Hello albchr,
Yes, the laws pertain to Credit Cards, but PayPal has decided that it cannot process Forex Transactions any longer and I cannot speak on the basis of their decision, other than that this decision took place at the same time as the NFA announced the new Credit Card rules in the United States. PayPal has also stopped processing transactions for other Forex Brokers that previously accepted it based on my observations.
The best way for a US citizen to make a deposit would be either via Credit Card or Skrill. We can still accept card deposits as we are not a US company and our standard card processor is not based in the USA. However, we can no longer process card withdrawals, so withdrawals must be done using one of our other methods. I believe you should sign up for a Skrill account (or even a Payza account) as those two options would be best in my opinion. Neteller still has some work to do for its US client base as it is not as much of an attractive option at the moment (you can only withdraw your Neteller funds at an ATM currently as far as I recall).
Our platform closes 1 hour before the market on Friday evenings to avoid bad price feed. We cannot make everyone happy, but we took this step to avoid seeing clients get stopped out due to widening spreads at this time. The market usually moves sideways during this last hour of the trading week anyway. Based on our observations, this decision was the best choice (or the "greater good"). Please consider this limitation in your trading as you will not be able to open, close, nor modify any of your positions during this last hour. We do it only to protect our clients because very frequently in the past they would open up large positions at the end of the day on Friday and get stopped out during the last hour. Many of them blamed us for increasing the spreads (while we don't touch the spreads at all) so we just got off that last hour entirely to prevent this from happening any further.
Hope this helps!
Joe Carney
Yes, the laws pertain to Credit Cards, but PayPal has decided that it cannot process Forex Transactions any longer and I cannot speak on the basis of their decision, other than that this decision took place at the same time as the NFA announced the new Credit Card rules in the United States. PayPal has also stopped processing transactions for other Forex Brokers that previously accepted it based on my observations.
The best way for a US citizen to make a deposit would be either via Credit Card or Skrill. We can still accept card deposits as we are not a US company and our standard card processor is not based in the USA. However, we can no longer process card withdrawals, so withdrawals must be done using one of our other methods. I believe you should sign up for a Skrill account (or even a Payza account) as those two options would be best in my opinion. Neteller still has some work to do for its US client base as it is not as much of an attractive option at the moment (you can only withdraw your Neteller funds at an ATM currently as far as I recall).
Our platform closes 1 hour before the market on Friday evenings to avoid bad price feed. We cannot make everyone happy, but we took this step to avoid seeing clients get stopped out due to widening spreads at this time. The market usually moves sideways during this last hour of the trading week anyway. Based on our observations, this decision was the best choice (or the "greater good"). Please consider this limitation in your trading as you will not be able to open, close, nor modify any of your positions during this last hour. We do it only to protect our clients because very frequently in the past they would open up large positions at the end of the day on Friday and get stopped out during the last hour. Many of them blamed us for increasing the spreads (while we don't touch the spreads at all) so we just got off that last hour entirely to prevent this from happening any further.
Hope this helps!
Joe Carney
