Credit card FX brokers are forex brokers that have provided their traders the ability to deposit funds and also withdraw funds using their bank-issued credit cards. Usage of credit cards on forex platforms provides a quick and seamless way to transact on the account. Once the trader has a card issued from his bank from an approved provider, it is easy to apply the credit card in funding and withdrawing profits from the trading account. FX brokers do not provide this facility for everyone as there are geographical restrictions in place.
In a world where terrorism, organized crime, human and drug trafficking and money laundering exists, there is a need to sanitize the trading marketplace to ensure that the relative anonymity conferred by the use of a credit card does not provide an avenue for such dirty money to distort the markets. As such, brokers will maintain an international blacklist whereby nationals of certain countries are barred from transacting on their platforms with credit cards.
While this may sound discriminatory, brokers have decided to err on the side of caution by maintaining this stand in terms of credit card deposits and withdrawals. For those who are allowed to use credit cards by their brokers, certain parameters are put in place to prevent fraud, which is a lot easier to perpetrate using credit cards than if a method such as wire transfers was used.
Some of these are:. So now that we know what it takes to run an account with a credit card FX broker, who are these brokers and where can a trader who wants to use a credit card on a forex platform go to? The following brokers allow traders to use credit cards on their platform:. All credit card transactions deposits and withdrawals made with Swissquote FX Bank are processed on the PayPal payment network. This service is free and does not attract any fees.
Withdrawals are processed within 9 business hours. The fees paid by the trader are those charged by the individual card providers. Withdrawals may take one to six working days. There is a general rule to the use of credit cards on FxPro: Withdrawals must be made with the same card used in making the deposit. This UK-based forex broker is one of the credit card FX brokers we have in the marketplace. Account deposit occurs within 5 minutes of completing the transaction.
Dukascopy functions as a credit card FX broker because it has a card funding and withdrawal service that its clients can use for credit card transactions. Dukascopy however has very strict rules for credit card usage on its platform. Transactions are concluded in one business day.
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