Help on Funding online forex trading

[WelderAnil]

Hello All
New to Forum
Been a Hobby Trader for quite some time,Been trading with Practice acc at http://www.etoro.com/
Finally time to move to the Real thing
need help from fellow Traderji's regarding funding the various E-wallets which are accepted for depositing money. A little googling made me go for neteller or moneybookers
Requesting fellow Traderji's for any usefull info for funding these accounts from an indian Bank
Sorry for the long Post
Thank you
Anil

 

[TheHallmark]

Hello All
New to Forum
Been a Hobby Trader for quite some time,Been trading with Practice acc at http://www.etoro.com/
Finally time to move to the Real thing
need help from fellow Traderji's regarding funding the various E-wallets which are accepted for depositing money. A little googling made me go for neteller or moneybookers
Requesting fellow Traderji's for any usefull info for funding these accounts from an indian Bank
Sorry for the long Post
Thank you
Anil[/QUOT

Lol, DO not use any kind of E money.
instead find a broker who accepts online transfre direct from account or credit card.
IBFX and FXCM are some of them and they are genuinely trustworthy.

 

[duster]

Lol, DO not use any kind of E money.
instead find a broker who accepts online transfre direct from account or credit card.
IBFX and FXCM are some of them and they are genuinely trustworthy.

I know - it's cool to say "LOL", but electronic currencies are 1) cheaper to use and 2) instant. With a bank transfer, a client will have to pay a relatively high transaction fee, plus it will take several days. With electronic money it's normally absolutely free and instant.

Credit cards are great also, though. If it's a Visa/Mastercard from an Indian bank - it should work fine

 

[WelderAnil]

I know - it's cool to say "LOL", but electronic currencies are 1) cheaper to use and 2) instant. With a bank transfer, a client will have to pay a relatively high transaction fee, plus it will take several days. With electronic money it's normally absolutely free and instant.

Credit cards are great also, though. If it's a Visa/Mastercard from an Indian bank - it should work fine

Hi Duster
You Nailed it....
Most Indians dont seem to agree that using a e-wallet is a good idea
My take on it other than the low service Charge it helps in managing u'r acc much more better way by not putting u'r entire monies at risk when in u'r trading account(its just like click u'r mouse n loose u'r House)

 

[TheHallmark]

I know - it's cool to say "LOL", but electronic currencies are 1) cheaper to use and 2) instant. With a bank transfer, a client will have to pay a relatively high transaction fee, plus it will take several days. With electronic money it's normally absolutely free and instant.

Credit cards are great also, though. If it's a Visa/Mastercard from an Indian bank - it should work fine

You took it a bit differently, I am sure if you exchange your money for any e currency like paypal or e gold or any other, you are paying more always.
While with credit card transfer direct to your trading account is tyhe best way, both the brokers ( there are more in the list) accept credit card funding, so you are paying nothing to transfer them in to e-money.
Hope that clears the point.

 

[AdaG]

You took it a bit differently, I am sure if you exchange your money for any e currency like paypal or e gold or any other, you are paying more always.
While with credit card transfer direct to your trading account is tyhe best way, both the brokers ( there are more in the list) accept credit card funding, so you are paying nothing to transfer them in to e-money.
Hope that clears the point.

Another important thing is money withdrawal. Some brokers allow only the fund deposit method for withdraw also. So always see if you are comfortable with that.

 

[naggie]

Hello,
I agree with duster. I am 18 yer old indian boy. I have account in etoro that I funded with paypal. I want to say to Hallmark you think yourself quiet smart. But he is not. First thing, when you fund via direct wire transfer or other, there is fee associated with it. ( especially I asked etoro). You can even directly deposit through cc or international debit card. There are no fee will deducted. You can add you card in paypal and verify your card. With verified paypal you can deposit even if you don't have fund in it. Paypal will deduct from your card. I deposited $400 and I got $400 in my a/c.

I hope the clears the point.

 

[duster]

electronic currencies are cheaper to use, fast but bank transfers would definitely take several days. For financial news online visit: http://in.reuters.com/money/industries/bankingFinancial of Reuters India website.

For some reason, electronic currency exchange is very, very expensive in India and there are not many exchange centers

So probably debit/credit cards, wire transfers and PayPal (basically the same as using debit/credit card but with extra fee) are the only good solutions here.

In my experience, bank wire transfers sometimes take just 1 day from India (Mumbai) to Europe - which is rather fast...

 

[jessica_30]

I know I am happy with my broker right now. I have no problem funding it because it is affordable. We may find many offers but it is better to look for broker with better offers.