I am looking for broker that will be OK if I deposit money by Credit Card and after
I make specific amount transactions, I will be able to withdraw my funds by
check with no problem. Any advice?
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
Joined Feb 2009
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Status: Borderline yahoo & oh-no!
|6,607 Posts
IMO, most brokers offer the criteria you mentioned. just note that, most/some charge a fee for w/drawals via check & it will take several days to reach you. unlike, w/ credit card w/drawal, w/c may cost you $0 or a minimal fee & almost instant or 24-hour w/drawal.
Joined Oct 2008
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Status: Sentiment and Global Macro
|2,321 Posts
I agree. Most brokers offer those options you stated. What you have to worry about is the fee broker's tax on when you deposit/withdrawal monies. For example, I use GFT, and they offer every common way of depositing/withdrawing funds but there are fees and restrictions taxed on every option.
For GFT Deposit:
Credit Cards -- GFT Fee: $0 Restrictions: Maximum deposit amount of $25,000 USD (or currency equivalent) in any 30 day period.
eChecks -- GFT Fee: $0 Restrictions: Minimum deposit is $100. Maximum deposit amount is $10,000. Available to U.S. bank accounts only.
Thanks for the replies. Check by regular mail works for me. My only concern if they try to do withdrawal the same way that you deposit money. Forex.com is very strict about this, for example. I use Oanda now and Oanda do not have option about depositing with Credit Cards.
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
I am looking for broker that will be OK if I deposit money by Credit Card and after
I make specific amount transactions, I will be able to withdraw my funds by
check with no problem. Any advice?
Thanks for the replies. Check by regular mail works for me. My only concern if they try to do withdrawal the same way that you deposit money. Forex.com is very strict about this, for example. I use Oanda now and Oanda do not have option about depositing with Credit Cards.
Ignored
Can you think of any reasons, possibly concerning money laundering or fraud, why NO reputable broker will let you do what you're asking? You might as well be asking for withdrawal in physical delivery of high grade Colombian cocaine, or hit-man coupons. Either way, it ain't going to happen.
Can you think of any reasons, possibly concerning money laundering or fraud, why NO reputable broker will let you do what you're asking? You might as well be asking for withdrawal in physical delivery of high grade Colombian cocaine, or hit-man coupons. Either way, it ain't going to happen.
Ignored
Well for sure the great majority of brokers will not let you deposit via credit card and withdrawl by check only. But I'm 100% sure that FXCM Micro allows deposits by credit/debit cards and bank wire transfers and the ONLY way for USA customers to get withdrawls are by written checks sent to the account holders address. International customers may require withdrawls ONLY by bank wire transfers.
They say the reason for this business practice is to keep their operating costs down therefore their able to pass this cost on to the consumer via lower spreads. Thats their claim anyway.
I am looking for broker that will be OK if I deposit money by Credit Card and after
I make specific amount transactions, I will be able to withdraw my funds by
check with no problem. Any advice?
