Forex services
Jul 29, 2014, 1:48 pm
#1
Original Poster
Join Date: Aug 2012
Posts: 95
Forex services
Anyone have experiences using different Forex services online? Many of them claim credit card funding, sometimes up to 10k a shot. Have people funded and issued subsequent ACH x-fers out, without trading, or doing some sort of minimal activity to avoid scrutinies? Also would be cautious of CA.
Jul 29, 2014, 2:01 pm
#2
Join Date: Feb 2014
Location: Seattle
Programs: SPG Platinum, HHonors Diamond, DL Diamond Medallion
Posts: 244
Anyone have experiences using different Forex services online? Many of them claim credit card funding, sometimes up to 10k a shot. Have people funded and issued subsequent ACH x-fers out, without trading, or doing some sort of minimal activity to avoid scrutinies? Also would be cautious of CA.
I am quite certain that FXCM credit card deposits are coded as purchases. Not sure about how they let you withdraw.
Oanda is definitely bad. They require withdrawal to the same card up to 125% of deposit. So if you make some money trading, you will have to lose some miles.
There was a broker called FxClub. I could fund by credit card and then wire out the next day, so I get my money even before the transaction posts.
Jul 29, 2014, 2:19 pm
#3
Original Poster
Join Date: Aug 2012
Posts: 95
I wasn't going to mention names, but you did 
The maximum credit or debit card deposit is $10,000 or the equivalent per calendar month and the maximum ACH deposit is $50,000 per calendar month
at fxcm-
If you funded your account with a credit card or debit card, it is required to withdraw the principal amount (deposit amount) back to your credit card. The credit card issuer may take from five business days to one billing cycle (approximately thirty days) to post back to the credit or debit card used for funding. When requesting a withdrawal to a credit card, please consider if that card is closed, expired, or a different credit card number has been issued, to choose an alternative method of withdrawal. Returning funds to a closed account can cause a significant delay in receiving funds, and FXCM cannot guarantee a time frame in which funds will be received if the requested withdrawal amount is initiated to a closed account.
if I were to close a credit card, I guess this is a way to go out with a bang.
The maximum credit or debit card deposit is $10,000 or the equivalent per calendar month and the maximum ACH deposit is $50,000 per calendar month
at fxcm-
If you funded your account with a credit card or debit card, it is required to withdraw the principal amount (deposit amount) back to your credit card. The credit card issuer may take from five business days to one billing cycle (approximately thirty days) to post back to the credit or debit card used for funding. When requesting a withdrawal to a credit card, please consider if that card is closed, expired, or a different credit card number has been issued, to choose an alternative method of withdrawal. Returning funds to a closed account can cause a significant delay in receiving funds, and FXCM cannot guarantee a time frame in which funds will be received if the requested withdrawal amount is initiated to a closed account.
if I were to close a credit card, I guess this is a way to go out with a bang.
Jul 29, 2014, 2:40 pm
#4
Join Date: Jul 2014
Posts: 56
It depends on the broker. Most of them require withdrawal back to the same card. There were a lot of companies in US in the past, now many of them are purchased by FXCM. Not a good sign for investors.
I am quite certain that FXCM credit card deposits are coded as purchases. Not sure about how they let you withdraw.
Oanda is definitely bad. They require withdrawal to the same card up to 125% of deposit. So if you make some money trading, you will have to lose some miles.
There was a broker called FxClub. I could fund by credit card and then wire out the next day, so I get my money even before the transaction posts.
I am quite certain that FXCM credit card deposits are coded as purchases. Not sure about how they let you withdraw.
Oanda is definitely bad. They require withdrawal to the same card up to 125% of deposit. So if you make some money trading, you will have to lose some miles.
There was a broker called FxClub. I could fund by credit card and then wire out the next day, so I get my money even before the transaction posts.
Local check cashing stores charge less than 3%.
Feb 26, 2016, 12:15 pm
#5
Join Date: Jun 2015
Posts: 37