactions
BDSwiss payment methods: Why deposits and withdrawals are just as important as trading conditions
Those who are taking their first steps in trading or want to change their current broker usually concentrate on the trading offer and the conditions of the providers who are shortlisted in the broker comparison. It is possible that the legal documents will be read and the customer service tested, all the more so if you can check the services of the broker with a free demo account. In doing so, the payment methods and possibly associated costs sometimes take a back seat.
Once the trading account has been set up, the first deposits may still run to the user’s satisfaction. For later withdrawals, however, depending on the provider, traders may find that the processing of withdrawal requests is rather slow or that fees are incurred that eat up a large part of the return. Equally annoying are high payout hurdles, which lead to the credit balance being stuck on the trading account for a long time.
- The payment methods correspond to the broker’s selection
- Deposits and withdrawals are not always processed quickly
- High minimum amounts and fees are possible
- Traders should check details of payment methods in advance
Fortunately, to the delight of users, competition among the numerous brokerage platforms is leading to more and more providers accommodating their customers in terms of payment methods, as well as the associated costs. The execution of transactions is becoming increasingly uncomplicated, faster and cheaper.
Three account types at BDSwiss
BDSwiss has three account types with which the broker meets the needs of both beginners and experienced, very active traders. The three accounts differ in terms of their services, but also in their conditions. Traders can choose from the available accounts
- Basic account
- Raw account
- Black account
With the Basic account, BDSwiss acts as market maker and sets the prices itself, an arrangement that is particularly popular with beginners with low trading volumes. The other two accounts are ECN accounts. Whether and which spreads or commissions are incurred depends on the account that the customer uses. While market maker models are financed via spreads, ECN accounts are subject to a commission, in return for which traders often receive spreads from as little as 0 pips. Common to all three accounts at BDSwiss is that they all give their holders access to the broker’s tools and also to training materials free of charge. There are also no gradations in support.
Opening an account with BDSwiss
Directly via a button on the website, interested customers can only set up the basic account. A demo account is opened at the same time as the basic account, a novelty with this broker who previously did not provide a demo. The setup follows the same steps as with other providers. In addition to entering your full name, e-mail address and telephone number, you will need to provide information about your financial situation and trading experience. During the account opening process, the broker also draws attention to the risks associated with Forex and CFD trading. The new customer must take note of the risk information, including the General Terms and Conditions of BDSwiss. In addition, a verification is required, as is common practice. For this purpose, a valid identification document and proof of residence, such as a utility bill, must be scanned and sent to the broker. If all documents and entries are correct, the account will be activated immediately. The Basic account is primarily intended for beginners, BDSwiss does not charge any commission on this account as a market maker, the spreads that are incurred here are a little above the usual market average, they average 1.5 pips for the EURUSD forex pair. The minimum lot size for this account model is 0.01.
Traders can obtain one of the other two accounts, i.e. a Raw or Black account, from BDSwiss on request. With the Raw account, the spreads are cheaper, but a commission is charged. Taking EURUSD as an example, the spreads are 0.4 pips with a commission of approximately 8 US dollars. With the Black account the spreads are a little higher, but here the broker waives the commission.
First steps without BDSwiss deposit with the demo
Now that the trading account is set up, the first deposit could be made. However, this is not necessary at the beginning, because the new customer can use his demo account without having to deposit money with BDSwiss. In the demo, especially beginners can learn how to use the trading software in a real trading environment, but with virtual capital, and make their first trades for practice. Later on, the demo allows you to test your own strategies and try out risk management.
With the BDSwiss demo account, users also gain access to the training courses offered by the BDSwiss Trading Academy. The materials are designed as beginner and advanced courses. Only when beginners feel confident enough to use real money can the first BDSwiss deposit be made into the trading account. For this purpose, the broker offers a whole range of convenient payment methods.
Deposit and withdrawal methods with BDSwiss
To be able to start trading with the Basic account, BDSwiss requires a minimum deposit of 200 euros for the first deposit. However, this is still in the lower end of the range and is definitely suitable for beginners. Traders can choose from a variety of payment methods for capitalising their trading account, but not all of them can be used to deposit all account currencies.
- Account currencies with BDSwiss EUR, USD, GBP, PLN, CHF, SEK, DKK, NOK
- Minimum deposit 200 Euro
- Credit card payment and bank transfer
- Numerous electronic payment solutions, including national ones
In addition to paying by Visa, Mastercard or Maestro, traders can capitalize their trading account with a bank transfer, make an IMMEDIATE transfer or use electronic wallets such as Skrill, Neteller or GiroPay. In addition, regional payment solutions such as the Italian PostePay, the Dutch iDeal, the Austrian EPS and the Polish dotpay can be found in the wide range of payment options. Not all payment methods allow the transfer of all account currencies – this is only possible by credit card, bank transfer, PostePay and (to a limited extent) Skrill, the other payment methods can only be used for transactions in euros. BDSwiss does not charge any deposit fees, but the respective payment service provider may incur costs under certain circumstances.
CREDIT OR DEBIT CARDS AT BDSWISS
At BDSwiss, as with most brokers, customers can pay with a credit or debit card. This method is popular because the transaction is completed within minutes and the amount instructed is immediately used for trading. In addition, Visa or Mastercard are now an integral part of many banks’ current account services and are often available free of charge – and brokers do not charge any fees for card payments either. Data transmission is usually protected by secure SSL encryption, so that the security of the data is guaranteed. However, some brokers insist on a scan of the card in good resolution and in colour. As long as some details can be made illegible, this is acceptable, but if all numbers must be visible on the front and back, some customers may be reluctant to pay by credit card.
MAESTRO DEBIT CARDS
Payments with Maestro debit cards are just as fast and convenient. They are also accepted by BDSwiss, but the card must be assigned to a personal reference account of the trader. The value date for payments with a Maestro card may even be faster than with a credit card. Here too, as with Visa or Mastercard, any possible fees should first be checked with the bank before the customer decides to pay by card.
PAYMENT BY BANK TRANSFER
Although the classic bank transfer takes a little longer than a credit card transaction, it is very secure. And since the introduction of the Single Euro Payment Area, SEPA transfers within the euro zone have also become much quicker and are completed within one working day. However, processing by brokers must also be taken into account here. BDSwiss has to assume 24 hours, or 24 working hours, i.e. three days. A value date is therefore often possible after three to five days, sometimes it can take longer.
On the other hand, SEPA transfers from your own home banking are free of charge, only if the transaction is executed on paper or if the bank is instructed by telephone will charges be incurred, as well as for international bank transfers, of course. Exchange rates for foreign currency may also be reflected here.
IMMEDIATE TRANSFER AND GIROPAY
If you also want a quick way to get a current account, traders can use the IMMEDIATE transfer. The platform of the Swedish payment service provider Klarna connects to the online banking of the house bank. Payments by IMMEDIATELY are thus processed via the current account, but just as quickly as with a credit card. According to the company, the security of data transfer is one hundred percent, however, one enters the login for home banking in the input mask. A similar procedure is GiroPay, to a certain extent a German eWallet of the banks and savings banks, which is linked to your home banking and is just as fast as IMMEDIATELY.
EPS is a special Austrian payment system created by Austrian banks and can be used for purchases in online trading, but also for the payment of official fees and charges. Similar to GiroPay or Klarna, EPS is linked to the customer’s current account, and a secure connection to the user’s home banking is established for payments.
POSTEPAY: PREPAID FROM ITALY
With the Italian PostePay, BDSwiss offers its customers there an option for deposits. PostePay can be used like a credit card, but is a prepaid system. Customers must first top up the card with credit before they can use it for payment transactions. Payouts are not possible via this medium.
EWALLETS LIKE SKRILL AND NETELLER
Electronic payment solutions, known as eWallets for short, are becoming increasingly popular. Originally developed for online shopping, PayPal and its imitators, for example the platforms Skrill or Neteller, have more and more customers in Germany as well. The advantages of eWallets: payments are executed immediately in real time, security is good and use is very customer-friendly; transactions can even be carried out via mobile apps. The customer often has the choice of setting up an account with the platform and capitalizing it or linking it to his own current account instead. The wallets are not only equal to a credit card in speed. The deposit and withdrawal of larger amounts is also no problem with most electronic payment solutions. The costs – if any at all – are usually reasonable. However, PayPal charges the payee and is therefore rarely found among the payment methods of Forex and CFD brokers such as BDSwiss.
Legal requirements for deposits and withdrawals: what is possible and what is not?
There are some restrictions on deposits and withdrawals to and from trading accounts that are owed to the legislator. At the latest after the first transactions, the most important such regulations are known. For example, the account holder of a trading account must be verified, the account must be linked to a real person with proven residence. The reference account through which payments are made must also be associated with the same person. Payments via third parties are unacceptable, except in the case of joint accounts. Business or corporate accounts cannot be used by private traders for deposits and withdrawals, nor can the credit card of a business account. The regulations are intended to help combat money laundering and the financing of terrorism and apply to brokers within the EU and internationally. Another restriction that applies to most brokers is that the payout must be made through the same payment method as the deposit and may not exceed the latter in amount. The decision to use a deposit method therefore already determines the future payouts. A combination of payment methods is generally not possible, but there is a payment sequence – once the maximum payout amount on the credit card has been reached, further funds can be paid out by bank transfer, for example, and then via an eWallet.
BDSwiss payout experience: Fast, but not through all channels
You can withdraw money from your BDSwiss account after logging in to the customer portal. Here, traders can select the account from which money is to be withdrawn and initiate the withdrawal of the desired amount with just one click. The prerequisite is, of course, that all the documents requested by the broker are available to verify the trading account. Withdrawals from a trading account with BDSwiss can be made using the method selected for deposits, but users who make a BDSwiss withdrawal will find that not all deposit methods are available for withdrawals. Withdrawals are possible via
- Visa and Mastercard
- Bank transfer
The maximum amount of the previously made deposit also determines the limit for withdrawals. BDSwiss processes payouts within 24 hours according to its own information on the website, meaning 24 working hours, which can add up to three working days. When the amount paid out arrives in the reference account naturally also depends on the further processing by the payment service provider until it is credited. One should expect several days. Withdrawals by bank transfer of less than 100 euros are subject to a fixed fee of 10 euros. For all other payouts except card refunds under 20 euros, the broker retains a flat fee of 10 euros. There are no other hidden fees. However, customers who do not use their trading account for more than 90 days will be charged an inactivity fee. In this case, BDSwiss will deduct 10% of the account balance each month, possibly until the balance is used up.
Conclusion: Plenty of choice and good conditions for payment methods at BDSwiss
The Cypriot regulated Forex and CFD broker BDSwiss can score points with its trading offer, which includes crypto-CFDs. The conditions for the three possible account models with the market maker are good, even if the spreads in the Basic account are a little above average. On the other hand, the minimum deposit of 200 euros after opening an account is not too high. Freshly opened traders can use the demo account set up at the same time, before they even have to make a deposit, and take advantage of the broker’s educational offer with comprehensive materials.
Thanks to the regulation by CySEC, the broker is in compliance with the requirements of the MiFID directive and can be considered as serious. When depositing and withdrawing funds to the trading account at BDSwiss, traders can use a variety of options and make their deposits free of charge. Withdrawals are also free of charge above the (low) broker’s minimum amounts, even if the range of payment methods is a little smaller here. Users should inform themselves in advance about possible fees for inactivity and also from their own payment service providers and possibly first test the services of BDSwiss using the demo account.