There are numerous payment methods available around the world. Depending on the Forex broker you are using as well as your location, you will be able to use different types of payment solutions.
Among the most popular payment methods in the Forex trading market are MPesa, MoneyGram, and PaySafeCard. But, this is not the full list. There are many other payment methods available in the market.
All of them offer traders different types of conditions. While some of them are faster, others charge lower commissions. Depending on the type of trader you are, you can choose any that fits your needs the best. We have prepared comprehensive and very detailed guides about these payment solutions.
Check out these payment methods below and see which one fits your needs the best.
MPesa
MPesa is a very famous payment solution that is mostly used in East Africa. This payment method is supported by the largest network operator of Kenya and is known for innovative services that have forever changed the way people pay in the region.
One of the best things about this payment solution is that it is very simple to use and does not require an internet connection. This payment method offers traders to send money using their phones, by simply sending an SMS. This payment method is a very fast, safe, and low-cost solution, and is used by a lot of traders in the region.
Although not as popular when it comes to other regions, it is very commonly offered by Forex brokers that offer services to East African Forex traders.
MoneyGram
MoneyGram is one of the largest payment methods around the world. This payment method is available in over 200 countries and offers people the ability to send and receive funds in over 40 different currencies.
This is a very fast payment method, which transfers money in just a few minutes. You can use this payment method to send money either in person or online. To use this payment method, you will first have to open an account. Although the payment method is very fast, it is also a bit pricey, which means that you will be required to pay some money in the form of commission.
Although pricey, it still is very popular among traders because it offers them a very high level of safety and security which is very important for Forex traders. This is especially true if you are making high quantity transactions. The payment method is available on numerous Forex brokers.
Paysafecard
Paysafecard is a very popular payment method around the world and is available on numerous Forex brokers. This payment method offers clients prepaid vouchers and once you buy them, you can make payments online for different types of services.
The company was created back in 2010 and has become very popular around the world since then. The best thing about this payment method is the safety and security as well as privacy it offers to traders.
While using this payment method, you are not sharing any sensitive information about yourself, which can be quite a huge advantage for many traders around the world. Generally, using this payment solution is associated with very little fees. In fact, in the majority of cases, there are no fees that you might have to pay.
Which one should you use?
All of the payment methods discussed above are very popular among Forex traders around the world. Depending on your location as well as the needs and wants that you have any of the three payment methods can be very useful.
All of these three solutions are known for high levels of security. However, when it comes to the time they need to be processed as well as the amount of money you have to pay as fees differ.
