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One of the considerations while choosing a broker for foreign exchange (Forex) trading is determining the proper method for depositing and withdrawing. Many Forex brokers will allow users to withdraw funds only by depositing. One of the more popular ways to deposit Money in the Forex account is using Perfect Money. Some Forex traders have not used Perfect Money earlier, so they would like more information to help them decide whether to use it.
What is Perfect Money?
Perfect Money is an electronic wallet (e-wallet) used to make and receive payments, store fiat currencies and cryptocurrencies, and do online shopping. Members are also paid an interest of 4% on the balance in their wallets.
Though it was available in 2007 or even earlier, and many companies are using Perfect Money, there is not much information available about the founders of the company or the management. Initially, the company’s website was perfectmoney.com, which was later changed to Perfect Money. Is. It deals in US dollars, Euros, gold, and cryptocurrency. Despite the lack of information, it has remained in business for many years.
While many brokers accept Perfect money payments, Exness is one of the top-rated perfect money brokers dealing with more than 100 assets.
What are the Best Perfect Money forex brokers?
The best forex brokers that accept deposits and withdrawals using the Perfect Money service are Exness and IFC Markets. Both brokers allow you to deposit and withdraw money using the automated Perfect Money payment system in just a few seconds.
I will show you my Exness account and Perfect Money option:
The broker usually allows the member to withdraw the amount he deposited in Perfect Money. In many cases, the same Perfect Money account has to be used for deposit and withdrawal to prevent fraud. The charges for depositing and withdrawing Money from the account will vary depending on the broker selected. The member will be directed to the Perfect Money website from the broker deposit page while depositing Money. While withdrawing Money, the Perfect Money account number will be compromised.
Below is the screenshot of my IFC Markets account and Perfect Money deposit option:
Perfect Money forex brokers
Regulated Forex Brokers Accepting Perfect Money are:
Advantages of using Perfect Money
Like other e-wallets, Perfect Money is widely used for making deposits and other applications because of the privacy offered and its convenience. No personal information has to be provided. Another advantage is that it is easy to convert the currency between fiat currencies like USD and cryptocurrencies whenever required. One of the main reasons Perfect Money is popular is that it offers a 4% interest on wallet balance. Different accounts are available, with additional fees, to suit members according to their requirements. Many e-wallets are unavailable in some countries so forex traders may prefer Perfect Money.
Advantages of Perfect Money:
- Security and Privacy:
- Uses advanced encryption technology for protection.
- Offers two-factor authentication for an additional layer of security.
- Monitors IP address verification and login history for suspicious activity.
- Prioritizes anonymity, allowing transactions without revealing excessive personal information.
- Instant transactions with just a few clicks.
- There is no requirement to sign up for separate accounts.
- User-friendly and straightforward interface.
- Accepts multiple forms of payments such as electronic currencies, bank wires, and prepaid debit cards.
- It can be used for online shopping, bill payments, and forex trading.
- Allows holding of multiple currencies within a single account.
- Global Accessibility:
- Available for use by individuals and businesses in many countries.
- Affordable Fees:
- Charges comparatively low fees for transactions.
- Comprehensive Features:
- Provides account management, transaction history, and customer support.
- Assigns trust scores and medals based on account activity and reputation.
- Supportive Customer Service:
- Offers robust customer support to assist with questions and issues.
- Promotions and Affiliate Programs:
- Provides opportunities for users to earn through referrals and promotions.
- Limited availability in certain countries.
- Some users may find the verification process cumbersome or invasive.
- Access to certain features can be restricted based on the trust score and account reputation.
Choosing a Forex broker
Many Forex brokers accept Perfect Money payment, so one of the considerations while choosing a broker is the platform design and features. It should be well-designed and easy to use. The commission/spread or slippage which is charged should also be considered. The broker should have facilities suitable for the amount of invested trading and also provide trading platforms. It should also offer good customer support. The speed of processing payments for both deposits and withdrawals should be considered. Most traders will prefer the broker who is charging the lowest fees.
While many reputed e-wallets can be used to make deposits with Forex brokers, some traders have limited options due to their lack of funds in the country where they live. Before using Perfect Money, the trader should research the company. They can also ask customer support to resolve queries since it is open 24 hours, seven days a week. The Forex trader can also ask other Forex traders if they have used Perfect Money for Forex trading.
Finally, after considering all the information available, the Forex trader should decide on using Perfectmoney for trading in Forex and the amount he should invest.