15
votes
Allow the Transfer of Funds using EFT Debit
submitted by Boham 2 years, 7 months ago

— Currently the only way to fund accounts or make withdrawals is via wire transfer or check. Other brokers are now offering the ability to "debit" funds or transer electronically. This is a very widely used feature in other areas, why do I need to drive to the bank and sit in the bankers office for 15 - 25 minutes to carry out a wire transer when I can do so from my trade desk electronically?

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Users who voted for this idea:
Boham - HFtdr - Andrei-M - dingo123 - mikeenwright - FlowTrader - thehpguru - llioutz - FrankieB - tubguy - FST - Kadmos_ITA - Artful - xirkai - mbaker567

Comments:
I agree. This needs to be available for Forex too.
posted by HFtdr 2 years, 7 months ago
Yes would be great to be able to fund accounts from Credit cards or the simillar alternatives. Wire funds around has abit of cost attached to it.
posted by dingo123 2 years, 7 months ago
As a firm we are somewhat concerned over allowing the funding of a trading account with credit. This is a decision based on principle. We feel you should have enough equity to trade without the need for a loan. If many disagree we certainly will review our decision.
posted by ross_ditlove 2 years, 7 months ago
Yes Ross that is true. But it is a convenient alternative which saves us time and wire fees. Some too maybe using Debit cards to do transactions instead of Credit Cards. Personally I use my Debit card instead to do my online shopping as well as transfering of funds into my trading accts.
posted by dingo123 2 years, 7 months ago
Hi Ross, I can understand your point, but trading is a business, and there are few businesses that have been built without loan capital. If a trader understands the risks, I would argue that is where your concern should end, and not how he choses (legally)to fund his account. So I am in favour of allowing debit/credit card funding of an account.
posted by mikeenwright 2 years, 7 months ago
I'll take it back to our exec. committee to discuss. Lets see what we can do. R
posted by ross_ditlove 2 years, 7 months ago
Cheers
posted by mikeenwright 2 years, 7 months ago
added 1. dingo123 2. TraderVick 3. mbfan 4. ricky.ricx 5. ayero22 6. Rem Duplicate topic
posted by ross_ditlove 2 years, 6 months ago
As a new account holder from Australia I wholeheartedly agree that accounts should be able to be funded using credit/debit cards and electronically over the internet.It saves both time and money....both important to all of us.Just because a card is used does not mean that the payer does not have cash available.
Jeremy.
posted by Froggy 8 months, 4 days ago
We had offered credit card funding of foreign resident accounts until just this week. Sadly we had to suspend the service due to some clients taking advantage of certain merchant rules which allow them to cheat our firm. We are researching other possibilities but we can all thank the underbelly of humanity on this one.

Ross
posted by ross_ditlove 8 months, 3 days ago
I totally agree and support funding via a Debit Card. Funding with a Debit Card as opposed to a Credit Card is also not a loan.
posted by Artful 6 months, 5 days ago



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