Perfect Money

Perfect Money is an easy-to-use online payment gateway that provides a range of services. Although predominately a digital wallet for storing funds and paying vendors, account holders can also buy Bitcoin and access loans. Our Perfect Money review will cover transactions speeds and fees, plus the deposit and withdrawal process to swing trading accounts.

The best brokers that accept Perfect Money deposits are eToro, Deriv and AvaTrade.

How Perfect Money Works

The origin of the brand dates back to 2007 when it was launched in Panama. The company has since moved its headquarters to Switzerland and has plans to open an office in Dubai. The brand’s rise in popularity means it now rivals PayPal, Skrill, Neteller and Western Union, amongst other payment service companies.

Perfect Money offers fund transfers and direct payments to vendors alongside e-vouchers and prepaid virtual cards. Users can also buy and sell cryptocurrencies like Bitcoin in their digital wallet account.

The firm offers a free mobile application for iOS and APK devices. The official app can be downloaded from the Apple App Store and Google Play. The highly-rated application enables users to manage funds on the go, including making payments to trading accounts.

Transaction Times

Transfers to vendors such as brokers are typically instant. With that said, the brand suggests allowing between 3-5 working days for deposits and withdrawals to reflect in your wallet balance. Of course, platforms may have their own timelines due to KYC verification checks. It’s also worth highlighting that withdrawals typically take longer than deposits. Overall though, Perfect Money offers similar payment timelines to competitors like PayPal.

Pricing Review

The company has a transparent pricing structure. The deposit fee for wire transfers starts from 0.5% while Bitcoin deposits are free. Withdrawal rates are higher at 2.85%+ for bank wire transfers and 0.5% for Bitcoin. The firm will also exchange currencies at market rate quotes.

Transfers between verified and premium accounts incur a 0.5% fee. For unverified accounts, payment services are limited and fees start from 1.99%. Annual security and interest rates are also charged to account holders.

It’s worth pointing out that the top brokers typically cover any deposit fees charged by third-party payment providers. On the downside, withdrawal charges are often passed on to traders.

Security

Perfect Money implements a number of high-tech security protocols, including a three-step account verification process. The first stage is user KYC verification. Here, customers must provide proof of identity by uploading a passport or driving license. After this, the company confirms the customer’s location and address through a utility bill or similar. Finally, before access to the digital wallet is provided, the company requires a customer contact number to send a one-time passcode. All three stages must be completed to verify an account and the process usually takes between 3-5 working days.

The various security protocols should provide traders with assurance that their funds are safe from scams and fraud. To create an account and complete the registration process does require time, however.

Note: if customers forget their login details, password recovery is available by providing a member ID (or email address), plus a copy of identity documents.

Pros of Perfect Money for Traders

There are several advantages to trading with Perfect Money:

• Straightforward funding – It is relatively straightforward to manage and transfer funds. The firm has a step-by-step guide in its FAQ portal, as well as a YouTube video for support
• Mobile-friendly – The payment solution is available via free Android and Apple mobile applications. The apps have good reviews and allow mobile traders to quickly and secure load funds to their trading platforms. The solution can also be used at popular gambling sites
• Support – The FAQ section has answers to a range of online queries giving users solutions without the need to contact a help desk. The FAQ logo can be found via a link on the official website
• Secure – The firm uses a three-stage identity verification process to protect customer data. Secure API integration is also used on trading platforms
• Broker support – Several leading brokers accept Perfect Money deposits and withdrawals

Cons of Perfect Money for Traders

Drawbacks to trading with the payment solution include:

• Fees – Although the company has a transparent fee structure, there are various charges to be aware of, including one-off security and interest payments. With that said, free deposits are available at several brokers
• Supported countries – The transfer method is not available to traders in various jurisdictions. In fact, the payment solution is primarily available in the UK, Russia and the UAE
• Promotions – When we compare Perfect Money vs providers like Skrill or WebMoney, the number of promotions is lower. Customers of competitors can earn free money through sign-up voucher bonuses, gift cards and referral invitation codes
• Minimum deposit – The minimum deposit is $300 which is considerably higher than competitors like Yandex, Payeer or PayPal. Unverified account limits also restrict access for traders
• Deposit currencies – Despite offering payment services to UK customers, the brand does not allow deposits in GBP. As a result, users may need to pay currency exchange fees at the market Pound or Dollar rate

How to Make Perfect Money Deposits & Withdrawals

Below is a quick guide to making deposits and withdrawals at supported forex, stock, commodity and crypto brokers.

To get started, traders must first top-up their Perfect Money account, which can be done by wire transfer, certified foreign exchange partners, e-vouchers and Bitcoin. Certified currency exchange partners process prepaid payments from debit cards (Visa or Mastercard) and credit cards. Payments via other methods can be processed directly from the user’s payment gateway. Instructions are available on the account login home page, plus via YouTube tutorials.

Note, the firm has a minimum deposit requirement of $300 and a minimum withdrawal limit of $100. Fortunately, there is no cap on the maximum deposit or withdrawal.

Once you have funds in your Perfect Money account, you can send money to your brokerage. From your platform’s payment portal, find the Perfect Money logo and request a payment. You will typically need to enter the deposit or withdrawal amount and follow the on-screen instructions. A payment receipt is usually sent by email.

Verdict

Perfect Money is a secure online payment service and digital wallet. Despite not being supported by all countries, it has already been adopted by several top brokers, including AvaTrade and eToro. This coupled with the fast transaction times makes it an attractive option for swing traders. As always, it’s worth getting familiar with the price schedule before you start trading.

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