WASHINGTON (MarketWatch) — The Commodity Futures Trading Commission has approved a ban on credit cards to fund retail foreign exchange and futures accounts.
The National Futures Association announced the CFTC had approved its ban in a press release Friday. The rule will take effect at the end of January.
“Given the highly volatile nature of the forex and futures markets, the substantial risk of loss, and the possibility that a total loss may occur in a very short period of time, the Board has concluded that Members should be prohibited from permitting customers to use credit cards,” said the self-regulatory agency’s original notice.
According to Bloomberg, two of the largest foreign exchange brokers widely encourage the use of credit cards.
http://www.marketwatch.com/story/cf...foreign-exchanges-2014-12-08?dist=tbeforebell
US govt just want you to be safe, guarding you from yourself... lovely people..
The National Futures Association announced the CFTC had approved its ban in a press release Friday. The rule will take effect at the end of January.
“Given the highly volatile nature of the forex and futures markets, the substantial risk of loss, and the possibility that a total loss may occur in a very short period of time, the Board has concluded that Members should be prohibited from permitting customers to use credit cards,” said the self-regulatory agency’s original notice.
According to Bloomberg, two of the largest foreign exchange brokers widely encourage the use of credit cards.
http://www.marketwatch.com/story/cf...foreign-exchanges-2014-12-08?dist=tbeforebell
US govt just want you to be safe, guarding you from yourself... lovely people..