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Question about Neteller and other electronic wallets

  • #1
  • First Post: Jul 15, 2016 10:22am Jul 15, 2016 10:22am
Hi,

First, I don't know if I should ask this question here, in fact, I don't even know if I can ask this question on this forum, but from my point of view, it is totally related to FX.

Why Neteller capps the "withdrawing of money"?

I mean, most of brokers can only transfer to your account like 10k (some others more, some others less).

So, if I make a deposit with Neteller of 10K, and I make 1 million, the only thing I can do is to withdraw 10 k to Neteller and find another method for the rest of the money?

Why other companies are not limited like that? Like Skrill for example.

As far as I know, Neteller should be the competitor to Skrill, and not others like Payza (or whatever).
A good strategy for trading is... the opposite of having a bad strategy.
  • #2
  • Jul 15, 2016 10:29am Jul 15, 2016 10:29am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
The only reliable transfer for a broker is bank to bank ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Jul 15, 2016 10:40am Jul 15, 2016 10:40am
I use credit cards successfully with IC Markets. I am in Europe, they are in Australia and deposit or withdrawal costs nothing. Wire transfers on the other hand can be costly.
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #4
  • Jul 17, 2016 11:51am Jul 17, 2016 11:51am
Quoting FerruFx
The only reliable transfer for a broker is bank to bank ...
Yes, but in my country, there's an exchange control, and is really diffcult to open a USD based dollar account

Anyway thanks.

Quoting Ramadas
I use credit cards successfully with IC Markets. I am in Europe, they are in Australia and deposit or withdrawal costs nothing. Wire transfers on the other hand can be costly.
But... withdrawals made with a credit card, are limited for withdrawal, I've read in a lot of sites, that you can only withdraw the ammount you deposited with the credit card, am I wrong?
A good strategy for trading is... the opposite of having a bad strategy.
  • #5
  • Jul 19, 2016 12:17am Jul 19, 2016 12:17am
Quoting PowerTrade
{quote} Yes, but in my country, there's an exchange control, and is really diffcult to open a USD based dollar account Anyway thanks. {quote} But... withdrawals made with a credit card, are limited for withdrawal, I've read in a lot of sites, that you can only withdraw the ammount you deposited with the credit card, am I wrong?
You are wrong. You can get more than you deposited to credit card in IC markets.
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #6
  • Jul 19, 2016 12:30am Jul 19, 2016 12:30am
Not sure how it is now, but Neteller originally started as a payment site by American online casinos.

The purpose was to make it easy to transfer money in but hard to withdraw money out. Keep the money in the ecosystem so to speak.
  • #7
  • Jul 21, 2016 8:23am Jul 21, 2016 8:23am
Quoting Ramadas
{quote} You are wrong. You can get more than you deposited to credit card in IC markets.
Thanks, but look at this for example:

19. What is the minimum and maximum amount I can withdraw using NETELLER?
The minimum withdrawal amount that you can withdraw via NETELLER is 10.00 USD equivalent and the maximum withdrawal amount is 50000.00 USD equivalent.

So, if you earn 1 million, you can withdraw just 50k. That is my concern.


But with Skrill:

In addition, your Skrill Account limits will apply. Bank wire transactions, for instance, will depend on your outgoing transaction limit, if any. Depending on your usage and identity verification status, there will be specificDeposit Limits, which may affect you.

http://help.skrill.com/en/Article/sk...nd-withdrawals


This is direct from Neteller:

When withdrawing by Member Wire, you may withdraw up to 100,000 USD per 24 hours to your bank account. Using the Bank Transfer Withdrawal option, you can withdraw up to 1,152,700 USD each month directly to your bank account. Note that these two options are not available to all members; please click on the links above to see more detail.

https://help.neteller.com/app/answer...UUpDcGM0V20%3D

Quoting Iro
Not sure how it is now, but Neteller originally started as a payment site by American online casinos. The purpose was to make it easy to transfer money in but hard to withdraw money out. Keep the money in the ecosystem so to speak.
Thanks, that's good to know, but what's the case of keeping it in the ecosystem? It's good for them, not for us.
A good strategy for trading is... the opposite of having a bad strategy.
  • #8
  • Last Post: Jul 21, 2016 8:24am Jul 21, 2016 8:24am
Quoting FerruFx
The only reliable transfer for a broker is bank to bank ...
Yes, I've learnt that the last couple of days, thanks
A good strategy for trading is... the opposite of having a bad strategy.
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