Payment System

  • WebMoney

    The most common and secure payment method is provided by the Merchant WebMoney Transfer service. Automated acceptance of payments by means of this service is set up almost on each merchant's site (internet-stores, exchange service etc.) that accept WebMoney.

    WebMoney Transfer commonly known as WebMoney is a global settlement system and environment for online business activities, established in 1998. The system claims to have more than 31 million users. Although WMT Originally targeted mainly at clients in Russia and the Former Soviet Union, it is now used worldwide. WebMoney Transfer Technology is based on providing all its users with interfaces that allow operating and controlling individual property rights for valuables (assets), stored at the specialized entities — the Guarantors.

    The owner and administrator of WebMoney Transfer system is WM Transfer Ltd. An unrelated Japanese company provides a prepaid cards service using the same name. The Japanese service only supports accounts denominated in yen.

  • Neteller

    Neteller is an e-money/e-wallet service owned and operated by publicly traded British global payments company Paysafe Group Plc. The NETELLER service is used to transfer money to and from merchants, such as forex trading firms, social networks and can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.

    NETELLER was created in 1999 in Canada and moved to the Isle of Man in 2004. Paysafe Group Plc is listed as an "Authorised Electronic Money Institution".

    In 2015, Optimal Payments Plc (now Paysafe Group Plc) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.

    NETELLER is not a bank and does not lend customers' funds. It is required under FCA e-money regulations to maintain customer funds in separate trust accounts, separate from its operating cash, sufficient to repay all customer balances at the same time.

    Here is the list of Neteller's top features that attract currency traders to this system:

    • No fees of any kind when sending and receiving money within the system.
    • No fees for deposits and withdrawals with Forex brokers.
    • Pre-paid MasterCard for easy withdrawals.
    • Loyalty program for VIP members starting from $10,000/year turnover.
    • Redeemable point rewards even for non-VIP members.
    • No need to verify your identity until you decide to withdraw from your Neteller wallet.
    • Verification process usually requires just one ID document scan.
    • Neteller is a truly international payment system, allowing residents from more than 200 countries to open an account.

    As you can see, the main advantage of this payment system is being able to fund your trading account without incurring any intermediary fees. This is possible because with Neteller, only merchants pay fees; in case of FX trading, these merchants are brokerage companies.

  • PayPal

    Paypal is PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. PayPal is one of the world's largest Internet payment companies. The company operates as a payment processor for online vendors, auction sites and other commercial users, for which it charges a fee.

    PayPal accounts are anonymous and are based on the customer's e-mail address. But the debit/credit card is required to add the funds into the balance or send payments to other customers.

    PayPal charges fees for receiving funds and for withdrawing funds from the account balance to bank accounts outside U.S. The sender of the funds does not pay any fees if transfer occurs only inside the payment system.

    PayPal is a convenient electronic payment system to use with the Forex brokers. Because all payments are instant, you can use your credit card without exposing it to anyone except PayPal and there are enough various brokers that accept PayPal for funding purposes. Unfortunately, PayPal does not allow residents of certain countries (the majority of the countries) to accept PayPal payments, making it useless to the Forex traders from such countries.

  • Bitcoin

    Bitcoin is the world's first decentralized digital currency and online payment system, which allows users to conduct transactions without the need of any third party intermediary (banks for example).

    Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.

    Bitcoins are created as a reward in a competition in which users offer their computing power to verify and record bitcoin transactions into the blockchain. This activity is referred to as mining and successful miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners. This may expedite the transaction being confirmed.

    Bitcoin, which is the name given to one unit of the virtual currency, can be divided further into subunits (similar to cents and pennies), the smallest of which is referred to as a satoshi (one hundred millionth of a bitcoin). The bitcoin protocol and reference software (free and open-source), which works on any computer or smart phone, was developed from the one that had been introduced in 2008 by pseudonymous inventor known as Satoshi Nakamoto.

    The currency is secured by cryptography thereby making it impossible to duplicate. To begin using bitcoin, a user can sign-up for a free account with any of the bitcoin wallet providers ( and Coinbase are the popular ones). Once signed up, a unique 34-character address (a combination of letters and numbers) is assigned to the user. Alternatively, for better security, a user can download an appropriate wallet and store the bitcoins offline (so called cold storage).

    All transactions between the bitcoin users are verified by network nodes and recorded in open shared ledger referred to as the block chain. A record of each transaction is shown in the log of the user as well. Thus, a transaction commences only if there is spendable balance in the wallet. The bitcoin payment system uses a seed or a private key to prevent thieves from stealing the coins from the wallets and to prevent loss or duplication of the coins in the block chain.

    The process of confirming the transactions (usually begins in 10 minutes) or record-keeping service is called mining. The computers involved in such a process are called the network nodes. There is a cap of 21 million bitcoins that would be ever created (through reward for the mining process). The rate of creation halves every four years until the cap is reached.

    There are four ways of acquiring bitcoins:

    • Mining process.
    • Sell goods or services for bitcoin.
    • Public exchanges (Bitstamp, Bitfinex, Coinbase, etc.)
    • Exchanger services (CoinMama, ALFAcashier, SuperChange, etc.)
  • Skrill

    Skrill (formerly Moneybookers) is an e-commerce business that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers. It is owned and operated by Skrill Limited, a UK-based company registered as a Money Service Business with Her Majesty's Revenue and Customs, regulated by the Financial Conduct Authority and licensed to operate within the European Union.

    In 2015, Skrill Group has been bought from CVC Capital Partners by Optimal Payments Plc, the owner of Neteller payment system.

    Skrill requires mandatory account owner verification, which can be done via confirming the credit card, the bank account or the physical address. All three methods can be used together to increase the transfer limits that are active for all customers.

    Skrill charges fees for sending the funds, which is usually quite convenient for the sellers and providers of the various paid on-line services.