Why you should not fund your forex account by way of a debit card - demo trading forex gratis

Why you should not fund your forex account by way of a debit card ~ demo trading forex gratis

If you feel you have reached the point of opening a live forex trading account, I would urge you to proceed by way of wire transfer. Forget about the cost involved by wiring money and think of the pain of losing your money altogether. What I am telling you here is something that most forex brokers will not want to let you know.
When funding a forex trading account, all brokers have a clause that the manner used to fund the account is the manner in which a trader can be able to withdraw money from their trading account. That means that if you fund your trading account by wire transfer you will only be able to withdraw by wire transfer. Similarly, if you fund your trading account by a debit or credit card, you will only be able to withdraw by a debit or credit card. There is no issue if you have funded your account by wire transfer because when withdrawing you will only require to provide your broker with your banks IBAN number or wire transfer number. You can obtain that information from your bank.

Things are however different if you have funded your account by a debit card. Almost all brokers accept funding by debit cards and none ever provide the rider that money can never be deposited back to your debit card. Please read that last sentence. A forex broker will let you fund your trading account by way of debit card well knowing that you will never get that money back. The moment you request for a withdrawal the broker will issue you with a standard message. Most read like this; the amount you requested has been sent to your card.

Of course the money will never reach your account. After days of waiting you will contact the forex broker and tell him that the money is yet to reflect into your bank account. The broker will repeat the same message and send you a downloadable form as proof of payment. The broker very well knows that no money has been sent to your account but still insists that your request has been dealt with. Such behavior only leads to antagonism between you and your bank if you do not know how the debit card works. The moment your bank alerts you of this situation and you contact the forex broker, the broker will never reply your message. If he replies it will be to let you know that the money is lost and you should have known better to use a CREDIT card while making your first deposit.

Debit card is the number one way by which forex brokers steal from new traders or even from the old unknowledgeable ones. Some even withdraw more money from your debit card without your authorization. They will give you reasons like, the withdrawal was for servicing your dormant trading account or that the withdrawal was to prevent a margin call. The moment you use the debit card the broker gets your password and account number and you are then at his mercy unless you change the password.

You will also not be able to withdraw money form your forex trading account if the debit card gets lost or expired and is renewed. Some brokers will not even hear your suggestion for an alternative means of withdrawal which is a way of ensuring that your money remains with them. Theft of a debit card can happen to anyone, yet the broker will refer you to the terms of the contract forgetting that the clause in relation to withdrawal should not apply due to technological inability. Debit card is one of those ways that forex brokers are gaining from their own wrongs. It is high time that forex regulatory authorities make them pay for this. An unfair way of taking advantage of the ill informed. 
There are brokers with alternative methods of funding your trading account. Such methods include funding by skrill or neteller. 

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. Here you have the option to use either skrill or neteller in funding your trading account.

Call us today on 0725 050 419 for the best forex trading orientation.

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