NETELLER is an online payment processor that has many similarities to Skrill. Skrill is owned and operated by PaySafe Group Plc, the same company that runs NETELLER. Therefore, it is common for both NETELLER and Skrill to have many similar characteristics, which makes them virtually indistinguishable from one another. Nevertheless, NETELLER has its fan-base and a loyal customer following that makes it a hugely popular payment platform among Forex brokers. NETELLER currently has more than 275 Forex merchant companies that accept NETELLER as a valid form of payment option.
A Close Look Into NETELLER’s Journey To The Top
PaySafe Group Plc has a remarkable history in the financial markets by running several different e-wallets and e-money portals in various countries around the world. NETELLER was initially conceived in Canada in the year 1999, but the company later shifted its base of operations to the Isle of Man in 2004. NETELLER holds a valid FCA regulation in the UK and has gone on to become one of the largest and most trusted online payment processors in the EU zone. It is currently estimated that NETELLER is home to more than a million merchant accounts, and has personal account holders in more than 200 countries around the world.
NETELLER began its innings as an online payment processor for gambling websites, and at the time of its launch, NETELLER was considered to be the most successful e-wallet for more than 80% of online gambling sites. Around 95% of the NETELLER’s users were from the US, however, due to the illegal status of gambling and betting in several parts of the US, NETELLER had to face a slew of legal turmoil in the country. Therefore, in a drastic turn of events, NETELLER had to wind up its US operations in 2006 by temporarily freezing up the accounts of all US NETELLER users. Later on, NETELLER started accepting US users on the condition that account holders should not make any payments to gambling websites or any other betting portals. To this day, NETELLER users from specific geographic locations are banned from using NETELLER for gambling, sports betting or spread betting transactions.
How Does NETELLER Payment Restrictions Affect Forex Transactions?
NETELLER does not impose any restrictions on making payments to Forex brokers. In fact, NETELLER has the distinction of having one of the highest numbers of accepted Forex merchants among all online payment processors combined. Forex traders use NETELLER mainly due to the ease of payments and the convenience of accessing their e-wallets at any time of the day for making payments at a short moment’s notice. NETELLER uses state-of-the-art encryption protocols and stringent security measures to protect their users from all types of financial malpractices.
One of the main advantages of NETELLER is the way in which a NETELLER account can be funded. Normal online e-wallets such as PayPal and Skrill can only be funded using a credit card or through a bank wire, but NETELLER offers the option of financing their account through more than 53 different types of payment methods. NETELLER accounts can also be funded using other e-wallets such as Skrill, PayU, and bitcoins. However, users are warned of the accompanying fees incurred for transferring funds between different e-wallets, as some transfers can cost up to 45% of the transaction amount. Typical transactions from cards and affiliated e-wallets have an average cost of around 5% of the transaction amount.
Is It Easy To Find NETELLER Forex Brokers?
Due to the popularity of NETELLER among Forex companies, it is relatively easy to find an FX broker that accepts NETELLER payments. Merchants will display the NETELLER logo prominently on their website, which is a sure-fire indication for traders that the broker accepts deposits and withdrawals via NETELLER. Although there are a large number of NETELLER FX companies, traders should still be careful about choosing a regulated and reputed FX broker to avoid falling into a scam broker that indulges in unethical businesses to siphon money away from their clients. We have compiled a list of all reputed and highly preferred Forex brokerage companies that accept NETELLER for your reference:
NETELLER payments are instant, which means that the funds are transferred within seconds between a personal account and a merchant account. Bank wires to local banks or international bank wires do tend to take a few days, but NETELLER is quick to initiate payments as soon as the request is forwarded.
Why Should I Stay Away From NETELLER?
NETELLER transaction costs are higher than the expenses incurred for other e-wallets, as typical transactions cost an average of 5%, with credit card transactions costing between 1-4.9%. When compared to other e-wallets, the fees are significantly higher, especially when one considers the costs associated with large payments.
If you are a trader from the US, you should be careful about sending payments to spread betting brokers, as spread betting is considered to be illegal in the US, and any account seen to be affiliated with a spread betting account will be banned. It will be tough to recover any amount of money if it is suspended in a frozen account; therefore, you should be extra vigilant while choosing an FX broker. It would be a good idea if you stick to CFTC and NFA regulated FX broker firms, as there will be virtually no chance for the authorities or NETELLER to ban your account.
Why Should I Choose NETELLER?
The sheer range of funding options helps NETELLER users to make payments by any means, which is a huge advantage for people who have issues with their credit cards, or if they are unable to initiate wire transfers for any reason. In Forex trading, topping up accounts become inevitable during high-volatile sessions due to margin calls, and it will be disastrous for a trader if he is not able to fund his account on time. Therefore, NETELLER offers an excellent option for funding an account through multiple means. Together with the safety and convenience of a NETELLER e-wallet, it makes sense for traders to use NETELLER for a majority of their online financial transactions.
Other Forex Payment Systems
