CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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:
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
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.
About the Editorial Team
Founded in 2014 and acquired in 2021, BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. With over 60 brokers reviewed, our editorial team has published thousands of words of research to help our readers make informed choices.
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