Forex Brokers with Prepaid Card Deposit

Written by Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: November 27, 2024

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Main Features
Compared By Leverage and Commission per Lot
Prepaid Cards Forex Brokers by Spread
How to Fund Forex Account with Prepaid Cards
How to Withdraw
Benefits
Disadvantages
Fees and Limits
Prepaid Card Chargeback on a Forex Account
Security
Conclusion

Reputable forex brokers are striving to ensure the best trading conditions for their customers, offering innovative platforms, diverse trading instruments, low fees, and convenient payment methods. With traders looking for the most hassle-free way to fund their live accounts and start trading currency pairs or other CFD instruments, brokers tend to adopt more deposit options, with prepaid cards also accepted at multiple forex broker sites.

If you are wondering how you can utilize prepaid cards for your forex trading payments, we have compiled a detailed review that may be of great help. The experts of TradingPedia have also listed some of the best forex brokers that accept payments via popular prepaid card solutions.

To help you decide whether that is the next most convenient way to handle your trading payments, we have also covered the advantages and disadvantages of prepaid cards as a banking method for your forex payments. That way, you can make an informed decision the next time you initiate a deposit to your forex trading account.

Main Features of the Best Prepaid Cards Forex Brokers

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Fusion Markets
Min Deposit
$0
Trading Instruments
Forex, Commodities, Indices, Crypto, US Stocks
Regulators
ASIC, FSA (Seychelles), VFSC (Vanuatu)
Trading Platforms
MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView
Spread
0.9 pips Classic; 0.0 pips Zero
Leverage
1:30 (1:500 for forex and metals via VFSC)
Deposit Methods
Visa, 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, MiFinity
Withdrawal Methods
Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay
74-89% of retail CFD accounts lose money
Supports a variety of payment solutions, with many country-specific methods available to residents of particular countries. Visa and Mastercard users may use prepaid cards by the two issuers for their account deposits. The broker does not charge fees on deposits.
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FP Markets
Min Deposit
$50 (AU$100)
Trading Instruments
Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs
Regulators
ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)
Trading Platforms
MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView
Spread
1.0 pips Standard; 0.0 pips Raw
Leverage
1:30
Deposit Methods
Visa, 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, Rapyd
Withdrawal Methods
Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal
73.85% of retail investor accounts lose money
Accepts a wide range of payment methods, including region-specific solutions. Most options enable instant deposits, with zero fees charged for funding trading accounts. Prepaid cards by Visa and Mastercard accepted as a deposit method.
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Pepperstone
Min Deposit
$0
Trading Instruments
Forex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFs
Regulators
UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)
Trading Platforms
TradingView, MT5, MT4, cTrader
Spread
From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)
Leverage
1:30
Deposit Methods
Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill
Withdrawal Methods
Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill
75.5% of retail investor accounts lose money
Deposits via prepaid cards by Visa and Mastercard are accepted. The broker does not impose a minimum deposit requirement. Prepaid card payments do not incur fees.
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XTB
Min Deposit
$250
Trading Instruments
Forex, Stocks, Indices, Commodities, ETFs, Indices, Cryptocurrencies
Regulators
FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162)
Trading Platforms
xStation 5, xStation Mobile
Spread
From 0.1 pips (Pro Account), 0.5 pips (Standard Account)
Leverage
1:30
Deposit Methods
Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU
Withdrawal Methods
Bank Transfers, Visa, Mastercard, Skrill
80% of retail investor accounts lose money
Members from different regions have access to various payment methods. Paysafe account holders can charge their accounts with prepaid cards and use the generated balance for instant and fee-free deposits at XTB.
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AvaTrade
Min Deposit
$100
Trading Instruments
Forex, Major stock indices, Cryptocurrencies, Commodities, Bonds, Individual Shares, ETFs
Regulators
FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684)
Trading Platforms
MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade
Spread
From 0.9 pips (retail), 0.6 pips (pro)
Leverage
1:30
Deposit Methods
Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire
Withdrawal Methods
Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire
76% of retail investor accounts lose money
Traders can resort to several deposit methods, including prepaid cards powered by Visa and Mastercard. Most payment solutions facilitate instant deposits. Does not charge fees on deposits.
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Interactive Brokers
Min Deposit
$0
Trading Instruments
Regulators
CFTC, CIRO, FCA, CBI, Central Bank of Hungary, ASIC, SFC (Hong Kong), SEBI, JSDA, MAS
Trading Platforms
IBKR Desktop, IBKR Trader Workstation, IBKR Mobile, IBKR GlobalTrader
Spread
From 0.1 pip
Leverage
1:20
Deposit Methods
Bank Wire, Check (USA only)
Withdrawal Methods
Bank Wire
Offers traders from different regions convenient local payment options. Some traders may utilize prepaid cards issued by Visa and Mastercard. Prepaid card deposits are processed instantly and do not incur fees.

Prepaid Cards Forex Brokers Compared By Leverage and Commission per Lot

Broker	Min Deposit	Max Leverage	Commission per Lot	Trustpilot Rating
1. Fusion Markets	$0	1:30 for ASIC Entity (1:500 for VFSC Entity)	$0 Classic Account, $4.50 round turn on Zero Account	4.9
2. FP Markets	$50 (AU$100)	1:30 (Retail) 1:500 (Professional)	$0 Standard Account; $6 round turn on Pro Account	4.8
3. Pepperstone	$0	1:30 (Retail ASIC, CySEC, FCA); 1:500 (Professional); 1:400 (CMA)	$0 (Standard Account), $7 round-turn (Razor Account)	4.7
4. AvaTrade	$100	1:30 (1:400 for Pro and Non-EU Accounts)	$0	4.4
5. XTB	$250	1:30 (Retail) 1:200 (Professional)	$0	3.7
6. Interactive Brokers	$0	1:20	From 0.08 to 0.20 bps x trade size	3.1

Prepaid Cards Forex Brokers by Spread

Broker	EUR/USD	USD/JPY	GBP/USD	USD/CHF	AUD/USD	EUR/GBP	USD/CAD
1. Fusion Markets	0.07	0.13	1.01	0.37	0.90	0.23	0.14
2. Interactive Brokers	0.1	0.5	0.4	0.5	0.3	0.3	0.4
3. XTB	0.9	14	2.2	1.2	1.1	1.3	1.5
4. AvaTrade	0.9	1.3	1.3	1.3	1.1	1.2	1.8
5. Pepperstone	1.00 (min)	1.0	1.00 (min)	1.1	1.2	1.2	1.42
6. FP Markets	1.1	0.30	1.2	1.8	1.2	0.20	1.5

How to Fund Forex Account with Prepaid Cards

One of the best things about utilizing prepaid cards is that there is no need to register with a third-party service provider. You can easily obtain prepaid cards by visiting a participating merchant offline or purchasing your voucher online. Once you have obtained a prepaid card with the amount you would like to deposit to your trading account, you can launch the Deposit page on the broker’s site and pick the account you would like to fund for your trading sessions.

The next step is to pick the prepaid card solution from the list of supported methods and enter the amount you would like to deposit. To use the prepaid card, you will be asked to provide its unique code. Depending on the prepaid card issuer, this code may be of multiple digits, so make sure that you have correctly entered the code.

All that is left is to confirm the transaction and the money should appear instantly in your trading account. Not only are prepaid card deposits fast and easy, but they will also rarely incur any fees charged on behalf of the broker.

How to Withdraw From Forex Account with Prepaid Cards

One of the main weaknesses of this payment solution is the inability to use prepaid cards for withdrawals from trading accounts. In such cases, traders are required to resort to different payment solutions like bank transfers, credit/debit cards, or other supported methods.

While this is rarely the case, it is possible that you may request a withdrawal with the same prepaid card issuer you have used for your forex trading deposits. Companies like Paysafe allow Paysafecard users to open an account with the service provider and utilize the e-wallet tool for their deposits and withdrawals at a trading website. However, keep in mind that prepaid card issuers are often listed only as a supported deposit option at forex brokerages. Nevertheless, if you have the option to withdraw your funds to the wallet where you also store your prepaid voucher codes, you can usually get your money within 24 hours, with no fees attached to the transactions.

Benefits of Using Prepaid Cards for Forex Trading

When comparing prepaid cards to other methods accepted as payment solutions at forex brokers, we can see that this option offers plenty of advantages to traders. As mentioned earlier, prepaid cards are extremely easy to obtain, requiring no registration with a third-party service provider. Popular prepaid cards are available at a large number of participating retail shops, allowing you to use cash to purchase your vouchers. Alternatively, you may also purchase your prepaid voucher codes online, with the issuers of the cards typically working with reliable online retailers.

Deposits carried out via prepaid cards are processed instantly, allowing you to begin your trading sessions right away. Even if you wish to deposit larger amounts, you can combine multiple voucher codes in a single transaction, allowing fast account funding with more significant sums.

The safety of this method is probably the biggest advantage of prepaid cards, with no additional information required during the deposit process. That adds an extra layer of security to transactions, making prepaid cards the preferred deposit option for many forex traders. Unlike methods like credit/debit cards, prepaid vouchers/cards do not require additional KYC (Know Your Customer) authentication, making them a convenient option for those who wish to avoid this step.

Disadvantages of Using Prepaid Cards for Forex Trading

Even though using a prepaid card for your forex trading deposits can be very convenient, this method also comes with several disadvantages. Even though more forex brokers have started to accept prepaid cards as deposit options, the number of brands who have adopted the payment solution is rather low. That means traders may have a difficult time joining a reputable brokerage that will accept deposits via prepaid cards. What is more, this option may be restricted in some regions, further limiting the accessibility of the method.

Another negative side of using prepaid cards at forex trading sites is the inability to use the option for withdrawals. As there is no way to transfer funds to prepaid vouchers/cards from your trading accounts, you will need to look for an alternative method whenever you wish to withdraw your trading profits.

While forex trading is available to different types of traders, many prefer to charge their trading account with a significant amount they can trade with. Biggest trades often may lead to bigger returns, which may make prepaid cards a less suitable deposit option for large-volume traders. Even though it is possible to combine several prepaid voucher codes and make larger deposits, prepaid cards tend to have lower maximums compared to other methods supported by forex brokers. Below, we will take a better look at the typical limits related to prepaid card deposits on forex broker sites.

Fees and Limits When Using Prepaid Cards to Trade Forex

To help you decide whether prepaid cards are the right solution for your deposits at forex brokerages, we would like to disclose typical limits and fees that are applicable to prepaid card payments. It is worth noting that many forex brokers do not impose a mandatory account minimum amount but payment solutions tend to come with a specific required minimum on deposits.

While the minimum amount you are typically required to deposit via a prepaid card varies according to the broker and the exact prepaid card service you are using, the least amount you can deposit via this method may start as low as $10. Usually, the lowest denomination of most prepaid cards you may purchase for your forex payments is also about $10. While the maximum amount may also differ, brokers that accept prepaid card payments tend to allow deposits of up to $1,000. The maximum allowed amount may often be deposited by combining several prepaid card codes in the deposit section of your trading account.

Although forex brokers tend to adopt different fee policies, most have decided to charge zero fees on deposits carried out via prepaid card methods. That makes the option suitable for traders seeking budget-friendly solutions. That said, it should be noted that a small fee may be charged whenever traders purchase their prepaid cards. The rates, however, depend on the fee policy of the respective card issuing company.

As already mentioned, prepaid cards cannot accept funds withdrawn from trading accounts so there are no relevant limits for this type of transaction.

Prepaid Card Chargeback on a Forex Account

While credit and debit cards allow consumers to request chargebacks, debit card holders are not legally entitled to dispute a charge. That said, in some rare cases prepaid card issuers like Mastercard and Visa may allow their clients to request chargebacks on payments they have made to forex trading platforms via prepaid cards issued by the respective company. It is possible that Paysafe, which is one of the bigger prepaid card issuers, may also allow charge disputes.

One thing to keep in mind is that forex brokers will need serious proof that you are entitled to a chargeback, no matter the deposit method you have used for the payment. Nevertheless, if you are certain that you can provide the required proof for the money that you are owed, you should contact the issuing company of the prepaid card you have used for your forex trading payment.

Security When Trading Forex with Prepaid Cards

One of the biggest perks of using a prepaid card for your forex deposits is the extreme level of security applied to transactions. If you opt to buy a prepaid card from a land-based store, you can use cash to pay for your purchase. That said, even if you choose to buy your prepaid voucher code online, you will be initiating the purchase on trustworthy partner websites. That part of the purchasing process ensures that your financial data and sensitive information are protected properly.

Since prepaid card deposits do not require any banking information, account login, or any other sensitive data, your forex payments will be extra secure. Using this type of payment solution also adds a sense of anonymity, which is a feature that many would enjoy.

Having a lower limit on the deposit amount may also be seen as a security feature as prepaid cards can help traders avoid depositing more than they can currently afford to trade. As you may see, security is one of the major strengths of prepaid cards, which explains why traders would prefer to use them for their deposits.

Conclusion

Prepaid cards are a great solution for many forex traders who are looking for a hassle-free way to handle their deposits. With instant processing times, no fees attached to payments, and an increased level of anonymity and security, many forex traders can benefit from this type of payment method. Unfortunately, popular prepaid card solutions are yet to be adopted as deposit options by many forex brokers but we believe that more brands will start accepting this method.