Hey guys,
does your broker offer a debit card which you can use for transactions directly from your forex account? Would you use it or do you think it would mess up your trading and make it more complicated because you always have open positions? If your broker does not offer one, would you want that option?
I personally think it’s a bad idea. First off your withdrawing from an active account, so by using it to buy stuff I inherently increase the risk of my trades and MCs. Also what if my debit card gets stolen or hacked how would I protect my entire account from being withdrawn. Would I get insurance like I get from the bank to prevent fraud? I personally treat trading as a business and my trading account is completely separate from day to day spending. I have a set withdraw schedule where I cut my own paycheck so to speak. My broker doesnt offer it and if they did I wouldn’t take them up on it.
I don’t have much info about “FX Broker Debit Card” and I am not familiar with any broker which offer such debit card.
Brokers offering debit cards are the worst. Don’t take this personal but before you even think in retire some funds think in survive first.
Yes, I agree. I have never used one, but it is a growing trend and I was wondering what others think about it. My broker does not offer it and I am not yet sure if it is a good idea or not.
I disagree that brokers who offer them are the worst simply because they do offer a debit card.