Getting an Ecurrency Account
July 18, 2005
- What is an e-currency?
E-currencies or electronic currencies are monetary units used to purchase products or invest online. They are no different from actual cash except that they are "virtual."
The most commonly used e-currency in online investing is e-gold. It is based on actual gold which makes its value variable anytime. For more details about e-gold or to sign up for a free acount, click here.
- How do I open an account?
Sign up for free in each of the e-currency's website using the links above. Click here for a video tutorial on how to sign up in egold.
- How do I fund my e-currency account?
Most of the time you will need to transact with an e-currency trader as you cannot fund your account directly with the payment processor. You can fund your accounts via credit card, bank wire or money transfer, or cash deposit in local banks.
Some of the reputable and popularly used e-currency traders are:
Visit each site to know the fees they charge and the process you have to follow to buy e-currencies from them.
For Filipinos or those residing in the Philippines, a recommended exchanger is PinoyGoldeXchange (PGX), a Pinoy-based ecurrency exchanger managed by Filipinos with investors coming from Pinoy Money Talk.
Discuss and find out more about these and other traders in the Payment Processor/E-currency Discussion folder of the PMT Forum.
- I have funds in my e-currency account and I want to exchange it to cash. How do I do it?
Same thing, you will need to transact with an e-currency trader. For a certain fee, they will exchange your e-currency funds to cash which they will send directly to your local bank account. Visit each trader's site for more details.
- This looks pretty complicated to me. Is there an easy way to fund my account and/or exchange my funds for cash?
An easier alternative is to find a person to trade e-currencies with. This way, you can save on transaction charges and if you personally know who you're dealing with, then your funds are safe.
The primary risk here, though, is in finding that person you can trust. You can do ecurrency trades with trusted PMT members. Just visit the I'm Buying/Selling E-Currencies folder in the forum.
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