Credit card deposits

Nancy Cheah

Sergeant
Messages
157
OPM means other people's money.

That's an excellent way to make profits by using other people's money and it can also prove disastrous when everything goes wrong.
 
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townage

Recruit
Messages
6
hmmmm Ritz sounds a bit dodgy to me, iv been trading forex for some time now and never been asked to fill in a lot of details, there are a few other companies out there which dont have fixed contracts whch i find are pretty good
 

Nancy Cheah

Sergeant
Messages
157
I've just started trading with Dukascopy SA (Suisse).

I'll let you people know how things go later.
 
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inathome

Recruit
Messages
4
Paypal?

Do you need a premium/business account for transferring funds to/from a broker using Paypal? I have a regular account with Paypal as I only buy things on Ebay or the net. I have never needed any type of business/premium Paypal account as I never have had to receive money.

I read you are allowed to get x amount of 1000's going to your account and still not be premium. Being optimistic and saying I'll make a profit, would I have to upgrade my Paypal account or are these dealings classed as personal?

My credit card is prepaid and I pay nearly 3% per transaction. Using bank transfer to Paypal and then to the broker would save this fee. I could use bank transfer direct to the broker if they accepted them, but would this remove a "protection layer" if things went sour with the broker?

I did a titles search for Paypal but nothing there.
 

inathome

Recruit
Messages
4
I have used both creditcard and PayPal to deposit and withdrawal. They have never failed to honor either. I do think they have cooky withdrawal policy though. Very quarky and unusual. So far-no major complaints.(I have had accounts(4) with the biggest USA based Brokers and I like this company the best(they are just average but I havnt detected the usual broker BS). If u use a credit card make sure it is to service that account only(easier to spot fraud or monkey business). PayPay is a better option for speed(cc transactions take up to 5 days) but costs money(not much). I now use PayPal only. Good luck.:)
I meant to quote your post in my post above. I see now there is yet another charge for using credit cards (as well as my 3% prepaid). I definitely want to use paypal. Anything else you could tell us about using them? Comsumer protection? Fees? Pros, cons? Anything would be helpful. Thanks.
 

Pharaoh

Colonel
Messages
19,717
Perhaps Nancy is showing her age. Maybe when she first started trading, it was by telegraph over the translatlantic cable. :p

OK, I'll be nice and also give a serious answer. I believe Nancy is referring to bank wire transfers. The advantage of those is that you at least have some real contact info for the place you send money to. It leaves a paper trail to follow if fraud occurs.
 

Lhar_fpa

Private, 1st Class
Messages
135
Oh i see, hahaha, I didn't know that telegraphic transfer is the other name for bank wire transfer. Well, I feel like an idiot asking this kind of question here but at least I learned. =) Thanks pharaoh!
 
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