Neteller

Neteller is an e-commerce service that is used to send and receive money. It is also accepted by many online brokers for transferring deposits and withdrawals to trading accounts. This review of Neteller includes how to make transactions, transfer timelines, customer support, plus the pros and cons of trading with Neteller.

Top brokers that support Neteller in 2024 include eToro, Plus500 and FXTM.

What is Neteller?

Launched in 1999 in Canada, Neteller is an e-wallet that was initially used to make deposits and withdrawals to gambling sites and online casinos. Since then, the company has partnered with thousands of merchants worldwide spanning a range of industries, including financial trading.

PayPal is operated by the Paysafe Group, which is also the owner of Skrill. Whilst originally founded in Canada, the firm has since moved its head office location to London, UK. Multi-lingual customer support is available to traders in multiple jurisdictions.

How Neteller Works

To use Neteller, you must first create an account. Customers can join for free using just an email address, however, you can complete a verification process to unlock more features. Neteller is available through the official website or via a mobile app on iOS and Android devices. The mobile application can be downloaded for free from the Apple App Store and Google Play.

The payment solution is available in 180 countries including France, Pakistan, Indonesia, Jordan and Uganda. The company also supports transactions in 22 major currencies, such as USD, EUR and GBP. A list of supported businesses is available on the Neteller Merchant Directory and has been split into categories, including one for forex trading brokers.

Recently, the e-wallet has partnered with crypto exchange platforms to provide its customer base with digital currency trading capabilities. Supported cryptocurrencies include Bitcoin (BTC), Cardano (ADA) and Ethereum (ETH). Unfortunately, other popular coins such as Ripple (XRP) and the stable coin Tether (USDT), are not yet available.

Transaction Times

Neteller offers instant deposits at most supporting brokers. Withdrawal times vary between platforms but transfers are usually processed by the end of the following business day. The key thing that can delay payments is the requirement to verify ID documents and proof of residency information, in line with KYC checks.

Fortunately, the best brokers accepting Neteller deposits and withdrawals publish expected payment times on their website. And importantly, it remains one of the fastest transfer options on most trading platforms.

Pricing Review

Neteller Fees

Users are charged for making deposits to their Neteller accounts. For almost all methods, such as MasterCard and Visa debit/credit card (including prepaid gift card vouchers), there is a 2.5% charge. Using a Paysafecard incurs a fee of 0 – 5%. The full list of permitted deposit methods can be found on the Neteller website.

Fewer options are available for withdrawing funds back to your bank account, with varying fees. Solutions include withdrawals to a bank account, using the Net+ Prepaid card, and cryptocurrencies. The fees charged are $10, up to 1.75%, and 2%, respectively.

Currency conversions also incur a 3.99% fee. This is important to bear in mind if your trading account is denominated in a different base currency.

Fortunately, most online brokers, including XM and IC Markets, do not charge for deposits and withdrawals with Neteller.

Transfer Limits

When you first register with Neteller, the unverified upper account limit is $2,000. This is the limit for both deposits and withdrawals. After completing the verification process, you are restricted to transactions of up to $5,000 while the minimum deposit is 5$. If you create a VIP account, upper transaction limits increase with each tier:

• Silver: $15,000
• Gold: $45,000
• Diamond: $150,000
• Exclusive: $600,000

Note, most brokers impose their own money transfer caps that are usually lower than Neteller’s VIP account limits.

How to Make a Deposit With Neteller

• Sign in to your broker account and go to the ‘funding’ page
• Input the desired amount and select Neteller from the available deposit methods
• Login to Neteller’s website either via the pop-up or after being redirected to the website
• Confirm the deposit and wait for the funds to be transferred

How to Make a Withdrawal With Neteller

• On your broker account, go to the payments portal
• Select Neteller from the list of options and choose the withdrawal amount
• Input your Neteller account details and verify the request

Note, some brokers mandate that you can only use Neteller for withdrawals if it was also used to make the initial deposit.

Security

Neteller is a safe and secure service that can be relied upon to hold trading funds and make transactions. When you open an account, you will need to complete verification documentation and KYC checks with facial validation and proof of ID.

Additionally, customers can use a 2 step authentication process to help protect accounts from hackers and fraudsters. This is facilitated through a 6-digit secure ID number from the Google Authenticator app. This can be set up at the registration stage. For customers with the Net+ prepaid Mastercard, the firm has also introduced a 3D secure security layer.

Support

If you require help, you can contact Neteller’s support team or head to the general FAQ area on their website. Example server errors include if your account was permanently closed, if it has been restricted, or if you receive a ‘you can’t send to this person’ message. For such issues, you can use the support email address (help@neteller.com) or call the company on +44 20 3308 9525. This is also where you can direct complaints. Alternatively, there is a live chat option with a robot that can direct you to the right answer.

Neteller also has accounts on Twitter, Facebook, YouTube and Instagram which offer 24/7 support. If the team cannot help you,  it may be worth speaking to the trading community on social media websites or forums such as Reddit, Quora and Nairaland. Of course, be alert to potential scams, as you can’t always trust anonymous accounts.

For information on jobs at Neteller, there is a careers button on the official website. Here, you can view information on available roles.

Pros of Neteller for Traders

Benefits of online brokers that accept Neteller include:

• A large number of supported brokers and trading platforms
• Several methods for funding your Neteller account
• Two-factor authentication
• Low minimum deposit
• Pay by mobile phone
• Fast payments

Cons of Neteller for Traders

Drawbacks to trading with Neteller include:

• Initial deposit fees
• Lack of buyer protection
• Exchange rate up to 3.99%
• Some non-serviced countries

Alternatives

Popular alternative payment services include:

• Skrill – A reliable transfer solution with low commission fees. There is also the option to have a physical card that can be used for in-person payments. Transactions are processed quickly and registration is straightforward.
• PayPal – An established and reputable method for making digital payments. PayPal is secure, fast and fees are in line with the industry.
• Boku – A digital payment system that works by charging to a mobile phone number. This makes it a good option for mobile traders looking to make deposits and withdrawals on the move. It is also used by many global companies such as Google and Spotify.

Verdict

Neteller is a legitimate and secure payment solution. It can be used to make deposits and withdrawals to and from trading accounts with low fees. Importantly, Neteller is also accepted by many top brokers and platforms in 2024. See our list of accepted providers above to get started.

FAQ