| Updated: November 20, 2024- Jump to:
- Main features of the best Bank Transfer Forex brokers
- Best Forex Brokers Accepting Bank Transfer
- How to Deposit
- How to Withdraw
- Pros of Using Bank Transfer
- Cons of Using Bank Transfer
- Fees and Limits
- Bank Transfer Chargeback
- Security
- Conclusion
Are you looking for regulated and trustworthy forex brokers accepting Bank Transfer? Our expert team of traders tested many forex brokers using real accounts and compiled a list with the best among them that accept Bank Transfers.
Fusion Markets74-89% of retail CFD accounts lose money- AxiThe vast majority of retail client accounts lose money
- FP Markets73.85% of retail investor accounts lose money
- Pepperstone75.5% of retail investor accounts lose money
- Global Prime74-89% of retail CFD accounts lose money
- XM Group72.82% of retail investor accounts lose money
Below you can find a comparison table of forex brokers that accept deposits with bank transfer. We rank them based on several factors including: regulation, spreads and commissions, Trustpilot rating, trading instruments, trading platforms, deposit and withdrawal methods.
Main features of the best Bank Transfer Forex brokers
- Min Deposit$0Trading InstrumentsForex, Commodities, Indices, Crypto, US StocksRegulatorsASIC, FSA (Seychelles), VFSC (Vanuatu)Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingViewSpread0.9 pips Classic; 0.0 pips ZeroLeverage1:30 (1:500 for forex and metals via VFSC)Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinityWithdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay74-89% of retail CFD accounts lose money
Choose from 30+ funding options at Fusion Markets, including bank wire transfers. Minimum deposits start from $10. A range of supported base account currencies, including AUD, CAD, EUR, GBP, and more.
- Min Deposit$50 (AU$100)Trading InstrumentsForex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDsRegulatorsASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingViewSpread1.0 pips Standard; 0.0 pips RawLeverage1:30Deposit MethodsVisa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, RapydWithdrawal MethodsVisa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal73.85% of retail investor accounts lose money
Customers’ money is securely kept in segregated client funds with FP Markets. Bank transfer deposit time: 2-5 business days, $/€100 min deposit, and no fees.
- Min Deposit$0Trading InstrumentsForex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFsRegulatorsUK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)Trading PlatformsTradingView, MT5, MT4, cTraderSpreadFrom 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)Leverage1:30Deposit MethodsVisa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, SkrillWithdrawal MethodsVisa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill75.5% of retail investor accounts lose money
Fee-free funding and withdrawal methods, including bank transfers at Pepperstone. Deposits and withdrawals processing time between 1-5 business days. GBP, USD, EUR, and CHF account currencies are available for Standard and Razor accounts.
- Min Deposit$0Trading InstrumentsForex, Cryptocurrencies, Indices, Commodities, BondsRegulatorsASIC (No. 385620), VFSC (No. 40256)Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 AndroidSpread0.9 pips Standard, 0.0 pips RawLeverage1:500 (1:30 for ASIC entity)Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, CryptoWithdrawal Methods
Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
74-89% of retail CFD accounts lose moneyDeposit and withdraw safely via Global Prime’s bank wire method, with no extra fees on behalf of the broker. Seven supported account currencies, including USD and EUR, and 3-5 business days processing time for international transfers.
- Min Deposit$50 or $100 based on country ($10 for the UK)Trading InstrumentsCrypto, CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and IndicesRegulatorsFCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN, AMF, SEC, GFSCTrading PlatformseToro Investing, eToro App, TradingView, eToro CopyTraderSpread1 pipLeverage1:30Deposit MethodseToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24Withdrawal MethodsPayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer51% of retail investor accounts lose money
Bank transfers are among eToro’s secure banking methods, available for customers from multiple jurisdictions. Deposit minimums vary per customer’s country of residence. To withdraw funds, customers need at least $30 in their available funds.
- Min Deposit$5Trading InstrumentsForex, Stocks, Indices, Commodities, Thematic IndicesRegulators(ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), CFTC; Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FSA (Sweden)Trading PlatformsMetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT4 MultiterminalSpreadFrom 0.0 pips (Zero Account), 0.6 pips (Standard and Micro Accounts)Leverage1:30Deposit MethodsVisa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, MaestroWithdrawal MethodsVisa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer72.82% of retail investor accounts lose money
XM supports a wide array of payment methods, including bank cards and bank transfers. Customer funds are securely kept in segregated accounts with tier-1 banking institutions.
- Min Deposit$50Trading InstrumentsCFDs on Indices, Forex, Shares, Crypto, Futures, Commodities, Options, Interest Rates, Sectors, Bonds, Knock-out tradingRegulatorsASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)Trading PlatformsMT4, L2 Dealer, ProRealTime, IG proprietary software, TradingViewSpread0.6 pips CFD trading; 0.165 pips DMA tradingLeverage1:30Deposit MethodsVisa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAYWithdrawal MethodsVisa, Visa Electron, Mastercard, Discover, Bank Transfer70% of retail client accounts lose money
IG caters to its clients with a range of secure banking methods, including bank transfers. There are no minimums for bank transfers. Uploading proof of payment as evidence of a completed bank transfer allows customers to start trading before the broker receives the funds.
- Min Deposit$100Trading InstrumentsRegulatorsCySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).Trading PlatformseasyMarkets, MetaTrader 4, MetaTrader 5, TradingViewSpreadLeverage1:30Deposit MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank TransferWithdrawal MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer71% of retail investor accounts lose money
Among many other methods, easyMarkets supports fee-free bank wire transfers, with deposit processing time within 1 working day. A minimum of $50 is required for withdrawals to bank accounts.
- Min Deposit$100Trading InstrumentsCFDs on: Forex, Crypto, Indices, Commodities, Stocks, Options, ETFsRegulatorsTrading PlatformsProprietary desktop and mobile platformsSpread0.8 pipsLeverage1:30Deposit MethodsDebit Visa/Mastercard, Wire transfer, Apple Pay, Google PayWithdrawal MethodsDebit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay82% of retail investor accounts lose money
Manage your deposits and withdrawals at Plus500 easily and securely via bank transfers. The broker stands out with exclusive data safety and funds kept in segregated bank accounts.
- Min Deposit$0Trading InstrumentsRegulatorsCFTC, CIRO, FCA, CBI, Central Bank of Hungary, ASIC, SFC (Hong Kong), SEBI, JSDA, MASTrading PlatformsIBKR Desktop, IBKR Trader Workstation, IBKR Mobile, IBKR GlobalTraderSpreadFrom 0.1 pipLeverage1:20Deposit MethodsBank Wire, Check (USA only)Withdrawal MethodsBank Wire
At IBKR, traders can easily link a bank account for a seamless and fee-free account funding process on subsequent deposits. Bank deposits are processed within a maximum of 4 business days.
Forex Brokers with Bank Transfer Compared Based on Leverage, Regulation and Trading Platforms
| Broker | Min Deposit | Min Withdrawal | Max Leverage | Trading Platforms | Regulators | Trustpilot Rating |
|---|---|---|---|---|---|---|
| 1. Fusion Markets | $0 | $35 | 1:30 for ASIC Entity (1:500 for VFSC Entity) | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | ASIC (Australia, Licence №: 385620), VFSC (Vanuatu, Licence №: 40256), FSA (Seychelles , Licence №: SD096) | 4.9 |
| 2. FP Markets | $50 | $100 | 1:30 (Retail)1:500 (Professional) | MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView | CySEC (Cyprus, Licence №: 371/18), ASIC (Australia, Licence №: 286354), FSA (Seychelles, Licence №: ), FSCA (South Africa, Licence №: ) | 4.7 |
| 3. Pepperstone | No minimum | No minimum | 1:30 (Retail ASIC, CySEC, FCA); 1:500 (Professional); 1:400 (CMA) | TradingView, MT5, MT4, cTrader | CySEC (Cyprus, Licence №: 388/20), FCA (United Kingdom, Licence №: 684312), ASIC (Australia, Licence №: 414530), FSA (Seychelles, Licence №: SD108) | 4.6 |
| 4. Global Prime | $10 | $10 | 1:30 (Retail)1:500 (Professional) | MT4 Desktop, MT4 Webtrader, MT4 Android | VFSC (Vanuatu, Licence №: 40256), ASIC (Australia, Licence №: 385620) | 4.5 |
| 5. eToro | $1 - $50 | $30 | 1:30 (FCA, ASIC, CySEC); 1:50 (FINRA); 1:500 (FSA) | eToro Investing, eToro App, TradingView, eToro CopyTrader | FCA (United Kingdom, Licence №: 583263), ASIC (Australia, Licence №: 491139), FSA (Seychelles , Licence №: SD076), CySEC (Cyprus, Licence №: 109/10) | 4.2 |
| 6. XM Group | $5 | $5 | 1:30 for CySEC and ASIC Entities (1:1000 for Other Jurisdictions) | MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal | CySEC (Cyprus, Licence №: 120/10), ASIC (Australia, Licence №: 443670), IFSC (Belize, Licence №: 000261/4) | 2.9 |
Although nowadays there is such a wide choice of innovative payment solutions, bank transfer has managed to retain its popularity. This is one of the banking methods that need almost no presentation as most of us have already grown accustomed to utilizing it on a regular basis.
Although the main purpose of this payment method is to send money from one location to another, it can also be used to deposit funds into a variety of online accounts, and more specifically, into your account on a Forex broker’s website.
Despite the fact that Forex traders might have a hard time picking a payment solution for their deposits and withdrawals, especially when you consider the vast range of options they can pick from, many of them set great store by this way of payment.
Nowadays, bank transfers can be arranged via the telephone or online, which means that Forex traders will be saved the hassle to go to the bank so as to wrap up the payment.
How to Fund a Forex Account with Bank Transfer
Forex trading can be extremely thrilling, but before you get down to speculating, you will need to upload some funds into the balance of your trading account. What makes this banking solution so increasingly popular with traders is that they are not required to jump through hoops in order to handle their deposits.
When you wish to get into Forex trading and deposit your funds via bank transfer, you will be prompted to fill in a short form where you need to provide the name of the bank where you have an account, select the country, provide the address of the bank, your account number, your BIC code, and IBAN. Before you confirm the transaction, you should be satisfied that all this data is entered correctly. When they specify the amount they wish to upload, traders should authorize the transaction and wait until their funds show up in the balance of their account.
Handling your deposit using your online banking might turn out to be a rather efficient and prompt option for some traders. First off, you need to navigate to the section dedicated to payments, input the preferred deposit amount, and pick bank transfer as their option of choice. After this, traders will be asked to provide their online banking credentials such as username and password in order to log into their online banking account. The last step is to fill in the form and confirm the transaction. Traders will be good to go to speculating on Forex in a matter of a few minutes.
How to Withdraw from a Forex Account Using Bank Transfer
On most occasions, traders will be able to retrieve their profit from the Forex trading platform conveniently and without any hassle. Once you have logged into your trading account, you will need to opt for fund withdrawal. Then, you will be prompted to pick the bank where you have an account and pick a currency, in which you would like to handle your cashout.
Most of the time, traders will be able to ascertain whether their transaction is already wrapped up by checking out the history of their account. Keep in mind that for their most part, brokers endeavor to handle the cashout requests within 24 hours at a maximum. Following this, it might take 3 to 5 working days until your funds reach the balance of your bank account.
Traders should always see to it that they have entered all the needed information accurately. Doing this is of utmost importance as if any mistake is made, they might end up waiting even longer to take their profit. If there is a certain inconsistency in your banking details, you may also be prompted to pay additional fees.
Another key thing to bear in mind when retrieving your profit from the preferred Forex trading platform is that you will only be able to do this, given that the name of the recipient and the name you have provided when establishing your account are the same.
Benefits of Using Bank Transfer for Forex Trading
One of the things that should influence your choice of a payment method when speculating on Forex is security and reliability. Needless to say, this is one of the aspects in which bank transfers shine brightly as your deposit will come straight from the bank you are using the services of. It is nearly impossible for traders to fall victims of any unscrupulous practices also because they will not be required to use the services of a middleman as is often the case with some of the online banking solutions available out there. Moreover, since you are using the services of a financial institution, the transparency you will enjoy will be rather significant.
A primary reason why the payment method might turn out to be a good fit for Forex traders is that it makes for the transfer of larger sums. The better part of the payment solutions come with limits that do not live up to the expectations of Forex traders when deposits and cashouts are concerned. Professional traders will not be prevented from speculating on Forex as they will have the chance to upload significant sums and in some cases, there might not be a ceiling on withdrawals.
Bank transfer poses an exceptionally straightforward payment solution, no matter whether you have been using it for years or this is the first time you opt for it. Deposits and cashouts are carried out in an uncomplicated fashion, and the case in which an issue might arise is when you have not entered the needed data properly. On all other occasions it is unlikely that any bugs or issues will arise.
Another great feature of the payment solution is that bank transfer doubles as a cashout method as well. Forex traders will have the chance to move their profit from their brokerage account to the balance of their bank account with the same ease and efficiency. In fact, this gives the payment method a great advantage over many other payment processors that are available only when traders are looking to upload funds in their accounts.
Another great plus of the payment method is its accessibility as almost all Forex traders have a bank account and if they do not, it is extremely easy to open such. Finally, there are loads of Forex trading platforms that process payments through bank transfer. This allows traders to pick and choose the platform that best fits in their needs and requirements.
Disadvantages of Using Bank Transfer for Forex Trading
While they are trying to figure out whether bank transfer will accommodate to their needs and preferences, Forex traders should pay attention to the downsides of the payment solution as well.
Despite its benefits, this way of payment does not go without its faults, with one of the biggest disadvantages being the fees that will be charged. As it turns out, the commission some brokers tend to impose on transactions through bank transfer, especially cashouts, might turn out to be quite substantial. This is precisely what makes many traders turn their eyes to another more affordable banking solution.
The large delays are yet another drawback of utilizing bank transfer when speculating on Forex. Unlike the better part of the modern payment methods that make for nearly instantaneous deposits and cashouts, the scenario with bank transfers will be a bit different.
This rings true, especially when traders want to retrieve their profit as this process may go up to 5 or even more business days. It may take even longer for your payment to be cleared given that you have requested a cashout during a public holiday as in such cases, the waiting times might be prolonged further. On some occasions, the situation might be compounded further if an issue arises between the broker and the bank.
Fees and Limits When Using Bank Transfer for Forex Trading
As mentioned above, the cost of the transactions via bank transfer tends to put many traders off this payment method. An important thing to have in mind is that each bank has its own fees and charges, and it would be best if you acquaint yourself with them in advance.
As it seems, the fees turn out to be rather sizeable when cashouts are concerned. On some occasions, traders will need to pay a percentage of the amount they are going to retrieve while in others, the commission might be a fixed amount. In the first instance, you might end up with a dramatically diminished trading capital, which is a situation most traders will be uncomfortable with. One of the things traders should not overlook are the conversion fees. Sometimes, depending on the requirements of the broker, traders might need to convert their local currency in USD for example, which would entail fees as well.
On the positive side of things, there are also brokers that do not apply a commission on transactions via bank transfer. In terms of limits, some brokers allow the transfer of as little as $100 or in some cases, even $50.
Bank Transfer Chargeback on a Forex Account
Sometimes, even singling out the brokers might not guarantee that you will not end up on a tight spot. Even though it is not such a common occurrence, some traders end up with a zeroed account, and the support desk of the broker seems to be unable or unwilling to assist. What most of you are asking themselves now is what to do next.
It might seem to you as something rather obvious, but a precaution traders can take is to look for brokers that already have a long-standing presence. There are several things you can do in the event that you have ended up defrauded. Your first alternative is to get in touch with the respective FX regulator that has issued the license of the platform you have been utilizing.
Chargebacks are positively one of the major considerations for Forex traders, this procedure can help them deal with the predicament without getting assistance from the authorities. Although this option may not be available when using some of the other payment processors, this is not the case with bank transfers. What will be required to do is to send a chargeback request, and of course, to come up with evidence that you have fallen victim of an unscrupulous broker.
Another essential thing to bear in mind is that Forex trading is a risk-high enterprise. We do not want to leave you under the impression that we are trying to discourage you from speculating on Forex, but you should be mindful of the fact that this undertaking involves large risk, and you should always be prepared to lose.
Security When Trading Forex With Bank Transfer
One of the main reasons why Forex traders tend to turn their eyes to bank transfer is that this payment solution is inherently secure. What renders this payment processor so reliable is that the transfer of funds is carried out between the bank where you have an account and the bank of the broker. This leaves almost no room for any issues to arise, which is essential, regardless of the environment in which you are making payments.
Moreover, banks utilize various modern and robust security systems, which should give traders the peace of mind that their funds will be in safe hands. Another thing that should make you less anxious when handling your payments through bank transfer is that banks need to abide by different regulatory guidelines, and they fall under rigorous scrutiny whether they do so. Banks also give their customers the chance to add extra safety to their transactions, which also lessens the chances for any irregularities. This can be achieved through extra means of authentication of the payments.
Conclusion
While speculating on Forex, it is not important only to find a broker that will take great care of their customers, but also to find a payment solution that will be a good fit for your needs as a trader. Bank transfers are always an alternative that is worth giving some attention to because of their security and straightforwardness. The higher transaction limits are yet another reason why traders might be enthusiastic about employing the payment solution. Yet, the prolonged processing times and higher fees should also be taken into account if you are yet to come to the decision whether to opt for this payment method.