The Advantages of Using E-wallets to Fund Your Trading Account
The Advantages of Using E-wallets to Fund Your Trading AccountNovember 20, 2013
A few of my more avid binary options traders have recently asked me about the best way to fund their real money trading account. My almost Pavlovian response was “use your E-wallet, and if that’s not possible get a prepaid credit card with a Visa logo on it and get started with out any hassles.
The advantages are obvious:
- Relative Anonymity: Be it Neteller, Moneybookers (Skrill), or Webmoney, the E-wallet provides you with an envelope of anonymity and lets you focus on what you do best – trade.
- Budget Control: Allocating a budget and sticking to it is much easier. It also insulates your bank account from a barrage of transactions going in and out of the account.
- Taxation: Taxes are becoming an issue, particularly when you implement the right strategy and start to have winning trades.
- Freedom: The E-wallet also keeps you safe from the prying eyes of bankers and spouses who want to know what your are doing with your money.
- Speed: The electronic wallet is also a faster and more efficient funding tool that will save you the mundane work of having to fill out mountains of paperwork.
In some cases the fees may tend to be a bit steep, particularly with Moneybookers. But its worth every cent because you know the longer the money stays in your trading account, the higher your chances are of losing it.
Altogether, using an E-wallet to fund your real money trading account is the smart choice. While the fees may be a bit steep, the flexibility and anonymity provided are definitely worth it. I know for a fact that had I used my credit card to deposit with my binary options broker, I would have needed to do some serious damage control at home. How much is that worth?