Table of contents:
- 1 Trade.com payment methods: deposit and withdrawal, methods, deadlines and fees
- 1.1 Terms of payment with the Forex and CFD broker
- 1.2 Trade.com offers five types of accounts with different minimum deposits
- 1.3 No Trade.com deposit necessary: First impressions with the demo account
- 1.4 How quickly will the funds be credited?
- 1.5 Conclusion: Sufficient choice in Trade.com payment methods
Trade.com payment methods: deposit and withdrawal, methods, deadlines and fees
Trade.com is a Forex and CFD brokerage firm that has been offering its services as part of Trade Capital Markets Ltd. since 2009 with its main office in Cyprus. The broker is regulated by the Cypriot CySEC and operates throughout Europe. With its German language website, the market maker also introduces itself to German traders and offers the possibility to trade via five different account types. The Trade.com minimum deposit starts at 100 US Dollars or Euros. In addition, Trade.com allows deposits and withdrawals via a variety of payment methods. What the broker offers, what fees may apply and how to deposit money at Trade.com will now be described in more detail.
- At Trade.com minimum deposit from 100 US Dollar
- Payment by Visa or Mastercard, Diners Club, bank transfer, SOFORT, GiroPay, Skrill, Neteller, iDeal, Przelewy24
- No deposit and withdrawal fees from the broker
- Five account models
Terms of payment with the Forex and CFD broker
Whereas bank transfers or credit card payments used to dominate international payment transactions, there are now an abundance of payment service providers who offer their services on a regional or international basis. PayPal, at the beginning the in-house payment platform on eBay, led the way: via an account with the payment service, purchases on eBay could be paid promptly and inexpensively, even internationally. PayPal has long since become a large company with a banking license, and other platforms are following suit. Skrill and Neteller are now equally well-known, and the GiroPay platform is offered within Germany. Anyone wishing to make an immediate payment directly from their current account can do so through the service providers Trustly or Klarna. A wide range of providers based on different models, almost always at favourable conditions, allow even large amounts to be transferred – worldwide.
However, the payment methods are usually not the main focus when traders decide to use a broker. More important at first seem to be the trading conditions, the portfolio and perhaps also the software. Thereby advantageous payment methods are much more than just a “nice to have”. They allow a quick capitalization of the trading account and ensure that profits are not lost for fees when withdrawals are made. Unfortunately, it takes a while for newcomers in particular to realize that they have not made the best choice in this regard. Those who change their broker are often dissatisfied with the processing of withdrawals and the fees that are charged. One ray of hope is that thanks to the numerous providers in online brokerage, there is now increasing competitive pressure. As a result, many brokers are increasingly using customer-friendly payment methods as another means of attracting customers.
Trade.com offers five types of accounts with different minimum deposits
The Cypriot broker Trade.com is a market maker, i.e. a provider who sets the prices himself and makes his profits via the so-called spread. Of course the spreads must not be too high, so that trading is still worthwhile. At Trade.com the spreads, but also the additional services, differ according to the selected account model – and this in turn depends on the minimum deposit made. At Trade.com the following accounts and minimum deposits are presented:
- Micro from 100 Euro / US Dollar
- Silver from 1.000 Euro / US Dollar
- Gold from 10.000 Euro / US Dollar
- Platinum from 50.000 Euro / US Dollar
- Exclusive from 100.000 Euro / US Dollar
Spreads decrease from 3 pips for the Micro account to 1 pip for the Exclusive account. Traders with the Micro account can use the desktop and mobile solutions for trading and have access to customer support around the clock. Starting with a Silver account, analysis offers are added, starting with a Gold account the use of the analysis portal Trading Central. From a Platinum account onwards there are even more exclusive support offers. There are no differences in the tradable assets, even the trading platforms, namely the proprietary WebTrader or MetaTrader 4, are the same.
No Trade.com deposit necessary: First impressions with the demo account
If you don’t want to deposit money immediately at Trade.com, you can first test all the services of the broker via the free demo account. A demo is the ideal way to get an impression of the offer and the conditions. Also the support and the educational offer can already be examined during the “test drive”. The demo is quickly set up at Trade.com: all you need to do is enter an e-mail address and a password of your choice. Afterwards the demo can be used in a real trading environment, but with virtual credit, free of charge and without obligation for 30 days.
If after the first impressions of using the demo account, the decision is in favour of Trade.com, the setup of a real money account via the registration module on the broker’s website is very simple. The required input includes personal details, contact details by phone and e-mail, but also your own financial situation and trading experience. In addition, the new customer must take note of the risk information on trading leverage products and the general terms and conditions of the broker. With these details, the account opening is already completed. It is advisable to verify this in order to be able to pay out immediately at a later date. For this purpose, a scan of a valid identification document and proof of residence, such as a current electricity bill, must be sent to the broker by e-mail. Afterwards the trading account will be activated and can be capitalized.
Trade.com payment methods: How deposits and withdrawals are processed
No matter which payment method the new customer chooses, with Trade.com there is no need to worry about data transfer. This is secured by SSL encryption, so that third parties cannot gain access to the customer data.
Certain security requirements also apply to customers. For example, traders can only process their payments via private accounts in their own name, never via third parties and not via business accounts – common requirements that are directed against unauthorized withdrawals, but also against money laundering. In addition, users should keep in mind that the choice of the deposit method already sets the course for later withdrawals. These must be made using the same payment method and often must not exceed the amount of the previous deposit. But what payment methods does Trade.com offer and under what conditions?
TRADE.COM DEPOSIT AND WITHDRAWAL: NUMEROUS OPTIONS
In order to be able to start trading Forex and CFDs at Trade.com, the live account must be funded with at least 100 Euros. A plus especially for small investors, who are effectively deterred by higher access thresholds. For the execution of the transaction, clients can choose from a wide range of options. These include
- Credit card payment by Visa, Mastercard, Diners Club
- Bank transfer, GiroPay or IMMEDIATE bank transfer
- eWallets like Skrill and Neteller
- Regional providers such as iDeal and Przelewy24
- No minimum payout amount
- No fees for deposits and withdrawals
Unfortunately, PayPal is not one of the payment methods at Trade.com either, but this is offset by the available alternatives. A fast and inexpensive capitalization of the trading account is possible in any case.
TERMS AND FEES AT TRADE.COM
If you choose to pay by credit card, via IMMEDIATELY, GiroPay or an eWallet, you can assume that the value date will be immediately. In the case of bank transfers, processing in the SEPA area is completed within one working day, but the processing time by the broker is added to this. Users must reckon with several working days until the instructed amounts are actually available for trading.
The broker does not charge fees for deposits, and Trade.com payouts are normally free of charge. This ensures that traders do not have to accept any losses in return or capitalization of the trading account. However, costs may be incurred by the respective payment service providers. Therefore, in case of doubt, traders should clarify with their credit institution or wallet provider whether and what fees they charge.
Traders who deposit in a currency other than the one used on their trading account may have to accept fluctuations in the exchange rate or conversion costs. The best solution is always to deposit in the currency in which the trading account is maintained.
How quickly will the funds be credited?
When choosing a payment method, especially when making an initial deposit, the length of time it takes for traders to receive the value. Here, payment methods such as credit card and many eWallets with virtually instant credit are in contrast to conventional bank transfers, where it can take several days for the money to become available. In addition to processing by the payment service provider, the processing time with the broker must also be taken into account. However, many providers, including Trade.com, try to process the money quickly within one working day.
TRADE IMMEDIATELY UPON PAYMENT WITH AN EWALLET
Electronic payment options such as PayPal, Neteller or Skrill, but also the domestic GiroPay are becoming increasingly popular with traders. Originating from the need to develop secure payment methods for online shops, major providers such as PayPal have long been renowned international payment service providers. The former eBay subsidiary now holds a banking license and has millions of satisfied customers worldwide. However, you will not find PayPal among the payment methods at Trade.com. The reason for this is the costs that the provider imposes on the recipient of payments. The eWallets Skrill and Neteller can be used for this. Both platforms guarantee a quick credit, so that they can take on the credit card as a means of payment. Transactions can be carried out easily from the personal customer area – once you have chosen a wallet and entered the desired amount, all you have to do is enter and confirm your personal access data with the payment provider, and the amount is almost immediately available on the trading account at Trade.com. Even if larger amounts are to be transferred, this is usually not a problem for the payment service provider, and the security of the customer data is also guaranteed. However, fees may be charged by the platform in individual cases. These fees are usually reasonable, but should be asked for deposits and withdrawals in advance before deciding on a provider. The credit card is just as fast as with an eWallet.
IMMEDIATE CREDIT EVEN WITH CREDIT CARDS
The credit card as a means of payment will continue to retain its popularity in the future. Not only do payments with the practical plastic card allow immediate capitalisation of the trading account – the cards are now also available at no extra cost. Whereas Visa and Mastercard used to be associated with often considerable fees for the user, free credit and debit cards are now virtually standard for current account offers. The data transfer during online payment is also protected by SSL encryption as standard, so that only the user is responsible for the careful handling of his own credit card and access data.
Some Forex and CFD brokers, however, require the upload of a scan of the front and back of the card when depositing a credit card, and customers cannot always black out some digits here. If you are uncomfortable with this, or if you do not want to use your credit card for such payments, you can use an eWallet or conventional bank transfer.
SECURE PAYMENT WITH BANK TRANSFER
Bank transfers, which were still quite “cumbersome” just a few years ago, have clearly picked up speed thanks to the introduction of the SEPA or Single Euro Payment Area. Transfers from one bank to another within the euro zone take just one working day. Of course, the processing by the broker is added to this, so that it takes between two and five days for a transfer to actually be able to access the money.
Nevertheless, the bank transfer has its advantages – it is considered very secure and can be executed free of charge. There are no fees if the transaction is made from home banking, only if the transaction is executed on paper or if the bank is instructed by telephone, the trader usually incurs costs, as well as for international transfers and currency conversions.
However, customers should occasionally check the costs with their own bank, because more and more credit institutions are gradually charging fees for services that were previously free of charge. Transfers are also part of this and are sometimes only free of charge to a limited extent.
Anyone who wants to avoid the longer waiting times for a bank transfer can opt for payment via GiroPay or IMMEDIATELY – the payment methods are covered by the personal current account, but allow immediate value dating.
HOW DOES A TRADE.COM WITHDRAWAL WORK?
Anyone who wants to withdraw money at Trade.com will find that the broker does not create any hurdles by setting minimum or maximum amounts for withdrawals. A Trade.com payout can be made from as little as 1 euro – just as with the minimum deposit from 100 euros, the broker offers good conditions for small investors who cannot or do not want to invest too large sums in initial trading activities.
In order for a withdrawal to take place, the user of the trading account must be verified, as is common practice. Proof of identity can be provided quickly by uploading a scan of an ID card or passport, and residence can be verified just as quickly by an electricity bill for the last two or three months. For payouts, customers can expect the broker to process them within 48 hours, but the availability of the paid amounts also depends on further processing by the house bank or credit card provider, for example. As with deposits, there are no fees.
No hidden fees at Trade.com
Conclusion: Sufficient choice in Trade.com payment methods
The Broker Trade.com presents its services for German traders with its German language website. The account models, the trading offer and the conditions make the Cypriot-regulated provider interesting, and Trade.com can also score points when evaluating the available payment methods. Of course, this broker allows deposits by credit card and bank transfer, but also IMMEDIATE transfer, GiroPay and the eWallets Neteller and Skrill can be used.
The now very common electronic payment service providers ensure fast crediting, comparable to a credit card payment, so that longer value date periods only have to be expected for SEPA transfers. The broker does not charge any fees for deposits and withdrawals, customers only have to find out about possible costs from their chosen payment service provider and make sure that they avoid costs such as those incurred by currency conversion.
The broker processes deposits within one working day, but withdrawals are also processed within 48 hours. The latter must basically be processed in the same way as deposits, and the customer must be verified by presenting an identification document and proof of residence.
All in all, Trade.com’s conditions and fast processing of the numerous payment options are more than adequate to meet the needs of its customers in this area. If you would like to get a first impression of the services and the offer of Trade.com, you can also do so by using the free demo account, for which no payments have to be made at all.