Anybody out there would want to be the master of their money. When you are looking for a convenient and secure way to fund different accounts such as Forex or binary trading, you will also have to fully rely on the payment service you are using. In the next lines, we will present to you one of the best payment platforms that you can use is eKonto.
Available in the Czech Republic and Slovakia, eKonto is a type of bank account that clients of Raiffeisen Bank can utilize. There are many reasons why this platform is so great. For starters, you can set it up so that it will allow you to have complete management of your business and finances. Thanks to it, you will get the most commonly used banking services and products and all of that can be available in return for a flat monthly fee.
How to Fund a Forex Account with eKonto
One of the many advantages of eKonto is that it will allow you to easily fund your Forex account and enjoy smooth and easy trading. Once you have decided on a forex broker and you wish to upload money to your forex account, you should look either for an eKonto logo or an ePlatby sign.
You will be allowed to use three different methods for your eKonto payments which include direct banking, shopping over the internet and debit payments. You can use any of these options for funding your forex account and your money will be transferred instantly and in a safe manner.
All you will need to do is head to the Deposit page and select eKonto as your preferred payment method. This will redirect you to a page that will ask you to provide your credentials that are used to log in to your eKonto account. Make sure that the amount you wish to deposit is right and confirm the transaction. Your money will appear in your forex balance right away and at the same time, you will not have to expose any sensitive information while doing so.
There is the possibility to use Visa and Mastercard debit cards or a Mastercard Internet card which are offered by eKonto. However, you will be asked to provide your card details before the payment is processed, which is why the bank transfer is considered a safer option.
How to Withdraw from a Forex Account to eKonto
If you have access to the service of eKonto, you might also be able to use it for your withdrawals from your forex account. The process is very similar to the deposit one and it will allow you to quickly initiate a withdrawal.
All you will need to do is head to your account and select the options for withdrawals. Select the amount you would like to cash out and pick eKonto or ePlatby from the available payment options. The next step will be to log in to your eKonto account and verify the transaction.
Keep in mind that withdrawals cannot be as fast as deposits and it may take a few days to receive your money to your eKonto account.
Benefits of Using eKonto for Forex Trading
There are different eKonto packages that you can try and use, but it might not be a bad idea to try the paid one simply because it may allow you to fund different accounts you have such as Forex or binary trading. Plus for all active users, additional bonuses will be applied along with all benefits.
If you decide to fund your forex account via eKonto, you would enjoy plenty of benefits which might convince you that this is the perfect payment solution to rely on. One of the biggest advantages of eKonto is the safety it provides. As Raiffeisen Bank is the institution offering this payment solution, clients of the bank can be certain that their money will be handled with extreme care. This is very important for those who embark on foreign exchange trading as it can be a very risky experience.
Another positive feature of the solution is that it offers instant deposits which is great news for forex traders. Thanks to this service, you can fund your forex account immediately which is not a benefit that not every deposit method may offer.
If you opt for creating an eKonto account, you will be able to choose from several options, each of which is perfect for customers with different needs and preferences.
When you wish to withdraw money from your eKonto account, you will enjoy unlimited withdrawals from ATMs or any bank. The number of domestic transactions such as outgoing payments, incoming payments, standard orders or direct debits will also be unlimited and all of that will be available via internet banking.
If you think that this is not enough for you, then you will be even more surprised if you decide to fund your Forex account, simply because you can use eKonto to fund different eWallet platforms. So even if eKonto is not directly supported by your broker, you can fund any of your payment accounts via the service and quickly fund your forex account.
Disadvantage of Using eKonto for Forex Trading
While eKonto is a very convenient method that can be used for managing your forex account balance, it also has some minor disadvantages that are worth mentioning. These will help you to evaluate the service and determine whether it is the most convenient method for you.
The most obvious disadvantage of this service is its restricted accessibility. In order to be able to use eKonto, you will have to be a client of Raiffeisen Bank. What is more, this type of banking account is available only to residents of the Czech Republic and Slovakia. This automatically means that forex traders who reside in another country, will not be able to fund their forex account via eKonto.
Some forex brokers might not allow you to initiate withdrawals to your eKonto account which can also be very inconvenient. What is more, you will have to have a few days to receive your money to your eKonto account if you manage to use the service for your withdrawals.
Keep in mind that even though most forex brokers will not impose any fees for using eKonto for your deposits, there might be other fees for other transactions you initiate via your eKonto account. This is why it is important to check the fees that the use of this service will levy.
Fees and Limits When Using eKonto to Trade Forex
As it was mentioned earlier, in most cases, you will not be charged any fees when using eKonto for funding your forex account. Despite that, there are some fees that need to be mentioned before you proceed to open an eKonto account.
While it is free to open an eKonto account, keep in mind that you might be charged a fee of your account is inactive. Depending on the type of eKonto account you have created, you will be charged between 0 CZK and 750 CZK per month if you have not used your account. In order for the account to be considered active, your monthly deposits must be of at least 15, 000 CZK and you will have to make at least 3 payments.
The standard account management fee is 99 CZK per month. As eKonto also offers debit cards, you can enjoy your first one without having to pay any fee for that. If you initiate a withdrawal from a local ATM, this will not incur any additional charges but if you make a withdrawal from an ATM abroad, you will be charged a fee of 0.5%, the minimum of which will be 100 CZK.
If you request a withdrawal from a cash desk of a bank or exchange office in the Czech Republic, this will levy a fee of 150 CZK. If you do the same transaction at a bank or exchange office abroad, you will pay the same surcharge of 150 CZK.
eKonto Chargeback on a Forex Account
Forex trading can be quite risky and traders should always be aware of the way to receive their money back if they ever come across a shady forex broker. While some payment methods will not be of much help if the broker has not processed your withdrawal, there are some solutions that will help you get your money back.
If you have decided to use eKonto for your forex account but you have stumbled upon a racket broker, you might have a difficult time to get your money back. This is why it is recommended to always check whether the forex broker is properly regulated and licensed as this will guarantee you an easier way to get your funds back.
If you have made your deposit at a properly regulated forex broker, you can simply send a record of your transaction history to the regulator of the broker and the rest of the solution should be handled by the regulating authority. You can also try to go through the same process but send your transaction history to the banking institution of the forex broker. You can do that by contacting the customer support of the bank and request a chargeback, provided the forex broker has not returned your money.
Security When Trading Forex with eKonto
It is important to know that the payment service you are using when trading forex is trustworthy and will allow you to safely manage your money. If you have decided to resort to payments via eKonto, you can be certain that your funds will be protected via some of the most innovative security systems and technology.
As eKonto is a service offered by Raiffeisen Bank, you can be sure that the payments carried through via the eKonto options are always properly protected. The banking institution always protects any piece of sensitive information that its clients may share during payments. This, of course, fully applies to the payments made via eKonto, as well.
The fact that this you will not be asked to expose any card or banking information when depositing to your forex account, makes eKonto a very safe payment method. This will definitely give you peace of mind when you are trading forex.
Conclusion
Czech and Slovakian traders will have no issue funding their forex account via eKonto. Of course, they will also have to be members of Raiffeisen Bank which is the institution that offers this payment solution. If you decide to make deposits via eKonto, you will be able to fund your forex account instantly, without exposing any sensitive data. This makes the solution a perfect option for those who wish to enjoy smooth and safe forex trading.
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