They say time is money. The saying is old and simple enough for everyone to understand.
We have plenty of time, however we are still short of money.
So, there is something we lose sight of, isn’t there?
Withdrawing the earned profit from the trading account is probably one of the major problems for numerous traders. It is not a secret that sometimes the task requires a trader to spend a lot of time and effort. Internet forums for traders are literary flooded with messages saying there is no chance of getting the earned money from the broker. That is why the issue about withdrawing profit sometimes plays the key role when choosing a broker or dealing center.
So, this is what we would like to tell you about today. And it is not about the classic system of money withdrawal used by most internet brokers. We would like to tell you about a fully automatic system of money withdrawal, which doesn’t require confirming ID and waiting for the withdrawal request to be processed for 2 or more days. What is more important, auto withdrawal reduces the participation of the financial department personnel to a minimum. Consequently, you do everything on your own and when it is convenient for you!
Respected broking companies, both Russian and foreign ones, have recently been trying to meet the wishes of their clients and simplify, or even automate, the process of money withdrawal, however many of them have failed.
EXNESS stands out in the crowd of successful broking companies. It can be considered a pioneer in automatic withdrawal. EXNESS tries to be as client-oriented as possible, and what is the most important, it meets the clients’ needs in proper time.
In September 2009 EXNESS fully automated the process of withdrawing money from trading accounts. Today most clients successfully make use of the advantage. It should be noted that EXNESS is the first Russian broking company which succeeded in fully automating money withdrawal for the vast majority of its clients, excluding the human factor from the process.
In order to clarify some peculiarities of auto withdrawal the “Market Leader” magazine addressed Igor Lychagov, President of EXNESS.
Market Leader (ML): Igor, would you please explain why EXNESS pays so much attention to the process of automating its clients’ financial operations?Igor Lychagov (IL): I think that all of us know perfectly well that a currency trader’s success depends on his/her personal qualities, such as purposefulness, consistency, analytical thinking, ambitiousness and presence of mind. Irrespective of the personal and professional qualities a trader possesses, one of the major/key factors of stable profit is choosing a reliable partner. Yet, the partner’s reliability depends on the quality and demand for the provided services. That is why optimizing deposit/withdrawal operations is considered by EXNESS to be one of the priority lines. I want to underline that since auto withdrawal became available 98% of our clients has regularly been using it. Other requests (2%) are processed manually. In the meantime the algorithm of auto withdrawal is constantly improved: we strive to automate everything that can be automated.
ML: So, to your mind, what are the main advantages of the auto withdrawal system from your clients’ standpoint?
IL: The main advantages are obvious. Firstly, the clients do not need to wait too long for their request to be processed and executed as the system will do everything extremely fast. Secondly, the money will be withdrawn at any time convenient for the client without any financial department personnel being involved. Thirdly, our clients can be sure that nobody is going to prevent them from withdrawing the earned profit.
It should be noted that today EXNESS allows its clients to withdraw their money to the following electronic payment systems, which are so popular with the world e-trading community:
• Webmoney
• RBK Money
• Money Bookers
• Liberty Reserve
• AlertPay
• Perfect Money
We are in constant development, so the list of the electronic payment systems available for deposit/withdrawal operations will be expanded in the future.
ML: As far as we know EXNESS stands out in a crowd in terms of the speed of processing and executing financial operations in both auto and manual mode. Can you please give a detailed account of that, as well as of other “pitfalls” (if any) of dealing with auto-withdrawal system?
IL: There are3 ways of depositing/withdrawing money available for any EXNESS client: bank transfer, credit/debit card payment or e-wallet transfer of any electronic payment system (EPS) available on the list. Clients can deposit/withdraw money 24/7 after entering a personal trading account at the company’s site. Auto withdrawal is executed in a couple of seconds while a manual withdrawal takes a couple of hours, which is also an advantage, as even those clients who fall under the 2% and whose requests are processed and executed manually get their money much faster than with other broking companies.
For the sake of financial security the auto withdrawals are made only to the clients’ personal (bank or EPS) account. Auto withdrawal is not available for those who do not follow the “proportion” of withdrawing to those accounts or wallets that were used to deposit the money. For example, if a client used 2 payment methods to deposit the funds and now wants to withdraw the entire sum through one of them, or if the client tries to withdraw the funds to the e-wallet or account different from the one that was used to deposit the money, or if the currencies of the deposit and withdrawal differ, then the request is processed manually. The auto processing of such transactions is forbidden by law and is considered “money laundering”.
ML: Thank you for giving a detailed account of the issue. And what about bank transfers and credit-card payments?
IL: These methods of payment are also fairly popular with our clients. They choose bank transfers as the most secure method of depositing/withdrawing their money. Credit/debit cards and bank transfers do not have those benefits e-wallet transactions have. Making use of credit/debit cards and bank transfers inevitably leads to the loss of time as compared to automatic e-wallet payments. Yet saving both money and time is important for all of us!
As for credit/debit cards, we accept Visa and MasterCard. The funds are deposited to the trading accounts immediately after the transaction is completed. A withdrawal consists of 2 steps. The 1st step is the refund. The profit is transferred separately.
In order to make a bank transfer, a client needs to know the company’s requisites, which are available on the company’s site after authorizing. The money is deposited to the trading account within 24h after it is transferred to our bank account. Any withdrawal in this case will be executed the same way it is done with credit cards, to the same bank account that was used to deposit the money.
ML: One more pleasant surprise for your clients was made when EXNESS announced a 0% commission for those withdrawing through WebMoney and Liberty Reserve. Can you comment on it, please?IL: Taking into account the interests of the vast majority of our clients, EXNESS did really cancel the commission fee for WebMoney and Liberty Reserve, as they are very popular with our clients. We haven’t been charging our WebMoney and Liberty Reserve clients with any fee since September 2010. So it is definitely a considerable event for all those clients using the auto-withdrawal option. However I’d like to draw your attention to the fact that EXNESS has nothing to do with the commissions charged by some payment systems themselves.
ML: Igor, thank you for the interview. We hope that EXNESS will be able to retain its leadership in innovative technologies in trading and its trend of being a client-oriented broking company.
IL: On behalf of the entire company I’d like to thank Market Leader for its attention. As the President of EXNESS I hope that we will always be able to meet our clients’ needs.
You are free to discuss this article here: forum for traders and investors
Text: Pavel Gospodynich
Got a question? – Ask it here »
No comments:
Post a Comment