Any modern broker must provide its customers with reliable payment service providers. They will ensure an influx from all traders who have decided to invest their finances. The payment system is an intermediary between the user and the broker. These services help to transfer money to the broker’s trading account, as well as to withdraw the earned funds to various banks.
Integration of payment systems is almost one of the most important stages of creation of a quality broker. The more the site supports payment services, the more users will have the ability to accept and transfer money. We offer you a small overview of payment systems for deposit and withdrawal, which are the most popular and famous to date.
Skrill was founded in 2001 under the name Moneybookers. It is considered a money service business and provides a wide array of online financial services to its partners and customers. According to the company, they have more than 36 million customers throughout the world, and it is available in 200 different countries. Also, the e-wallet accepts 40 different currency options and can be used at over 156,000 online shops and other pay-sites.
Neteller is a third party online payment processor or an e-wallet. It was founded in 1999 by the well-known company Optimal Payments PLC based in Canada. In 2004 the company changed headquarters and moved to the Isle of Man. Nowadays the payment service is regulated by the UK Financial Services Authority and is listed as an authorised e-money institution. Just like all e-wallets, to use Neteller you need an account with money on it. The system is available at more than 200 countries and has over million account holders.
Visa is one of the most widely used online payment methods. It exists since 1970, and because of its convenience of use, it is a popular banking option in many countries throughout the world. Visa cards, both credit and debit, are frequently used as online payment methods and are generally accepted at many Internet shops and gambling sites.
MasterCard and Visa are the two leading credit card companies in the world today. They issue both credit and debit cards, but not by themselves. They rely on banks in various countries to issue cards that utilise these payment methods. MasterCard is also quite popular banking option for online transactions. Transactions through it are quick and easy and you can start trading on the exchange in no time.
American Express (AmEx) is the largest American multidisciplinary company. Provides services in the field of tourism, issues and services card products and traveller’s checks. It was founded in 1850 in the state of New York, USA, initially it acted as a valuable cargo delivery service. The first credit card was issued on October 1, 1958, and Elvis Presley became its owner. In 1959, the company began offering its customers plastic cards. AmEx was one of the first to create a payment system based on plastic cards, which is considered the third largest in the world after Visa and MasterCard. The system is most widely distributed in the USA and Canada.
A bank transfer also referred to as a wire transfer or bank wire, is the oldest and most trusted payment method in the world. As its name implies, people can use it to transfer money from one bank to the bank of the recipient. If in the early days this was done by physically transferring cash from one destination to another, nowadays, with the advancements and improvements of technology, you can virtually access your bank account on the Internet and make money transfers.
Neosurf is a pre-paid card that can be used to buy online goods or make deposits at online trading. It works more or less the same as Paysafecard, another popular pre-paid option. Neosurf, however, is available only in the French language, but customers from other countries can also use it. A physical Neosurf card can be purchased at many retail shops, supermarkets and gas stations in Europe.
Formerly known as Instant Bank, Trustly is a Swedish online banking service owned by Trustly Group AB with headquarters in Stockholm and subdivisions in Malta and Spain. The company was founded in 2008, and its services are regulated and licensed by the Swedish Financial Services Authority. Currently, there are over 40 banks in seven European countries connected to Trustly. The service also has about 48 million customers.
Abaqoos is an online payment service that makes a distinction between Abaqoos voucher and Abaqoos e-wallet. The later can be used only by customers that have an OTP bank account with one of the eight Hungarian banks connected with this payment service. To use Abaqoos, customers must sign up to the system on its website and choose for which service they want to use.
The Electronic Payments Service, commonly known as EPS, is an electronic payments system founded in Hong Kong, Macau, and with limited reception in Shenzhen since it began in 1985. Formerly known as NetPay, EPS is an electronic payment service that allows customers to transfer money safely without putting their personal and financial data at risk. Only Austrians can use this service because it is accepted at only 25 Australian banks.
EcoPayz (formerly EcoCard) is one of the oldest, longest-lasting online payment solutions in the business, established in 2000. EcoCard is a third party online payment processor which works more or less like the other e-wallet options. It is opened on EcoPayz website you need to enter certain personal details. Afterword’s, you need to activate your account by responding to the account activation e-mail, via this operation you can activate a classic Eco account which has limited possibilities for usage. The other account levels are Silver, Gold, Platinum and VIP and the higher the level, the lower the fees, the more functions you can use and the higher the payment limits. To use the full range of possibilities of Ecopayz, upgrade to Silver account. For this, you need to provide a copy of passport or ID, utility bill etc.
eKonto was established back in 2008, and at this time, it was the bank’s flagship product within the Czech Republic. eKonto is an online bank system which allows customers to manage their money through direct Internet banking. To be able to use the services of eKonto, customers must open an account with one of the 120 Raiffeisen banks throughout the Czech Republic. Afterwards, they are given several ‘keys’ to access the different features of the service. eKonto banking consists of three virtual payment solutions: direct banking, debit card payments and online shopping.
GiroPay is an online banking system based in Germany and established in 2006 by the savings banks in the country, Postbank and a couple of credit unions. It works via online banking accounts at about 1,500 banks in Germany and Austria and serves approximately 17 million people. According to the numbers, over one million payments are conducted per month via GiroPay service making it the second most used online banking option tailing Sofort Uberweisung. The service works more or less the same as most direct online banking services.
InstaDebit was founded back in 2003 as a Canadian online payment system. When it was first founded, it was especially popular among Canadian and US players. Today, this payment system is owned by InstaDebit International Solutions Ltd which has divided its operations into two sections. Canadian branch is still working from Toronto office while the Global branch is located and operating from Malta. InstaDebit provides customers with a platform via which they can make online payments from their bank account to the bank of an online recipient, i.e. a shopping website or other transactions. The service is available in more than 30 countries and is accepted at thousands of Internet pay-sites. To use it, you must subscribe to the service and open InstaDebit account.
Sofort Uberweisung or Sofort Banking in English is an online bank transfer option founded in Munich, Germany in 2005. The initial name of the service was Payment Network, but in 2012 it changed its name to Sofort AG. Nowadays this service is the number one online payment option in Germany and is available in ten other countries in Europe such as the Netherlands, Belgium, the UK, Spain, Poland and France. Sofort Überweisung is accepted at over 25,000 online shops and many Internet sites and carries out over 2 million transactions a month.
iDeal is an online banking service created in 2005 and owned and run by currency, a company founded by eight big Dutch banks to facilitate online payments. Initially, iDeal/Currency was focused on Dutch residents only and provided services to these players, but because of the developments within EU related to financial services, iDeal opened for the European market. As of 2014, this online banking service has become available to non-Dutch citizens. Nevertheless, since its foundation, iDeal has become the most used online payment system in the Netherlands. In 2006 the service processed about 4.4 million payments, and the number went up to 142.5 million in 2013. On the Internet, there are more than 100,000 online shops and gambling websites that accept payments made via this service.
AstroPay is a virtual pre-paid card that can be used for online payments at many online shops and other sites. Namely, the service allows you to make deposits without revealing your banking information. AstroPay was founded in 2009 and is available in many countries throughout the world, and some of them are Chile, Brazil, Costa Rica, Mexico and Argentina. The service is easy to use. You need to register, choose the card value you want to buy and pay using local methods. The values of AstroPay card range from $25 up to $500 and the values of up to ten cards can be combined to make a larger deposit.
PayPal is the largest debit electronic payment system. Allows customers to pay bills and purchases, send and receive money transfers. Since October 2002 it has been a division of eBay. Since July 20, 2015, shares of PayPal and eBay have been sold on the market separately. E-wallets are perhaps the most favourable online payment methods. This method is widely used for eBay and other online shopping websites, and it’s quite popular among the UK and European people.
Founded in 1998, WebMoney is an online payment processor owned by the Russian-based WM Transfer Limited. It is a platform where customers can make payments on the web, send and receive cash, get loans, exchange currencies, manage money and carry out other financial transactions virtually. It also issues a physical Visa and MasterCard debit cards and an e-wallet which can be uploaded with cash.
Perfect Money is an electronic payment system for cashless payments on the Internet, created in 2007. Perfect Money is a secure and trusted online payment system. With it, you can make payments on the Internet, receive online payments, safely store your money on an e-wallet account and get interests on a monthly basis, make payments for goods and services in online shops, use it as a banking method at trading and even buy Bitcoins, Euros and gold metal online.
The online payment service Yandex Money was created in 2002 and is associated with the biggest search engine in Russia called Yandex. Because of its large size and popularity, this search engine is often called the Russian Google. It is, in fact, the financial division of the Russian search engine giant. The service isn’t used only in Russia but also in other countries throughout the world such as Ukraine and Belarus. Moreover, this payment method is becoming extremely popular and has more than 18 million users around the world.
Payeer was founded in 2012. The company was registered as Payeer Ltd. in Tbilisi, Georgia. Payeer is a convenient, secure and easy-to-use online payment system. With it, you can make and receive payments across the world. To use this service, open a multi-payment e-wallet on Payeer website. Besides the convenience of using this system to shop online and make transactions to Internet, Payeer can also be used for currency exchange and well as to receive and transfer funds across the globe. E-transfers are quick, secure and come with virtually no fees. You can transfer money to 7 million people around the world even if the receiver of the money is not a holder of a Payeer system account.
Qiwi was founded in 2007. Qiwi is a Russian-based online payment processor available at 20 countries throughout the world. The service maintains about 15 million accounts and is accepted at more than 7,000 online providers and e-commerce operators. Since 2013 the service issues Qiwi Visa e-wallet which can be used as an online payment method at many shops including online trading.
Poli is an online banking system founded in 2006 by the Australian based company Centricom Pty Limited Trading. The payment processor is available exclusively to customers from Australia and New Zealand and allows them to efficiently make online payments without the use of credit or debit cards. Two years ago, Poli got the award Payment Provider of the Year at the e-Gaming Review Awards Australia held in Sydney. With this service residents from the countries mentioned above can transfer money from their online bank accounts to the bank accounts of webshops or online sites.
Paysafecard is a type of pre-paid card that can be used to make payments online as well as other transactions. The company is based in Vienna, Austria and the payment service were established in 2000. Since then Paysafecard has become one of the leading prepaid payment solutions and is available in 37 different countries. The card is also accepted at 4,000 online shops, web services and other pay-sites. In 2015, Paysafecard bought rival Ukash, which is also a prepaid card used for online payments; therefore, it doesn’t exist anymore. With this move, the company confirmed its leading position on the market and became stronger. Paysafecard is sold at 450,000 outlets throughout the world. People buy it with cash and get a ‘ticket’ with a 16-digit PIN code on it. With it, you are allowed to pay or make deposits on the Internet at websites that have Paysafecards seal.
As an online payment system established in 2000, DineroMail allows customers to pay on the Internet in four different ways, namely a bank transfer, credit card payment, e-wallet deposit and a cash deposit. Which method is available for you, depends on the country of your residence. The system works as an intermediary between the customer and the recipient. It provides a platform that can offer its customers a wide range of payment options. In turn, their customers have various methods available to fund their payments.
EntroPay was the first European virtual Visa card which was made available in 2003. EntroPay is a virtual debit card owned by Ixaris Systems Limited. The service uses the Visa network for online banking, and even though it is considered an independent party, it can be said that it is a subsidiary of the well-known credit card company. The company which runs EntroPay is located in London, England and is licensed by the UK Financial Conduct Authority. The operator also has an office in Malta. The service of EntroPay is providing a virtual Visa card that is issued by English-Malta based Bank of Valletta via which online payments are facilitated and made from anywhere on the web where Visa is allowed. In other words, people that own EntroPay cards can make online payments at millions of web shops that display the seal of the payment service.
Przelewy24 is another direct online banking service in operation since 2003. This method is mainly popular in Poland and available to people from this country. They can use it to shop on the Internet. Przelewy24 accepts deposits from more than 100 Polish banks via online transfer as well as funding from credit and debit cards, e-wallets and pre-paid cards.
Bitcoin is a virtual currency or cryptocurrency which can be used as an online payment system. Unlike the physical currencies such as Euros, US Dollars or British pound sterling which are controlled by major banks, the software through which Bitcoins (BTC) work is the entire open source and available for all to use. People can buy and sell Bitcoins by exchanging regular currency with this virtual currency and vice versa. Moreover, Bitcoins can be created through the process of mining which involves using your PC to generate calculations and get Bitcoins.
This type of cryptocurrency arose in 2011. When it was created, the Bitcoin code base was used, so we can say that a Litecoin is the “younger brother” of the well-known Internet currency. Litecoin (LTC) is a cryptocurrency, which applies rules Р2Р networks. Like Bitcoin, this currency does not take the influence of a single controlling organisation, so third parties can not regulate its course. Today, the demand for Internet currency is growing, and every day the number of miners is increasing. The high popularity of Litecoin today is because the speed of transactions is significantly higher than that of BTC.
In 2015, Ethereum (ETH) Internet currency appeared. Ethereum is the second largest cryptocurrency by market capitalization, after Bitcoin. Like bitcoin, this type of cryptocurrency allows you to conduct financial transactions without taxation, and there is no binding to central authorities. The developer was a Canadian-Russian programmer named Vitaly Buterin. He took as a basis for the blockchain system and cryptographic protection. People use Ethereum to make payments around the world, as a store of value or as collateral.