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Deposit by VISA Credit Card

Discussion in 'Beginners Bootcamp' started by RahmanSL, Aug 21, 2010.

  1. RahmanSL

    RahmanSL Major

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    I am not sure how this works and hope someone here can enlighten me on the process.

    I am considering using one of my bank's VISA Credit Card to make deposit into one of my new Live Forex accounts.

    My main question is: Can the Forex Broker get more funds to be transferred out of my credit card without my permission & knowledge?
    After all, the broker will have my credit card number after the initial first deposit.
     
  2. mavrick

    mavrick Recruit

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    use mine all the time from the uk. in my case i make sure any company i allow to have my details are covered by our regulator. in my case fsa.
     
  3. RahmanSL

    RahmanSL Major

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    Ahhhhh! Finally, after 85 viewers, I got one response...hmmm, must be not that many using credit card for depositing into forex account!

    Hi Mavrick, thank you for your info; yah!
    So, basically an unscrupulous broker can continue to withdraw money from our credit card since we have authorized them to do so; right? That's not a comforting situation; is it??
     
  4. Pharaoh

    Pharaoh Colonel

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    You may need to check with both the broker and the credit card company. Just as you can authorize recurring purchases vs. one-time purchases, money transfers via credit card can be the same. Of course, even a company where you authorize a one-time purchase can try to nail you again, so watch those credit card statements.

    The good part is that if the authorization you grant is clearly for a one time purchase, a chargeback should be easy to arrange if any "extra" charges show up later.
     
  5. RahmanSL

    RahmanSL Major

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    Now 169 people have viewed this post and only 2 have posted a reply...credit card deposit must be way at the bootom of the list for funding deposit into forex account!:confused:

    Thank you Pharaoh for your advice, and yes, I'll be eyeballing the monthly account statement for any irregularities plus scrutinizing and ensuring that the "one time authorization/purchase" is contained in the (no doubt) fine print on the broker's form.
     
  6. Nico Kniestedt

    Nico Kniestedt Private

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    I normally use my credit card to fund my forex account but I have give them the payment directly. I have used moneybookers and paypal to avoid the broker's possesion of my credit card details.
     
  7. RahmanSL

    RahmanSL Major

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    Thanks Nico for that bit of info. Yes, I have just registered with MoneyBookers and they seem quite secured. You have any problems using them???

    Hmmmm, 495 person viewed this thread with only 3 replies...guess my earlier statement that "credit card deposit must be way at the bottom of the list for funding deposit into forex account" is all so true.

    Cheers and all the best!
     
  8. Nico Kniestedt

    Nico Kniestedt Private

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    No problems with moneybookers whatsoever. I've deposited with them twice and usually takes a day or two to get to the broker. Withdrawls on the other hand can take up to 5-6 days.

    Hope this is the info your looking for, otherwise shoot some more questions and i'll be sure to answer.

    Nico K
     
  9. RahmanSL

    RahmanSL Major

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    Thanks again, Nico, for the assurances that MoneyBookers is trustworthy.

    Nope, for now I am quite clear on how to use MoneyBookers for deposit & withdrawal of money to & from my forex account.

    Cheers & all the best!
     
  10. Pharaoh

    Pharaoh Colonel

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    I haven't ever used MoneyBookers. Do they have the ability to investigate and possibly reverse possible fraudulent transactions (like PayPal) or are they more "scam friendly" like a lot of other e-payment services?
     

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