Payment Systems

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Payment Systems

Skrill

Is younger than PayPal (founded in 2001). Started as Moneybookers, it rebranded to Skrill in 2011. The payment system's main purpose was providing ways of funding for online betting and gambling websites. Forex brokers soon realized that Skrill is used by a huge part of their potential customers. Now, more than a half of all Forex brokers accept Skrill

Neteller

Another payment system created for betting and gambling funding online. It was launched not long after PayPal (in 1999) and is now a popular funding method among Forex brokers. Since 2015, Neteller and Skrill are operated by the same company. It means that most probably they will not compete for the acceptance among Forex brokers, specializing each in its own niche. Neteller is significantly less popular among Forex brokers than Skrill as of today

PayPal

Launched in 1998, is the oldest existing payment systems available online. It is mostly used to pay for goods and services. Unfortunately, not so many Forex brokers accept PayPal. And those who do, cannot accept funds from the credit cards via PayPal if they are based in the United States

Bitcoin

The oldest cryptocurrency (launched in 2008). Along with other cryptocurrencies, is an outstanding way of depositing or withdrawing funds. On the one hand, it offers free, fast, and potentially anonymous method to fund your trading account. On the other one, it is very difficult for a Forex broker to get compliant with various KYC anti-money laundering policies if they accept Bitcoin. Nevertheless, a number of Forex brokers are actively working with cryptocurrencies.

Tether (USDT)

Tether is a stablecoin (most popularly pegged to the US dollar as USDT) that works on several blockchains, including Bitcoin, Ethereum, and Tron. It is used widely in Forex trading.

WebMoney

An international payment network of Russian origin with a unique wallet system, developed infrastructure, and a complex security scheme. It was launched in 1998. WebMoney can be very confusing to new users, but those who get used to its quirks, stay with WebMoney for long. Perhaps, that is one of the reasons that its popularity with FX brokers is second only to Skrill among online payment systems.