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What is a bank draft?

A bank draft is a payment that is like a check, but its amount is guaranteed by the issuing bank. The funds are drawn from the requesting payer's account and are then placed in the bank's reserve account until the draft is cashed by the payee. Bank drafts provide the payee with a form of payment that is more secure than personal checks.

Can a person pay with a bank draft?

In other words, a person or organization paying with a bank draft can’t even get a bank draft unless they have the funds required. There’s no way for them to spend that money before you deposit the bank draft because the bank already removed the money from their account.

Why is a bank draft a good payment option?

Because bank drafts are guaranteed by the financial institutions that issue them, they are the ideal payment option when customers make a large purchase. And unlike cash, a bank draft provides a clear, secure record of the transaction. This can be important if there's any future dispute about the transaction.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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