Offline payment methods involve traditional means of funding your account, which include:
- Bank wire
- Western Union
- Local deposit
These methods are best used when you want to trade huge amount of money to fund your trading account.
However, before you transfer a large amount of trading capital make sure that you know the broker well enough and that they have earned your trust. Payment via Bank wire and other methods listed are more expensive and take at least 5 days or more.
There are additional fees such as bank transaction fees as well as currency exchange services fees that are levied when you make a payment.
The disadvantage with using the above methods is that if you sniff a scam, it would be hard to get your money back. The bank at best will only provide you with the payment proof which is the only thing you will have as proof of payment.
Wire transfer — a slow payment method that can also be quite costly with smaller amounts of money.