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The payment methods are a condition that we also list in our reviews. For some traders, it may be of little interest in which form they can make deposits or withdrawals with the respective broker. Other customers, on the other hand, attach great importance to this condition, especially when flexibility is required. Therefore, in the following guide, we would like to go into more detail about the payment methods that are generally available with Forex brokers and which of these methods are offered in detail by the broker CMC Markets.
Overview of deposit and withdrawal methods
In the meantime, the range of products offered by numerous Forex brokers has also expanded considerably in terms of payment methods. Nevertheless, there are still primarily two standard payment methods that almost every broker offers. This refers to credit cards and bank transfers (wire transfers), which can be used for both deposits and withdrawals. In addition to these payment methods, there are numerous other methods, which are often grouped together under the generic term “electronic purses” or “online payment systems”.
In the following, we would like to give you a brief overview of the payment systems and payment methods currently available on the market:
- Credit card
- Debit card
- Bank transfer
- Instant bank transfer
- Paysafe card
As you can see, it is especially the electronic purses that are now available in numerous variations. In fact, not too many traders are interested in which payment method is most convenient for them, but simply use the systems they are used to. However, more and more professional traders, and also some newcomers are comparing payment methods. This comparison can be especially important if the broker charges for one or the other payment method. This is not at all uncommon, because with many Forex brokers, customers have to pay fees at least when using certain payment methods, but sometimes also when making deposits.
Deposits to trading account with broker CMC Markets
Based on the previous information, you now know that there are now over ten different payment methods that can be offered by Forex brokers. It will be all the more sobering for some traders that the broker CMC Markets still only offers two of these deposit and withdrawal methods. These are the already mentioned payment systems, namely bank transfer, and credit card. Clients can therefore only use these two payment methods if they wish to deposit funds to their trading account. However, this is not the only downer in the area of deposits and withdrawals at the broker CMC Markets.
Apart from the fact that there are only two options available, credit card and bank transfer, only the bank transfer (wire transfer) is free of charge for the client. When depositing by credit card, the Broker informs its customers that there may be a 1.8 percent charge from the credit card provider. The Forex broker only pays these fees for the first deposit by credit card but limited to a deposit amount of up to 15,000 euros. For customers, this means that although two payment methods are available with the bank transfer and the credit card, only the transfer from the bank account can be carried out free of charge.
However, there are different payment options available when choosing different currencies. You can find all funding possibilities for depositing money in US Dollar below:
|UOB Telegraphic Transfer||1 working day||Please refer to UOB retail banking for any applicable tariffs|
|Non-UOB Telegraphic Transfer||2–3 working days||SGD$10.00 + your bank’s service fees|
(Over the Counter Transfer)
|within branch opening hours||SGD$ 5.00 flat|
(within DBS only)
|Non-DBS Telegraphic Transfer||2–3 working days||SGD$10.00 + your bank’s service fees|
|Cheque||If cheque is deposited before 1pm on a weekday: After 2pm on the next working day|
Weekends and Public Holidays: After 2pm on the next working day.
|free of charge|
Withdrawals from the trading account with broker CMC Markets
Since there is already a sobering conclusion about deposits made to the trading account with the broker CMC Markets, the withdrawals section is not necessarily more positive. In this segment, too, there are only two payment methods bank transfer and credit card, which the broker provides. Furthermore, disbursements may only be made to a predetermined reference account. However, this is quite common and not a disadvantage for the customer. On the contrary, the limitation to a fixed reference account ensures that no abusive payouts by unauthorized persons can be made to a third-party account.
Regarding the duration of withdrawals, the Broker states that withdrawals from the trading account to the reference account take two to three days on average. If you withdraw by credit card, you can expect an even slightly shorter average period of one to two business days. In this context, the broker CMC Markets would like to emphasize once again that it is beyond its control which time period is actually planned in practice for the respective payout. Only if the requested payout has not yet been posted to your current account after four days should you use the opportunity to contact the broker’s customer service?
Tips on deposits and withdrawals at CMC Markets
Our popular Tips and Advice section doesn’t make much sense in the Deposits and Withdrawals section at broker CMC Markets. This is mainly due to the fact that credit cards and bank transfers are only two different methods offered. However, we can give you one hint, namely that you should always use bank transfers for deposits if you want to avoid costs.
If you deposit by credit card, you may be charged a fee of 1.8 percent of the amount deposited. For example, in the case of a deposit of 10,000 USD, this can be as much as 180 euros. You can avoid these costs by depositing to your trading account by bank transfer instead.
Withdrawal and deposit options in a glance:
|Credit Card||Yes, 1,8% of the amount deposited|
Conclusion on deposits and withdrawals
In the category payment methods or deposits and withdrawals, we can only draw a negative conclusion with the broker CMC Markets. The main reason is that only two payment systems are offered: bank transfer and credit card. The electronic wallets offered by many other brokers today, such as PayPal or Neteller, are completely left out.
On this point, the broker has apparently not kept up with the times, although this should not lead too many traders to choose another provider. You can read more CMC Markets experiences from traders directly in our big CMC Markets review. In addition, it is not particularly positive that one of the two deposit methods, namely the credit card, can sometimes incur fees. Those who actually base their decision about which broker to open their trading account with on the deposit and withdrawal section will probably not choose the broker CMC Markets.
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