I am trading with hotforex and I am using Skrill (Moneybooker) for withdrawal. Regarding deposit, I used my CC. It's really fast processed. Actually in my country Skrill and Paypal are two most popular payment processor. However, Paypal is not supported in Forex.
of U.S. relevance: NFA Credit Card Ban to Dampen Operating Environment, New Payment Methods Required The NFA’s planned D-Day on credit card usage in the US for forex and futures trading is expected to shake-up the market, in anticipation of the rules brokers are sourcing new payment methods. US financial regulator, National Futures Association’s (NFA) proposed changes to deposits in forex and futures accounts through credit cards are causing friction among participants. The move could further reduce the already endangered marketplace for US retail derivatives after the Dodd-Frank Act saw the US market reduce in size, however, brokers are quickly on the look out for alternative payment methods that are legal and compliant in a bid to safeguard their clients. The NFA reported that its proposed changes to credit card funding for high-risk derivative transactions in the forex and futures markets was granted by the CFTC, the new rules were given a starting day at the end of January 2015. The new rulings prohibit firms to accept funds for margin purposes from credit cards. The authorities aim to prevent the use of borrowed funding for risky financial trading. The NFA’s statement read: “NFA’s Board of Directors recently reviewed information regarding the use of credit cards (including channels such as Paypal) by FDM retail customers to fund their forex trading accounts, which indicates that retail forex customers overwhelmingly fund their trading accounts using a credit card.” Holders of credit cards are given a guaranteed limit or credit level by the card issuer, the use of credit cards for payments collects charges and balances on credit cards are subject to interest fees. The NFA further explained its concerns on the use of the payment method: “Credit cards, by their very nature, permit easy access to borrowed funds. Given the highly volatile nature of the forex and futures markets, the substantial risk of loss, and the possibility that a total loss may occur in a very short period of time, the Board has concluded that Members should be prohibited from permitting customers to use credit cards to fund forex or futures accounts.” Alternative Methods New payment methods such as Paypal, Skrill and ChinaPay are a by-product of new rules and systems that have come on the back of the recent e-commerce revolution. Internet or home shopping has given consumers a new way of carrying out traditional practises such as purchasing clothes or groceries. The same concept has migrated to the way traders deposit and withdraw funds into their brokerage accounts, regulated payment methods having gained traction as they provide users with fast, seamless and straightforward funding techniques in real-time, an approach that is particularly useful for traders who face margin calls. Say No to Borrow The NFA aims to remove the use of ‘credit to invest’ however the regulator has stated that debit card payments are allowed. Therefore, how can firms know if clients who are trading on their FX account have taken out a loan that is deposited in their bank account (linked to its debit card) or are in overdraft. Responses from the trading community have been mixed on the subject, however users on FX forums are opposed to the new rules, one commented (Salzone): “Seems like there’s no stopping to the US regulation weirdness. “This one is up there on ridiculousness scale (together with XAU 1:1 leverage and others). Personally I think it is quite rare for traders to trade on borrowed money, even then I do not think it is the problem (not something to get special treatment, from other areas where borrowing is allowed). This is more about a hidden agenda, rather than caring for retail traders. In general trading crowd is mostly freedom loving individuals, I doubt there will be any positive responses to such proposals (not that US regulators care about this).” The concept of using borrowed funds to trade is ironic, firms in well-regulated jurisdictions such as the UK are obliged to assess the suitability of derivatives trading prior to sanctioning live accounts, students and unemployed people are discouraged from trading. Patrick Lindsay, London-based compliance executive added: “The regulator has a justifiable stance, however in the modern era of technology there should be systems in place that support the use of fast and easy to use payment methods, instead of blocking payment channels, more compliant ones should be introduced.” Additionally, trading on margin derivatives means trading with borrowed funds from one's broker. During the onboarding process of new traders, firms request personal details from clients, this includes their financial status including income and savings information. - See more at: http://forexmagnates.com/nfa-credit...ayment-methods-required/#sthash.vFCNyvy0.dpuf
i'll keep with Skrill ( moneybooker ), once i intend register a payoneer account, cant remember when but it's quite couple years ago, from what i read on their website it charge more fee, and had several limitation at using their card worldwide.
thanks, Payoneer is not popular in my country and I think it's not better as Skrill (If it's better, it must be more popular).
Skrill and Paypal and Neteller? which one is your choice in trading Forex, please indicate and explain.
I heard about netteller, though i only tried skrill and payoneer, skrill had some delays, but payoneer is a good service! big no no for paypal!
I use perfect money and Skrill for payment and withdraw my profits. These two payment processors are very good and secure. It is easy for me to exchange them in my local currency . It is your own choice what your broker offers and what you feel good for you to use as payment processor.