Forex Brokers Accepting Perfect Money Deposits

Perfect Money has been in operation for fifteen years. However, it started to gain popularity after the US authorities shut down a competing service for failure to comply with anti-money-laundering regulations. Perfect Money, like many other e-wallet services, was set up to provide an alternative means of payment for millions of people who were locked out of conventional payment channels such as PayPal and card-based payment processing networks. The principle of Perfect Money was simple: if you could buy the digital currency of Perfect Money and a sufficient number of merchants willing to accept this payment form were brought on board, this would eliminate the need to use the restrictive conventional payment channels.

Perfect Money has since expanded its operations and has become another means by which traders can conduct deposit and withdrawal transactions on compliant forex broker platforms. The principle behind this was to engage as many forex brokers as possible to offer this payment method, and get Perfect Money currency into the hands of traders who were unable to use other payment channels. The process was simplified by the licensing of local payment agents who were willing to exchange local fiat currency for Perfect Money units.

Introduction: Deposits, Withdrawals and Perfect Money

Perfect Money was a relatively late entrant into the world of remittances and online payments. It was largely overshadowed by other payment methods, principally by Liberty Reserve. Its popularity stemmed from Liberty Reserve’s collapse, as users found it easier to transit to Perfect Money due to its mode of operations. However, the operators of Perfect Money have made sure it did not make the same mistakes as the former and has ensured its users comply with anti-money laundering regulations.

Perfect Money offers three levels of service:

• A) Normal: This status is assigned to all new customers and does not affect their usage of the platform.
• B) Premium: This is a higher level of individual account usage and confers the advantage of lower fees than Normal account users have to pay for transactions.
• C) Partner: This is the enterprise level of usage and is usually what the forex brokers accepting Perfect Money will operate with.

Usage of Perfect Money as a means of depositing and withdrawing funds with compliant brokers is only possible if the user has submitted the relevant identification documents and a valid phone number to verify the account.

Each user is assigned an account with four currency denominations. These are the USD, Euros, gold and Bitcoin. Users are free to fund their accounts using any of these currency types. Successful funding leads to the allocation of PM units, equivalent to the amount the trader has deposited. Bitcoin deposits are free and only attract network confirmation fees.

How does a typical Perfect Money deposit onto the trader’s account with a compliant broker work? As explained earlier, the trader would either have a Normal or a Private account. The Premium account is held by legal entities, which in this case is the forex broker accepting Perfect Money deposits. When the trader has signed into the members’ area of the broker’s website, there would be a link on the Deposits section to click on Perfect Money if this is the desired medium of the deposit transaction. This opens a dialog box on the screen that transfers the trader to the Perfect Money interface created for this purpose. After signing in, the trader is prompted to follow several steps to conduct the internal transfer. Once the funds leave the trader’s account to the broker’s account, the capital on the trader’s account is updated to reflect this margin.

Withdrawals follow the same route, but typically take more time than deposits, which are instant. After withdrawing funds from the brokerage account, you may opt to have these funds sent to your bank account via wire transfer for a 2.85% fee (excluding the bank's fees). Bitcoin-based withdrawals attract a 0.5% + $10 fee if these are express withdrawals.

Deposit and withdrawal transactions with forex brokers accepting Perfect Money occurs via four payment channels:

A) Wire transfer: You can send money to Perfect Money using your bank account and your PM units in the currency of choice (USD, Euros) will be credited to your account when the funds are received. This is the slowest method and not the most popular. However, those without crypto access and where there are no exchange partners have to use this method.

B) Exchange Partners: Where there are exchange partners, you can use your local currency to buy or sell PM units from such partners. Many exchange partners will demand you get verified before they have dealings with you. This is a fast method, but be prepared to pay more in fees to cater to the exchange partner's profit.

C) E-currency: Merchants of e-currency payment systems also provide another conduit for deposit and withdrawal transactions.

D) Store Cryptocurrency: You can send money to Perfect Money's crypto accounts and the amount will be credited to your trading account on the forex broker accepting Perfect Money deposits. This is a fast method that also takes the stress of wallet-associated risks off the trader.

Usage of Perfect Money as a deposit/withdrawal option on a forex brokerage platform comes with fees that users need to be familiar with. Every deposit that comes with a bank wire from a trader's bank account to the Perfect Money wallet comes with a minimum fee of 0.5% of the amount. Bitcoin deposits attract no fees, except the mining fees that users must pay for network confirmations of the BTC transaction.

Internal transfers (which is how traders fund their accounts with the forex brokers accepting Perfect Money deposits) also attract fees. If you own a verified Normal/Private account, you pay 0.5% of the transaction amount in fees. The same percentage goes for Premium account holders.

Usage of Perfect Money also allows the user to earn an interest, if the Perfect Money account retains a minimum of $500 a month. This is a bonus for all users, especially the highly capitalized ones.

Benefits of Choosing a Forex Broker Accepting Perfect Money

Even before cryptocurrencies came with the promise of a certain level of anonymity, Perfect Money was arguably the first digital wallet that brought this factor to the fore. It has also expanded its services to include integration of Bitcoin as a means of deposit/withdrawal, giving traders an additional option in terms of payment channels. All these go to present Perfect Money as a valid payment channel for those seeking instant settlement of deposit transactions. Here are some reasons to consider using forex brokers accepting Perfect Money as a deposit/withdrawal option.

1. All deposit transactions using Perfect Money are instant,with the exception of Bitcoin deposits which must undergo network confirmations and are subject to the conditions within the blockchain at the time of the deposit. Withdrawal requests are usually processed within one working day.
2. Perfect Money provides an anonymous and secure environment for transactions, especially for those who do not want to continuously enter their card or bank details anytime they have to deposit or withdraw funds from their brokers.
3. The availability of exchangers allows users to buy PM units using their local currencies, which eliminates the need to source for foreign currencies. This is of immense benefit, especially in countries where there are strict controls on access to foreign currencies.
4. Perfect Money is a multi-currency platform, supporting deposits in Euros, US Dollars, Bitcoin and Gold.
5. Crypto withdrawals to your bank account or your cryptocurrency wallet on Perfect Money are easy. Alternatively, you can use the exchange service to convert fiat cash to crypto or crypto back to fiat currency.
6. Transaction costs on the Perfect Money platforms are low and are capped at 0.5% for most methods.

Conclusion

When you use a forex broker accepting Perfect Money deposits, you have access to yet another means of transaction that gives you options. You do not need to use your bank cards when transacting with Perfect Money. Also, Perfect Money has local exchangers in many countries, ensuring that buying PM units with your local currency is not only possible but an easy and seamless process. So feel free to choose a forex broker accepting Perfect Money payment systems from our list, and get access to a safe and secure method of transacting with the forex market.