Deposit and withdrawal guide via Perfect Money

Suitable Deposit and Withdrawal way for Traders

Perfect Money is one of the most popular electronic payment systems among users, holding a special place in international financial transfers due to the absence of direct restrictions on its users. Many traders use this method to fund their brokerage trading accounts. Below, we review the correct procedure for depositing and withdrawing funds in the LiteFinance broker via this payment system.

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Requirements for Enabling LiteFinance Deposits and Withdrawals

To perform financial operations in LiteFinance, completing the identity verification process and meeting security prerequisites is mandatory to prevent funds from being blocked. Before attempting to deposit or withdraw, the following must be completed:

Registration and Identity Verification (KYC): Your LiteFinance user profile must be fully verified by providing identification documents and address confirmation.
Having a Perfect Money Account: You need an active wallet on the Perfect Money website. (It is recommended to also verify your Perfect Money account to reduce transaction fees from 1.99% to 0.5%).
Sufficient Balance: To deposit, you must have a USD balance in your Perfect Money wallet.

Why Perfect Money Can Be Suitable for Deposits and Withdrawals?

Perfect Money is a payment system that started operating in 2007 and is considered a safe option for traders due to its high speed in processing transactions and the fact that it does not require a standard bank account. The most important reasons for choosing this method are:

Transaction Speed: Deposits are processed instantly and the balance immediately reflects in the trading account.
No Restrictions for Users: Unlike PayPal or MasterCard, Perfect Money has no issues with IPs and documents from restricted regions.
Security: Using security layers such as SMS or email verification codes ensures the safety of assets.

Step-by-Step Visual Guide to Depositing in LiteFinance

The account funding process in LiteFinance is designed to be simple. Follow the steps below carefully.

Step One: Log into LiteFinance

First, log into your personal client profile on the LiteFinance website. From the right menu (on the desktop version) or the main menu (on mobile), select the “Finance” option. In this section, there are various tabs; click on the “Deposit” option to view the payment methods.

Step Two: Select Perfect Money Among Other Methods

In the list of deposit methods, find the “Electronic Systems” section. In this area, you will see the Perfect Money logo. Click on it to open the deposit settings.

Step Three: Specify the Trading Account

In the opened form, enter the following information:

Deposit Account: Choose which trading account (e.g., ECN or Classic) or main wallet the money should be deposited into.
Payment Amount: Enter the dollar amount you intend to deposit.
Promo Code: If you have a promo code, enter it in this section.

After reviewing the information, press the “Continue” button.

Step Four: Transfer to the Perfect Money Gateway

After initial confirmation, you will be automatically redirected to the Perfect Money website’s payment gateway. On this page:

Click the Make Payment option.
Enter your Perfect Money account Member ID and Password.
Type in the security code (Turing Number).
Click on Preview Payment, and after final confirmation, the funds will be deducted from your wallet and added to the broker account.

Guide to Withdrawing from LiteFinance to Perfect Money

Withdrawing funds requires more caution, and you must ensure that you enter the destination wallet address correctly.

Step One: Log into the User Panel and Start Profit Withdrawal

Log into the “Finance” section again. This time, click on the “Withdrawal” tab. Please note that you can only withdraw when your open positions (if you have engaged margin) do not hinder the withdrawal or if you have sufficient Free Margin.

Step Two: Select Perfect Money and Enter the Destination Wallet Address

In the list of withdrawal methods, select Perfect Money. Then fill in the following fields:

Wallet Address: Enter your Perfect Money USD wallet ID. This ID must start with the letter U (e.g., U12345678).

Warning: In case of entering the wrong wallet address, the responsibility for the loss of funds lies with the user, and Perfect Money transactions are irreversible.

Step Three: Enter the Amount and Base Currency

Enter the amount you intend to withdraw. The system automatically calculates how much funds (after any potential fee deduction) will land in your account. Also, check the currency you wish to receive (usually USD).

Step Four: Receive Confirmation Code and Finalize the Request

Click on the “Continue” button. A one-time security code will be sent to your registered email or mobile number in LiteFinance. Enter this code in the respective box and hit the “Confirm” button. The status of your request will change to “Processing”.

Currency Conversion Rules at the Time of Withdrawal

If the base currency of your trading account differs from the withdrawal currency, a currency exchange operation is performed. For example, if your trading account is based in Euros (EUR) and you want to withdraw to a Perfect Money (USD) wallet, LiteFinance converts the amount to dollars based on its internal exchange rate at the time of the request. This rate may slightly differ from the standard market rate.

Review of LiteFinance Deposit and Withdrawal Fees and Commissions

Awareness of transaction costs is essential for money management. The table below shows the fee status:

Note: LiteFinance usually refunds the deposit fee during promotional campaigns and adds the exact deducted amount back to the trading account.

Deposit and Withdrawal Processing Time

The transaction processing time in LiteFinance varies depending on the type of operation, but generally, it is considered one of the fast brokers.

Deposit: This is done instantly and immediately after payment.
Withdrawal:
- Small amounts (usually under $100): These are often deposited automatically and instantly.
- Large amounts: These are processed within a maximum of 24 hours during the finance department’s working hours (Monday to Friday).

Pros and Cons of Using Perfect Money

Before choosing this method, take a look at its strengths and weaknesses:

Pros:
- Very high speed in transferring funds.
- Funds are not blocked due to regional restrictions.
- Simple user interface.
Cons:
- Irreversibility of transactions in case of errors.
- Relatively high fees for unverified accounts on the Perfect Money website.

Common Deposit and Withdrawal Errors

Sometimes you may encounter errors during the financial process. The most common reasons include:

Incorrect Wallet Format: The Perfect Money wallet address must start with a capital English U and contain no spaces.
Insufficient Margin: If you have open positions, you cannot withdraw the entire balance; you must consider the Free Margin amount.
Minimum and Maximum Limits: The entered amount is less than the allowed minimum (usually $2) or more than the daily transaction limit.
Name Mismatch: If the Perfect Money account holder’s name severely mismatches the LiteFinance profile name, the finance department may reject the request (third-party rule).

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FAQ

If we have deposited with WebMoney, can we withdraw with Perfect Money?

No, according to Anti-Money Laundering (AML) regulations, in most brokers including LiteFinance, fund withdrawals must be made using the exact same method used for the deposit. If you deposited via WebMoney, you must withdraw via WebMoney.

What is the minimum withdrawal amount with Perfect Money in LiteFinance?

The minimum withdrawable amount in LiteFinance using the Perfect Money method is usually $2. This amount may vary slightly depending on changes to the broker’s rules.

Is the security of Perfect Money better compared to other deposit and withdrawal methods?

The security of Perfect Money is up to global standards, but being “better” is relative. If you use security settings like “IP identification” and “SMS code” in Perfect Money, it will have very high security and be impenetrable.