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Forex Broker Debit Card

dave90
Aug 06 2012 at 17:50
10 príspevkov
dlathrop
Aug 07 2012 at 12:11
33 príspevkov
The Kardashian girls came out with their own debit card a while back.

There are risk-lovers and there are risk-haters, but the best traders will take the risk as long as they get paid for it.
mojehangiri
Sep 10 2012 at 09:48
8 príspevkov
HotForex have a debit card, but payoneer have country restrictions and I can't have one :(

Mohd

Gary Sharp myfxpt com
myfxpt
Sep 11 2012 at 23:34
345 príspevkov
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!

James_Bond
Sep 12 2012 at 14:37
556 príspevkov
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.

TheLastBear
Sep 14 2012 at 18:40
186 príspevkov
At the end of the day it really comes down to preference. Some people may like it, some do not.

Pax puts the X in Forex.
Gary Sharp myfxpt com
myfxpt
Dec 21 2012 at 21:24
345 príspevkov
dlathrop posted:
The Kardashian girls came out with their own debit card a while back.

😎

Gary Sharp myfxpt com
myfxpt
Dec 21 2012 at 21:27
345 príspevkov
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?

SIM
pip2cash
Dec 22 2012 at 07:12
423 príspevkov
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

vizanje
Dec 22 2012 at 22:31
5 príspevkov
Having an easy way to withdraw money is not a negative, as long as there aren't hidden costs in this debit card. If it is used incorrectly that is another issue. If you are making pips and want to pull a couple of hundred or more out weekly like a small (really small) salary, than a debit card would work. Having a complicated withdraw process that on top costs money isn't ideal. There are brokers out there that do not process withdraws in a quick way as many have experienced.

When the going gets weird..the weird turn pro (HST)
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