Asked by Anonymous
Asked on 08 Sep 2019
Would this be a good idea?
Not a good idea, since Youtrip is primarily used for overseas transactions (and not to buy foreign currencies to fund US stocks accounts.
Use my code JUNUS for $5 in your Youtrip account!
I trade on eToro. And when I tried to fund my USD account with YouTrip, YouTrip declined the transaction. When reached out to them, they said that you can not use YouTrip to fund trading accounts.
Here is their reply:
Thank you for contacting YouTrip.
I have checked your transaction with Paypal. I believe the transaction in concerned is for ETORO.COM.
YouTrip is not designed to facilitate online trading of all forms due to the transaction limit on each account. These includes stock trading (such as the purchase of cryptocurrency), lottery and sports betting.
This also comes with strict compliance to regulatory guidelines for Anti-Money Laundering / Countering the Financing of Terrorism in Singapore.
Hope it clarifies. "
How do you pay your US brokers using credit card?
09 Sep 2019
Why not try using Revolut. Their also have their own investment platform similar to Robinhood (FOC) in USA. You can ask them if is possible to do so before applying.
The brokers i used only accept bank wire. They will deposit straight to my designated bank account.
You can instead create a USD currency account with any bank in Singapore if you are worried about the FX rates.
Hi there, I think that would not be allowed. I haven't tried it before, but just the thought of using your credit card to fund your investing account, doesn't sound right (because CC $ are technically not your $ in the first place). I previously had a friend who chanced upon this forex trading website (or so they claim), "top up" using his CC, and he had huge problems taking it out. Then you think again, if you decide to withdraw, the money will probably go back into your card.