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Forex Broker Debit Card

TheLastBear
Jul 25 2012 at 10:37
186 Posts
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?

Pax puts the X in Forex.
James_Bond
Jul 25 2012 at 10:52
556 Posts

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.

Quick100 (Quick100)
Jul 25 2012 at 11:02
247 Posts
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....😎

TheLastBear
Jul 26 2012 at 08:48
186 Posts

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.

Pax puts the X in Forex.
DodgyFX
Dodgy
Jul 27 2012 at 13:33
1 Posts
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

TheLastBear
Jul 28 2012 at 11:35
186 Posts
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.

Pax puts the X in Forex.
James_Bond
Aug 01 2012 at 09:01
556 Posts

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..

TheLastBear
Aug 06 2012 at 08:49
186 Posts
I think you may be right :)

Pax puts the X in Forex.
dave90
Aug 06 2012 at 14:16
10 Posts
i guess IBFX offers direct Debit CARDS

James_Bond
Aug 06 2012 at 15:51
556 Posts

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.

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