Digital Money Definition and Breaking Down

DEFINITION of Digital Money

Digital money, which can also be called electronic money, refers to money that is exchanged via electronic and often encrypted means. It isn’t just exclusive to ATMs. You’re also using digital money when you receive a direct deposit paycheck, or you’re using your PayPal account to buy something online or paying with credit card. This money is backed by actual fiat money. If you wanted to withdraw real cash from your bank once your paycheck cleared, you could do so.

BREAKING DOWN Digital Money

There are thousands of businesses online that accept digital money for payments including online games, online services, and online retailers. It is also great for money transfers and transactions between individuals across long distances. Unlike with bank transfers and credit cards, transactions with digital money are instant, have low fees, cannot be reversed, and there is no danger of identity theft or fraud. The popularity of digital money is rapidly growing and many experts consider digital money to be a breakthrough in the global payment system.

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2022-12-06 • Updated

Frequently asked questions

How to start trading?

If you are 18+ years old, you can join FBS and begin your FX journey. To trade, you need a brokerage account and sufficient knowledge on how assets behave in the financial markets. Start with studying the basics with our free educational materials and creating an FBS account. You may want to test the environment with virtual money with a Demo account. Once you are ready, enter the real market and trade to succeed.
How to open an FBS account?

Click the 'Open account' button on our website and proceed to the Trader Area. Before you can start trading, pass a profile verification. Confirm your email and phone number, get your ID verified. This procedure guarantees the safety of your funds and identity. Once you are done with all the checks, go to the preferred trading platform, and start trading.
How to withdraw the money you earned with FBS?

The procedure is very straightforward. Go to the Withdrawal page on the website or the Finances section of the FBS Trader Area and access Withdrawal. You can get the earned money via the same payment system that you used for depositing. In case you funded the account via various methods, withdraw your profit via the same methods in the ratio according to the deposited sums.