Looking for a Popular European Payment Provider? Why not Consider Neteller?
There are a number of options when it comes to choosing a payment provider for your Forex trading. There are, of course, local options, but there are also a number of providers that operate across the globe. WebMoney is one of them, along with PayPal. Here on this page, though, we’re going to be taking a look at Neteller. Aside from picking a payment provider that is supported, there are also a number of other factors to bear in mind when choosing a Forex broker. These include trading platforms, Forex bonuses, the availability of signals, types of account, and plenty more. We are featuring a number of these topics in other sections so that you have enough information to make an informed choice. We’ll also be writing a number of Forex broker reviews so that you get to learn about individual Forex brokers currently touting their wares.
A brief introduction to Neteller
Neteller is one of the biggest independent money transfer systems, and it provides an e-money/e-wallet payment system for both individuals and businesses. Neteller currently has more than 180 million customers, which puts it up there with the likes of PayPal and WebMoney. It is a popular choice for people wanting to pay for online services and shopping, and there are also a number of Forex brokers using Neteller.
Neteller is owned and operated by Paysafe Group Plc, a publicly traded British global payments company. Customers are able to use the service to transfer money to and from merchants, as well as to transfer funds directly with the help of a Net+ card, or into their own bank account.
The company was first created in 1999 in Canada, but moved to the Isle of Man in 2004. The Paysafe Group, formerly known as Optimal Payments Plc, transformed the global payments industry in 2015 when it acquired Skrill, one of Europe’s largest online payments providers and also one of the world’s largest independent digital wallet providers.
Neteller is regulated by the FCA, and as such is required to keep customer accounts separate from operating capital in a trust account, which also has to be of a sufficient level to repay all of its customers balances at the same time.
What makes Neteller so popular for Forex traders?
Neteller has made quite a name for itself, not just in the Forex world but also in the online gambling industry. There are a number of features that make it stand out from the competition, including the following:
- Internationally acceptable – Neteller is an international payment system which is used by residents of more than 200 countries.
- Basic verification process – The process itself generally only needs just one ID document scan.
- Verification not required immediately – Verification is only required when a withdrawal is requested.
- No fees for sending and receiving money – It is the Neteller Forex brokers that have to pay the charges.
- Redeemable reward points – Points can be earned every time a deposit or withdrawal is made, which can then be redeemed for cash. There are also a number of exclusive promotions.
- VIP programme – VIP customers get to enjoy a selection of special benefits including multiple currency accounts, VIP chat service, flexible transaction limits, lower FX fees, dedicated VIP manager, and much more.
- Good choice of Neteller Forex brokers – There is a good selection of Forex brokers that support Neteller payments, which means you won’t feel restricted or need to look for another payment provider.
With all those advantages, you’re probably wondering whether it is too good to be true. Unfortunately, as is often the case, there are a few disadvantages.
It may be small, but there is a downside to using Neteller.
In the interests of being honest and fair, we always try to give you both sides to a story. With Neteller, there are a few disadvantages, but there certainly aren’t all that many:
- Fairly high deposit fees – Compared with a number of other online payment providers, Neteller deposit fees are a little on the steep side. In fact, they range from as little as 1% to as much as 7%.
- Restricted withdrawal options – Deposit options are vast, but the withdrawal options are very limited. They include bank draft, bank transfer, member wire, money transfer or Net+ prepaid Mastercard.
- Limited service in the US and Canada – There are also a number of other countries where the service is severely restricted.
Not too many disadvantages, then, but the high cost of making deposits and withdrawals is obviously going to put a lot of Forex traders off. For anybody still interested in picking a Neteller Forex broker, let’s see if we can answer some of the most common questions Neteller clients ask…
Q: What types of Neteller accounts are available?
A: There are a number of different accounts, the first being an unverified account, which is where all customers start. This is a basic level entry type of account, and means you get to make deposits and transfer funds quickly without having to wait for verification. In order to take full advantage of Neteller’s service and enjoy higher limits, your account will need to be verified.
Q: How do I go about verifying my bank account?
A: Once all your bank account details such as account name, IBAN, and BIC have been entered, the account will need to be verified before it can be used. Neteller does this by making a small deposit into the account, the amount of which will have to be inputted into the verification link that appears in your account summary.
Q: Why do I have to verify my bank account?
A: This is to offer increased protection and peace of mind for customers. It also ensures that the information provided is accurate. After all, you don’t want your hard-earned profits to end up in someone else’s bank account.
Q: Can I use a credit or debit card to fund my account?
A: Most account holders are able to use debit or credit cards to make deposits directly into their account, but the cards accepted vary from country to country. Funds deposited in this way will appear instantly. Up to five different cards can be inputted into the system. Don’t forget there is usually a charge for this method of payment.
Q: What is two-step authentication?
A: Neteller uses two-step authentication, which involves the use of a smartphone to generate a unique six-digit code. The code is used to sign into a Neteller account or on a merchant’s cashier page instead of the secure user ID.
Q: Are my funds safe with Neteller?
A: Neteller is regulated by the Financial Conduct Authority in the UK, and as such can be considered a reliable and trustworthy e-money issuer. All customer funds are held in segregated accounts, and customer funds are available immediately upon request. Neteller makes use of industry-standard encryption for transmitting all sensitive data, has a highly secured data centre where user information is stored, and monitors accounts and transactions 24/7 by way of both automated systems and live security agents.
There are a number of Forex brokers that support Neteller as a payment option, and the service provided by the company itself is more than adequate to meet the needs of most Forex traders. While there are some serious charges that have to be paid, Neteller is still able to hold its own against the competition, which means that if you choose a Neteller Forex broker you can concern yourself with other more important decisions.