Credit Card Deposit and Withdrawal - FxPro | Forex Factory

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Credit Card Deposit and Withdrawal - FxPro

  • #1
  • First Post: Aug 11, 2009 11:32am Aug 11, 2009 11:32am
I am going to open an account with FxPro and planning to fund it by credit card. I have two questions. If you have experience about it, please let me know.

1. Perhaps it is sound silly, but I want a confirmation. Is credit card deposit not considered as cash advance? Will it be charged for interests or any handling fee normally?

2. Withdrawing money from the credit card will normally incur a charge by the issuer or credit card company. Is it true?

Please let me know if you have this experience.

Cheers.
  • #2
  • Aug 11, 2009 12:02pm Aug 11, 2009 12:02pm
Quoting kk007
I am going to open an account with FxPro and planning to fund it by credit card. I have two questions. If you have experience about it, please let me know.

1. Perhaps it is sound silly, but I want a confirmation. Is credit card deposit not considered as cash advance? Will it be charged for interests or any handling fee normally?

2. Withdrawing money from the credit card will normally incur a charge by the issuer or credit card company. Is it true?

Please let me know if you have this experience.

Cheers.
I use this Broker and I do believe there is an International charge(im in USA) thru my MasterCard(or Bank)-something like 3to 5 dollars per 100? I would contact them (they have live chat) and can tell u directly the answers to your questions. I use them 3-4 trades a week and np so far(and I have fired all my ex-US brokers except MBT).
FF = Forex Faggots
  • #3
  • Aug 11, 2009 12:10pm Aug 11, 2009 12:10pm
Quoting 8fingers
I use this Broker and I do believe there is an International charge(im in USA) thru my MasterCard(or Bank)-something like 3to 5 dollars per 100? I would contact them (they have live chat) and can tell u directly the answers to your questions. I use them 3-4 trades a week and np so far(and I have fired all my ex-US brokers except MBT).

Thanks in advance 8fingers. 3-5% charge is quite unacceptable to me. Are you talking about deposit or withdrawal, or both? Cheers.
  • #4
  • Aug 11, 2009 12:42pm Aug 11, 2009 12:42pm
I havnt withdrawn since may2009 and I have another broker as well-u really need to contact them and they(FXPRO) can tell u exactly the costs. I am pretty sure when u deposit through CC U pay this Inter. FEE- when u receive withdraw I think u get (in addition to your withdrawal) this fee ADDED to your total? I dont know if this is a Broker thing or MasterCard thing-srry.
FF = Forex Faggots
  • #5
  • Aug 11, 2009 4:07pm Aug 11, 2009 4:07pm
Be careful. You can only withdraw to your CC back your initial deposit. Profits made can only be wired or sent to your PayPal account. Not to CC. And on the first withdrawal you first have to withdraw your initial deposit to CC and after that you have to use another method.
  • #6
  • Aug 11, 2009 4:18pm Aug 11, 2009 4:18pm
I used fxpro.com about 6 month ago, i deposit 100 euros, then got about 500 euro's of profits, and withdrew them just fine back to my bank(with the same credit card i used for the deposit) ..no hidden costs. I live in Finland(inside of EU). The card i used is not really a "credit card", its just a Visa Electron and is connected straight to my bank account balance. So maybe that makes a difference.
  • #7
  • Aug 12, 2009 12:14am Aug 12, 2009 12:14am
Thanks for all who have replied. Really helpful!
  • #8
  • Aug 12, 2009 1:59am Aug 12, 2009 1:59am
Quoting kk007
I am going to open an account with FxPro and planning to fund it by credit card. I have two questions. If you have experience about it, please let me know.

1. Perhaps it is sound silly, but I want a confirmation. Is credit card deposit not considered as cash advance? Will it be charged for interests or any handling fee normally?

2. Withdrawing money from the credit card will normally incur a charge by the issuer or credit card company. Is it true?

Please let me know if you have this experience.

Cheers.

Its not possible for the broker to confirm whether the deposit will be treated as a Cash Advance by your issuer , only your CC issuer may be able to provide this information ( as I have seen some brokers to caution you before hand that this maybe treated as cash advance and to confirm with your issuer before proceeding ) . If the card it a based on the currency you are depositing in , then there would be no fees associated on money being reversed back to your card or else there may be conversation fee usually about 2 to 2.75 % .
  • #9
  • Aug 12, 2009 2:13am Aug 12, 2009 2:13am
Quoting GANESH
Its not possible for the broker to confirm whether the deposit will be treated as a Cash Advance by your issuer , only your CC issuer may be able to provide this information ( as I have seen some brokers to caution you before hand that this maybe treated as cash advance and to confirm with your issuer before proceeding ) . If the card it a based on the currency you are depositing in , then there would be no fees associated on money being reversed back to your card or else there may be conversation fee usually about 2 to 2.75 % .

FxPro has confirmed me that the deposit will be treated as purchase. Anyway, thanks for your information!
  • #10
  • Aug 12, 2009 8:36am Aug 12, 2009 8:36am
I wanted to say one last thing-My most important prerequisite for decent Broker are accuracy of PriceFeed and timely withdrawals- both of which FXPRO.com has excelled in. No problems with these 2 most major issues. I have been waiting to get screwed for over one year now and, thankfully, I have been disappointed-lol. I like em .
FF = Forex Faggots
  • #11
  • Last Post: Apr 13, 2010 4:48am Apr 13, 2010 4:48am
i am not sure about the charges(in the end of the day you dont "feel" those cents), but deposits are very fast. it can take some time for withdrawals(once it was pending for 5 days for some reason, the other time with much bigger amount it was shown in CC statement in 2 days..).

P.S. profits are withdrawn to bank account directly(i think its coz they want to eliminate CC risks). Works for me thou, i use offshore banking for profits ))

good luck with trading!
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