What brokers offer Credit card deposits but withdraw with check? | Forex Factory

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What brokers offer Credit card deposits but withdraw with check?

  • #1
  • First Post: Feb 13, 2009 3:21pm Feb 13, 2009 3:21pm
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.
  • #2
  • Feb 16, 2009 3:56am Feb 16, 2009 3:56am
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.
  • #3
  • Feb 16, 2009 7:45am Feb 16, 2009 7:45am
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:

  1. Credit Cards -- GFT Fee: $0 Restrictions: Maximum deposit amount of $25,000 USD (or currency equivalent) in any 30 day period.
  2. eChecks -- GFT Fee: $0 Restrictions: Minimum deposit is $100. Maximum deposit amount is $10,000. Available to U.S. bank accounts only.
  3. Paypal -- PayPal Fee: 2.9% + an additional $.30 Restrictions: Verified accounts only. $100 minimum deposit.
  4. Bank Wires -- GFT Fee: $0 Restrictions: May vary by country and bank.
  5. Paper Checks -- GFT Fee: $0 Restrictions: U.S currency only


For GFT Withdrawals:

  1. Overnight Check (US and Canadian clients only $20)
  2. Check by regular mail (no fee)
  3. Wire Transfer ($25 fee for USD-based accounts)
  4. Debit / Credit Card (no fee)

  • #4
  • Feb 16, 2009 5:54pm Feb 16, 2009 5:54pm
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.
  • #5
  • Feb 16, 2009 10:11pm Feb 16, 2009 10:11pm
IBFX allows funding through credit card albeit for a fee.
Royal Icon allows it as well - no funding fee.
both allow withdrawal via wire to your bank.

FXCM allows it too. no funding fee. but can be withdrawn to credit card only however.
  • #6
  • Feb 16, 2009 11:07pm Feb 16, 2009 11:07pm
Quoting Andy12
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?
FXCM Micro...
  • #7
  • Feb 17, 2009 2:35am Feb 17, 2009 2:35am
Quoting Andy12
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.
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.
  • #8
  • Edited 9:52am Feb 18, 2009 9:47am | Edited 9:52am
Quoting birdt
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.
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.

http://www.forexmicrolot.com/deposits-withdrawals.jsp

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.
  • #9
  • Feb 18, 2009 3:04pm Feb 18, 2009 3:04pm
Quoting Andy12
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?

MGFOREX DOES THAT!
  • #10
  • Last Post: Sep 30, 2023 7:17am Sep 30, 2023 7:17am
Quoting Andy12
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?
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