ePay Forex Brokers

epay_forexePay is an electronic payment system that has been making for secure and convenient payments for over two decades. It was first launched in 1999, and since then, it has helped millions of people pay their bills online, purchase products from different websites, and even invest money in their Forex trading account.

The company is focused on providing all the means for a hassle-free card and bank transfer processing over the Internet, which renders it a viable solution for Forex traders. The payment gateway caters to the needs of users from Bulgaria, and it is fully certified to provide its services by Trustwave.

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How to Fund a Forex Account with ePay

One of the interesting things about this system is that its users can opt for two methods to make payments or deposit money in their accounts – they can either connect their debit/credit card with their ePay account or they can open a microaccount and deposit money in it. Both of these methods have their pros and cons, so it is up to you to decide which method best suits your needs and requirements.

Those of you who insist on keeping their card details private simply need to link their credit or debit card to their account. That way, Forex traders will be saved the hassle to input their banking data each time they would like to make a payment as instead, they will be prompted to log into their ePay account and authorize the transaction.

When it comes to the microaccount, traders should be in the know that it has three levels. The difference between them stems from the fact that the users will be allowed to send, to spend, and withdraw different amounts of money. Needless to say, Forex traders who wish to benefit from higher limits will need to upgrade their standing. What some traders might be delighted to find out is that when they reach the third level, there will not be a limit on the amount they can send or withdraw from their microaccount.

What is more, as you climb up the different levels, you will be required to pay less for your transactions through ePay.

If you are intent on speculating on Forex, and you have decided to give ePay a chance, you should be in the know that first, you will need to upload some funds into your microaccount. The options you have are aplenty as traders can upload funds through bank transfer, using the credit card form, or by visiting any of the Easypay offices. You can also top up your account at an ATM and what you need to do is to input both the B-pay code (15005) and your personal identification number. All these methods, save bank transfer, make for the instantaneous transfer of funds.

If you have already ascertained that you have sufficient funds in your microaccount before you begin speculating on Forex, you need to transfer some funds to the broker you have chosen. First, traders need to log into their account and navigate to the section where deposits and cashouts are carried out. Then, they will be asked to enter the amount they would like to upload and pick ePay as their banking solution of choice. When the pop-up window shows up, you will be asked to log into your ePay account using your credentials. Traders should specify if they wish to make their transaction through their microaccount or using the debit card they have already registered. The last thing they need to do is to authorize the transaction.

How to Withdraw from a Forex Account Using ePay

Traders are unlikely to encounter any troubles when they want to initiate a withdrawal via ePay. First off, they need to head over to the banking page, specify the amount they would like to cash out, and provide their account number. What might make some traders disinclined to opt for ePay is that they will only be able to lay their hands on their money after they have cashed them out from their microaccount.

Once their money has appeared in the balance of their microaccount, traders will be allowed to decide if they wish to retrieve their funds back to their bank account, or they prefer to get them in cash. Those of you who prefer the second option should be aware that they can get their money at one of the offices of Easypay.

Despite the fact that some brokers allow withdrawals via ePay, traders should be in the know that this may not always be the case. For that reason, it will be better if you check out whether the Forex trading platform supports the payment method for cashouts prior to getting down to trading.

Benefits of Using ePay for Forex Trading

Before you get down to employing ePay, it might be better to gauge the benefits and the downsides of using the payment method when speculating on Forex. This might help you a lot, especially if you cannot figure out whether it will be right up to your street.

First off, one of the aspects in which ePay positively does not lack is security. The company has provided a wide range of precautions to ensure that your funds will be transferred in the utmost security. Users of the payment service can benefit from one-time passwords and codes that are sent via SMS. In the unlikely event that you have become a victim of a fraud, you will be able to make use of insurance.

Another feature of the payment method some of you might also appreciate is that it allows its users to remain anonymous all the time. This is possible as all you need to do in order to wrap up the transaction is your account number.

Moreover, payments through ePay are really fast, which would allow traders to turn their head to Forex trading almost immediately. Cashouts, if they are possible at all, will not take that long as well, which seems to be the case with other payment solutions like bank transfers, for example. Another perk of using ePay is that it is likely to be much easier for traders to organize their bankroll as on most occasions, the payment method is available for cashouts as well.

If you are a Forex trader with a rather busy daily routine, you might also appreciate the dedicated apps for iOS and Android-powered devices. The apps can be downloaded straight from Google Play and the App Store. The reason why the apps might turn out to command your attention is that they will allow you to handle your transactions, no matter of the time or the place. Additionally, getting the apps will not cost you a dime.

Disadvantages of Using ePay for Forex Trading

One of the biggest downsides of the payment method is that it is focused on a single domestic market. Unfortunately for Bulgarians, ePay isn’t a well-known website outside of the country, so it shouldn’t come as a surprise that there aren’t many Forex brokers that accept deposits through ePay. Therefore, it might turn out to be a bit difficult to find a broker that facilitates deposits and withdrawals via the payment gateway.

The other thing that might make traders steer clear of handling their payments through ePay is that cashouts may not always be possible. Needless to say, this might cause certain inconvenience since Forex traders will be left with no other option but to settle on another payment method.

Forex traders should not turn a blind eye to the fees that might occur when carrying out deposits and cashouts via ePay. Keep in mind that some brokers might impose a commission on transactions via the payment gateway, so it would be wise if you look into that beforehand.

Fees and Limits When Using ePay to Trade Forex

Despite the fact that some traders tend to pay little or no attention to the fees and limits of their preferred banking solution, this is certainly one of the first things to consider before you set about using any of the banking solutions when speculating on Forex.

First off, establishing an ePay account is free of charge. Still, a fee will be charged when you decide to add funds to your microaccount. One of the best things about ePay is that the taxes you need to pay when investing funds are minimal.

Depending on your card issuer, you will need to pay a fee of 1.2% or 2% of the amount, given that your card is issued by a Bulgarian bank. If your credit card is serviced by a foreign authorization center, the fee you will need to pay is 2.9%. If you decide to move funds from another microaccount or at one of the offices of Easypay, such transactions will not cost you a dime. The same goes for bank transfers, given that you have pointed an IBAN to ePay.

Certain fees will incur also when withdrawing your funds through Easypay. What Forex traders should keep in mind is that the fees they will be facing will lessen as they upgrade their microaccount level.

Providing you with concrete figures when it comes to the minimum and the maximum amount traders can upload using ePay might turn out to be slightly onerous as the limits vary greatly among the different platforms that facilitate Forex trading.

ePay Chargeback on a Forex Account

If you are a novice at Forex trading, perhaps, one of the pieces of advice you are likely to encounter most of the time is that traders should be capable of telling the good brokers apart from the rocket ones. Although this might seem like a walk in the park, some brokers turn out to be quite good at deceiving traders. For that reason, while scrutinizing the broker you are intent on joining, you should pay special heed to the licenses it has. Still, traders should not erroneously consider that if the broker possesses a license, they cannot get defrauded.

If you have ended up in such a predicament, you will be able to get in touch with the regulator that can help you resolve the issues you have run into. Things might turn out to be a bit more complicated when you have not established an account with a local broker, and you were deprived of your profit or deposit. Although it is not impossible, it will be much harder to cope with the issue.

One of the alternatives you have, if this happens, is to opt for a chargeback. Thankfully, ePay users can make use of this option, and what they need to do is to file an objection. Keep in mind that you will need to do this within no more than 14 days after you have run into that issue. As mentioned above, ePay users are presented with an insurance against fraud.

Security When Trading Forex with ePay

Security is very important when talking about online payments, so let’s say a few words about the security measures which ePay uses to safeguard the transactions and personal details of its customers. One of the ways to see to it that your payments will be carried out in utmost security is to go for payments with SMS code. Thus, each time you want to make a payment, you will receive a code that is valid for 15 minutes.

Those who want to add extra safety to their payments should consider activating dpass from their profile. That way, traders will get one-time passwords that should be entered really fast as they are valid for 30 seconds. What you should know, however, is that you will only be allowed to make use of this safety measure after you have downloaded one of the apps.

Every registered client receives a unique client identification number (CIN) which is used to authorize payments. You also pick your username and password which are then safely stored in ePay’s encrypted database.

What guarantees the safety of your transactions is that none of your banking information will be exposed to the broker when depositing or withdrawing your profit via ePay.

Conclusion

ePay has a long-standing presence when online payments are concerned. A primary reason why this payment gateway is so popular with traders is that it is exceptionally secure. Additionally, the functions of the payment method are truly diverse as except for Forex trading, it can be used also when paying your utility bills, traffic police fines, and others. Still, what may pose as an issue is that this banking solution targets only users from Bulgaria.

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