| Updated: January 22, 2025American Express, commonly referred to as Amex, is a financial services company that has been a world-renowned name for decades. Founded in 1850, Amex has established itself as a prominent brand in the payment industry, offering a wide range of products and services that cater to the needs of individuals and businesses alike.
A range of reputable forex brokers have recognized the convenience and security that American Express offers and now allow their clients to deposit or withdraw via Amex cards. This comes as no surprise, given how Amex is popular in the US and a number of other jurisdictions. If you are considering using an Amex card for transactions tied to your forex trading account, this publication offers insight into this payment solution’s versatility, advantages, potential caveats, and more.
Below you can find a list with Forex brokers that accept Amex:
Top 9 Forex Brokers with Amex
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
-
Axi
- Raw spreads start from 0.0 pips
- Offers order execution faster than standard ECN model
- Axi Select Funded Trader Program offers funding up to $1 million
Trading Instruments- Forex
- Stocks
- IPOs
- Indices
- Commodities
- Cryptocurrencies
-
FP Markets
- Australia & CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading Instruments- Forex CFDs
- Shares CFDs
- Metals CFDs
- Commodities CFDs
- Indices CFDs
- Crypto CFDs
- ETF CFDs
-
IC Markets
- Offers 2,200+ tradable markets, including 61 currency pairs
- Leverage of up to 1:1000 in select jurisdictions
- EUR/USD spreads from 0.8 pips for standard accounts
Trading Instruments- CFDs on Forex
- Commodities
- Index
- Bond
- Cryptocurrencies
- Stock
- Futures
-
BlackBull Markets
- Broker boasting lightning-fast execution speed
- ECN brokers with tight spreads from 0.0 pips
- $0 minimum deposit requirement
Trading Instruments- Forex
- Commodities
- Futures
- Indices
- Stocks
- Cryptocurrencies
-
XM Group
- XM provides great trading experiences using MetaTrader 4 and MetaTrader 5, which are improved by personalized features.
- Zero commission accounts are available
- Top-tier regulation from CySEC, ASIC, FSC, and DFSA oversee XM's operations, assuring transparency and client safety.
Trading Instruments- Forex
- Stocks
- Indices
- Commodities
- Thematic Indices
-
Plus500
- Multi-Level Regulated Broker
- Proprietary trading platforms
- Easy to use mobile app
Trading Instruments- CFDs on: Forex
- Crypto
- Indices
- Commodities
- Stocks
- Options
- ETFs
-
AvaTrade
- Minimum deposits from $100
- Licensed by 11 regulatory bodies
- Retail forex leverage of up to 1:400
Trading Instruments- Forex
- Major stock indices
- Cryptocurrencies
- Commodities
- Bonds
- Individual Shares
- ETFs
-
FXTM
- Established brokerage company regulated by UK FCA, Kenya CMA, and Mauritius FSC
- MT4, MT5, Mobile Trading Platform
- $1M Lloyd’s of London account insurance
Brokers Compared by Spread
| Brand | Commission per lot | |
|---|---|---|
| Fusion Markets | 0.93 avg (Classic) | $0 Classic Account, $4.50 round turn on Zero Account |
| Axi | 1.2 | $0 on Standard Account; $7 round trip on Pro Account |
| FP Markets | 1.1 | $0 Standard Account; $6 round turn on Pro Account |
| IC Markets | 0.8 | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
| BlackBull Markets | 0.1 | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| XM Group | 0.8 | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
| Plus500 | 1.2 | $0 |
| AvaTrade | 0.9 | $0 |
| FXTM | 0.1 |
FX Brokers Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| Axi |  |
$0 |
| FP Markets | |
$50 (AU$100) |
| IC Markets | |
$200 |
| BlackBull Markets | |
$0 (Standard)$2,000 (Prime)$20,000 (Institutional) |
| XM Group | |
$5 |
| Plus500 | |
$100 |
| AvaTrade | |
$100 |
| FXTM | |
$200 |
Forex Brokers by Regulator
| Brand | Maximum leverage | |
|---|---|---|
| Fusion Markets | |
1:30 (1:500 for forex and metals via VFSC) |
| Axi | |
1:30 |
| FP Markets | |
1:30 |
| IC Markets | |
1:30 |
| BlackBull Markets | |
1:500 |
| XM Group | |
1:30 |
| Plus500 | |
1:30 |
| AvaTrade | |
1:30 |
| FXTM | |
1:2000 |
Forex Brokers Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
80+ |
| Axi | |
80 |
| FP Markets | |
70+ |
| IC Markets | |
61 |
| BlackBull Markets | |
70+ |
| XM Group | |
50+ |
| Plus500 | |
60+ |
| AvaTrade | |
50+ |
| FXTM | |
Comprehensive Comparison the Best Forex Brokers with Amex
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
0.93 avg (Classic) |
|
|
 |
$0 |
|
1.2 |
|
|
 |
$50 (AU$100) |
|
1.1 |
|
|
 |
$200 |
|
0.8 |
|
|
 |
$0 (Standard)$2,000 (Prime)$20,000 (Institutional) |
|
0.1 |
|
|
 |
$5 |
|
0.8 |
|
|
 |
$100 |
|
1.2 | ||
 |
$100 |
|
0.9 |
|
|
 |
$200 |
|
0.1 |
|
What is Amex and Is It a Viable Option for Deposits and Withdrawals at Forex Brokers?
At its core, Amex is a payment processing company that enables users to make transactions, both online and offline, using its Amex-branded credit cards, charge cards, and prepaid cards. Amex has become the go-to bank card option for many consumers worldwide, and this includes forex enthusiasts.
In the context of forex trading, Amex has emerged as a viable payment option for deposits and withdrawals at a range of brokers. While not all brokers accept Amex, plenty have integrated Amex into their payment systems, allowing traders to fund their accounts and withdraw profits using their Amex cards. This gives Amex cards an advantage over deposit-only payment solutions. It is also worth noting that Amex’s secure payment processing and fraud protection features provide traders with an added layer of security and peace of mind. These factors, combined with the fact that a decent number of brokers support Amex transactions in the US and abroad, make the brand more than viable for forex trading.
As for potential drawbacks, we should point out that brands like Visa and Mastercard are far more widely accepted by forex brokers, and there are fees Amex users will need to consider. In addition, while deposits are usually instant, Amex transactions may suffer from slow withdrawal speeds.
How to Deposit to a Trading Account With Amex
If you are familiar with credit and debit card deposits, topping up your forex account via Amex will be a piece of cake. To make a deposit, you will typically need to navigate to the broker’s deposit or payment section, where you will be able to select Amex as your preferred payment method. From there, you will be required to enter your Amex card details, including the card number, expiration date, and security code, as well as the amount you wish to deposit.
It is essential to ensure that your Amex card is eligible for online transactions, and you should be aware of any potential fees associated with using Amex. This includes transaction fees or currency conversion fees, which may be charged by the broker or your bank. Once the deposit is processed, the funds should be available in your trading account, allowing you to start trading forex immediately.
Keep in mind some forex brokers may have specific restrictions or requirements for Amex transactions, such as minimum or maximum deposit amounts, so it is always a good idea to review the broker’s terms and conditions before making a deposit.
Overall, depositing via Amex can be a straightforward and efficient way to get started with forex trading, as long as you are aware of the potential fees and requirements involved.
How to Withdraw From a Trading Account With Amex?
Withdrawing funds from your forex broker account via American Express (Amex) is a relatively easy process, but there are some procedures and potential requirements that bear highlighting.
To initiate a withdrawal, you will typically need to log in to your trading account and navigate to the withdrawal or payment section, where you will be prompted to select Amex as your preferred withdrawal method. From there, you will be required to enter the amount you wish to withdraw, ensuring that it is within the allowed limits. The said limits will vary from broker to broker.
Additionally, if you were not already prompted to do this prior to making a deposit, you may need to verify your identity before you cash out. This entails providing a range of documentation as is required by your jurisdiction’s anti-money laundering regulations.
Once the withdrawal request is submitted, the broker will process the transaction, and the funds will be credited back to your Amex card within a certain timeframe. Note that processing times may vary depending on the broker. You may also incur fees while cashing out.
It is recommended that you review the broker’s withdrawal terms and conditions, as well as Amex’s own policies, before initiating a withdrawal.
Amex Fees and Limits
Certain costs can be tied to Amex transactions when it comes to using this payment solution for the purpose of funding or withdrawing from your forex trading account. Your bank card issuer, in particular, might attach fees to deposits and withdrawals that can differ significantly depending on the financial institution involved. You will need to familiarize yourself with your bank’s fee structure before utilizing Amex bank cards. Additionally, forex brokers may also attach their own fees to Amex transactions, although this is relatively rare.
The situation is similar when it comes to transaction limits. Some brokers do not have minimum deposit requirements, while others demand that traders deposit at least $10, $100, or more when they top up their accounts. Deposits might be capped as well, with some brokers imposing deposit restrictions of $90,000 or even higher.
Depending on the card type you own, Amex itself might impose limits, or your bank could restrict the amount of capital you can use for deposits. Minimum and maximum withdrawal limits are another thing you should be mindful of, especially since they can come in the form of daily, weekly, or monthly caps.
Of course, keep in mind that trading in and of itself typically involves fees like the spread, commissions, and overnight fees. It is crucial to carefully review the terms and conditions of your Amex card and forex broker account, consider the aforementioned trading costs, and plan your transactions accordingly. Moreover, it is always a good idea to consult with your forex broker’s support team or Amex’s customer service to clarify any questions or concerns you may have.
Security of Amex Transactions
When it comes to the security of American Express (Amex) transactions in the context of forex trading, several factors come into play to ensure the protection of traders’ funds.
Firstly, Amex is a well-established payment method that is offered by trusted financial institutions. Amex card issues employ robust encryption protocols (256-bit or 128-bit), firewall technology, and a range of services that protect client data and serve to prevent fraud.
Furthermore, Amex is typically accepted by forex brokers that are regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA) or the Securities and Exchange Commission (SEC), which subjects them to strict guidelines and oversight. This regulatory framework helps to safeguard traders’ transactions and prevent fraudulent activities. Additionally, brokers process Amex transactions through secure online portals, and advanced SSL encryption protects sensitive information.
Banks and forex brokers alike also make use of timeouts, provide an overview of your log-in sessions, and utilize two-factor identification to further enhance the protection of traders’ accounts and funds.
FAQs
How long does it take for Amex deposits to be processed?
Amex deposits are typically processed immediately, allowing you to start trading right away. You might experience a delay if something goes wrong with the transaction, or you are required to go through KYC before you are allowed to deposit.
How long does it take to withdraw funds via Amex?
Processing times vary from broker to broker, although plenty strive to process withdrawals within 48 hours at most. After your withdrawal request has been approved, you will need to wait several days for the money to reach your card balance. Your first withdrawal attempt might be hindered by the broker’s KYC process.
Can I use an Amex card for forex trading if I am not a US citizen?
This is dependent on where you reside. Amex cards are issued by a number of banking institutions outside the US, so whether you can acquire and utilize such a card is dependent on whether you can use the services of one such bank.
How do I know if my forex broker accepts Amex cards?
Many forex brokers will list their accepted payment methods on their website, either on a dedicated page or in their FAQs. Alternatively, you can contact the broker’s customer support team to ask about their supported payment options and whether Amex is among them.
Do I need to pay any taxes on my forex trading profits when using Amex?
This is entirely dependent on your jurisdiction and how much you trade on the regular. It is advised that you consult with a local tax professional before you begin trading to ensure that you are up to speed with the latest tax-related laws.
Conclusion
Amex cards provide forex traders with a hassle-free way to manage their trading funds. This payment solution stands out with its convenience, excellent level of security, and growing acceptance among forex brokers. This includes brokers that cater to the US market, as well as brokers operating in other jurisdictions.
Why You Should Trust RationalFX
When it comes to making informed decisions about forex brokers, it's essential to rely on trustworthy sources. RationalFX, a company with over 17 years of experience since its founding in 2005, has established itself as a credible authority in the industry. With an impressive collection of over 2500 reviews on Trustpilot, boasting a score of 4.2, it's clear that Rational FX has built a reputation for providing reliable and unbiased information.
What sets Rational FX apart is its rigorous evaluation process, which considers over 30 different criteria when selecting forex brokers. This comprehensive approach ensures that every aspect of a broker's service is taken in consideration, including regulation, forex spreads, trading platforms, deposit methods, and reputation. With its wealth of experience, transparent review process, and outstanding customer feedback, Rational FX is a trusted source for anyone seeking reliable information on forex brokers. You can reach us via e-mail at [email protected] or contact us through our social media accounts here: Facebook, YouTube, or leave a feedback here.