Table of contents:
- 1 Markets.com payment methods: The Markets.com Test Deposit and Cash Out
- 1.1 Convenient, free deposits and withdrawals become standard
- 1.2 In most cases traders have to decide on a payment method
- 1.3 Deposits only from private
- 1.4 Markets.com: Deposit and Withdrawal with Choice
- 1.5 First Deposit with Markets.com
- 1.6 Welcome Money only for Markets.com international customers
- 1.7 Conclusion: Markets.com covers many payment method options
Markets.com payment methods: The Markets.com Test Deposit and Cash Out
Markets.com is a subsidiary of Safecap Ltd, which has been providing the ability to trade Forex and Contracts for Difference since 2006. The internationally active broker offers its services throughout Europe under Cypriot regulation by CySEC, further international regulations are provided by the Australian ASIC or the British FCA. Interested traders can already open a mini or basic account by making a Markets.com minimum deposit of 100 euros. In addition to a wide range of trading offers and German support, numerous payment methods are among the advantages of the broker. Traders at Markets.com can use PayPal, among other things. We’ve taken a look at how Markets.com deposits and withdrawals are processed.
- Trading account from as little as 100 Euros
- Payment by credit card, bank transfer, eWallets
- PayPal is accepted
- Bank charges for VIP clients will be refunded
Convenient, free deposits and withdrawals become standard
Traders often base their choice of a broker on superficially important criteria – including in particular a free trading account and the widest possible range of trading options. The commissions or spreads incurred during trading are also taken into account. At best, regulation and customer support are considered, but how a provider allows deposits and especially withdrawals is often less closely examined. Since the capitalisation of the trading account is often done quickly using a credit card or eWallet, newcomers in particular fail to check the conditions for withdrawals before setting up the account. High minimum payout limits, fees and long processing times can affect the return and enjoyment of trading. Also, the security of data transfer, especially when using a credit card, may not be up to date with every provider.
On the positive side, the majority of Forex and CFD brokers who offer their services to German traders have long since become very customer-friendly in terms of payment methods. Few brokers limit themselves to credit card payments and wire transfers, but traders today can expect a broker like Markets.com to offer deposit and withdrawal through a wide range of options.
- Traditional payment channels such as credit card and wire transfer are holding their own
- eWallets are a welcome addition
- The chosen payment method is mostly used for deposits and withdrawals
- Transactions via third parties or business accounts are not accepted.
- The combination of payment methods is of course dependent on the respective provider and a little bit also on its target group. Some brokers even offer several regional payment solutions. Only the legal requirements for protection against money laundering limit the scope for action.
SAFELY CAPITALIZE THE ACCOUNT BY BANK TRANSFER
The classic bank transfer remains popular – despite numerous new payment methods. By far not every trader owns a credit card or would want to transfer the data for deposits to the trading account. Thanks to the exceptionally fast processing of transfers within the SEPA zone, the value date of the transferred amounts is now much faster than it was a few years ago. Moreover, if the transfer is made from your own home banking, it is free of charge and very easy to track.
However, when the money arrives on the trading account depends not only on the speed of the transfer, but also on how long the respective broker takes to check and release the payment. The value date periods therefore vary between 2 – 5 working days for SEPA credit transfers, and can be even longer for international transfers.
The transfer is usually free of charge from the broker and via online banking. However, if a transfer order is made at a bank counter or by telephone, the bank will charge processing costs. These can be increased by further fees for interbank orders. If you deposit euros to capitalize your trading account with a foreign currency such as US dollars, you must also calculate with costs for currency conversion.
PAY QUICKLY AND EASILY WITH YOUR CREDIT CARD
In German-speaking countries, credit or debit cards are still far less common than in the United States, but as a payment method for online brokers, cards are standard. The reason: before the spread of electronic payment solutions, card payments were the only way to make quick transactions. If you use your Visa or Mastercard, you may be able to start trading within half an hour. Whether and what fees are charged by the card provider or the broker, and if so, what fees are incurred, must be checked in each individual case. It is also important that the chosen broker sufficiently secures his website and all relevant data transfers by SSL encryption. The extent to which traders agree to upload a credit card scan, as some brokers require, is left to the individual. Sometimes it is possible to make a part of the sequence of numbers unrecognizable and secure yourself in this way.
PAYPAL AND CO.: EWALLETS ARE BECOMING INCREASINGLY POPULAR
Electronic payment solutions are the trend. They owe their emergence to online trade via platforms such as eBay. Additional protection for buyers – and merchants – is provided by services such as PayPal and other electronic wallets. Many of them offer good conditions and allow extremely fast and secure transactions. As a result, eWallets are largely on a par with credit cards. For this reason, they are also becoming increasingly popular in the home of persistent cash payers, namely Germany. Brokers are responding to this trend by offering the usual payment solutions such as Neteller and Skrill, but also GiroPay and Sofort-Überweisung. PayPal is only rarely part of the offer, presumably because the payment service provider charges comparatively high fees to the merchants.
But many eWallets are not completely free for traders, even if the broker waives fees. Users are advised to find out in advance what costs are involved and also what the maximum amounts that can be transferred are.
In most cases traders have to decide on a payment method
Sufficient information about processes, costs and conditions is so important because with some brokers the decision for a payment method must be made during the setup of the trading account. The chosen method is then usually used for deposits and withdrawals. If you want to change this later, it is not possible without administrative effort and usually only including a new verification. The majority of brokers do not provide for the use of different methods for deposits and withdrawals, although traders could often combine optimum speed with low costs. More flexibility would be desirable in the future.
Deposits only from private
Some restrictions are common practice in the capitalization of the trading account because of the law. For example, future customers cannot fund their real money account with a credit card or by bank transfer on behalf of a third party. All payments must be made in the name of the account holder. Payment via a business account is also not accepted. Private traders can only enter trading as private individuals with a corresponding current account as a reference account. This does not only apply to brokers based within the EU, but is implemented by reputable providers worldwide.
Markets.com: Deposit and Withdrawal with Choice
Registering and depositing at Markets.com is easy. In addition to a free demo account, there are tiered offers for real money accounts.
THREE ACCOUNT TYPES AT MARKETS.COM
Users can choose from a variety of account models at Markets.com after registration. The Forex and CFD broker offers different account models, the broker’s additional services include spreads and support, but VIP traders also benefit from generally free withdrawals. Those who choose the Basic or Mini account will make a Markets.com minimum deposit of 100 euros, so access is no problem even for retail investors.
The standard account at Markets.com requires an initial deposit of 2,500 Euros or more, and if you want to use a VIP account, you will need to deposit 20,000 Euros or more. Registration is straightforward. Just click on the appropriate button to open a form where you first enter your name and email, mobile phone number and the password you want to use. In a further phase, the broker asks for address and date of birth, trading experience, but also gross income and main source of income. The new customer can then choose from six different currencies for account management. The account setup is completed by sending the trader a confirmation email and another email with all important account information.
- Mini account starting at 100 Euro
- Three different account types
- Free demo account
- Free payouts for VIP traders
Not all online brokers require a minimum deposit at all, but Markets.com is still in the lower end of the range with a minimum deposit of 100 Euros. This makes it easier for newcomers to access Forex and CFD trading. Moreover, all services, the handling of the trading platform and first test trades can be tested within the scope of the free demo account. Here you can trade with virtual capital, so no Markets.com deposit is required during the trial period.
First Deposit with Markets.com
Once the live account is set up, the trader must of course deposit money into Markets.com. No matter how much you want to deposit for the first time, most users like to have a certain amount of choice in the payment methods offered. While some traders are concerned about the quick availability of funds, some users are more concerned about security, and may even cut back on the time it takes to process a deposit. Overall, Markets.com customers have a good overall experience with the payment methods available, with ten different channels currently (as of August 2019). Of course, the classic bank transfer can be used, as well as payment by credit or debit card. Among the eWallets offered are Skrill and Neteller, GiroPay and Sofort, but also FastBank Transfers, Ideal and the Portuguese provider Multibanco. Unlike many other brokers, Markets.com also allows traders to use PayPal.
- Credit or Debit Card (Mastercard, Visa, Maestro, Delta)
- Bank Transfer and Fast Bank Transfers
- Neteller and Skrill
- Ideal, Instant, Giropay, Multibanco
Traders have to check which fees are incurred for both deposits and withdrawals on a case-by-case basis. Not only does the broker himself not charge any deposit fees, but he also reimburses his VIP customers for any costs that might be incurred by the payment service provider.
THE DEPOSIT PROCESS AT MARKETS.COM
At Markets.com, as with most brokers, deposits and withdrawals are made from the customer area. After logging into the platform, traders can open the menu in the upper right corner of the screen and click on the “Deposit” option here. After entering the payment details, traders may be redirected to the page of the relevant payment service provider, where confirmation may be required. Special care is required when the broker provides details for a bank transfer. In this case, the IBAN, but also the number of the trading account must be correctly indicated so that the desired amount can be transferred without complications.
VALUE DEPENDING ON THE PAYMENT METHOD
How long it takes until a trader can actually dispose of the deposited money depends partly on the selected procedure, but also on how long the broker needs for processing. As Markets.com states, funds deposited by credit card are usually available within 24 hours, but when using eWallets, traders can expect to have 1-2 business days’ notice. A bank transfer may take slightly longer. Which method is ultimately chosen depends on personal preferences, but also on the need for security or familiarity with the individual payment methods.
NO EXACT MINIMUM AND MAXIMUM PAYMENT DETAILS AT MARKETS.COM
With a minimum deposit of 100 euros, new Markets.com customers with a mini account are eligible. Later on, if trading is successful or for very active traders, much higher amounts will of course be transferred. Sometimes, depending on the payment method, there are clear limitations. However, Markets.com does not impose a deposit limit on bank transfers, and credit or debit cards can also deposit up to $20,000 within a week. Those who use eWallets, however, must limit themselves.
- Card payment 20,000 Euros in seven days
- Bank transfer no limit
- IMMEDIATELY5,000 euros
- GiroPay 5,000 Euro
- Neteller 5.000 Euro
- Skrill 5.000 Euro
- Fast Bank Transfer 10.000 Euro
MARKETS.COM PAYOUT: HOW TO PROCEED
When the time comes for the first withdrawals to be made from the trading account, this will be initiated in the same way as deposits from the menu in the personal client area. Here the user clicks on “Withdraw” and then enters the desired amount and the recipient account. As in most cases, at Markets.com, withdrawals and deposits must be made in the same way. In order to cash out, verification is required during the account setup process. In order to do so, the trader must prove their identity by presenting a valid identification document and proof of residence. If the identification document expires in the meantime, the broker can request a new verification before processing withdrawal orders. In addition, it applies that if positions are still open, enough funds must remain in the trading account to ensure coverage.
MARKETS.COM LIMITS AND WITHDRAWAL DEADLINES
Fortunately, at Markets.com, payouts are possible from very small amounts, so that users of eWallets such as Neteller or Skrill can withdraw as little as 5 euros. For bank transfers, the broker provides for a minimum of 100 euros or US dollars, but traders within the SEPA zone get away with a minimum payout of 20 euros.
- Credit or debit card 10 USD/EUR/GBP
- Bank transfer min 100 USD/EUR/GBP, within the EU min 20 EUR
- PayPal 10 USD/EUR/GBP
- Skrill/Neteller 5 USD/EUR/GBP
Maximum payouts are applied to credit cards. Here, no more can be paid out than was previously deposited by credit card, although this is not an unusual procedure. The broker shows itself cultivated by the fact that no fees are charged for payouts. These fees may be charged by the financial services provider, Markets.com advises. The Broker’s VIP customers will be reimbursed for any costs incurred.
Withdrawal requests are processed quickly, with credit card payments having priority according to Markets.com. The Broker checks the entire trading account for a withdrawal. The estimated processing time is between 2 – 8 days for credit card payments, 2 – 5 days for bank transfers and an average of two days for electronic payment services. Traders should also take this into consideration when deciding on a payment method.
Welcome Money only for Markets.com international customers
Bonuses are a popular means of attracting new customers among financial services providers, but they may no longer be offered by Forex and CFD brokers within the European Union. With providers such as Markets.com, who have multiple business locations, customers have the option to choose to establish a branch outside the EU and thus benefit from a bonus payment. Markets.com offers these bonuses for small minimum deposits. The bonus is 10% of the initial deposit, but is only credited once a trading volume of €10,000 has been reached, taking into account the leverage used. The bonus is capped at 2,000 euros. Traders should, however, consider that many of the security requirements that apply to brokers in the European context are not necessarily mandatory for offshore offers.
Conclusion: Markets.com covers many payment method options
International Forex and CFD broker Markets.com has received awards for customer service, among other things. This is also reflected in the payment options available to traders here. Of course, as is usually the case, the chosen deposit method is also binding for withdrawals. Therefore, new customers should first check the conditions of the payment service providers. There are no brokerage fees for either deposits or withdrawals, and for traders with a VIP account, Markets.com will even cover the costs of the financial institution. The broker’s services, extensive trading offer and platforms can be checked without risk and without obligation before deciding on a real money account using the demo.