We’re working on a few changes in our system, and unfortunately, implementing withdrawal fees on several ewallets (3,5% on Skrill and Neteller withdrawals from 1st of February, 2017) is one of them.We’ve made this post so you guys can understand what are the reasons behind these quite uncomfortable changes.
However, you don’t have to worry, because we’ve been trying to figure out some new features and changes which will not only complement your loss, but you’re even gonna profit from them.
So while you’re reading this, please keep in mind that our number one priority is your satisfaction.
During 2016, all of the payment providers you can find on our site have increased their fees. This increased fee has resulted in an untenable situation for us, because we lose incredible amounts on the transactions. And as you know, there are no particular fees from our side, so this is clearly an unpleasant situation for us. Let us show you why.
Skrill and Neteller changes
It costs us an extra 2-3% to withdraw funds from your respected brokers. And even though we’ve started the withdrawing process, Skrill has a very unpleasant “receiving fee” which is another 3.9% every time the withdrawn money arrives at our account. That’s just 5.9-6.9% every time we receive money. To top it all off, it costs us another +1-2% to send the money on our popular and featured payment providers.
Plus, because we’re growing quickly (thank you very much for your trust, by the way!), it means that we have to send a lot of money to our users. That means that sometimes we need to send money from one payment provider to another which also cost us around 3%.
If we add these numbers together, we can clearly see that it costs us an average ~6-7% every time we make a transaction from your broker to your Skrill or Neteller. Of course there are cases where we pay less, but overall, there are a lot of Skrill users, so this is like calculating a rough average number.
Last but not least, we have to mention that Neteller and Skrill has also established a new policy as well – it is now not allowed to fund accounts through bank accounts in USD, which has eventually lead us to increased transitional and certain conversional costs.
But still, we’re the only forex rebate provider company on the market where it’s possible to withdraw your money any time you want. The process itself is relatively fast as well, at average it takes 1-3 business days for your money to arrive in your pockets. We won’t change that of course!
Now you know the backstory. But we’re trying to make it up to you, let us show you these changes too!
We’re introducing new payment providers like FasaPay, UnionPay, and EcoPayz, guaranteeing a wide variety of payment provider choices with significantly lower fees. Plus, our withdrawal fee remains 0% for Paypal transactions.
Also, we’re decreasing the withdrawal limit to $20 from $50 in the future. This is a huge help for lots of our users who’d get their money earlier. With this change we have to cancel our $10 welcome bonus because it would be too easy to reach the withdrawal target. (This change also means that we’re going to delete the $10 welcome bonus from the users with no trading activity for more that 2 months.)
Last but not least, one more important change will be the establishment of direct transfers to broker accounts. Currently we know about only a few brokers to provide such feature, but we’re working on it to make this available at any broker we can. As soon as we’ve contacted all brokers, we’ll make a list so you’ll see which brokers have enabled such transactions.
That’s it, this little post wraps upcoming things up. If you have any questions, leave a comment below and we will try to look for the best solution for you. Plus, we promise that we’re coming with a lot of new things in the future which we’ll be beneficial for both you and us.