Table of contents:
- 1 Deposits and withdrawals: several payment methods at FXPro
- 1.1 Online payment systems are still on the rise
- 1.2 Costs and fees for the payment methods
- 1.3 What payment methods does Broker FXPro offer?
- 1.4 What are the fees for the payment methods?
- 1.5 Deposits and withdrawals via FXPro Vault: the special system
- 1.6 Conclusion on deposits and withdrawals with the broker FXPro
Deposits and withdrawals: several payment methods at FXPro
Payment methods are certainly not among the most important conditions you should consider when comparing brokers. Nevertheless, many traders are interested in the way in which deposits and withdrawals can be made and whether costs are to be expected if a transaction is to be made to or from a trading account. In the following guide, we will explain which payment options are in focus today and how you can deposit and withdraw funds from FXPro Broker.
Online payment systems are still on the rise
One of the first payment methods that has been offered by almost all Forex, CFD and Binary Options brokers for over ten years now is bank wire transfer. However, credit cards are certainly among the most commonly offered payment methods, so these two variants are also considered standard. Since the brokers offer their services almost exclusively online, it is not surprising that the so-called online payment systems are still on the rise. These are payment systems that are separate from banks and allow each transaction to be offset against the customer’s current account.
FxPro also offers its clients the option of transferring funds via e-wallets. It is often necessary to log in and register with the payment service provider first so that the service can be used later. Some of the best-known systems of this type now include
- Instant bank transfer
The main advantage of these payment systems is that deposits can be made quickly and easily. While with bank transfers it usually takes a few days until the transferred amount is credited to your account, with any of the online systems mentioned above you can assume that the credit to your customer account is made after 30 minutes at the latest. This means that online payment methods are particularly suitable for customers who want to deposit money spontaneously and quickly into their trading account.
Costs and fees for the payment methods
Besides the number of payment methods offered by a Forex broker, many traders are also interested in the costs involved. Here there are definitely larger differences if you take a closer look at the different brokers. With deposits it is more often the case that there are no costs at all. However, there are of course also brokers who charge at least some payment methods, such as credit card deposits. For withdrawals, on the other hand, it is somewhat more common for fees to be charged. This is especially true for withdrawals, which are made relatively frequently. For example, many brokers now charge a fee for the first withdrawal from the trading account in that month, but then charge fees of between one and two percent. This is not the case with FXPro, where all withdrawals from the trading account are free of charge. The situation is slightly different for deposits, which we would like to inform you about in the following section.
What payment methods does Broker FXPro offer?
Broker FXPro currently offers a total of six different payment methods, of which only two can be used not only for deposits but also for withdrawals. However, this is not unusual, as the online payment methods mentioned in the previous section are generally not suitable for withdrawals. First of all, CFD Broker FXPro provides the standard payment methods Bank Transfer and EC or Credit Card. In addition, the following payment methods can be used to deposit funds to the trading account with this broker:
- Instant bank transfer
- China UnionPay
For all payment methods provided by FXPro, the broker will indicate at the time of withdrawal that the withdrawal would take a period of only one business day. For deposits, it depends on the payment method chosen, although with the four online payment systems, you can expect to receive the funds within ten minutes. This is also true if you choose to deposit by credit or debit card. The only difference is that when you make a deposit by bank transfer, the time required depends on the banks involved and it can usually be assumed that it will take between two and three working days for it to be credited.
What are the fees for the payment methods?
In terms of fees, the broker FXPro not only differentiates between deposits and withdrawals, but also between the selected payment methods. Free of charge are deposits and withdrawals via bank transfer, Skrill, Neteller and China UnionPay. However, if you choose either the payment method credit or debit card or the deposit via PayPal, you must expect costs. If you deposit via PayPal, the broker charges a fee of 2.7 percent of the deposit amount.
If you deposit by credit or debit card, a fee of 1.6 percent of the deposit amount will be charged for all cards not issued in the UK. Only if you have a credit or debit card issued in the UK will there be no deposit fee. Withdrawals, on the other hand, are always free of charge with the broker.
Deposits and withdrawals via FXPro Vault: the special system
A special system that the broker FXPro offers for deposits and withdrawals is called FXPro Vault. It is intended to make deposits and withdrawals even easier, whereby it is the first tool of its kind ever offered in the forex trading sector. The main feature of FXPro Vault is that as a trader, you can transfer exactly the amount you are willing to bet through your trading account. As a result, the remaining balance is safe, but can be used for trading orders at any time. For example, it is possible to transfer the desired amount from your FXPro Vault account to your trading account at any time. The opposite is also possible, allowing you to withdraw funds from your trading account at any time and transfer them to your FXPro Vault account for credit. In simple terms, FXPro Vault is a type of interim account, which is primarily intended to serve as an innovative money and risk management tool.
Conclusion on deposits and withdrawals with the broker FXPro
The broker FXPro has a good offer with six different payment methods. However, two of the six possible deposit methods incur costs, so we recommend that you deposit to your trading account either by bank transfer or by Skrill, Neteller and China UnionPay. You don’t need to pay attention to the payment method when withdrawing funds, as these are basically free of charge, although only credit card and bank transfer are available anyway. The broker also offers a special tool for deposits and withdrawals, namely the so-called FXPro Vault. This is an innovative money and risk management tool, which enables traders to transfer exactly the amount of money that is to be used for trading via the trading account.