Forex brokers offering forex debit cards

By Published On: 03/06/2012 Read More »

Forex brokers that offer debit cards are few in number when compared to the number of forex brokers in general. However, these forex brokers that offer debit cards have an advantage which is passed on the traders as well. Forex brokers that extend the facility for their traders to make use of debit cards gives the traders the advantage to cut down on withdrawal fees and times.

The forex debit cards are offered in partnership with Payoneer, a leading prepaid debit card supplier. Refer to the table below to compare the transaction fees from different Forex brokers that offer debit cards.

How does Forex debits cards work

The forex debit cards are linked straight to your trading account. This means that you can transact at various point of sales using your forex debit card based on the availability of funds in your trading account. Of course, you need to initially fund your trading account. But once you do that and start trading, the profits made from your trades are put back into your trading account.

Using forex debit cards can help traders to cut down on withdrawal and/or transaction fees. Most of the forex brokers that offer debit cards make use of what is known as pre paid cards. These pre paid cards offer some great benefits when compared to other types of credit/debit cards linked to a regular bank account.

Advantages of Forex debit cards

  • Reduce withdrawal times and transaction fees
  • Use your forex debit card where Visa or Mastercards are accepted
  • Forex debit cards can be used to withdraw cash from ATM’s
  • Most POS purchases such as online/offline shopping do not incur any fees

Forex Brokers with Debit Cards – Comparison

In this section we give a brief overview on the terms and conditions and fees/pricing for operating your forex debit cards.

LiteForex* AvaFx HotForex
Activation Fees  $15.95 $10  FREE
ATM Withdrawal $3.25 $2.15  FREE
Maintenance Fee 0 – 3 trnx/mnth: $3
4+ trnx/mnth: $1
1 – 5 trnx/mnth: $3
5+ trnx/mnth: $1
FREE 
Card Replacement $15 Contact Support Contact Support
POS Fees FREE FREE  FREE
Min. Balance Req. $10 N/A  $20
Max Balance N/A $5000 N/A  N/A
Register Register Register

*LiteForex offers two kinds of forex debit cards. LiteForex Payoneer details of which is mentioned in the table above and LiteForex Card which can be used to deposit funds and use as a debit card.

Using forex debit cards makes for an easy way to manage your funds. Traders can greatly reduce their transaction fees by making use of forex debit cards for every day purchases since POS transactions are free of cost. Upon activating the forex debit card, it takes between 5 – 15 working days for your debit card to arrive. Once your card is activated with the PIN, you can start using your forex debit card straight away.

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About the Author:

ForexPromos Editorial Team is comprised of a selection of hand picked editors that bring you the latest breaking news from the financial markets. We also provide forex educative articles as well as comprehensive fx broker reviews.

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