Clear Junction

Clear Junction is a payment service provider that offers a straightforward network of transfer methods. The brand is integrated with many fintech companies and online merchants, including cryptocurrency exchanges and brokers. This Clear Junction Limited review provides details on account charges, processing times, plus security and regulation. We also explain how to deposit and withdraw to trading accounts.

How Clear Junction Works

Clear Junction is a payment gateway service available to businesses and individuals around the world. It was established in 2016 by a group of financial technology experts who previously held jobs in banking and payments. The founders essentially saw a gap in the market where relatively new merchants, such as cryptocurrency exchanges, needed an intuitive payment infrastructure that complemented modern business models. Depending on the customer’s location, the firm offers BACS, CHAPS, Faster Payments, SEPA and Instant SEPA payments.

In July 2021, Clear Junction Ltd cut ties with Binance, ending their long-standing partnership. This followed a review by the Financial Conduct Authority (FCA) which prohibited the crypto exchange from carrying out regulated activity in the United Kingdom. When news of the compliance report broke, the payment solution stopped processing deposits and withdrawals to the Binance trading platform to keep its customers safe.

Clear Junction Limited is regulated by the FCA and is registered on Companies House. Its primary office address is the 4th floor of Imperial House, Kingsway, London, WC2B 6UN. Outside of the UK, the firm has offices in Spain, Poland and Latvia.

Transaction Times

Clear Junction offers a number of different payment methods all with varying processing times:

European Union (EU) – EUR only

• SEPA Instant – typically within 10 seconds
• SEPA (Single Euro Payments Area) – processing times vary depending on the country of payment

Payments in the United Kingdom (UK) – GBP only

• BACS (Interbank Computer Bureau) – up to 3 working days
• Faster Payments UK – processed within 2 hours of request
• CHAPS (Clearing House Automated Payment System) – settled the same day

Global

• Bank Transfers – the brand offers payment services and withdrawals to banks across the globe including HSBC

Note: Faster Payments may face delays on bank holidays and weekends. Trading deposit and withdrawal timelines can also vary depending on your broker.

Pricing Review

Clear Junction offers payment infrastructure to a number of vendors, all of which have their own fee structure. Fortunately, many merchants, including the Coinjar exchange, offer fee-free deposits and withdrawals. Similarly, Revolut and Monzo connect SEPA instant payments at no extra cost.

For customers of the crypto broker, Kraken, transfer charges vary depending on the payment method and time. Most payment options and GBP funding are available via SEPA and FPS. CHAPS payments cost £21 per transfer. And while trading on Kraken with the transfer solution does come with fees, transactions are typically instant.

Security

The firm is considered a safe payment solution with strong security reviews on Trustpilot and Reddit. This is, in part, because the firm is registered as an Electronic Money Institution (EMI) with the Financial Conduct Authority. The FCA is an industry-leading regulatory body and offers top-tier protection for retail swing traders.

The brand also requires customers to pass Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols before they can open an account. In addition, all transactions are recorded and customers’ details, such as phone numbers and email addresses, are encrypted.

But while the company has invested heavily in security, it offers limited customer support. Issues can be raised via an online contact form where users can leave their telephone number, email and enquiry details.

Pros of Clear Junction for Traders

There are several advantages of trading with Clear Junction:

• Regulated – The company is FCA registered and trustworthy
• Global Payment Service – The choice of transfer methods provides different options for global traders
• Straightforward Funding – The payment solution connects directly to your broker offering a range of transfer options
• Low Fees – Excluding Kraken customers, users of this payment service usually benefit from low-cost deposits and withdrawals

Cons of Clear Junction for Traders

There are also some downsides to investing with Clear Junction:

• Reduced Integration – Only a finite number of brokers offer Clear Junction deposits and withdrawals
• Supported Countries – When we compare the payment solution vs competitors like Monzo and Bank Frick, the list of supported countries is relatively short
• Restricted Access – Binance is a popular crypto exchange but it is not currently supported following a regulatory review

How to Make Clear Junction Limited Deposits & Withdrawals

There is no requirement to open an account with the payment brand when swing trading. If your chosen broker accepts the payment solution, simply follow these steps to make a deposit:

• Log in to your brokerage account and go to the funding page
• Select the currency you wish to deposit or withdraw in; this may depend on your country of residence
• Select the payment method you wish to use (remember some transfer options only provide funding in certain currencies)
• Enter the value of the deposit or withdrawal, taking into account any minimum or maximum limits
• Check the recipient details are correct including account number, sort code and IBAN
• Submit the payment for processing

Verdict

Clear Junction provides a straightforward and fast payment solution. The transfer network connects directly with online brokers and merchants and offers several different payment channels. The company is also registered with the FCA, adding a layer of trust and legitimacy. The only major downside is the limited number of brokers that accept Clear Junction deposits, especially following the end of its partnership with Binance.

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