Credit/Debit card deposit to trading accounts are one useful method, as it would be reflected into your account instantly and there is no commissions charged for deposit. (normally)
Here we will explain the process of card deposit into iForex FXnet Trader.
Submit the Card copy
You will first need to submit a copy of your card to iForex.
iForex requires copies of both side of your card though, please make sure that you hide, the first 12 digits on the front side and the CVV on the back.
You can submit the file by logging into the online trading platform of iForex and go to “My account”⇒”upload documents”.
iForex may take up to 48 hours to review the submitted documents and approve, and mean while you can also make deposit via card already.
Deposit via credit/debit card
To make a deposit into iForex FXnet Trader, you will need to login to the online trading platform first.
And click on the “Deposit” section.
Then you will the page where you can put into your card details as below.
Now you just need to type in the required card details to the form and click on “Deposit”, and the process would be done instantly.
After a card deposit, you should be able to see the deposit amount in your account instantly, as the process is made electronically.
Card deposit error/failure
For some reasons, if you can not make a deposit via credit/debit card and you are receiving an error message, the reason could be one of the below.
- Selecting different card type (VISA, Mastercard, Maestro etc)
- Typing a wrong card number or name
- The card is not available for international or online payment
- There is no sufficient balance in your card to make a deposit
- The card is expired
To find out why your payment is rejected, you may contact the card company directly.
Deposit by accident
Sometime when you click a few times the deposit button, the system will send the request twice to the provider(card company) and you will see that you have been charged twice for one payment.
In this case you may just confirm the actual statement with the card company or see if you have been deducted twice from your bank account, because it has almost never happened that someone is charged twice by accident.
There is nothing iForex can do for this matter, so please contact your card company but not iForex, or it will just confuse them.
Credit/Debit card deposit itself is processed as making a payment to iForex. And as you may have known, iForex can not make a payment directly to your card.
So when you make a withdrawal via credit/debit card, iForex will process the withdrawal as cancelling the deposit you made before.
This means that you can not withdraw more than you deposit before to your original card, and the exceeded amount will be sent to your bank account directly.
Also, card withdrawal will be processed by your card company cancelling the payments, so it could sometimes take a month to bring the fund back to your bank account.
If your card withdrawal is taking time, you may contact your card company with the withdrawal statement and expedite the process.