Hello again, another question …
I’m still practicing and will be for quite a while I think before risking any ‘real’ money, so there are many questions I have so please be patient :o
The next one is : what is the best/cheapest way to fund a live account and to withdraw profits ?
i.e. I’ve been considering Paypal but they take a percentage of each deposit (I’ve had considerable sums deducted from Ebay transactions in the past and it eats away at any profit)
The bank ? hmm - don’t know about that - they know enough of our business anyway methinks
That leaves credit card ? does anyone have any experience of having profits paid onto a credit card ? is there a charge for this ?
oh and I don’t want to consider wire transfers or cheques.
Thats a good question, I spent some time looking into this while looking for a broker, I found it can vary greatly between brokers some accept wire transfers and charge for this, and charge for withdrawls, some accept debit card payments at no charge and withdrawls are sent back to the same at no charge.
There are some rules though, I believe to do with anti-money laundering, which means usually they are obliged to send any withdrawls back to the same account you sent your initial funds from, I dont know how this would affect credit cards and/or if any brokers actually accept funds directly from a credit card, what I do know is most brokers describe their policy regarding funding and withdrawl on their website, and outline which methods you can use and what charges are involved.
Probably the best thing to do would be to check out brokers websites for information and also the broker aid station section on this forum where you can ask questions directly to some of the brokers who are represented there.
no banks, no wires, no cheques.
Sounds like you’ve stolen a few credit cards and want to fund an account.
What country are you in? SEC prevents credit card deposits for futures but you can for spot forex.
But really…a bank is by far the easiest and cheapest way.
I know I’ve so much to learn I’m meeting myself coming back !
I’m getting through it slowly …
I’m test driving a platform from AXAFX - is anyone using this or know anything about it ?
They accept credit/debit cards, Paypal, wire transfers, cheques and they have their own AVA card ! which I think is pretty neat - you can use that to fund and withdraw cash, and it can be used anywhere a Mastercard is apparantly - any thoughts on that please ?
Thank you
I personally deal with IBFX and they take deposit’s a few ways.
Check - They’ll accept check but it’ll be about 10 business days after they recieve your check before your account is funded.
Visa/Mastercard - They’ll accept it but you can’t make any withdrawals from your trading account until 30 days have passed since your last deposit with a credit card or debit card.
I think they do bank transfers as well but I’m not sure about the fees associated, they also take money orders.
As for with drawing money, they’ll mail you a check for free, bank wire it to your bank for $25, or you can load a card that you have that’s tied to you trading account.
no I haven’t stolen any credit cards !! I’m just looking for the best and most reasonably priced way of doing things.