who is your favorite FX broker??

Discussion in 'Forex Brokers' started by cashclay, Jul 8, 2016.

  1. Xela


    There's not much sense in using intermediary, third party payment-processors (like Skrill) to transfer money in/out of a forex brokerage: all that can do is produce additional delays and costs, unnecessarily.

    You can't trade without having a bank account anyway, and directly to/from a bank account is the fastest, lowest-cost and most reliable way.

    If the bank charges something or exchanges into your local currency at a rate you don't like, you're still going to incur that problem anyway, by getting the money back via Skrill, but with Skrill's fee on top: you can lose something by using a third-party processor, but not gain anything. (And many banks will let you open a USD account anyway, wherever you live.)
    #51     Mar 9, 2017
  2. Robian


    Doesnt a bank transfer take longer time?
    #52     Mar 15, 2017
  3. Xela


    Mine don't - they're faster.

    It may vary from bank to bank (and maybe even from country to country).

    But one thing is certain: using the bank will be faster than using Skrill AND the bank - which is what you ought to be comparing. At some point in the transaction, you have to use the bank or a credit-card: you can't get money to/from Skrill without doing that.
    #53     Mar 15, 2017
    Robian likes this.
  4. Robian


    I got it now, it's about a card
    I thought that it's about a wire transfer with a bank
    #54     Mar 15, 2017
  5. doggyfx


    Get my withdrawal from Skrill to bank from 0-2 days max, while card takes longer.
    Internal security procedures of offshore brokers doesn't permit them to send more than original to the bank. So Skrill-bank-Atm I consider fastest option to get money on hands.
    #55     Mar 22, 2017
    Xela likes this.
  6. Xela


    I hear you, and I wish you well with it, but I don't understand how/why you're not incurring extra costs and delays, that way.

    It can't be quicker or less expensive overall to get funds sent first to Skrill and then from Skrill to your bank than it is just to get them sent directly into your bank account in the first place, surely? [​IMG]

    Teach me something, here: I'm perfectly willing to be mistaken about this and to learn something from you. ;)
    #56     Mar 22, 2017
  7. doggyfx


    Ok soo wire transfer takes up to 5 days right?

    For me, withdrawal from a broker to Skrill takes 1-6 hours during business hours, plus 1-2 day on bank account. Using the scheme I avoid paying taxes at all. That's the advantage that keeps me using online payment systems.
    #57     Apr 10, 2017
  8. Xela


    Wrong (for me, anyway).

    Sorry but this is just total nonsense.

    Whether or not your trading profits are taxable is a matter for your country's tax laws, but NOWHERE is it dependent on whether you transfer it directly to your bank from the broker, or pass the funds through Skrill in-between the two!!

    That's beyond ridiculous! :rolleyes:

    Sorry to sound so contradictory, but you just don't understand what you're talking about, at all, here.

    And in a forum full of gullible beginners who don't know whom to listen to and whom to believe, that can cause problems. You've obviously misunderstood something very fundamental, and you're now misinforming others because of that.
    #58     Apr 11, 2017
    MACD likes this.
  9. agnes35


    I don’t have any personal favorite broker. I choose them until they serve me my interest. I have some set of requirements before choosing a broker like ECN (for scalping), trading software and most importantly FCA. Lower commission with FCA regulated brokers are most welcome like Tickmill. There are some other low commission brokers like IC markets but They are only ASIC regulated. Oanda, FxPro has non-tradeable high spread with the cross and exotic pairs.

    @Xela , I do like to avoid taxes :) , I use a debit card with Neteller, which is a better way to avoid banks.
    #59     Apr 14, 2017
  10. Xela


    As mentioned just above, whether or not your trading profits are taxable is a matter for your country's tax laws, but NOWHERE is it dependent on whether you transfer it directly to your bank from the broker, or pass the funds through Skrill (or Neteller) in-between the two!! For most of us, there would be no point in trading if we had to "avoid banks": you can hardly visit your broker and collect your earnings in cash.
    #60     Apr 15, 2017
    MACD and agnes35 like this.