AOR: Funds from CC (Free) Method

ScootyPuffSr said: I'd say 50-75% of the cards I get have 0% on balance transfers and not purchases. Correct me if I'm wrong, but your way of avoiding balance transfer fees is to use google checkout or paypal for purchases. Of course a purchase won't have a BT fee but it probably won't have the BT rate applied to it either.

you're right, i'll clarify that this is an alternative to BTs by using 0% APR cards only. many BT 0% cards charge a 3% fee on BT and i have merely provided a workaround that i feel is better than 1 and 2. thanks for your feedback.

NukeMedDude said: I can confirm that I've used several different Visa/MC CC's to put money into my Forex.com account as a test to see which ones would classify the charge as purchase, cash advance, etc etc. Every single deposit on several different cards was classified as a purchase. I'm really itching to try it with my AMEX's, to get some extra starpoints, but I'm not interested in increasing the possibility of an FR.

i haven't been able to find any established brokers that accept AMEX without a credit card fee and promotions. let me know if you find one.

When you withdraw money from your forex account - do they withdraw by mailing you a check (what are the fees)? Many forex traders will refund your funding account (credit card) up to the funding amount before mailing out any profits by a check.

ScootyPuffSr said: Green for creativity. Beyond the problem noted in my first comment, I see one other problem.

True, there are very few people doing AoR in the world. However, I'd say a "small" AoR is on the order of $50,000 and many are $200,000 or more. I wonder how many people can make $200,000 in CC purchases, not invest in anything (if I have to take a currency risk the deal is off), have Forex swallow $4,000 in merchant fees, and gladly send me a check/wire with a smile...before accounts get shut down and policies get changed.

i understand your concern, but after talking to the representative and supervisor, the only restrictions would be requiring a number of min trades and thats only if you choose to add option "a" and/or "b". if anyone has been told otherwise, please advise.

I'm sure the golden goose will be dead by the time I jump into the deal, but I'd like to see just one person pump $100,000 using CCs (and get 1%-2% in purchase rewards), make absolutely no transactions, and get a check out with no hassles in a timely manner.

Has anyone actually done this? I saw one person made "purchases" but they never said they pulled the money out.

How long from the time you make the purchase until you get the check? Wire fees?

Once again, OP, I applaud you for thinking differently. I just think it would suck if Forex froze your account for suspicious activity.

ScootyPuffSr said: I'm sure the golden goose will be dead by the time I jump into the deal, but I'd like to see just one person pump $100,000 using CCs (and get 1%-2% in purchase rewards), make absolutely no transactions, and get a check out with no hassles in a timely manner.

Has anyone actually done this? I saw one person made "purchases" but they never said they pulled the money out.

How long from the time you make the purchase until you get the check? Wire fees?

Once again, OP, I applaud you for thinking differently. I just think it would suck if Forex froze your account for suspicious activity.

that won't work. this is taken from their FAQs

What is the maximum deposit allowed via credit card?
We allow deposits up to $5000 in a calendar month per credit card. The minimum deposit accepted by credit card is $250.

as such, most AOR have 10 cards. 10x5,000 = 50,000. avg person will prob be able to only fund 50k

...

How long does it take to receive a withdrawal by check?
Funds withdrawn from FOREX.com via check are sent by standard US mail. The time that it will take to reach you is dependent on your location. If you require your funds sooner, you may wish to withdraw by a bank wire. US wire transfers generally take between 1-2 business days, whereas international wire transfers typically take 2-4 business days.

Please note that bank wire withdraw has a fee of $25 for domestic wires and $40 for international wires. Withdrawals by check are processed at no charge.

JohnGalt69 said: From my understanding of the promo, you are going to get totally fed on the required trades. Let us know how it goes.

The value of cash transactions coded as purchases goes far beyond avoiding BT fees. Anyone know of similar possibilities?

you're correct. if you have no experience in trading, i don't suggest you apply for promo A or C. if you have a little experience, i suggest you trade somethign safe like USD/JPY etc., since USD is showing good signs since feds keeping the interest rate., and trade it quick. worst case scenario, you lose some money but the money you lose will most likely be less the the amount received for the promo. jairocon gives a good scenario here to minimize potential loss, trade something with small spread i.e. EUR/GBP = 71/74 = loss of 3 per trade if u bought/sold that instant.

im planning on funding with CCs later this wk. keep u up to date.

DaveHanson said: Green for good thinking OP.

Why (and what) did FW mod edit from the OP.

I'm just guessing, but the OP originally was asking people to PM him for a referral bonus (mutual bonus for both).

Be careful with this idea. There is no "safe" forex trade--and with a spread of 2-6 pips on each quote, forex.com stands to make a commission of $20-$60 on every trade even if the price quoted doesn't budge. That commission comes out of whatever profits you think you're going to make with this scheme.

Forex.com also says; "Accounts funded via credit card may be restricted to receiving withdrawals via credit card." So when you want your money back, you might just get a refund to the credit card used--wiping out any benefit of this idea. And there's also this warning:
Anti Money Laundering Policy

FOREX.com actively complies with all anti-money laundering and anti-terrorism laws and regulations, including reporting and blocking of assets, to the fullest extent that it can do so under all applicable foreign and domestic laws. On an ongoing basis, FOREX.com shall review account activity for evidence of suspicious transactions that may be indicative of money laundering activities. This review may include surveillance of: 1) money flows into and out of accounts, 2) the origin and destination of wire transfers, and 3) other activity outside the normal course of business.

Also, you'll note that American Express isn't listed as a funding source--because AMEX will charge the "purchase" as a cash advance. Forex.com has no control over that for any of its charges, and it's known that there have been changes in classification of such cash equivalents by other banks months after the original coding of them as purchases.

Not exactly a sure thing in any sense...

it's an interesting idea, but tehre are a lot of potential catches. I have several 0% purchase cards and could put in maybe $30k without going over 90% utilization... tempted, but I don't want to be the first one!

They offer a practice trading platform, which I've downloaded. Lots of pretty graphs and stuff, and a very sexy woman talks to you when you push buttons. I think I'm short the yen and long the Euro, both against the dollar. But I could have that backwards or sideways, I don't know. I am sure those are the 3 currencies involved, lol. But really it sure isn't like trading Nasdaq in 1999. A whole lotta nothing going on.

ls7corvete said: it's an interesting idea, but tehre are a lot of potential catches. I have several 0% purchase cards and could put in maybe $30k without going over 90% utilization... tempted, but I don't want to be the first one!

Ditto, maybe someone with experience from forex trading or forex.com can share some opinions. Like the rest of FW I would like to know how to do this with minimal risk of loss.


try this site http://www.cmsfx.com/en/forex-center/forex-online-tutorial/

ls7corvete said: Namshik said: ls7corvete said: it's an interesting idea, but tehre are a lot of potential catches. I have several 0% purchase cards and could put in maybe $30k without going over 90% utilization... tempted, but I don't want to be the first one!

Ditto, maybe someone with experience from forex trading or forex.com can share some opinions. Like the rest of FW I would like to know how to do this with minimal risk of loss.


try this site http://www.cmsfx.com/en/forex-center/forex-online-tutorial/

Good information guys but I was looking for advice on how to deposit with CC, make the minimum transactions required and withdraw via check, ACH etc, all with minimal risk.

From what I have read forex.com seems pretty shady but I have no experience here.

when you mean shady, if you're referring to the restrictions on the min # of trades, those are only required if you choose to add the promotional items for referrals and/or deposit bonus.

Having done this with multiple brokers and quit due to an unfavorable risk/reward ratio, I can say it is risky and often not worthwhile for a 1-2% churn. Here's why

1) Before every withdrawal above 2500, the accounting department does a quick check on your previous quarter/year (depends on their whim and on the broker). If you do not have a certain number of transactions (they never say how many that is, but in my experience it is around 30-45 transactions with at least 1 lot/minilot per round trip), they automatically refund the money via credit card, even if your initial deposit was by check or debit card. What they actually do is check the authorization details for your last deposit via CC and post a credit through a reverse (like a refund).

2) I have searched for a basic scalping strategy that requires no constant monitoring and would get me 30-45 transactions with breakeven results. I've read the major forums, in English and Russian, and have found nothing like that in all the strategies people have posted. It might exist, and if you've found it, kudos to you.

The combination of forex risk, the need to make many transactions to be able to get cc money out via check, and the inspection every withdrawal undergoes makes this risky and very time-consuming for such a low churn percentage.

Having said this, it should work for your first 2500-5000 in deposits if you are willing to make a few trades and keep your money with a broker for at least half a year.

This has been discussed before. I'll try to find the archives.

Okay, let me tell you how they, the FW geniuses did it. First they made a......Sikes! I do think if we tell you, it will not work any longer. You guys got a big mouth. Hey guys, these newbies have a blabber mouth, becareful what you tell them or it will hurt us.

If anybody is interested, I just added a list of credit cards with 0%/low APR for purchases to the thread about 0%/low APR credit cards (used to list credit cards with promo rates for BTs only).

Minimum Trade trade would be a $100,000 lot with 1 to 100 margin (futures traders think this is crazy, but trust me, it is not) So $1000 principal is used to back up the minimum trade lot.

USD/EUR cross, in my opinion is the most traded and with a 3 pip spread it is one of the cheapest. Each pip on a minimum lot trade is $10. So 3 pips x $10 is $30 cost to trade if you open and immediately close a trade at the same price.

10 trades is required to get the minimum amount of money on a $25,000 account. Therefore if you open and close a trade at the same price you are spending 10 x $30 = $300 to gain $200.

If you want to profit from this deal, you will need to learn how the forex market works so you can make profitable trades and close your account 10 trades are completed or if your risk seeking enough continue trading like myself.

And no, I haven't taken of this advantage yet, I currently use another forex broker.

Eh, I dont like the spread on forex.com.

If I can find anouther site with better spreads I would consider this.

I'm currently using fxcm as my forex broker (no initial deposit bonuses) - but I only trade for fun with my play money.

Since my trades are usually executed within a span of hours (buy/sell) I never had to deal with interest charges. Recently I shorted EUR/USD and decided to let the trade run until I hit my limit.

So I shorted 1 mini lot ($100) EUR/USD at 1.3300 on 3/16. It's gone up and down (my limit is set to 1.3200, and it's hit as high as 1.3410 but I still have enough confidence in the trade anyway).

What I didn't realize is that because of the interest differential btw EUR/USD, I'm making $0.56 in interest every single day while the trade is open. If everything was left being equal, I'd make $204.40 in interest on a $100 deposit(trade) in 1 year!!!*

*remember this is because of the fact that 1 mini-lot costing me $100 is in fact $10k being traded (100:1 margin).

Of course nothing stays the same in a forex market and the sheer unpredictability of it makes any investing pretty much a bet. Still, with dollar being at historical lows against EUR - it could make sense to short a larger amount and set your limits. You either could make profits by hitting your limit order, or if it takes longer - you'd be making money through the interest differential. (Then again you might as well lose it all)

Anyway, just a thought.