Broker with e-currency - Are they reliable enough?

Hi,

Some forex brokers provide deposit with e-currency, such as Liberty Reserve, Perfect Money, EuroGold Cash, AlertPay, WebMoney and etc..

As i know, these e-currencies can become worthless anytime, eg. e-gold. If this is true then why forex brokers still accept using(deposit and withdraw) e-currency?

Do you think that we can judge a broker(Financial reliability) by deposit method? Because i realized that famous forex brokers do not accept e-currency.

Any comment?

Thanks,
SIM

Any comment?

Iam never use all those, to risky for me .. !

hi,

anymore comment?

i used this kind of service, i signed up with exness and used moneybookers. i used exness coz of the 1:1000 leverage and cents account. i used moneybookers coz it is somehow the same as paypal. i dont trust those other e-currencies.

pip2cash posted:
    Hi,

Some forex brokers provide deposit with e-currency, such as Liberty Reserve, Perfect Money, EuroGold Cash, AlertPay, WebMoney and etc..

As i know, these e-currencies can become worthless anytime, eg. e-gold. If this is true then why forex brokers still accept using(deposit and withdraw) e-currency?

true, e currencies can become worthless, that why you need to choose the best for you, choose the ones that are regulated.

pip2cash posted:
Do you think that we can judge a broker(Financial reliability) by deposit method? Because i realized that famous forex brokers do not accept e-currency.

Any comment?

Thanks,
SIM

other famous brokers use paypal, so it is pretty much the same, in exness they only accept e-currencies for the mini and cents account, for the standard/classic account it should be wire transfer.

Hi Macro,

Thanks for input.

SIM

The process to cash in and out of these products are just tedious anyways...just dependent on 3rd party sites so that they (the e-currency) don't have to deal with privacy, exchange issues, and chargebacks.

DarkProdigy posted:
    The process to cash in and out of these products are just tedious anyways...just dependent on 3rd party sites so that they (the e-currency) don't have to deal with privacy, exchange issues, and chargebacks.

How does your point related to justifying reliability of a brokers?

Please clarify some more.

Thanks,
SIM

It really doesn't but my point more or less is why bother....

It's just fee after fee after fee with most of these e currencies.

Hi DarkProdigy,

thanks for your input.

Regards,
SIM

Dear members,

anymore input?

Regards,
SIM

Actually...since I never really answered the question, but just mentioned that the use of these e-currencies are just stupid...

...as for forex brokers...i'd prefer within the realm of legitimacy and e-currencies are not it for this such business.

Don't get me wrong...e-currencies have some good uses. Lord knows it helps me not worry about chargebacks when I do freelance web designing/programming...but, if your claiming to be a big financial broker who handles millions of trades and millions of dollars, then why bother with e-currencies.

Are they fishing for money that cant really be traced? Are they worried about chargebacks? Are you dealing with customers you possibly could be illegal according to your laws so you keep the anonymous?

...it sure as heck isn't abut reducing fees because cashing in and out of these e-currencies is a whole other level of fees you dont incur with just a credit/bank card.

E-Currencies are just not a professional standard of payment to me...and if a broker has them, I sort of get a bit skeptical.


But thats just my 2 cents.

Hi,

I had some conversation with one of brokers that offer e-money for deposit/withdraw.

Their reason to accept these kind of currency is, since they offer micro account so they should expect small deposit from trader. If trader want have small deposit then using TT through bank is not economic since bank will charge about 30 to 50USD depend on countries.

Same case for withdraw. So this is the explanation from them.

What do you think? Is this acceptable?


Regards,
SIM