How hard is it to fund forex account

[liz2]

Hello

I'm new to forex but already the main problem I have is funding an account, I do have a bank account but no credit card only a debit visa card, and no way to fund a payment processor, I don't want to invest 1000's just a small amount.

I did find a broker that give me $5 to trade in real money ? and at this stage I'm doing quite well but if I do manage to get to the point of withdrawing any winnings (if they allow this to happen without first making a deposit) and deposit to a payment processor I fall into the catch 22 again if I try to get the funds into my bank.

So if anyone understands the above, my main question is:

Can I legally transfer money from and too my bank account (using my debit card) into a payment processor and if so what will the cost be.

 

[r.w.]

Most spread-betting or retail fx companies have facilities for funding the account using a debit card or BACS/wire transfer. Free of charge of course. Some also have online facilities for withdrawing funds to the same card/account which is handy if you start making profits.

Also, you may want to do some research on brokers by searching this site before committing. Some offer more than £5 and some seem to cause their clients less hassle than others.

 

[liz2]

Thanks for your quick reply r.w.

I have a list longer than my hand on near every broker on the web and most state wire, credit card or payment processors as funding. I'll look into spread-betting as the other option.

 

[munchiedude]

i believe its fairly simple for visa debit card payment to be made with any of the major SB companies, like ig index, cmc markets, tradefair etc...i know because i use visa debit to fund them also.

curently using smart live markets for sb and using visa debit for payment. its generally done this way and if you are uk based and using a uk broker then you can assume they are regulated by the fsa and your funds are segreagated and protected upto £50k should the broker go bankrupt.

not sure if this ans your question but a normal visa debit card is enough. i dont fund with a credit card or bank transfer.

 

[Sweety]

Hi, I was looking a forex system that has easy processes and payment solutions as debit and internet banking. I find and using OKPAY system. Would you please share your experiences with me? I will show you here its new features and events under this discussion. Thanks.