Any Brokers Take Debit Card Funding?

Discussion in 'Retail Brokers' started by RedSun, Apr 29, 2021.

  1. RedSun


    For various reasons, I have several prepaid debit cards that have money in them. Several $k in total. So I just wonder if there is any brokers that would allow me to draw the funds from them. They are not bank debit cards.

    I see some FX brokers allow debit card funding. Just not sure if prepaid debit cards are accepted.
  2. DevBru


    I am sure all those brokers that accept debit card also accept prepaid debit card, the process is the same.

    But why don't you withdraw the funds back to your bank account and wire the funds to a legitimate broker?
  3. ZBZB


    Crypto exchanges take visa and MasterCard.
  4. ajacobson


    FINRA doesn't allow it establish. If the account is a "cash management" type account and linked to a credit card - future card credits would hit the account. Then it gets complicated.
    Last edited: Apr 29, 2021
  5. RedSun


    It is prepaid debit card, and I can't withdraw the fund to my bank. It is commonly used in store for purchases. Sure I can dump it onto Amazon as cash balance. But I prefer more liquid account as cash.
  6. DevBru


    Aha, i guess the prepaid cards over there work different from the ones we have here.

    The prepaid cards here are linked to your bank account and you can put money on them or take it out back to your bank account, as much as you want and anytime you want.
  7. RedSun


    The prepaid debit cards I have is not reloadable, but only load once. It is use and toss type.
  8. JSOP


    Those are the market-maker brokers that trade against you. They accept debit cards to make it easier for you to give them money so they can make more money from you by trading against you. Run!!! As fast as you can!!!
  9. itsArtie


    A prepaid card works the same way debit does if it's by Visa or Mastercard. Saxo Bank accepts card payments but their minimum funding is $10.000. Also the platform is laggy and fees are high so it's good for investing but definitely not if you are a day trader.
    RedSun likes this.
  10. RedSun


    It does not matter. I do not have to trade much or at all. If I use 1% of my cash to buy something, they won't make much anyhow.
    #10     Apr 29, 2021