My broker declined my deposit
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Thread: My broker declined my deposit

  1. #1
    Anybody else had this happen? I moved on to make a deposit via credit card in to my OANDA account yesterday evening. In the close of the trade, it says that my deposit was diminished, but it won't say why. The money is gone from my bank account. I understand it'll be reversed in a couple of times but....how can they take the money from the account for a couple days when the trade was declined?? Seems to be an interest loan that is illegal. At any rate, it is supremely annoying.

  2. #2

  3. #3
    No idea. Neither the bank nor the OANDA rep may tell me.

  4. #4
    Your credit card business has some filters in place to restrict your card usage. ...

  5. #5
    Ensure their forms have been signed by you and sent in copies of your id proof of identity. I am pretty sure this happened at one stage to me.

  6. #6
    You have to file a dispute with your bank against OANDA.

    If your bank is good enough, they will credit your charge card with whatever money was debited from OANDA so you are not out-of-pocket while they explore the dispute.

    Of course they will debit that 'elegance' money in the time either OANDA returns the debited money (which is the case the majority of the time), or your bank explores the case after a lengthy interval (e.g. gt; 1 month) and compels OANDA to return your cash.

  7. #7
    A deposit from credit card???? This is this is not risk capital! All traders should have a large margin account to pay their rankings with money they can afford to lose above any stop losses. A credit card is borrowed money and also risk capitalyou are too much of a risk?? While you can, quit trading?

  8. #8
    That happened to me after, I left a move from my credit card to spare on the cable fees... it was 2% for credit card 20$ for cable, also because I was starting with just $500 it made sense to perform a move from my card.

    My bank put a hold on the move because they didn't recognize my broker. They thought my credit card had been compromised, maybe that is why why the deposit never went? I am not sure

  9. #9
    Credit card or debit card?

    I stopped using credit card some time ago, will use them sparingly for various factors. If the I.R. is 15% that's a hefty vig you will have to make up just to begin with. I'm assuming they are not charging any trade fee using a plastic card deposit so I can see the motivation of why some could be motivated to do so but an overnight check with my bank is $15 and is deposited into my account within two days. I refuse to pay outrageous interest rates .

    Can they take a debit card?

  10. #10
    I just transferred cash into my Oanda account from my account using the PP debit card. I just entered the information as though it were a charge card and everything went through fine.

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