Forex trading

Online Forex Trading in 2020

Forex trading is the largest financial market in the world, recording a daily turnover of over $6 trillion. As a result, the forex trading market represents a unique and highly lucrative opportunity for traders worldwide. In addition, forex trading has proven to be a great source of income for successful investors, and unlike in the past, when this incredible market was available only to a select few, forex is now easily accessible to retail investors of any experience level through AvaTrade.

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AvaTrade Nigeria offers a direct pathway to the forex trading market through our powerful and intuitive trading platforms. At AvaTrade, you are not only getting a forex and CFD trading account when you sign up, but also gain a partner genuinely interested in your success as an investor or trader. In addition, as a multi-award-winning broker, we ensure that you have all the tools, services and features to trade effectively, including a huge range of FX pairs to choose from, competitive spreads, high leverage, best in class customer service and support, over 12 years of experience, cryptocurrency pairs trading and free educational resources.

What is Forex market?

Forex is the largest and most liquid financial market in the world, with volumes topping $6 trillion every single day. The word ‘forex’ is basically an abbreviation for foreign exchange, and the concept is as simple as it gets. That is, forex involves using one currency to buy another, and by doing so, you have made an exchange. There are many practical cases for participating in the forex market, such as visiting a new country or purchasing goods from another country, but forex market is largely speculative; participants expect to profit out of currency rate fluctuations.

The forex market is the most accessible market in the world, as the average investor is now able to participate. Forex operates as an over-the-counter market (no physical location). It runs round the clock, making it possible for virtually any investor to take advantage of the ever-fluctuating rates of forex prices.

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Who Participates in the Forex Market?

Forex trading is traded at such sheer volumes that it is difficult to classify the different types of participants in the market. Still, participants broadly fall into two main categories: institutional traders and retail traders.

Institutional traders account for a big chunk of the volume traded. They include entities such as commercial and investment banks, central banks, hedge funds and multinational corporations. Retail traders are investors that sign up with various brokerage platforms in a bid to get a slice of this lucrative market. Retail traders account for volumes of less than 10%, a figure that is likely to increase with more investors interested in this incredible opportunity.

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Why is Trading Forex Important?

While most financial markets are investor oriented (or rather need investors to operate), forex is a market that serves a number of purposes that enable the efficient working of the global economy. At present, it is almost impossible to imagine a world without a proper system of determining the currency exchange rate.

Here is why the forex market is so important:

  • Controlling Inflation
    Central banks across the world hold large amounts of reserve currencies, such as US dollars (USD) and euros (EUR) to support the stability of their economies. During economic slowdowns, central banks will lower interest rates. This will weaken their respective currencies and encourage domestic spending. A weaker currency will also boost the export sector, and trigger an overall spur in economic activity. When economic conditions improve, central banks can raise interest rates and consequently increase the attractiveness of their market to foreign investors. The ability to intervene in the currency market makes it possible for central banks to control inflation virtually at all times.
  • International Trade
    Forex is the cornerstone of international trade, enabling effective importation and exportation of goods, as well as creating additional demand. Exporters need to convert foreign currencies into local currency, while importers have to convert local currency into the currency required to pay for international goods and services, like cryptocurrencies. Investors also require the forex market in order to be able to buy or sell international assets.
  • Hedging
    Companies use the forex market to lock in an exchange rate, and thus, they are able to hedge their risks. In most cases, companies are not able to deliver or receive goods and services immediately as they make an order. Meanwhile, currency exchange rates continue to fluctuate, which may lead to an overall loss or even a profit when a transaction is completed. But the forex market allows hedging against such volatility or fluctuation risks.

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Why Trade Forex?

Here are some of the many benefits of trading forex:

  • No Middlemen
    As stated above, forex is an OTC market; and spot trading completely eliminates middlemen so you can trade directly with the pricing of the market.
  • Leverage
    Leverage allows for a small capital amount that can control a larger trade position in the market. Leverage allows you to earn amplified profits with limited capital. For instance, a 500:1 leverage means that a $1,000 margin capital can control a $500,000 trade position. Still, it is important to note that leverage works both ways; it boosts profit potential but also increases risk exposure. It is, therefore, important to use leverage effectively.
  • High Liquidity
    The sheer size of the forex market makes it extremely liquid. High liquidity simply means that at any given time, there are more than enough buyers and sellers for practically any financial currency pair. This means that you can easily get in and out of trade positions, even with large amounts.
  • Low Entry Barriers
    Forex is one of the most accessible markets in the world, with most brokerage companies offering minimal capital requirements of even less than $100. While it is not necessarily prudent to start trading with extremely low capital amounts, the option to trade ‘mini’ and ‘micro’ accounts makes it possible for almost anyone to participate in the forex market.
  • Low Transaction Costs

    Forex brokers typically charge a spread (the difference between the bid and ask price) when you enter trade position in the market. Spreads are usually less than 0.1% under normal market conditions and represent the only trading costs in the forex market. There are no brokerage fees, no government fees, no clearing fees and no exchange fees.

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How Does Trading Forex Work?

The mechanics of forex is similar to any other financial market. In the forex market, the tradable commodity is money. Participants exchange one currency for another, with the expectation that the value of one currency will change relative to the other. If the exchange rate changes in your favour, you make money; and if it changes against you, you lose money.

Consider this: A British tourist visits the United States and has to exchange his 10,000 British pounds to US dollars. At the exchange rate of 1.2, he will have 12,000 US dollars (10000*1.2). If after a few days the rate becomes 1.1 and the tourist wishes to exchange his 12,000 US dollars as he heads back home, he will now have 10,909 pounds (12000/1.1). He will have made a profit of 909 British pounds for that short period. That is exactly how money is made in the forex market.

The above illustration shows how fluctuating currency exchange rates create huge trading opportunities in the forex market. To take advantage of such opportunities, it is important to understand how to read the prevailing exchange rates or forex quotes.

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Reading a Forex Quote

Price quotes are the language of the forex market, and every trader should strive to be fluent in order to maximise their success. Currencies are usually quoted in pairs, with the first currency in a quote representing the base currency, and the second currency being the counter currency. For instance, in the EURUSD pair, the euro (EUR) is the base currency, while the US dollar (USD) is the counter currency. The exchange rate, at any given time, represents the amount of the counter currency equal to one unit of the base currency. If the price of the EURUSD is 1.2500, it means that one would need 1.2500 US dollars to acquire 1 euro. When you buy EURUSD, you will pay 1.2500 US dollars for 1 euro; and when selling, you will receive 1.2500 US dollars for every 1 euro.

Understanding Bid, Ask and Spreads in Forex

On forex platforms, such as the platforms offered at AvaTrade, forex prices are always displayed as a two-way expression. The first quote represents the bid price, while the second quote represents the ask price. The bid price is always lower than the ask price.

For instance, a typical EURUSD price quote will be expressed as follows: 1.2500/1.2503. In such a case, 1.2500 is the bid price, while 1.2503 is the ask price.

The bid price is the price at which your broker is willing to buy euros in exchange for US dollars, while the ask price is the price at which the broker is willing to sell euros in exchange for US dollars. When trading, traders buy an asset at the ask price, and sell at the bid price.

The spread is the difference between the bid price and the ask price and represents the cost of placing a trade in the market. In the above price quote, the spread is 3 pips (1.2503-1.2500). Popular currency pairs, such as the EURUSD usually offer low spreads, whereas exotic or illiquid currency pairs, such the USDJPY, feature relatively higher spreads.

With most brokers, spreads are variable. It is therefore important to watch spreads and ideally trade when they are low. Spreads vary depending on the liquidity of the underlying financial assets. When there is high liquidity, spreads are low; and during low liquidity periods, spreads widen. Some of the factors that influence liquidity in the forex market include trading hours and the release of economic and political news and events.

Pips and Lot Sizes in forex market

Pips and lot sizes are important when trading forex, particularly when assessing potential profits or losses. A ‘pip’ (point in percentage) represents the minimum movement a price can make in forex. Most forex brokers quote currency exchange rates up to the fourth decimal, in which case 1 pip will be equal to 0.0001. However, in Japanese yen (JPY) pairs, 1 pip equals 0.01. Profit (or loss) in the forex market is determined by the amount of pips the price moves. Pips are ascribed different values depending on the currency pair you are trading as well as the ‘lot’ size.

A lot represents the amount of currency units you wish to trade. A standard lot represents 100,000 units of a currency. This means that if you are trading one standard lot of the GBPUSD pair, you will require $100,000. Thanks to leverage available in the forex market, this is not the practical case. There are also other popular lot sizes, such as ‘mini’ (10000 units) and ‘micro’ (1000 units). Some brokers also offer ‘nano’ (100 units) lot sizes. Usually, the value of 1 pip when trading 1 standard lot size is $10. This means that if the price moves in your favour by 100 pips, you will have gained a profit of $1,000 (100*$10).

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Forex Order Types

The term ‘order’ in forex refers to how you can enter, exit or manage trade positions in the market. There are different types of orders available in different brokerage firms, but here are some of the most basic and popular ones:

  • Market Order
    As the name suggests, a market order is an order to buy or sell a financial asset at the current market price. The market order is the most popular order type used by retail traders. If the prevailing EURUSD price is 1.2560, and you decide to buy or sell the pair at that prevailing rate, you have placed a market order.
  • Pending Order
    A pending order is an order to buy or sell a financial asset at a specified price in the future. When you place a pending order, the trade will be executed in the market when the price meets the specified conditions. There are two broad types of pending orders: limit and stop orders. Traders use limit orders when they expect to get a better trading price in the future. For instance, a limit order is used when a trader wants their order to be filled at a cheaper price than the current one. On the other hand, traders use stop orders when they expect the current market trend to continue well into the near future. For instance, a sell stop order will ensure that an asset is sold at a cheaper price than the current one, with the trader expecting prices to continue falling further.
  • Stop Loss and Take Profit Orders

    Stop loss and take profit orders are an instruction to exit your trade positions at a predetermined price level. A stop loss order will close your trade position at a specified price point when the price is moving against you, thus it will limit your overall loss; whereas take profit will close your trade position at a predetermined price point when the price is moving in your favour so you can lock in your profits.

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Types of Analyses in Forex Trading

After understanding the different types of orders you get in the forex market, it is important to learn ‘when’ and ‘why’ to actually place them. Money in the forex market is made out of price movements, and it is important to analyse what the price is likely to do next. Forex traders utilise two primary analysis types when trading the financial markets online:

Forex Technical Analysis

Technical analysis involves the study of the historical price action of an underlying financial asset in an attempt to forecast its future price movement. Basically, technical analysts believe that history repeats itself. As a result, the purpose of technical analysis is to identify a pattern of price fluctuation and to take advantage of any arising opportunities. When undertaking technical analysis, the assumption is that the price is absolute (the current price takes into account all underlying factors of a particular financial asset) and price movement is patterned (the price of any financial asset is not random and chaotic, there is a trend in motion).

To perform efficient technical analysis, traders need the following key tools or resources:

  • Forex Charts
    Price and Time are the most important variables to a technical analyst, and these are what are plotted on a forex trading chart. For this reason, charts are arguably the foundation of technical analysis in the forex market. There are 3 main types of charts available to forex traders: tick, line and candlestick charts. Tick charts help traders to clearly view the price action of financial assets over extremely short time periods, such as 10 seconds or even lower. Line charts smooth out the price action of financial assets, making it easier for traders to observe the overall price action of a particular asset, as well as identify definitive support and resistance zones. Still, candlestick charts remain the most popular chart type in forex as they give detailed price information of an underlying asset over different time periods. There are also numerous candlestick types such as ‘Pin Bars’ as well as candlestick patterns, such as head and shoulders, that traders look out for in the market to discern price patterns in an underlying financial asset.
  • Forex Indicators
    Indicators are mathematical tools that help traders analyse the price behaviour of financial assets. There are two types of technical indicators: leading and lagging. Leading indicators provide trading signals before a price movement has occurred while lagging indicators deliver confirmation signals after a price movement has occurred. There are numerous indicators available for traders to use, and they are classified according to the price element they help traders to decipher, such as trend, volume, momentum, volatility and market cycles.

Forex Fundamental Analysis

Fundamental analysis involves the study of how an underlying asset’s economic, social and political factors impact its prevailing price. The goal of fundamental analysis is to determine the intrinsic or fair value of an asset based on all available information. Fundamental analysts believe that in the long run, the price of an asset will be a reflection of its ‘fundamentals’. A trading opportunity for fundamental analysts arises when the price of a particular financial asset is not consistent with its fair value. The major fundamental indicators that forex traders watch out for include Interest Rates, the labour market, GDP (Gross Domestic Product) and Inflation figures. In addition, the most important tool for fundamental forex traders is the Economic Calendar which allows for the tracking of scheduled releases of major economic and political news and events that may have a high impact on various financial assets.

Forex Money Management

While identifying high probability trading opportunities is very important, it is money management that will determine the long-term success (or failure) of a trader. You are trading to make money after all.

Here are two of the most important elements of a money management plan:

  1. Risk Per Trade
    This refers to the maximum amount of risk you are willing to take on in a single trade. By defining this, you prevent a potential scenario where a possible drawdown period can wipe away your trading capital. It is always advisable not to risk more than 5% of your available capital on any single trade.
  2. Risk/Reward Ratio
    This refers to the ratio between your maximum loss on any trade, and your potential maximum profit. As a general rule, you should never enter a trade where the maximum possible loss is greater than the potential maximum profit.

    There are numerous money management tools and tips available for traders to ensure that they can effectively manage their trading risks. They include the use of stop losses, utilising certain pending order types, avoiding trading during high impact data releases, understanding correlated assets, and using appropriate leverage at the right times. Ultimately, money management not only limits risks but also promotes capital growth.

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Forex market Psychology

This is a big thing in the trading world. Psychology is considered to be the biggest source of individual mistakes performed during trading activity. Trading psychology refers to the emotional state of a trader when conducting trading activities. Real money is on the horizon (also on the line) when you are trading, and there is bound to be some emotional attachment. Some of the emotions that can lead to bad decisions during your trading activity include fear, greed, overconfidence, euphoria and revenge. If you succumb to such emotions, you can commit major trading sins, such as overtrading, bias and anchoring.

While emotions come naturally to us humans, it is important not let them interfere with your trading activities. This is possible through learning about your personality and psychological profile, as well as coming up with a solid trading plan and sticking to it with religious discipline.

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Why AvaTrade is the Right Forex Broker for You?

  • Global Regulation
    In an industry with multiple brokerage options, regulation serves as one of the major filters for identifying trustworthy and reliable companies. AvaTrade Nigeria is a globally multi-regulated broker, with regulatory licenses across five continents. Among other things, dealing with a regulated broker will guarantee you transparent pricing, safety of funds, as well as fair resolution in the unlikely event of an issue arising.
  • Competitive forex trading Spreads
    You are interested in trading forex to make money, and it is, therefore, only logical to monitor your trading costs to improve profitability. AvaTrade has partnered with multiple, huge liquidity providers which guarantees that you will be able to trade your favourite financial assets with competitive spreads at all times.
  • Superior forex Trading Conditions
    With over 12 years of serving online financial asset traders, AvaTrade has successfully created the ultimate trading environment for its clients. From restriction-free scalping and short-selling to unlimited netting and hedging, there are endless possibilities when you are trading with AvaTrade. In addition, besides forex, we also offer a wide choice of asset classes, including stocks, indices, cryptocurrencies and commodities, enabling you to diversify your trading portfolio with ease.
  • Multiple forex Trading Platforms
    AvaTrade Nigeria offers multiple platform options that give you the convenience and flexibility you need to enhance your trading activities. From the iconic MT4 and MT5 platforms to WebTrader, AvaTradeGO and AvaOptions, every AvaTrade client can select the kind of trading experience they desire, when speculating on online financial assets.
  • Numerous FOREX Trading Resources
    At AvaTrade, traders have unlimited access to a comprehensive library of informative educational materials as well as handy trading tools and resources, such as the Economic Calendar as well as integrated automated trading solutions, such as DupliTrade and ZuluTrade.
  • Professional Customer Service
    At AvaTrade, the trader comes first, at all times. Customer service is available in different languages; and you can always stay in touch with AvaTrade via our social connections (Facebook, Twitter and YouTube) for market updates and various promotions.

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Trading Forex with AvaTrade Nigeria

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How to Open a Real Forex Trading Account with AvaTrade?

  • Simply visit the AvaTrade homepage and click on the ‘Register Now’ button located on the top right corner of the page.
  • A popup window will emerge and will prompt you to fill out your registration details. This includes your first and last names as well as your email address. For an even quicker process, you can sign up using Facebook or Google account options.
Open Forex trading Account with Avatrade NG
  • After signing up, you will receive your login credentials via email, and you will be required to verify your account. You can then deposit funds into your trading account and start trading.

How to Download MT4 for Forex Trading

You will require a trading platform to access and participate in the exciting forex trading world. Follow the steps below to download the iconic and popular MT4 trading platform:

  • Click on the AvaTrade MetaTrader 4 download link here
  • Run the avafx.exe file
  • Enter your real account login information
  • Start trading your preferred assets

How much do you need to start trading Forex with Ava?

The minimum trading capital amount required at AvaTrade is $/€/£100. Australian traders can start trading with $100 AUD as well. AvaTrade allows payments via a selection of safe and convenient payment methods including wire transfer, debit/credit cards and various eWallets.

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How are Forex trading pairs divided?

Currency pairs represent the biggest and most popular financial asset group among online traders.

Forex trading pairs are divided into three main groups as follows:

  1. Majors – These represent the most popular traded currencies in the world and boast massive liquidity as well as very low spreads. All major currency pairs feature the US dollar (USD), as either the base or counter currency. The USD is currently the world’s most widely used currency, both in circulation and reserves. Majors include pairs such as the EURUS, GBPUSD and USDJPY.
  2. Minors – Minors are also known as Cross Pairs, and represent currencies of major economies, excluding the US dollar. Most minor pairs include the euro (EUR), Japanese yen (JPY) or the British pound (GBP) in their exchange rate calculation. Popularly traded minors include the GBPJPY, EURJPY and EURAUD.
  3. Exotics – Exotic currency pairs are made up of one major currency paired with the currency of an emerging economy such as South Africa. Exotics are characteristically illiquid but very volatile, and they usually feature much higher spreads. Some of the popular traded exotics include the USDZAR, EURTRY and GBPSGD.

You can trade any type of Forex trading pair you wish, but it is advisable for beginner traders to concentrate initially on major and minor pairs, while experienced traders can try out exotics.

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How to Open a forex trading Position?

There are 3 main ways to open a trade position on the AvaTrade MT4 platform as follows:

  1. Order Window. Double-click on the asset you wish to trade (on the Market Watch tab) and an Order Window will pop up. Fill out your trade parameters such as lot size, stop loss and take profit levels, as well as order type (Market or Pending execution). You will then buy or sell the asset.
  2. Chart Trading. Simply right-click on your preferred asset chart window and select ‘Trading’. You can then set your preferred trading parameters.

  3. One-click Trading. Activate the one-click trading functionality by clicking on the ‘Tools’ tab in the main menu. The one-trade function is available under ‘Options’ in the ‘Trade’ section. You will then be able to quickly buy or sell your favourite assets with just a single click.

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How to Use Leverage in forex trading?

Leverage involves borrowing a certain amount of money, and the main purpose for using leverage is so that a trader can command larger positions with less capital and increase the returns on investment. Despite the benefits, leverage is a double-edged sword. While the main reason to use leverage is to increase your capital base as well as widen your profit potential, if not used effectively, leverage can expose you to larger risks.

Consider the following to use leverage appropriately;

  • Always use stop-loss orders. Stop-loss orders automatically close your losing positions at a predetermined price point. This prevents loss of an excessive amount of capital when the markets are not moving in the direction that you speculated they would.

  • Select a comfortable leverage level. Choose a leverage level that you are comfortable with. The rule of thumb is to use a lower leverage level in volatile markets and a relatively higher level in less volatile markets.

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How to Calculate Pips in forex trading?

In forex trading, price movement is measured in pips. Currency exchange rates usually post tiny variations, and a pip is typically the last decimal place of a currency pair’s price quote. A price quote will generally have four decimal places, but some brokers go up to five decimal places.

When trading a standard lot (100,000 units of currency), the value of one pip is fixed at $10 when the USD is the quote currency, as in the EURUSD. When the USD is the base currency (as in the USDCAD), the value of a pip is calculated by dividing $10 by the prevailing exchange rate. For instance, if the USDCAD rate is 1.2000, the value of a pip will be $8.3 ($10/1.2). When the Japanese yen (JPY) is involved, the rule is to multiply the result by 100.

The same calculation applies in other currencies, with most brokers assigning a fixed pip value for most major currencies. When a standard lot is worth $10, a mini lot (10,000 units) is worth $1, and a micro lot (1,000 units) is worth $0.1.

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How to Build a Strong Forex trading Strategy

The importance of a strong forex strategy cannot be disputed. Having a strong plan is a prerequisite for success in the trading world. Here is how to build a profitable strategy:

  • Timeframe
    Determine whether you will be a short term or longer-term trader, or a scalper or a trader who uses a swing strategy. This will indicate the timeframe chart you will trade with. If you are a scalper, your focus will be on shorter timeframe charts, such as 1-minute, 5-minute and even a 30-minute chart, while a long-term trader will look at longer timeframe charts such as a day or a week.
  • Trade Methodology
    Decide whether you will be a technical or fundamental trader. Technical analysis consists of forecasting future price behaviour based on past price action, whereas fundamental analysis involves studying how economic, social and political factors impact a financial asset’s value.
  • Trading Rules
    Trading rules are basically the backbone of your strategy. You will have to detail the conditions under which you will make any trading decision in the market. This includes trading hours, trade entries, trade exits, stop loss and take profit levels, indicators to use, as well as how to deal with economic news releases.
  • Risk Management
    Trading involves an element of risk. This means that success will be hinged on your ability to manage risks effectively. Your trading strategy should detail the amount you will be trading at any given time, your maximum drawdown, how you will manage open trades, your hedging plan, and even how to trade correlated assets in a non-risky manner. Part of risk management is also how you will make withdrawals, so that you balance between enjoying your profits and maintaining a healthy capital amount.

  • Testing and Optimisation
    It is important to put your developed strategy through a test to ensure that it will be a profitable one. If it is a manual strategy, you can test it with AvaTrade as we offer free, unlimited demo accounts where no monetary risk is involved. AvaTrade also supports automatic backtesting if it is an automated strategy. You can then optimise the strategy to perform at the best possible level.

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Forex trading FAQs for Expert Traders

  • What is Auto Trading?
    Auto trading is the use of computer software to perform trading functions with little human intervention. This can include software, such as copy trading, automated technical analysis or even trading robots. You can apply auto trading in forex by linking the software with your trading platform.
  • What is a Forex EA?
    A Forex EA (Expert Advisor) is computer software that enters and exits trade positions in the market based on coded algorithms or set conditions.
  • What is Fundamental Analysis in forex trading?
    Fundamental analysis is the study of how various underlying economic, social and political factors affect the demand and supply of a particular financial asset, and consequently its prevailing price.
  • What is Technical Analysis in forex trading?
    Technical analysis is the forecasting of future price behaviour based on historical price patterns or movements of a particular financial asset.
  • How can the Economic Calendar improve my forex trading?
    Economic news releases are a major catalyst of price movement in the Forex trading market. The Economic Calendar can help you track the release of high impact economic and political events so that you can make appropriate trading decisions at a suitable time. AvaTrade traders have unlimited access to the Economic Calendar tool.
  • What is Scalping?
    Scalping is a trading strategy that seeks to profit from small price changes in an underlying financial asset.
  • What is Stop Loss?
    A stop loss is an order to close your trade position at a predetermined maximum loss level. When a preset price point is achieved, your trade is automatically closed, and you can no longer incur further losses.
  • What is Take Profit?
    Take profit is an order to close your trade position at a predetermined maximum level. When that price is achieved, the trade will be closed automatically, and your profits will be booked.
  • ✅ What is short-term and long-term trading?
    Short-term trading refers to trading strategies in which the time duration between entering and exiting a trade is within a range of few days to a few weeks. Another form of short-term trading is day trading in which all trade positions entered during a trading day are exited the same day. With long term trading, the time duration between entering and exiting a trade is much longer than short term trading and can range from a few weeks right up to a few years.
  • ✅ What is a stop-loss order in forex trading?
    You can place a stop-loss with AvaTrade NG to sell an asset when it reaches a particular price. A stop-loss order is developed to reduce a trader’s loss on a trade position.
  • ✅ How do I withdraw my profits from AvaTrade?
    Once you are ready, you can withdraw your profits from your trading account. It is important to note that due to anti-money laundering regulations, withdrawals can only be sent via the payment method you used to fund your account. You will be required to withdraw up to 200% of your deposit amount to your credit/debit card, and only then you may withdraw by another method in your own name. For example, if you deposited £1,000 into your AvaTrade account using a credit card and you made a profit of £1,200, you will be required to withdraw the first £2,000 to the same credit card. Then the remaining funds can be withdrawn via a different method, such as wire transfer.

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