I noticed that after this weekend, a rather irksome problem for some U.S. traders may arise in terms of the options available for funding and withdrawing from trading accounts with dealers. Oanda is an example.
As far as I can tell, next week as credit card and PayPal options go away, Oanda will offer options for deposits and withdrawals via checks sent through the mail or wire transfers initiated at the trader’s local bank teller window. Oanda will not offer the option to have them initiate a bank transfer (as do other dealers) directly from their site.
In contrast, I set up a Forex.com account, funded it from a checking account, and opened a trade in an afternoon all directly through their site.
Are there many more dealers that will disallow you to simply attach a bank account and initiate a transfer from their site? Will this be a problem for anyone out there?
If people actually fund their trading with money they don’t have from creditcard I don’t see the problem.
I do imagine there is a lot of “I believe that I will get rich quick” people out there that take that desperate move when they are at the bottom of their economy and they need a big brother and some obstacles to slow them down in the prosess.
As for disallowing attaching bank accounts and initiate transfer from their site…not sure if I understand what that means…
How do they excpect traders to fund and withdraw then?
I don’t know, thats how I deposit and withdraw with my broker right now, but I have my accounts in the same bank as they do so my transactions isn’t delayed any more than a withdrawal to my creditcards or anything else.
And the fees I pay is now way less then before cause I have a broker that is not outside the country so I don’t have to pay for exchange.
But their fees for transaction might be high if you only request for small amounts everyday. Maybe thats their way of keeping traders from request withdrawals everyday… I dunno…
