| Updated: November 20, 2024- Jump to:
- How to Deposit
- How to Withdraw
- Pros of Using Neosurf
- Cons of Using Neosurf
- Fees and Limits
- Neosurf Chargeback
- Security
- Conclusion
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Fusion Markets74-89% of retail CFD accounts lose money- FP Markets73.85% of retail investor accounts lose money
- Pepperstone75.5% of retail investor accounts lose money
- Global Prime74-89% of retail CFD accounts lose money
- eToro51% of retail investor accounts lose money
- XM Group72.82% of retail investor accounts lose money
Neosurf is one of the leading prepaid solutions on the Internet. Available in dozens of countries and thousands of retail locations, this voucher has reached great levels of popularity. Although originally designed for small-time online purchases, it has found its uses in online Forex trading and other compelling industries. Currently, Neosurf stands as one of two go-to prepaid methods and as such, enjoys great popularity among Forex platforms. In this review, we will take a look at how it operates and if it is worth using when trading Forex.
How to Fund Forex Account with Neosurf
Making a deposit with Neosurf is made easy and convenient no matter who you are or if you have used the service before. When you purchase a voucher, you give cash and receive the voucher. On it, a 10-digit code will be printed, which you will allow you to spend the balance of the voucher.
When you log in at the broker website, you will need to find the Payments page and select Neosurf from the variety of supported banking methods. Then, you will need to enter the sum you wish to deposit and the 10-digit code on the voucher. You are not required to deposit the full value of the voucher, but it is a good idea to keep track of your spending with it.
When you confirm the deposit, the service will process the payment immediately. This gives you the opportunity to start making trades without delay. Neosurf is quite efficient in this regard and one of the reasons why users like it as much as they do.
How to Withdrawal from Forex Account with Neosurf
When it comes to withdrawals, however, things get a little messy. Due to the nature of the service, Neosurf does not support payments both ways. Indeed, you can only use this banking solution to make deposits. Of course, this does not mean that you cannot get your money out of your Forex balance, but it does make things difficult.
When you wish to cash out after depositing with Neosurf, the most commonly offered alternative is in the form of a bank transfer. You will need to provide the support staff with the appropriate details needed to facilitate the transaction. After it is approved, which can take a day or two, the payment will be sent. Then, depending on your bank and country of residence, you will have your money within 1 and 5 business days. Additionally, you will also need to be verified before a withdrawal can be processed.
Benefits of Using Neosurf for Forex Trading
Neosurf has risen to a high degree of popularity where online payments are concerned and there are several factors that drive this. The advantages that this service offers are quite notable and each will contribute to your Forex trading experience. Below, we will outline the most important benefits you receive from using Neosurf.
Neosurf is quick and efficient in terms of transaction speed. Instant deposits are always welcome and this service is able to achieve this easily. With Neosurf, you would not need to wait several business days for a transfer to clear as you would with other payment methods. Moreover, the cost of the service is practically nothing under most circumstances. Therefore, you stand to get quick and easy payments at no cost. Few other banking solutions can achieve this.
Something else to consider is just how accessible Neosurf actually is. You can purchase a voucher during your day-to-day activities, be it at a supermarket, gas station, or another retail location. Moreover, Neosurf enjoys a great level of support from a variety of online services, even outside of Forex trading. Therefore, you can use this payment solution for a variety of different things.
Finally, Neosurf also comes with excellent security features and never exposes or requires your sensitive information to use the service.
Disadvantages of Using Neosurf for Forex Trading
Of course, there are several serious drawbacks to using Neosurf, not unlike most other prepaid solutions. These may or may not be deal-breakers, but you should know about them all the same.
To begin with, Neosurf is not able to handle withdrawals. This service is designed to make small one-time purchases on the Internet, not to move money between accounts on a regular basis. As a result, when the time comes to take back your balance, you will need to resort to a different method. Usually, brokers give you the opportunity to withdraw via bank transfer, though this can take several business days to clear.
Naturally, we also have to mention the tight transaction limits inherent to Neosurf. This is another issue that arises when using prepaid methods of any kind. As mentioned above, the level at which this service was intended to be used does not match what Forex requires. While some traders wish to transact thousands at a time, Neosurf can barely hold $250 per voucher. Therefore, if you wish to trade high volumes, you would be much better off with a different and more capable banking method.
Fees and Limits When Using Neosurf to Trade Forex
Where the cost of the service is concerned, Neosurf is quite cheap compared to others. Generally, there are very few fees and charges involved in using Neosurf and many can be avoided altogether. When making payments with Neosurf, you will not be charged anything for the transaction. The same goes for when you purchase the voucher in the first place. However, under certain circumstances, you will have to pay something. Specifically, when you deposit in a foreign currency a charge of 2% will apply, but if your main currency is PLN, then the fee goes up to 3%.
A Neosurf voucher that has been inactive for twelve months will be charged $2 for every month it continues to remain unused until the balance becomes depleted. If you choose to refund your Neosurf balance, then you will have to pay 6% of the total amount.
As with all prepaid solutions, Neosurf is not exactly liberal with its spending limits. Generally, you will be able to load up to $250 on a single voucher. You can, of course, purchase multiple cards, but that is hardly an ideal solution. If you wish to make larger transactions, Neosurf may not be the best payment method for you.
Neosurf Chargeback on Forex Account
One should be extremely careful when using Neosurf anywhere on the Internet. Not for any other reason, but because Neosurf payments are one-way only. Once you complete a transaction, then it cannot be reversed and you cannot issue a chargeback. This is often the case with prepaid solutions, including other popular services like Paysafecard.
If you wrongly deposit to a forex broker platform, you have several options aside from a chargeback. First, you can try to withdraw your funds via the normal way. Since Neosurf does not support withdrawals, this will likely happen via bank transfer. This means that you will have to provide the broker with your bank details to complete the transaction.
If that is not an option, you can contact the support staff to see what the situation is and what can be done about it. If they are unresponsive or do not give you a concise answer, you should turn to the regulatory institution that oversees broker.
While there may be other ways to get your funds back, it is a hassle no matter how you frame it. Therefore, always check twice what you are doing before completing a payment.
Security When Trading Forex with Neosurf
If you are conscious about security, as you rightfully should be, you will be happy to know that Neosurf is doing quite well in this regard. With many other services, you have to enter some form of personal and banking details. However, not in the case of Neosurf. The voucher is purchased for cash without any ID details being entered. As a result, no vital information is stored. Therefore, there is no chance for any details to be revealed or compromised.
When using Neosurf, you are completely anonymous and will not have to worry about the integrity of your vital information or the security of your funds.
Conclusion
Overall, Neosurf is interesting, to say the least. While it does offer a good number of benefits, this service also has its share of disadvantages, as well. Some of them, such as the inability to withdraw via the same service, can be quite detrimental. Ultimately, it boils down to personal choice whether to use Neosurf or not. Be sure to carefully take into account everything that we mentioned above before reaching a final decision.