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Credit card forex brokers

Nowadays almost all forex brokers use credit cards as a payment method for clients’ deposits and withdrawals to and from their trading accounts. The commonly used cards are those issued by MasterCard, VISA, American Express, China UnionPay, and more. 

 

The main advantage of using credit cards is the ease of use and the fact that that this popular payment method is processed instantly. Furthermore, traders who use credit cards have a powerful tool against cases of fraud when their card details that have been stored on file and used forcefully for making payments: the credit card chargeback.

 

Last year credit card giants Visa and MasterCard have decided to sidestep scammers in trading by classifying all forex transactions as high risk. As a result, MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. Besides, unregulated (offshore) brokers now have to pay a much higher fee for processing card transactions, compared to the one payed by brokers, regulated in the European Union, USA, Canada, Australia or Japan. Also, offshore brokers have to prove that they are allowed to charge the cards of overseas clients. 

 

That being said, we’d like to remind you that most forex brokers offer free demo accounts so you can test their platforms and services with virtual money prior to investing. Also, when you using your own cash, deposit the smallest amount possible and then try to withdraw.

Related News

CFTC prohibits US forex brokers from accepting credit card deposits

Dec 02 2014 17:07:24 Forexbrokerz.com in Market

As of January 31, 2015, US forex brokers will no longer be able to accept credit card payments. Online money transfer systems like Paypal will be also prohibited as account funding method. Read more

NFA Prohibits US Forex Brokers From Accepting Credit Cards

Jun 24 2014 08:32:57 Forexbrokerz.com in Brokers

Just a couple of days after it became clear that traders' deposits with US Forex brokers have hit a record low, the US retail forex industry is about to take another blow. If NFA ban on credit card deposits get CFTC approval, brokers will likely hit another hurdle attracting new clients. Read more

Roboforex: Get 50% Forex Bonus on All VISA and Mastercard Deposits

Jun 05 2014 09:25:34 Forexbrokerz.com in Brokers

RoboForex, a New Zealand headquartered forex broker, has announced that starting June 9th, clients can receive up to 50% of the deposited amount as a bonus when funding their trading accounts via VISA/MasterCard cards. Read more

RoboForex Cyprus Teams up with SafeCharge over Forex Deposits

Apr 11 2014 08:53:29 Forexbrokerz.com in Brokers

RoboForex Cy Ltd, the Cypriot subsidiary of global Forex broker RoboForex, announced on Thursday a partnership with SafeCharge International Group over Forex payments. Read more

RoboForex Cancels Commissions for VISA/MasterCard Withdrawals

Mar 12 2014 08:18:05 Forexbrokerz.com in Brokers

New Zealand-based Forex broker RoboForex has just launched a promotion that offers commission-free withdrawals of money from trading accounts to bank cards of the VISA/MasterCard type. Read more

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