How to get started with Perfect Money
First of all you will need to open an account by filling in a simple online form. Then, you will be required to verify this account. Once your account is verified, you are ready to go. Additional forms may need to be filled in if you want to use certain account services (such as adding a bank account to make deposits from your Perfect Money account to your bank).
Advantages & Disadvantages of Perfect Money
Advantages include:
- Customer support 24 hours a day, 7 days a week, 365 days a year
- The ability to perform a variety of actions, from paying a business associate to converting currency
- The ability to have several accounts associated with a single IP address and user
Disadvantages include:
- Having to wait 3-5 days for bank deposits to clear
- Needing to withdraw a minimum of $300 to your bank when you make a withdrawal
- Currency conversion rates are not always the best on the market
Using Perfect Money
Fees
Fees are associated with several elements of the site. Upgrade your account to Premium level, for example, and you will need to pay an account fee. Fees are also payable when you make an internal transfer to another user and when you withdraw money from your Perfect Money account to your bank. Commissions are charged on currency conversions. Fees and commissions are subject to change at short notice depending on the market.
Account Types
The standard account types are Personal Accounts for private individuals, and Business Accounts for businesses. If you deposit several thousands of dollars into your account each month, you could be eligible to upgrade to a Premium or Partner account.
Deposit methods:
Bank wire, Bitcoin, credit or debit cards and online exchange services.
Withdrawal methods:
Bank wire, Bitcoin, credit or debit cards and online exchange services.
Typical withdrawal processing times:
3-5 working days.
Typical deposit processing times:
3-5 working days.
How secure is it?
Security is mainly conducted via encryption and identity checks. PIN codes are used to verify users' identities when setting up an account, and (often) when making deposits and withdrawals. The PIN will also be used to verify your identity if you log in from a new IP and accounts are locked after several failed logins.
Overall, if you are already a Perfect money account holder, finding a broker that accepts this form of payment could be perfect option for you.
Top Perfect Money Alternatives
Some of the most popular alternative methods for funding a trading account include:
BrokerNotes.co 2022 Overall Rankings
To recap, here are our top forex brokers for 2022, sorted by Overall ranking.
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Methodology
At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.
Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.
Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.
Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
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BrokerNotes.co
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