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FAQ

Three Benefits Traders Get from Using E-Wallets

Everyone has favorite websites to order food, buy clothes, deposit funds to trading accounts. But few people know that paying for goods and services with a bank card is not the only one, and perhaps not the best solution.

It is much easier and safer to carry out transactions and save money using e-wallets .

In our article, we will explain why an e-wallet should become a compulsory attribute of an Internet user, especially a trader. And we will also give a list of the most popular and secure services with a simple registration.

 

An e-wallet is convenient

One can compare such services with having a bank account, but this kind of account is opened not in a bank, but in a financial institution. These companies have all the necessary international licenses, including those of the European Union or the United States.

The system of international legal regulation of the financial sector ensures the safety of clients’ funds held in electronic wallets, as well as the safety of transactions.

The fundamental difference between e-wallets and banks is their flexibility and the desire to develop payment technologies. In fact, why should a mortgage bank care for technology if it receives its hundred-percent interest from borrowers?

To sidestep rivals, online financial companies are ready to provide the client with greater security and faster transactions. They have to develop to stay competitive.

E-wallet is a modern, universal, multi-currency and secure way to make a payment or transfer funds. Want to receive and transfer money in no time? Open your e-wallet!

 

An e-wallet is lucrative

Bankers make billions of dollars on commissions and interest. Just think about how much your bank charges as an annual maintenance charge for the card you are using?

Financial services companies do not charge for monthly or annual maintenance, and their fees for transfers are much lower than those of the banks.

Most often, there are no transaction costs for transfers between one-system wallets, regardless of the amount. E-wallet is always free or much cheaper than banking services.

 

An e-wallet is easy

It is easier to create an electronic wallet than to open a bank account. All you need is to go to the website of the service, enter some information about yourself (of course, true information) in the registration form and start using the wallet.

It is not necessary to prove your identity if you don’t plan to carry out large transactions. To work with large amounts of money you will have to go through the verification process. That is, to provide a copy of the document, which confirms your identity (a passport or a driver’s license).

 

An e-wallet is safe

These days, the concept of “banking secrecy” has gone rather vague. Banks can block accounts or set off funds on the request of government agencies.

Due to their transnationality and special legal status, electronic wallets are a more reliable financial tool. Especially when different agencies encroach on your account.

Are you developing your own business? Do not forget to connect as many electronic payment systems as possible! This way, you can maximally diversify the risks caused by inability to get or send payments.

 

Which e-wallet should I choose for working on Olymp Trade?

You can use the services of one of the most popular payment systems. This is not an exhaustive list, but these companies have earned the trust of their customers from all over the world and have all necessary licenses.

1. ePayments — the company founded in 2011. The number of its customers is more than 600 thousand, and the annual turnover is over $ 4.5 billion.

2. Neteller — the company has been operating since 1999 under the jurisdiction of the United Kingdom.

3. WebMoney — the oldest representative of the industry founded in 1998. It has more than 36 million users worldwide.

4. Skrill — (Moneybookers before rebranding), the company founded in 2001 in the UK. The number of customers exceeds 32 million.

5. FasaPay — an e-wallet popular in Singapore. The company has been working in the market since 2013.

6. QIWI Wallet — the company established in 2007. The annual turnover is more than $ 160 million.

7. Yandex.Money — a company founded in 2002. The number of customers exceeds 30 million.

8. Jetona kind of e-wallet popular with the Turkish citizens. The company has been working since 2016.

9. Astropay — a payment system which issues free virtual bank cards. Astropay is quite popular in Brazil.

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