Joined Jan 2008
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Status: Lunatic Supreme
|1,840 Posts
I've had one w/ non-forex accounts, but never had one connected to my trading account. In general they work fine, they just deduct any withdrawls or charges from your balance. Usually the amount is deducated in the account within 24 hours, but sometimes it can take a few days. Not much to know really.
My biggest concern is fraud protection, if someone finds your number what recourse do you have and what kind of support will they provide? I had someone hit my paypal debit card last year several times until the account had been drained... I did get the money back and a new card issued, but it took 3 weeks. That would be catastrophic for a trading account.
The way I've prevented those problems from being too bad is to use a "card in the middle" approach. Either use a standard CC and pay off the balance w/ the risk adverse card, or use something like paypal... turn off backup funding and just keep $500/$1k/whatever in the account, funded from the risk adverse card. That minimizes the number's exposure and adds that extra layer of safety.
