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NFA Approves Prohibition of Credit Cards to Fund Retail FX

  • #21
  • Jun 26, 2014 8:37am Jun 26, 2014 8:37am
is it not safer to fund an account by credit card because it has protection against a company going bust and running off with your cash,
where as bank transfers / Debit cards and other payment methods don't have any protection
so the NFA are now removing this slight safety net

if people want to gamble on their credit cards and then loose, then more fool them as they do already know its not a wise idea, or they are morons and don't realise

as i live in the UK its unlikely to impact me anyway, plus i don't gamble on credit
but if people want to play stupid they should be allowed
we don't need big brother telling us what we can and can't do every minute of the day
  • #22
  • Jun 26, 2014 8:40am Jun 26, 2014 8:40am
Quoting Carlsberg
is it not safer to fund an account by credit card because it has protection against a company going bust and running off with your cash, where as bank transfers / Debit cards and other payment methods don't have any protection so the NFA are now removing this slight safety net if people want to gamble on their credit cards and then loose, then more fool them as they do already know its not a wise idea, or they are morons and don't realise as i live in the UK its unlikely to impact me anyway, plus i don't gamble on credit but if people want to play...
if you got approve for a credit card it's nobody business how and where you use it
  • #23
  • Jun 26, 2014 8:44am Jun 26, 2014 8:44am
Quoting PoundTrader
{quote}if you got approve for a credit card it's nobody business how and where you use it
unless it is a store credit card that mean you can only use it at there store other then that the money is to be use for what every purpose, thats why you get a credit card, you might use the money to fix your car or take your lady out to dinner or for what every so why should it matter if your using it to fund a trading account? at the end of the day it's all borrow money
  • #24
  • Jun 26, 2014 10:28am Jun 26, 2014 10:28am
Quoting PoundTrader
{quote}borrow money is borrow money don't matter what you use it for, don't matter if you fail to pay it back on bills you ran up at clothing stores or using it to advance your Carree, im done good luck to you
No worries. At the end of the day I don't really care anyway.

I saw you posted in another thread that you use Tradestation? I've been trading with Dukas for a long time and futures with Mirus. How do you find Tradestation for spot?
  • #25
  • Jun 26, 2014 10:29am Jun 26, 2014 10:29am
Quoting PoundTrader
{quote}unless it is a store credit card that mean you can only use it at there store other then that the money is to be use for what every purpose, thats why you get a credit card, you might use the money to fix your car or take your lady out to dinner or for what every so why should it matter if your using it to fund a trading account? at the end of the day it's all borrow money
It's all good.
  • #26
  • Jun 26, 2014 6:44pm Jun 26, 2014 6:44pm
Quoting Markj
{quote} No worries. At the end of the day I don't really care anyway. I saw you posted in another thread that you use Tradestation? I've been trading with Dukas for a long time and futures with Mirus. How do you find Tradestation for spot?
tradestation is nimber 1 to me, like every thing about them
  • #27
  • Jun 27, 2014 8:51am Jun 27, 2014 8:51am
Quoting PoundTrader
{quote}tradestation is nimber 1 to me, like every thing about them
Thanks for the feedback..

Cheers
  • #28
  • Jun 27, 2014 12:42pm Jun 27, 2014 12:42pm
Quoting Markj
{quote} Thanks for the feedback.. Cheers
  • #29
  • Jun 29, 2014 10:14pm Jun 29, 2014 10:14pm
The NFA or any other regulator in the world is a instrument in the hands of the ones in power.

So they are not there to protect the retail trader ( that's just an excuse) but to protect the banks issuing the credit cards.

The banks want you to keep your credit card for a while so they can milk you via interest rate.

Retail forex traders tend to blow their account very quickly so thats bad business for the banks.

It seems logical to me to see the banks (via regulators) cracking down on something that is costing them money.

If you cost them money you will sleep with the fishes. Capisce?
Don't call me. I call you!
  • #30
  • Jun 29, 2014 11:02pm Jun 29, 2014 11:02pm
Quoting PoundTrader
{quote}what im trying to say is a credit card that you use to run up debt should not matter where you use it, wheather it's at a clothing store or using it to fund a broker account at the end of the day the credit card companies want there money back regardless where you use it
Don't forget that using a credit card to fund an account (and not just the first funding of it, either) is faster and more convenient than sending a check in the mail and waiting. Send the check to the credit card company when the next credit card statement comes in. It is simply faster and more convenient this way. And the NFA is all against anything being convenient or fair to the retail trader. No hedging,....FIFO rule. I'd like to see the friggin' market makers make a living under these oppressive trading rules!! Their accounts too, would become unprofitable!
  • #31
  • Jun 29, 2014 11:32pm Jun 29, 2014 11:32pm
Quoting MarginCalled
The NFA or any other regulator in the world is a instrument in the hands of the ones in power. So they are not there to protect the retail trader ( that's just an excuse) but to protect the banks issuing the credit cards. The banks want you to keep your credit card for a while so they can milk you via interest rate. Retail forex traders tend to blow their account very quickly so thats bad business for the banks. It seems logical to me to see the banks (via regulators) cracking down on something that is costing them money. If you cost them money...
you can also blow out a credit card in 15min at a clothing store, i don't understand your logic, Capisce http://www.easyfreesmileys.com/smile...mileys-569.gif
  • #32
  • Jun 30, 2014 5:20am Jun 30, 2014 5:20am
Quoting PoundTrader
{quote}you can also blow out a credit card in 15min at a clothing store, i don't understand your logic, Capisce {image}
Yes you can. But statistically BUYERS don't do it.

People buy a little pay a little, buy a little more pay a little, buy more pay a little etc.

That works for the banks because they have time to weed out the bad customers while milking the " good " ones.

Retail forex usually max out their cards and go bust in a few months.
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Don't call me. I call you!
  • #33
  • Jul 5, 2014 5:49pm Jul 5, 2014 5:49pm
The only good thing I see about NFA is that they make sure their "NFA's broker membership" have big asset money.....

For everything else about NFA 's ruling no hedge, fifo, leverage is just 100% clear that they don't want retail trader to win.....


A friend of mine said back in 2011 eventually retail trader in forex have zero hope of ever becoming rich due to NFA....
Right now even though the tight rule as it is there are ways to still get rich using "50:1 leverage".

The day NFA drop it down to 10:1... I feel sorry to the "new comer" because they miss a good opportunity to get fast cash during the time when regulation was "loose"....
  • #34
  • Jul 5, 2014 6:30pm Jul 5, 2014 6:30pm
Makes sense.

Although credit cards are a handy tool if you're responsible.
Should responsible people be babied by all these NFA rules for the sake of a few idiots?

That's the annoying part.
like totally failure brah
  • #35
  • Jul 5, 2014 7:25pm Jul 5, 2014 7:25pm
Perfectly fine with this myself but the only problem is that people can just get loans, put that money on their debit cards, and then basically end up doing the same exact thing
  • #36
  • Jul 5, 2014 8:08pm Jul 5, 2014 8:08pm
Quoting Jlr
Perfectly fine with this myself but the only problem is that people can just get loans, put that money on their debit cards, and then basically end up doing the same exact thing
so true
  • #37
  • Jul 6, 2014 3:19am Jul 6, 2014 3:19am
NFA Approves Prohibition of Credit Cards to Fund Retail FX

Good move.
The more dedicated forex muppets won't lose as much as they could with they 23 % interest credit card.
They will be forced to provide much needed food and shelter for the family instead of losing it to the bucket shop broker.
  • #38
  • Jul 6, 2014 3:43am Jul 6, 2014 3:43am
Quoting Mingary
NFA Approves Prohibition of Credit Cards to Fund Retail FX Good move. The more dedicated forex muppets won't lose as much as they could with they 23 % interest credit card. They will be forced to provide much needed food and shelter for the family instead of losing it to the bucket shop broker.
lol, you really think thats gonna stop people from using borrow funds, there's so many ways around this law it ain't funny
  • #39
  • Edited 4:05am Jul 6, 2014 3:46am | Edited 4:05am
Quoting PoundTrader
{quote}lol, you really think thats gonna stop people from using borrow funds, there's so many ways around this law it ain't funny
That will stop a few of the dumb and lazy of the bunch.
Less money for the bucket shop. Go NFA go.
  • #40
  • Jul 6, 2014 4:28am Jul 6, 2014 4:28am
Quoting Mingary
{quote} That will stop a few of the dumb and lazy of the bunch. Less money for the bucket shop. Go NFA go.
http://www.easyfreesmileys.com/smileys/lol-049.gif http://www.easyfreesmileys.com/smileys/lol-047.gif
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