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Which Money Brokers to use??

Discussion in 'Forex Company Comparisons' started by RahmanSL, Oct 24, 2010.

  1. RahmanSL

    RahmanSL Major

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    I would appreciate information on which of these money brokers is most suitable (dare not mentioned “best” or “trust worthy”) for funding Forex accounts:

    1) Liberty reserves
    2) Webmoney
    3) Perfect Money
    4) C-Gold
    5) Cash U
    6) Moneybookers
    7) AlertPay
    8) PayPals

    Some of these money brokers (like Moneybookers) allow/limit your Credit Card money transfer to (as in my case) just over usd600.00 over a 60 days period. This is hugely insufficient.

    I am trying out AlertPay with an online same local bank to bank (mine & AlertPay) money transfer.
    I made a transaction on 21/Oct/2010 and they still couldn't process that transaction even though my online bank statement confirmed that it was immediately successful.
    I gave them the transfer trace number and AlertPay's receiver name and bank account, but still they don't seem to be able to confirm having receive the money transfer. I had to send them a scanned copy of my online bank transfer transcript and shall see what other problem they will come up with on Monday. Rather inefficient for a money broker especially when they should be able to check their bank account online (or they should have online banking).

    Bank wire transfer is of course the safest & efficient, but certain circumstances (like being far from one’s bank) can render that rather inconvenient.
     
  2. Pharaoh

    Pharaoh Colonel

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    Of the ones you've listed, I've only used PayPal. I tried to try out e-gold, right before they got shut down.

    Things I'd look for:

    Is there a dispute process?

    Is the transfer traceable in any way?
     
  3. RahmanSL

    RahmanSL Major

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    The transfer is traceable as it is reflected in my bank detailed statement.
    As for dispute process, I don't know and will have to dig up info on that when it does come to that stage.

    AlertPay "Customer Support" finally e-mail me a reply on 27/Oct/2010 stating: Quote:

    Hello,
    We have forwarded this information to our banking department who are now searching for your funds. Once they locate your funds we will contact you by e-mail and inform you. We thank you for your patience and hope to resolve this issue as soon as possible.
    ----------------------------------
    Thank you for choosing AlertPay! If you have any additional questions, don't forget to consult our FAQs at AlertPay!


    Well, if anything, at least they said "Hello" and is "searching" for my funds.
     
  4. JohnSkr

    JohnSkr Private

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    with paypal and webmoney - its the most fast and easy option
     
  5. RahmanSL

    RahmanSL Major

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    Yes, PayPal is good and reliable...but some brokers (and mine is one of them) cannot use them.

    Does Webmoney accept money transfer via Credit Card?

    Thanks for info.
     
  6. Stanly

    Stanly Private

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    I saw such services to transfer funds from CC to WM, but they have pretty large comission
     
  7. DavidS1

    DavidS1 Recruit

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    I'd avoid Webmoney like the plague. If you have any problems with them you will not get paid. They simply ignore requests. I can give you an example from personal experience. I used Webmoney for years when I had to make payments through them. I'd transfer money into Webmoney and then transfer it to people who wouldn't accept other methods.

    Then recently I ran into a problem. I stopped receiving their SMS verifications. Every other sites SMS is working for me. But despite 11 days of both me and them exploring every avenue (phone settings, phone service, trying multiple phones) I still could not get the payment to go through. So I made a simple request to them, how can I get my money out. I'll use another network. I've been asking that question for a week and they will not answer. They won't even respond. So I'm stuck completely unable to get my money out. I have tried various routes of contacting them to get this done and they all tell me to wait on my ticket to be responded to... of course nobody is responding to my ticket. And unfortunately due to their location it makes legal action difficult. I'd avoid them, if you run into problems they will steal your money.
     
  8. jkm

    jkm Private

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    I have used Paypal only too. I would say they are very reliable. They have both a dispute process and transfer is traceable.
     
  9. RahmanSL

    RahmanSL Major

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    ...uhmmm...hehehe....I forgot about this thread :p

    Over the weekend I spent some time surfing the net to look for that very elusive "perfect" broker and.....surprise, surprise....that's just a myth and an illusion because no broker can meet any one trader's wish list....and those that promises heaven-and-hell will most probably first give you heaven and then HELL when you try to withdraw money.

    However, I was able to compare spreads among some of the brokers that I am using or have used and, for want of a suitable place to post my findings, I shall post it here as in the attachment.
    I have to confess that I was rather surprise with the spreads comparison results because I didn't realize my present brokers charge higher spreads than others for some pairs that I have and am trading with.

    I would like to caution that these spreads might not be all correct and users are advised to seek confirmation from the broker(s) concerned.

    ==================================================

    1st attachment taken on weekend.......2nd attachment taken on Monday.
     

    Attached Files:

    #9 RahmanSL, Feb 15, 2015
    Last edited: Feb 16, 2015
  10. workitout

    workitout Private, 1st Class

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    is that for real ?? 19 on EU? or you just got this spread during sunday while market are inactive. since you wrote this post yesterday. I often use their service for spread comparison, better click more detail for any pair, market spread are vary during each session.
     

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