Question Payment Solution for FOREX Day Traders

[Member]

Hello friends,

I'm a professional FOREX day trader. My base currency is in EUR.
While receiving my profits the traditional banks are charging a lot of fees and apply poor exchange rates.
Skrill is also doing the same thing.

Right now I'm looking forward to TrasnferWise,
So I want to know is it fine to make transactions to/from the brokerage firm via TransferWise(Using their EUR IBAN account details)?

My brokerage firm(IC Markets) is regulated by the:
Cyprus Securities and Exchange Commission,
Securities Commission of The Bahamas,
Australian Securities and Investments Commission,
Financial Services Authority of Seychelles.

The receiving/sending bank used by the brokerage firm is Citibank located in the United Kingdom.

Advice out of the above parameters is also appreciated.

I'll be thankful to anyone reaching out.

 

[Tr0nad0r]

Wise acceptable use policy prohibits the transfers to currency exchange services so I guess they probably don't like anything related to Forex.

The good news is that there are many EMIs that don't prohibit this, you can find many in the forum.

 

[Gediminas]

Hey,

Open account at Bankera, they will be fine with such transactions.

 

[Member]

Hey,

Open account at Bankera, they will be fine with such transactions.

For withdrawal purposes I can receive payments to my Bankera account directly. But for deposit purposes I have my money in Wise, so should I make a transfer from Wise to Bankera and then to the relevant brokerage firm?

 

[Gediminas]

For withdrawal purposes I can receive payments to my Bankera account directly. But for deposit purposes I have my money in Wise, so should I make a transfer from Wise to Bankera and then to the relevant brokerage firm?

Yeh, that would work - Wise --> Bankera --> Broker.