Forex Broker Debit Card

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?

TheLastBear posted:
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?

Haven't used it before, but don't see a real reason for it. Even if you have enormous profits to withdraw, it would be best to withdraw it in a controllable manner such as a bank wire. The account is obviously for trading purposes, so using a debit card would most likely create chaos in the trading history and your money management rules as it's too easy to withdraw funds.

Hi,
I have one but not used yet.
In my opinion an withdrawal is an withdrawal, by bank wire or to an debit card. Why u think some brokers offer these ones? why u think any other debit card is be offered? they make money with it, so easy. And about history and MM, damn, whats that for? of course u have to adjust, regardless which way the withdrawal goes....😎

James_Bond posted:

TheLastBear posted:
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?

Haven't used it before, but don't see a real reason for it. Even if you have enormous profits to withdraw, it would be best to withdraw it in a controllable manner such as a bank wire. The account is obviously for trading purposes, so using a debit card would most likely create chaos in the trading history and your money management rules as it's too easy to withdraw funds.

Yes, I agree. I have not used one and I am not sure if I will or not for the reasons you have mentioned.

Seems a few that off this service are off shore and offer 1000-1 or 500-1 Leverage

Seems good but then look at the charges, the Broker gets a kick back for your transactions.

For some though you could save on withdrawals via debit card

As always READ THE SMALL PRINT lol

In the end it comes down to personal preference. I think if you are disciplined enough the debit card should not have a negative impact at all. I mean if you withdraw $250 via bank transfer or online payment processor or debit card every week the impact on your account is the same. I am not sure if I will ever use one, but the argument that it will mess up your account is not applicable in my opinion.

TheLastBear posted:
In the end it comes down to personal preference. I think if you are disciplined enough the debit card should not have a negative impact at all. I mean if you withdraw $250 via bank transfer or online payment processor or debit card every week the impact on your account is the same. I am not sure if I will ever use one, but the argument that it will mess up your account is not applicable in my opinion.

I agree that it's simply a matter of taste. Not many reach this stage unfortunately, which is also why only a few are answering your question..

I think you may be right :)

i guess IBFX offers direct Debit CARDS

dave90 posted:
i guess IBFX offers direct Debit CARDS

How many brokers are actually offering a debit card? It looks like the big players (fxcm, oanda, gft) do not offer a credit card.

E toro also have it

The Kardashian girls came out with their own debit card a while back.

HotForex have a debit card, but payoneer have country restrictions and I can't have one :(

Mohd

Seems that more and more brokers are offering a debit card option. Personally, I like this concept, because it provides convenient access to funds worldwide. Against this, yes, the fees do seem a tad high. Plus, un-controlled use could play havoc with money management. For regular planned income withdrawals this is easily managed...random shoppers be warned!

myfxpt posted:
Seems that more and more brokers are offering a debit card option. Personally, I like this concept, because it provides convenient access to funds worldwide. Against this, yes, the fees do seem a tad high. Plus, un-controlled use could play havoc with money management. For regular planned income withdrawals this is easily managed...random shoppers be warned!

At the end of the day it's just another income generator for the broker. I say that if you wish to use a debit card, get one from your bank. It's easy to fool yourself into believing you're making money when you have a debit card connected to your trading account.

At the end of the day it really comes down to preference. Some people may like it, some do not.

dlathrop posted:
The Kardashian girls came out with their own debit card a while back.

😎

James_Bond posted:

myfxpt posted:
Seems that more and more brokers are offering a debit card option. Personally, I like this concept, because it provides convenient access to funds worldwide. Against this, yes, the fees do seem a tad high. Plus, un-controlled use could play havoc with money management. For regular planned income withdrawals this is easily managed...random shoppers be warned!

At the end of the day it's just another income generator for the broker. I say that if you wish to use a debit card, get one from your bank. It's easy to fool yourself into believing you're making money when you have a debit card connected to your trading account.

Just like my bank! But how do you fool yourself into believing you're making money when you have a debit card?

TheLastBear posted:
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?

Hi,

I do use debit card offered by my broker since 3 years ago. It is very good when i want to withdraw small amount of money from my trading account such as $100 to $200. I use debit card because bank wire will cost me too much and not worth the cost if i withdraw monthly or bi-monthly of small amount from trading account. Debit card can save me a lot of withdrawal fees for long run.
For me withdrawal of fund using debit card OR wire transfer OR whatever withdrawal methods has nothing to do with trading or those open positions in my trading account. Of course I proceed the withdrawal only when i do not need those money in my trading account. That's why withdrawal and trading are 2 separate things.

In fact, I love the idea of linking trading account to debit card a lot. My broker never charge me money only the debit card gateway do. I pay a service fee for what I use, very fair.

Regards,
SIM