If you are a new trader, you know that before you are allowed to trade live, you need to have a deposit in your account. No deposit, you cannot trade. There are many ways to fund your account, you can do it by sending check, wire transfer, checking account (or credit card).

I said checking account or credit cards because both are similar. Your checking account which is the account you opened with your bank uses the Visa card. The credit card of choice of most forex brokers is Visa and Master card.  So since your credit card, and bank card are both issued by Visa cooperation, you can use either one.

Depositing money from your checking account or credit card is the best way to fund your forex account. I am saying this because the others involve some expenses. For instance, if you are using wire transfer, you would be charged some fee before the other is processed. And the deposit doesn’t show immediately because they have to verify it. If you are using a check to fund your forex account, you would have to tear out a check form your checkbook, post the check in an envelope, and mail the check with stamps. Then you have to allow 3 days of processing, so that the amount can be withdrawn from your account. This means that if you are using check deposit, you have to allow about 1 week from the day you put the check in the mail before you are credited with your deposit. And not only that, you are using other 3 resources, envelope, check, and stamps to fund your account. You can save this materials by just doing an online deposit.

Online deposits are the easiest and fastest way to fund your forex account. The process is quick and fast. My broker is FXCM. When I do the online deposit, it takes like 8 hours  for the amount to be credited to my account. At times it is less than 8 hours, it just depends on the time of the day. If it is in the morning, it is quicker because I guess there are more people working during the day than in the night. Having funds in your account can make a difference for new traders. It makes them to decide if it worth buying or selling a currency. They might see a sign that the currency is changing direction and they want to enter into it before it takes off. This is trading on impulse. For the seasoned traders, they don’t trade on impulse. They gauge if it worth it to buy or sell a currency because they know that there would always be a tomorrow.

For traders that own small businesses, they can open a free business checking account to deposit money to their account. They can do this at any bank location situated near the location pf their business or they can do it at any bank of their choice.

Note: Before someone plans of depositing money online, the person has to check if his/her forex broker allow that, and they should also check what type of cards are accepted for online deposits.