Online wallet services are easy and secure ways of transferring money online. Traditional bank wires and credit-card options are often very expensive and painfully slow compared to these alternatives. If you are trading forex online in Canada, you probably want to have instant access to your money. Why would you wait up to five business days? Also, there are some instances where transfers are not possible for all services so knowing the conditions can save you a lot of time and money.
We gathered together the best brokers who offer multiple choices for you to handle your funds. But first here are the best online wallets and payment services you can choose from.
Online Payment Services and E-Wallets
PayPal is the most well-known and one of the oldest online payment service and e-wallet, especially for Canadians. It is a really quick alternative with a (quite high) fee of around 3% both for receiving and sending funds. There are also some brokers who refund your PayPal transfer fees. As a general observation, fewer brokers accept PayPal than before due to severe competition, the relatively high transfer fee, and strict rules.
Bitcoin is a safe and anonym virtual currency. Using blockchain, its payment system, funds are easy and quick to transfer. Theoretically the maximum time for a transfer is one hour. A lot of brokers offer completely free withdrawals and deposits making bitcoin a great choice. You can find further information about bitcoin in our article.
Webmoney (WMZ) is one of the most widely used online payment systems. Instant transfers, low fees of 0.8%, and no need of a credit card are the highlights of the system. It is a secure option; you don’t need to provide any sensitive data to transfer money to your broker.
With fees ranging from 0-2%, Neteller is also a good and popular way to fund your account and withdraw money from it. Transfers are usually almost instant, but the maximum time is one business day.
Okpay has a great pre-paid card option and a worldwide availability making it a valuable PayPay alternative. It also offers direct bitcoin transfers to your account. Transfers are instant with fees around 2%.
Skrill (formerly Moneybookers)
Skrill is a very quick and cheap alternative with a pre-paid MasterCard option, a transfer fee of 1% and practically instant delivery. More and more brokers are accepting skrill lately because of the competitive package it offers. Skrill however is not available for traders from Canada since early 2014 I’m afraid.
Canadian Forex brokers that accept these services
All of these top brokers accept both deposits and withdrawals with these alternative options, but if you choose another broker be sure to check that they offer withdrawals; some companies only accept deposits.
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E-wallets are convenient, quick and cheap you should be able to use their services not only with your broker but also when buying things online and even as your main account, if you make a living with forex and you have an e-wallet with a card option, soon you might forget your traditional bank account for everyday usage.