Printable Version of Topic

Click here to view this topic in its original format

InstaForex | Forex Forum | Forex world | InstaForex Forum _ For beginners _ Why Traders use Credit Cards for forex trading

Posted by: Agnessamark Sep 8, 2018, 12:03 AM

Why Traders use Credit Cards for forex trading ?
Why Traders choose Credit Card as a payment method used to fund a trading account? To pay with Credit Card (CC) for investing in Forex and other speculative products or investment is illegal and considered a crime in the USA.
Is there any particular reason for choosing it?

Thanks,

Posted by: Skyset Oct 28, 2022, 11:31 PM

Good question but what's better way for payments anyway?

Posted by: Roostern Nov 14, 2022, 08:33 AM

Good question. When you ask, I just wonder why. Because so far I have not only followed

Posted by: Shelley Mitchell Dec 26, 2022, 08:18 PM

When you make a deposit using a credit card, the transaction takes only seconds to complete, and you may begin trading right away. Credit cards are clearly preferable in this aspect when compared to more conventional payment alternatives like bank transfers, which may take anywhere from hours to days to complete.

Posted by: Investfox Feb 8, 2023, 04:21 PM

When you use a credit card for Forex transactions, you can always rely on smooth and convenient payments. Credit cards are able to process deposits in mere seconds and you can start trading immediately.

Posted by: herringbur Mar 24, 2023, 03:31 AM

Whenever you transact in foreign currency using a credit card, you can always count on quick and easy payments. Credit cards can quickly process deposits, allowing you to start trading right away.

Posted by: newassignmentsau Oct 23, 2023, 10:31 AM

There are a few potential reasons why some traders may choose to use credit cards to fund forex trading accounts, even though it is generally considered illegal in the US:Convenience - Credit cards allow for quick and easy deposits compared to bank wires or other funding options. This can be appealing for eager traders who want to start trading quickly.Rewards/Cashback - Some traders may rationalize using credit cards to earn rewards points or cashback on their deposits. However, this is very risky financing behavior.Lack of Understanding - Many new traders are simply unaware that using credit cards for forex trading deposits is illegal. They may mistakenly assume it's allowed since cards can be used to buy many other things online.Desperation - Struggling traders may turn to credit cards as a last resort to fund their trading in hopes of turning their accounts around, even though it's illegal. This is an extremely high-risk move.While the convenience or potential rewards may seem enticing, using credit cards to fund forex trading is illegal and can result in accounts being frozen or penalized. It also reflects risky financial behavior that is not sustainable. Traders should use caution and only fund accounts through legal means, like bank wires, e-payments, or debit cards. The risks and penalties of using credit cards outweigh any perceived benefits.