If you’ve had a chance to look at some of the deposit/withdrawal options of various brokers, you will have probably come across some of the common options like Neteller, Skrill, Webmoney, QIWI (depending on your location) and many more.
In many cases, the type of currency manager will depend on the location which you reside, although the likes of Neteller and Skrill are more or less global. In some rare cases, you’ll also see PayPal.
So what are the advantages of using these services instead of say bank transfer or credit card.
These methods are also very common to users that gamble online with casino or binary options type offerings. Some of the merchants are not the most trusted and can be a little daunting to hand over your credit card details or even bank details.
With the financial services of the internet money options, they add a buffer between your financial institute and the brokers. A little piece of mind. Also lets you transfer money overseas without any worries.
Another issue you may find is that some banks give you trouble or charge a lot when transferring to certain countries. In some cases, an international transfer can be extremely frustrating to the point that you need to go into a branch to confirm the transfer. With these Internet Money companies, you are saved that hassle.=
There is of course, also a downside. When using these options there is often an additional fee attached, especially when transferring back into your account.
Neteller and Skrill tend to charge a set fee while PayPal may charge a percentage of the transaction when money has entered your account. You should review the costs of each option before proceeding.