Forex credit card brokers
Forex brokers have become more and more popular recently. Forex is the trading of foreign currencies to make money.
It can be very profitable when done right. Because everyone needs to exchange money the Forex market place is considered to be one of the most fluid in the world. That can spell big wins for the everyday person. Financial brokers have a variety of ways that you can access your funds.
Many of them have clearance times and have fees associated with each withdrawal. One of the best methods for accessing your funds is to select a Forex broker with a debit card. The exact details of Forex debit cards depends on the broker but many of them operate in the same way that a standard debit card would. Here are the reasons why you need to consider getting a Forex account with a debit card linked to it. Having a Forex linked bank card allows you access to your money on a card that works just like your standard debit card.
You can use it at grocery stores, gas stations, and anywhere else that accepts the brand of card you have. You can also access all of the money on the card at an ATM.
Sometimes financial brokers take a long time to transfer money from your brokerage account to another account. Using a debit card that is connected to your brokerage account can fix this. While not instantaneous, transferring money to a debit card that is linked with your account can be done in 2 hours to 2 days. This shortens the 4 to 6 day waiting period that some institutions have.
In order to be a debit card, the card must be backed by a company such as Visa, MasterCard, or American Express. This means that your money is guaranteed not to be stolen out of your account.
If it is, they will replace the money. Although there is a handful of brokers who provide Forex Debit Cards not all of them are the best out there.
Best Credit Cards of Reviews, Rewards and Offers
We have selected two of the best rated Forex brokers who have debit cards, as rated by consumers. These two will give you a selection of places to start looking for the broker that will work best for you. XM is a large broker that focuses on Forex trading. There are a lot of brokers out there that just provide accounts then basic support. XM aims to change that. They claim to be fair, trustworthy, and dependable. Based off of customer reviews this is true.
The fact that they have a no rejection policy and process almost all trades in less than a second help that claim. Unlike many brokers that get started in the industry, XM has become a big name.
They have over , accounts open and over ,, trades have been executed. Despite this, the management team travels around the world meeting with clients and partners.
The trading leverage is up to One of the major benefits of XM is that they offer MasterCards to their clients. These cards are outstanding for those that want easy access to their trading funds.
The XM MasterCards work the same as a debit card. You can use them to make purchases and withdraw money from ATMs. Transferring funds is free. The XM Card is considered a prepaid card so you must first transfer money to the card before you can use it at an ATM or to make purchases. You can also put money on the card to easily transfer it to your trading account. There are two versions of the XM MasterCard: XM USD MasterCard and XM EUR MasterCard. They are region tied because XM does business worldwide and as such wanted to provide their clients with options that would work for them.
For most clients an XM Card can be ordered for 10 Euros per card. However, if you perform a lot of trading and as such have a balance of 2, USD or more on all of your accounts, you can get your first card free.
All cards after the first one will cost 10 Euros. Getting the card is as simple as requesting it, paying for it if you need to, and then activating it. Unlike many prepaid cards you activate this one through the internet not via the phone. The fact that the XM Card is backed by MasterCard you get a world of benefits from them. The MasterCard backing is what allows you to use the card to make payments not just withdraw money.
That means when you open an account you will have money already there to help start your trading. XM is the best option out there right now if you want to have a debit card linked with your Forex account.
Several factors go into this decision. The first being that the broker has very good reviews. It can be often found at the top of lists regarding Forex brokers. Also because of the lack of fees associated with the card. Most brokers have fees for almost everything you do with your card, but not XM. Lastly, XM is a regulated entity and one of the largest forex brokers in the world. Hot Forex is another Forex broker with a big background.
They provide operations around the world. They have a focus on providing a system with amazing speed and security. Their whole network is full of redundancies and backups so the chances of a computer error are slim to none. Like with XM, Hot Forex uses a MasterCard to provide debit card services to their clients.
You get all of the same backings that any other MasterCard would have. It works as both a debit card and an ATM card. It also works around the world, anywhere you want. Hot Forex has a card portal that allows you to view all transactions you make on your card.
This includes your spending, deposits, withdrawals, and other uses of the card. That means that no matter what happens you will know what is going on with your money. If someone tries to use your card, you will know. After that you fill out a brief application.
10 Forex Brokers That Accept Credit Card Deposits ()
From there, your card will be mailed to you. Once it arrives, you activate the card via an email that will be sent to the account you register with. The MasterCard for Hot Forex is provided by Wirecard Card Solutions. They are a licensed card distributor for MasterCard. There are also a variety of other fees on things such as purchases, withdrawals, and more. Unlike with other card distributors, there is no listed way to avoid the fees. As mentioned before the two brokers listed above are among the top with debit cards available as a withdrawal method.
Payoneer / Prepaid MasterCard® Forex brokers
There are a handful of others out there that offer debit cards as a method of withdrawal another example would be Ava Trade. If you are going to consider other brokers here are some things that you should consider:. It is also important that you look for a broker that is regulated.
Regulated brokers mean that they are based in a country that governs how financial brokers operate. The United States, Europe, and a few other governments regulate financial institutions and brokers. To get the most out of a trading venture that is based solely on the trading of money it is important to have a way to withdraw that money that is simple and pain free.
Choosing a broker that provides debit cards to their clients is the best route to go. Home About Yop Poll Archive.
Home Economy Entertainment Health Politics Science Sports Travel World. The XM Debit Card is the best forex debit card. Hot Forex offers a very useful Mastercard. Related Posts Forex Brokers with Debit Cards In the recent years the forex market reached its maturity, a fact that can be….
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