SafeMarkets offers as payment methods, bank wire transfer, plus the following credit/debit cards: Visa, Master Card, Maestro, Visa Verified and Master Card Secure Code. Trading accounts can only be set up in USD, EUR or GBP base currencies, with deposits in other currencies converted at the prevailing exchange rate, and additional fees charged.
Before customers can withdraw funds from their SafeMarkets accounts they must provide documents proving their identity and address. The required account verification documents include, a colour copy of a passport or driver’s license and a recent utility bill showing the name and address of the customer. In addition to these documents, clients must provide a signed purchase history of online transactions at SafeMarkets.
Importantly, clients using credit cards to fund their trading accounts must provide copies, front and back of the card, blocking all but the last 4 digits of the number on the front of the card and the CVV code on the back.
The minimum withdrawal amount to a credit card is 50 USD, and by bank wire transfer 300 USD. Notably, SafeMarkets charges a 20 USD fee for processing withdrawals to credit cards and a 1% fee on withdrawals made via bank wire transfer.
Submitting a withdrawal request to SafeMarkets is quite a lengthy process. Customers must fill in a pdf. withdrawal form online, print the completed form, sign it manually and return the scanned image with an email to the compliance office at SafeMarkets. Following the submission of a withdrawal request, it takes up to 7 business days for credit card payments to be credited to the customer’s account and bank wire transfers possibly taking longer.
SafeMarkets sends withdrawals by the same payment method used to deposit to the trading account. It’s important to realise that anti-money laundering regulations require that withdrawals to credit cards do not exceed the amount deposited with the card to SafeMarkets. Funds exceeding that amount must be sent to the customer’s bank account.
SafeMarkets is operated by Optiumcommerce OU registered to Harju Maakond, Tallinn, Kesklinna Linnaosa, Narva mnt 5, 10117 Estonia, with company registration number 14421704.
The SafeMarkets website is encrypted using a 128-bit Secure Socket Layer (SSL) technology provided by “GoDaddy” and is further protected by a strong firewall that prevents fraudulent access to the interface. Moreover, SafeMarkets monitors and controls the communication of the trading system and records all activities that take place in the system.