US Forex brokers no longer accept credit card deposits
The time has come, and the earlier approved proposal on banning credit card funding for Forex accounts with US brokers is now in effect starting from January 31, 2015.
The official NFA documents can be found here:
CFTC approves NFA’s prohibition of credit cards to fund retail forex accounts
NFA COMPLIANCE RULES 2-4 AND 2-36: PROHIBITION ON THE USE OF CERTAIN ELECTRONIC FUNDING MECHANISMS
Would credit card ban further impact US Forex brokers?
Although several US Forex brokers stated that it would NOT have any significant impact on their business, we tend to disagree: credit card funding is by far one of the easiest and fastest ways to top up your trading account.
On the other hand, the need to seek for alternative funding methods should create positive grounds for better money management & decision making among traders.
What do you think?
What about Paypal funding?
Paypal funding will not be available with all US Forex brokers.
What about debit cards?
Debit cards – yes. They will be accepted by US Forex brokers.