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Withdrawing funds deposited by credit card

  • #1
  • First Post: Jul 24, 2009 10:11am Jul 24, 2009 10:11am
My broker refuses to allow me to withdraw my funds except by credit card, since I funded my account via credit card. However, my credit card has been canceled and I need to receive the funds via check or wire transfer. Does anybody know a way around this situation?
  • #2
  • Jul 24, 2009 10:46am Jul 24, 2009 10:46am
Quoting Pippinator
My broker refuses to allow me to withdraw my funds except by credit card, since I funded my account via credit card. However, my credit card has been canceled and I need to receive the funds via check or wire transfer. Does anybody know a way around this situation?
you can ask your old cc bank to provide a credit card cancelled - proof letter as well as your savings account bank to provide a savings proof letter.

then broker will be considerate.
if broker is ignorant you can complain to FPA they will help influence the broker.
  • #3
  • Jul 24, 2009 10:58am Jul 24, 2009 10:58am
provide them with a different credit card number for them to deposit your withdrawal into... maybe a CHECK CARD ?


Quoting Pippinator
My broker refuses to allow me to withdraw my funds except by credit card, since I funded my account via credit card. However, my credit card has been canceled and I need to receive the funds via check or wire transfer. Does anybody know a way around this situation?
  • #4
  • Jul 24, 2009 11:03am Jul 24, 2009 11:03am
Quoting mofuniverse
provide them with a different credit card number for them to deposit your withdrawal into... maybe a CHECK CARD ?
it is not allowed, typically for oanda for example they do WIWO (where in where out) due to anti money laundry.
  • #5
  • Jul 24, 2009 12:32pm Jul 24, 2009 12:32pm
ah ok, well.... just a thought

Quoting billye
it is not allowed, typically for oanda for example they do WIWO (where in where out) due to anti money laundry.
  • #6
  • Jul 24, 2009 1:59pm Jul 24, 2009 1:59pm
I also heard some brokers who accept credit cards, only allows withdrawal to the card upto the same amount deposited,
if its true then how can we withdraw the profit
  • #7
  • Jul 24, 2009 3:41pm Jul 24, 2009 3:41pm
wire or check

Quoting AdamN
I also heard some brokers who accept credit cards, only allows withdrawal to the card upto the same amount deposited,
if its true then how can we withdraw the profit
  • #8
  • Jul 24, 2009 3:45pm Jul 24, 2009 3:45pm
Do you have a balance on the card? If so ... The same way you can still make payments to the card your broker can credit the account with your withdrawal....


Quoting Pippinator
My broker refuses to allow me to withdraw my funds except by credit card, since I funded my account via credit card. However, my credit card has been canceled and I need to receive the funds via check or wire transfer. Does anybody know a way around this situation?
  • #9
  • Jul 24, 2009 10:32pm Jul 24, 2009 10:32pm
Quoting AdamN
I also heard some brokers who accept credit cards, only allows withdrawal to the card upto the same amount deposited,
if its true then how can we withdraw the profit
paper cheque is free.

but the real fact is that traders don't withdraw profits. it's just a video game ^_^
  • #10
  • Jul 24, 2009 10:48pm Jul 24, 2009 10:48pm
I use FxPro.com and they are all about delaying tactics when a trader wants a withdrawal. They have always honored them though. I ALWAYS withdrawal realized profits as soon as they exceed 100. bucks US. I use PayPal and withdrawals post in 24 hrs. They will only let u withdrawal up to the largest deposit amount for that method. ( I could withdrawal up to 1000. bucks my largest Paypal deposit) They would just do multiple withdrawals if my request was above my deposit amount. I do believe they dont mind sending "small' money and they havn't ever screwed me with usual Broker tricks. I have withdrawn almost 5 times my original deposits. I can happily report they are not a "DepositOnly" Broker.
FF = Forex Faggots
  • #11
  • Jul 24, 2009 10:56pm Jul 24, 2009 10:56pm
Quoting billye
come on read the thread... we didn't target any broker as deposit only... don't be sensitive hoho
Billye u are dreaming. And I wasnt attacking any Broker-yet.
FF = Forex Faggots
  • #12
  • Jul 24, 2009 11:09pm Jul 24, 2009 11:09pm
Quoting billye
okey ^_^ anyway I just wake up..

but pls read 1st post... it wasn't about how to withdraw profits beyond initial cc deposit... good weekend!
Ok-maybe I do need to wake up-lol. Where do i bye that? Billye I think we are the only 2 posters left here this Friday?Cheers Bro-Happy trading too.
FF = Forex Faggots
  • #13
  • Edited 11:26pm Jul 24, 2009 11:12pm | Edited 11:26pm
Quoting 8fingers
Ok-maybe I do need to wake up-lol. Where do i bye that? Billye I think we are the only 2 posters left here this Friday?Cheers Bro-Happy trading too.
%_% maybe I mention that trader don't withdraw profit and that misleads...
there are 2 reason I mention trader don't withdraw profit
1. broker could do something with platform after withdraws
2. compounding
but there is 1 reason why trader should withdraw profit
1. broker don't like to withdraw big amounts as you mention

anyway maybe just me take it as a video game... haha
have fun~
  • #14
  • Jul 25, 2009 1:29am Jul 25, 2009 1:29am
Quoting mofuniverse
wire or check
Hmm i didn't know any broker who accept withdrawal using different method with deposit, do you know any?
  • #15
  • Edited 1:54am Jul 25, 2009 1:38am | Edited 1:54am
Quoting AdamN
Hmm i didn't know any broker who accept withdrawal using different method with deposit, do you know any?
one question, how does broker distinguish if you're withdrawing profit or deposit?

I think 8f is indicating that fx*** could cc deposit + paypal deposit, and then withdraw via paypal... that is what I heard from FPA comments as well.
"so if you fund via credit card. you can only withdraw via credit card.
if you fund $1000.00 with credit card you cannot withdraw via paypal. if you then fund 1.00 with paypal you can then withdraw 1001.00 via paypal."

however I don't want to attempt any grey area that risks my money.
  • #16
  • Jul 25, 2009 4:38am Jul 25, 2009 4:38am
I had the same issue with Gain a couple of years ago. The card was canceled and they refused to send the money by any other means. I explained the card was canceled and they told me I would have to contact the bank and have them send me a refund check once they charged the card back.

They did it and I had to do what they said. I did get a refund check from the bank, but it took weeks.
  • #17
  • Last Post: Jul 25, 2009 4:57am Jul 25, 2009 4:57am
Quoting billye
one question, how does broker distinguish if you're withdrawing profit or deposit?

I think 8f is indicating that fx*** could cc deposit + paypal deposit, and then withdraw via paypal... that is what I heard from FPA comments as well.
"so if you fund via credit card. you can only withdraw via credit card.
if you fund $1000.00 with credit card you cannot withdraw via paypal. if you then fund 1.00 with paypal you can then withdraw 1001.00 via paypal."

however I don't want to attempt any grey area that risks my money.
Hmm i didn't know we can do that O_o only need $1 PayPal to do the trick
because most brokers i know have this rules, for example:
if we made $700 deposit using wire transfer and then $300 using PayPal, then after trading and made some profits we can only withdraw upto 70% of our balance(deposit+profit) via wire transfer and upto 30% via PayPal because of the ratio of deposit method
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