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any one has credit card deposit with fxsol australia??

  • #21
  • Apr 28, 2009 7:11am Apr 28, 2009 7:11am
requested cancellation of Apr.8 deposit from 3rd cc, will be processed today.

Apr.9 cancellation of 1st cc (Apr.8) deposit still not recovered in credit,

reason is my cancellation requested "before fxsol-aus req fund from cc bank", so cc bank do not receive any fund req and hold credit frozen till 31day.
expect to free up that credit within 31 day after Apr.8...

2nd cc requested deposit cancellation after fxsol-aus already req fund from my cc bank, so in that case credit is recovered in 3 days after my cancellation request.

there are 2 new updates of their policy here:
1. cc deposit over 10k is not allowed, but can be approved on emergency (this they did not inform me till I deposit more)
2. if made a profit, profit part cannot be cancelled back to cc, and has to withdraw via check or wire (wire fee is about 40$)
  • #22
  • Edited 11:07am Jun 25, 2009 10:30am | Edited 11:07am
I cancelled all deposits back to cc at end of Apr.
leaving 1k usd profit in fxsol-aus.

after busy for 1.5month at work, traded again for 1 or 2 deals this week. again very smooth and runs well.

I am now convinced that fxsol aus is an honest broker and I will continue trade with them.

they have a limitation of 10k usd deposit per month from cc and max 4 withdrawals... I am having fund bottle necks at that so I am looking at alternatives.

I am looking at alternative brokers that offer free cc deposit and cancellation, CFD, gold even oil options.... do not care a lot about forex.

fxp*o seem to be one option, chat with support gets good impression
I may start opening a live acc to test fxp*o soon after (early in July)

attached talk with fxp*o cust-support with good impression.
however there is mixed result on forexpeacearmy (50% positive, 50% negative), and a few good and bad feedbacks here... so probably I'd be very cautious and put in a minimal deposit to start testing.

//ps: mod if this new test target broker is not a site sponsor and cannot be talked pls just remove this post, hahaha...

[update] forgot to check fxp*o position size... asked again, forex is 0.1 lot or 10000$,
too big for me..., I may skip that, dow future, gold and oil position size is about 5k-9k$ which is okey... fun thing is can buy Citi for just 10 share or 30$...
Attached File(s)
File Type: doc query_of_policy.doc   42 KB | 540 downloads
File Type: doc query_of_positionsize.doc   32 KB | 524 downloads
  • #23
  • Jun 25, 2009 12:17pm Jun 25, 2009 12:17pm
Never heard of the 30 day restriction rule. FXCM allows funds to go back to the card even after 30 days.

I checked with our operations department and I couldn't find any plausible reason why this may occur. Could be their internal policy or their vendor's policy perhaps?

Quoting belief
It seems all CC brokers can only support withdrawal within first month, I supposed it's got to do with Visa policy of 30days purchase refund.

Hence I don't see it's usefulness which you won't get to use it anyway, and you won't withdraw within a month unless u can double your account in a month.

Correct me if I am wrong.


For further research, following brokers with credit card facility with condition of Eur 2 pips or less and mini account, results generated by compareforexbrokers.com[list=1][*]Cyprus: eToro, Prime4X, FxPro[*][color=red]Canada:...
  • #24
  • Jun 25, 2009 12:31pm Jun 25, 2009 12:31pm
Quoting Jason Rogers
Never heard of the 30 day restriction rule. FXCM allows funds to go back to the card even after 30 days.

I checked with our operations department and I couldn't find any plausible reason why this may occur. Could be their internal policy or their vendor's policy perhaps?
fxsol us and fxsol aus has policy that funding can only be cancelled back to cc within 30 days, after that it can only be via check or wire.

I am okey with that coz fxsol's deposit is always instant after consulting 24hr support, and cancellation no questions asked and 2-3day will arrive at cc... the quality and reliability of service overwhelms the need for a little longer.

no idea about fxcm, fxp*o I consult just now they have no limit on that...
but 50% of all feedbacks on forexpeacearmy complain fxp*o on 1st time cc withdraw req many new IDs, so it's not better in this regard.
  • #25
  • Edited 6:27pm Jun 25, 2009 5:53pm | Edited 6:27pm
got the info that fxcm is providing cfd and oil on cfd acc [edit: ooops... seems that's a fxcm rep lurking here...>_<]

starting req is 2k usd and minimal position size is
sp500: 900$ * 10 * 5 = 45000$ per order, spread is 1/900 just now
oil: 70$ * 100 * 5 = 35000$ per order, spread is 12/7000 just now

position size is kind of too big for 10k acc... don't trade forex so the complaints of slippage etc is a don't care.

considering fxcm should be more safer/quick/reliable in terms of cc deposit and cancellation executions....

I probably will try fxcm-cfd 1st instead of fxp*o... which offer me another 10k$ cc deposit per month on top of fxsol-aus...
and they don't request free cancellation back to cc to be within 30 days... meaning I can put usd cash in cc and free deposit / withdrawal at anytime w/ 10k max per month deposit limit... which sounds more reasonable if I were to hold no leverage/long oil and stocks for year period instead of do T+1 trading like now in order to rush back to cc within 30day...

Quoting billye
I am looking at alternative brokers that offer free cc deposit and cancellation, CFD, gold even oil options.... do not care a lot about forex.

fxp*o seem to be one option, chat with support gets good impression
I may start opening a live acc to test fxp*o soon after (early in July)
  • #26
  • Jun 26, 2009 2:38am Jun 26, 2009 2:38am
You guys are judging Broker's by Forexpeacearmy but i've heard that they r a big Scam.
  • #27
  • Jun 26, 2009 3:32am Jun 26, 2009 3:32am
by reading the feedbacks of every trader with >6month exp.
each single piece may or may not be true.

but collectively plus some small money experiment we can figure out at lower cost and effort... this is like forex trading itself, price have a lot of noise and we have to make decision by ourselves.

by reading the broker complaints there I actually avoided falling into the well known problems of every of the broker I traded lately which is a good return on free reading pieces...

lose money on a known issue of a broker that has been complained 100 times by previous traders is simply a indication of not enough homework done.

Quoting nasir.khan
You guys are judging Broker's by Forexpeacearmy but i've heard that they r a big Scam.
  • #28
  • Jun 26, 2009 3:59am Jun 26, 2009 3:59am
hey billye i will be funding my new account at fxsol in 1-2 day's via wire transfer and read your thread in a hurry but let me cut this short am i concerned with all this? IS THERE ANY PROBLEM YOU HAD WITH THEM??

Thank's.
  • #29
  • Edited 4:24am Jun 26, 2009 4:09am | Edited 4:24am
hi nasir.khan

I actually traded with a new branch fxsol setup in australia that offer CFD (was to hedge my equity position to reduce risk...not for profits)

I was very paranoid at beginning and questioned every step, but in the end they prove to be working well.

except for high spread there is no problem at all. as they promise they only profit from spread and I can see no evil from dealing with them. (fundings etc operations are actually done by fxsol.us so I guess they are samething just to work-around CFD and gold permission)

if you trade higher time frame like day t-f I guess this shouldn't be a problem. (also limit orders has to be 5-10 pips away from current price)

for 1M scalping oanda have a clear advantance in that E/U spread is 1pip and limit order can be 1pip away from current price. same person that b/e overall could profit scalping at oanda and lose scalping at fxsol ... this is my estimation.

minimal acc is 250$ and minimal position size is 1k$ which is a good start.

another good impression I had was they have a server offline end of last year and my friends open trade has been compensated reasonably.

I guess you want to read all positive and negative feedbacks about them here and you can verify the concerns with cust-support before deposit. http://www.forexpeacearmy.com/public.../www.fxsol.com

ps: is this your 1st broker? if yes I'd recommend deposit 10$ to oanda live acc via cc, and trade 100$ position sizes till you blow it 2 times...
that's a cheaper way to learn how not to die... and then you'd not see all the complaints listed in the link above in yourself probably.

Quoting nasir.khan
hey billye i will be funding my new account at fxsol in 1-2 day's via wire transfer and read your thread in a hurry but let me cut this short am i concerned with all this? IS THERE ANY PROBLEM YOU HAD WITH THEM??

Thank's.
  • #30
  • Jun 26, 2009 5:05am Jun 26, 2009 5:05am
Quoting billye
hi nasir.khan

I actually traded with a new branch fxsol setup in australia that offer CFD (was to hedge my equity position to reduce risk...not for profits)

I was very paranoid at beginning and questioned every step, but in the end they prove to be working well.

except for high spread there is no problem at all. as they promise they only profit from spread and I can see no evil from dealing with them. (fundings etc operations are actually done by fxsol.us so I guess they are samething just to work-around CFD and gold permission)

if...
Thank's for all the advise but i have blown 3-4 account's with FINEXO,FXPRO and FXCM Micro.
  • #31
  • Jun 26, 2009 6:51am Jun 26, 2009 6:51am
Quoting nasir.khan
Thank's for all the advise but i have blown 3-4 account's with FINEXO,FXPRO and FXCM Micro.
the latter 2 are known to have a big ratio of min position vs min acc size

fxpro is 10000 vs 500=20:1
fxcm-m is 1000 vs 25=40:1

with a little over leverage it can blow up easily by 100pips market movement.
I still suggest you cc deposit 10$ to oanda and trade only 10$ position size for a while
to see if will blow up due to other reason.... or over-leverage was the root cause.

if over-leverage is root cause then you should trade with no leverage (position size=acc) for a while till proven b/e then increase leverage.
  • #32
  • Jun 26, 2009 8:11am Jun 26, 2009 8:11am
I am revisiting whether I really want to trade with fxcm for a few reasons
1. I heard this fxcm cfd from a ff member here but it turns out that ff member is a fxcm rep with asif a real person name... he did not claim that he's rep from fxcm when recommending fxcm so it gives me a surprise when I found this out.
2. the hundred of comments on forexpeacearmy has too many negatives, kind of scary to filter it out, I know many may from novice trader or fxcm-micro but kind of scared
3. when the support heard that I am okey trading 40,000 usd position with 2000 usd acc (that's 20:1 leverage) and can deposit more... he personally send me a link to register at fxcm-uk with a referrer name of him, sounds like ib commission making thing and I don't like the broker agent to have profit link with how much I trade or even how much I win or lose.
4. seems the fxcm cfd hasn't really annouced publicly for much, I asked a few guys trading at fxcm and they were not aware of this one
5. the major thing is still the position size, minimal position is 40,000 usd and kind of too much assuming cc deposit limit is 10k usd per month, 2 orders and easily go to 10:1 leverage


okey, now I found on ff ads bar there is a delta stock offering CFD and cc deposit/withdrawal. on forexpeacearmy it has very good feedbacks base on 26 reviews. I will probably look into this one 1st.

http://www.forexpeacearmy.com/public...deltastock.com

Quoting billye
got the info that fxcm is providing cfd and oil on cfd acc [edit: ooops... seems that's a fxcm rep lurking here...>_<]

starting req is 2k usd and minimal position size is
sp500: 900$ * 10 * 5 = 45000$ per order, spread is 1/900 just now
oil: 70$ * 100 * 5 = 35000$ per order, spread is 12/7000 just now

position size is kind of too big for 10k acc... don't trade forex so the complaints of slippage etc is a don't care.

considering fxcm should be more safer/quick/reliable in terms of cc deposit and cancellation executions....

I probably will...
  • #33
  • Jun 26, 2009 8:21am Jun 26, 2009 8:21am
First i was funding my account via WireTransfer cause i can't wait to go live


But today my bank told me that i must have a dollar account for wiretransfer.

now i am opening an account with a bank who will give me VISA debit card and i will fund the account with it and that will also save me from extra 50$ charges of wiretransfer.

as far as opening an account with Oanda concerns i think they dont allow card payment's so i will have to spend 40$ to fund a 10$ account.

And i dont care about Leverage cause in my money managment i risk 3%-5% of my account per trade.

Take a look at that and tell what do think about me
going live should i or not??

http://nasirkhan.mt4stats.com/
  • #34
  • Edited 9:23am Jun 26, 2009 8:56am | Edited 9:23am
1. it is located in e-eur, but 90% of max 15k - 20k euro is guaranteed even if bankrupcy; an option to offer L2 pool no dealer desk with some commission

2. demo software is perfect, acc size is 100 usd min, position size is reasonable
inv min position min commission
sp500 900$ ?
dow 8500$
oil 70$ 2 eur min
stock 1 share 2 eur
gold 900$

3. visa credit card deposit and withdraw is supported, but not sure if it's free of charge... has to confirm this VS wire cost

[edit] checked with support
sadly cc deposit or moneybooks all charge 2% fee of deposit or higher...
withdraw back to cc is free.

that is 200 usd on a 10k usd cost which is a show-stopper and overwhlems benefit of cc to work-around foreign exchange and wire fee.

seems I can do no more with a min 100$ acc with them...
Attached File(s)
File Type: doc query_cc_deposit_withdraw.doc   30 KB | 360 downloads
  • #35
  • Jun 26, 2009 9:02am Jun 26, 2009 9:02am
I think I published trick to fund 10$ to oanda and trade 10$ to 100$ position size safely.

it is like this
you register 2 acc of paypal (allowed, instant)
use one paypal A to send money to another paypal B, and pay by cc, instant
then use paypal B to deposit to oanda, instant

if you pay 11$ from cc eventually you'll get 10.x$ in oanda, money in within 24hr

in this way you can trade 10$ size for high time-frame and 100$ size for scalping safely w/o the need to blow hundred usd accs.


Quoting nasir.khan
as far as opening an account with Oanda concerns i think they dont allow card payment's so i will have to spend 40$ to fund a 10$ account.
  • #36
  • Jun 26, 2009 9:10am Jun 26, 2009 9:10am
Quoting billye
1. I heard this fxcm cfd from a ff member here but it turns out that ff member is a fxcm rep with asif a real person name... he did not claim that he's rep from fxcm when recommending fxcm so it gives me a surprise when I found this out.
Hi billye,

The only FXCM reps on the forum are myself, which is disclosed in my bio, and Jaclyn Sales, who makes official announcements about FXCM. The one place I have mentioned CFD's on the forex factory forum has been on the oil discussion thread when someone asked me where I found my oil chart. I apologize if this was mistaken for a recommendation, that is not what I am here for.

-Jason
  • #37
  • Edited 9:50am Jun 26, 2009 9:32am | Edited 9:50am
yes I read that post yesterday (unconsciously that you're fxcm rep) and goes to consult the support.... overall your post is helpful for me.

your trading platform is perfect and cc deposit/withdraw policy is good,

only thing I'm not so comfortable is min position size is 500 barrel of oil or 5 positions of dow, that's ~ 40,000 usd min order, which is a little higher risk of over leverage considering max limit is 10k deposit per month.

other thing surprised me is the support yesterday send me a link like below to register,
I do not like broker agent having profit links with how much I trade or how much I win or lose... (conflict of interest)

https://cfdtr.fxcorporate.com/fxtr/ ?ib=FX***_CFD
last thing is I read ~ hundred feedbacks on forexpeacearmy and there is too many negatives. hesitating...

there is nothing serious wrong that you recommend fxcm cfd, it still helps as a working option with only overleverage concern.
the quality of cfd trading platform, your fund safety and the low cost of cc deposit and withdraw still is outstanding.

Quoting Jason Rogers
Hi billye,

The only FXCM reps on the forum are myself, which is disclosed in my bio, and Jaclyn Sales, who makes official announcements about FXCM. The one place I have mentioned CFD's on the forex factory forum has been on the oil discussion thread when someone asked me where I found my oil chart. I apologize if this was mistaken for a recommendation, that is not what I am here for.

-Jason
  • #38
  • Jun 28, 2009 10:44pm Jun 28, 2009 10:44pm
OK now i get what you are doin.

Like deposit 250$ make 250$-300$ before 30 days and then cancel my deposit of 250$ so in that sence i will make money and withraw it without thier 40$ charges am i right.
  • #39
  • Jun 29, 2009 1:23am Jun 29, 2009 1:23am
May i know how secure is credit card deposit? For example, FXsol aus needs us to fill in the 3 digits verification code. If they have this code, dont they will be able to use our credit card details to make other online transaction?

Can anyone pls advise me on this? Thanks in advance.
  • #40
  • Jun 29, 2009 5:54am Jun 29, 2009 5:54am
yes, 2 way currency exchage cost 2% of capital for me.

also 2 way international wire cost quite much if playing with small money for learning.

I actually put in my own currency in cc and my cc will allow me to buy with same worth of USD w/o a real currency exchange...

if I cancel back before due date, the 2 way cur exchange and 2 way wire cost is saved...

I still regard this as a way to trade my real money (I have same amount cash put in cc of my own currency)
I have no interest in trading virtual money to make a profit though.... that's risky.


Quoting nasir.khan
OK now i get what you are doin.

Like deposit 250$ make 250$-300$ before 30 days and then cancel my deposit of 250$ so in that sence i will make money and withraw it without thier 40$ charges am i right.
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