The CFTC has adopted a regulation banning the usage of credit cards and credit card funded accounts such as PayPal for depositing money into forex accounts. Debit cards are still accepted. The concern is that traders would borrow funds via their credit card and use it for trading. This is big news for the US forex industry. Will other regulators follow? Here are some more details: Here is the report from Leap Rate: A matter that was first proposed by the National Futures Association (NFA) in the early stages of 2013, The US Commodity Futures Trading Commission (CFTC) has approved the controversial plan by the NFA to ban use of credit cards and related payment methods for funding of retail FX accounts. In an announcement dated December 1, 2014, the NFA unveils the decision by the CFTC, which means that the proposed changed will come into force on January 31, 2015. And here is the press release by the NFA, regarding the CFTC decision. More: Will Foreign Forex Brokers Get “Gambling” Classification? Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Basics & IndustryForex Industry share Read Next Australian economy disappoints – AUD/USD at new lows Yohay Elam 7 years The CFTC has adopted a regulation banning the usage of credit cards and credit card funded accounts such as PayPal for depositing money into forex accounts. Debit cards are still accepted. The concern is that traders would borrow funds via their credit card and use it for trading. This is big news for the US forex industry. Will other regulators follow? Here are some more details: Here is the report from Leap Rate: A matter that was first proposed by the National Futures Association (NFA) in the early stages of 2013, The US Commodity Futures Trading Commission (CFTC) has approved… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
