IC Markets and Pepperstone Cannot Withdraw via Fasapay

Deposit Withdrawal
A
arkhe
20 Dec 2015, 14:16 4,784 Views
I see that ic market and pepperstone brokers accept deposits through Fasapay but withdrawals can only be made through wire transfer.
Is this a good sign or a bad one....

2 Answer

M
martin 24 Dec 2015, 00:03

@ arkhe:
Yes, for IC Markets and Pepperstone the regulations are indeed only for deposits, but at FXOpen it can be for deposits and withdrawals, I think it depends on their cooperation agreement with Fasapay.

Regarding security, I prefer deposits and withdrawals via wire transfer because payments via third parties have the potential for scams that can result in the loss of our funds. Several years ago, there were 2 large e-currency companies that were well-known but turned out to be scams, namely e-gold and Liberty Reserve (LR). At that time, many brokers cooperated with the 2 e-currency companies, and many traders became victims, including me.

Even if you may use wire transfer for deposits and withdrawals, the cooperation of the 2 brokers with third parties for payments is questionable.

A
a. muttaqiena 14 Dec 2016, 14:24

Those IC Market and Pepperstone regulations are likely related to the AML (Anti-Money Laundering) rules in effect in Australia. Both brokers are regulated there, so they are bound by certain regulations. They may still be able to accept deposits via e-payment, but withdrawals through the same method are not permitted.

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