The virtue of Credit Card Funding

jtfx · (#1 (**permalink**))

Being a newbie in Forex, I find it very difficult to accept/believe in Wiring Money to some offshore company without proof of their existence, without proof they will acknowledge the money and without proof they will ever remit the money back when asked.

I found heaven in Credit Card.

This is why I transact only with Brokers that offered CC funding option. Very convenient for me - no need to pay additional wire fees. Very safe: I can dispute against the merchant if they scam me.

I have thus far traded with FXCM and UFXBank. I find no problem with FXCM; they processed my withdrawals. UFXBank is the opposite who initially refuses to process my CC withdrawals until perhaps they realized they cant win against a CC dispute. My profits is still there though. I stand little chance of getting it back. What do you expect of a scam?

My first Major FX decision was golden. I was nearly cheated by a broker of my money and thanks to Credit Card, I was protected.

I have been wondering from one forum to another and all I hear are traders asking fast execution, low spread, yada yada yada. it seems they all dont care about safety of funds?? In my little wisdom, I'd prefer Credit Card accepting broker FIRST before thinking of other features.

I hope my little experience would help you decide in the future.

cowmadagan · (#2 (**permalink**))

dude...a wire takes days to process too...this means that the broker can raid your account balance while they wait for the wire. Credit cards can be produced for margin calls, but stop losses are the best margin call prevention.

Pharaoh · (#3 (**permalink**))

No matter how you fund it, it's good if the broker accepts credit cards and bank wires. At least they've got an account somewhere with some bank. That at least provides some information if there's a problem later on.

Ricex · (#4 (**permalink**))

My broker assures me that my money is safe with him...... we just use cash.....he says it's better that way my boy....

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Bowmaker · (#5 (**permalink**))

Sorry for posting here with a completely irrellevant post but How on earth do I add a new post. I'm not a complete dummy( I hope) but I cant seem to find a link anywhere on the site to lodge a new post??????

Ricex · (#6 (**permalink**))

Try here Eddie :

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Bowmaker · (#7 (**permalink**))

Thanks Ricex, got it now