Can I use a Money Card from Walmart ?

kaipo808

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Wanted to use a Money Card Visa Logo to purchase options. Has anyone used a card similar to that. I don't want to use Visa debit. Do they accept paypal?
 
Are you kidding?
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Any firm you can find that will accept your purchased money card will be one from whom you will never see a withdrawal.
Any legitimate, regulated firm in virtually any country is required to have traceability of the flow of funds, to prevent money laundering.
The account used for deposits must be a legitmate bank, or from a credit/debit card company with a verified owner of record.
Since PayPal requires a bank/credit card link-up and is verified, it may be accepable to some companies in some countries.
Regulated financial firms are usually required to return money from the trading account to its owner through the same path from which the deposit came.
Since your money card is a one-way payment method only, it is comparable to a bearer bond, a gold coin, or cash that are owned by no one, and can be used by anyone who presents them.
Financial firms cannot accept cash deposits for this reason.
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You would do well to read a few basic warning documents issued by regulators before diving into this realm.
This one is available in many languages here:
http://www.esma.europa.eu/system/files/2011_412.pdf
Retail investor information | Esma
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Anthony Ingrassia, CTA
NFA ID#: 0278164
 
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Those pre-paid cards available at WalMart, KMart, etc. don't usually have your name on them. No broker that even pretends to comply with AML regulations will accept money from one. Even if they did, then you would have no way to withdraw, since they will not send to a card that doesn't have your name on it.

Here's what you can do. Go to your bank. Open a small account separate from your main account. Get a Visa or Mastercard debit card that ties to that account. Ask the bank to make CERTAIN that the card can accept money back - usually withdrawals to credit cards are just refunds of your initial deposit - any profits typically need to be transferred by some other means.

Alternatively, find a regulated broker that accepts PayPal.
 
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