MasterCard and VISA crack down on offshore forex brokers | Forex Factory

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MasterCard and VISA crack down on offshore forex brokers

  • #1
  • First Post: Oct 18, 2018 10:03am Oct 18, 2018 10:03am
The credit card giants MasterCard and VISA are taking measures against unregulated brokers (https://theforexreview.com/2018/10/15/mastercard-and-visa-crack-down-on-offshore-forex-brokers/) by classifying all transactions to forex, binary, CFD and crypto brokers, as well as ICOs as high risk.

MasterCard has already implemented the new rules, while VISA is expected to follow suit in December.

For the customer of VISA and MasterCard the new rules mean that they will successfully be able to file for a charge back within 540 days. Currently charge backs are only available within the first 180 days after the deposit was made.
  • #2
  • Nov 22, 2018 7:45am Nov 22, 2018 7:45am
I like funding my account by debit card, hope this doesnt change.
  • #3
  • Dec 11, 2018 9:24pm Dec 11, 2018 9:24pm
I've tried once with debit card, it's so troublesome. So I decided to use other deposit options. Hope this new rule doesn't implement further trouble for traders in the future.
  • #4
  • Dec 11, 2018 10:12pm Dec 11, 2018 10:12pm
Quoting mlawson71
The credit card giants MasterCard and VISA are taking measures against unregulated brokers (https://theforexreview.com/2018/10/15/mastercard-and-visa-crack-down-on-offshore-forex-brokers/) by classifying all transactions to forex, binary, CFD and crypto brokers, as well as ICOs as high risk. MasterCard has already implemented the new rules, while VISA is expected to follow suit in December. For the customer of VISA and MasterCard the new rules mean that they will successfully be able to file for a charge back within 540 days. Currently...
hmmm.. Cyprus??
Attached Image (click to enlarge)
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Staying in my lane...
  • #5
  • Dec 13, 2018 6:07pm Dec 13, 2018 6:07pm
Quoting VEEFX
{quote} hmmm.. Cyprus?? {image}
Toxic Flow for FX Brokers.
  • #6
  • Dec 17, 2018 10:11am Dec 17, 2018 10:11am
An update – Skrill will also start requiring brokers to show an official copy of their license in order to work with them. (https://theforexreview.com/2018/11/15/skrill-will-require-license-assurance-from-forex-brokers/) (https://theforexreview.com/2018/11/15/skrill-will-require-license-assurance-from-forex-brokers/)

Skrill says the move is related to the recent changes in the regulatiоn, initiated by the European Securities and Markets Authority (ESMA) and similar moves by other companies like Google, MasterCard and VISA, aimed at curbing the investment risk for customers.
Skrill mentions specifically all binary options brokers as their operations on the European market are essentially banned since August, when the new ESMA regulations came in to force.

The move is expected to be followed by similar actions by other payment companies in Europe like Neteller, WebMoney, FasaPay, Sofort and Klarna.
  • #7
  • Dec 17, 2018 12:17pm Dec 17, 2018 12:17pm
Alpari dont have anymore skrill, offcourse they told this after it wasnt possible transfer funds back to skrill 10th of Dec. and Skrill answers quite blood boiling.Expensive transfer to bank account and then to other broker.
Both parties blame each other. and trader pays fees after fees, bad conversion rates.
Hypocricy safe traders money, if this kind things happend. 100% sure loss. Thinking not use anymore skrill, because never know who is next broker.


Quoting mlawson71
An update – Skrill will also start requiring brokers to show an official copy of their license in order to work with them. (https://theforexreview.com/2018/11/15/skrill-will-require-license-assurance-from-forex-brokers/) Skrill says the move is related to the recent changes in the regulatiоn, initiated by the European Securities and Markets Authority (ESMA) and similar moves by other companies like Google, MasterCard and VISA, aimed at curbing the investment risk for customers. Skrill mentions specifically all binary options brokers...
  • #8
  • Last Post: Apr 26, 2019 11:19am Apr 26, 2019 11:19am
Offshore brokers that offer VISA and MasterCard payment options to their clients are faced with new restrictions. (https://theforexreview.com/2019/04/24/visa-and-mastercard-further-tighten-rules-for-offshore-brokers/)

For one, currently offshore brokers have to pay a much higher fee for processing card transactions, compared to the one payed by brokers, regulated in the European Union, USA, Canada, Australia or Japan.

What is more important, however, now offshore brokers will have to prove that they are allowed to charge the cards of overseas clients.
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