| Updated: January 10, 2025When it comes to online forex trading, having a reliable and efficient payment method is crucial for success. One popular option for transactions to and from trading accounts is the bank transfer, enabling traders to move funds with a familiar payment solution we have all used at one point or another. The method boasts incredibly high acceptance rates and is available at all trading sites.
Below you can find a list with Forex brokers that accept Bank Transfer:
Top 10 Forex Brokers with Bank Transfer
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
-
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
-
Pepperstone
- Australia & CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading Instruments- Forex
- Indices
- Commodities
- Cryptocurrencies
- Share CFDs
- ETFs
-
Plus500
- Multi-Level Regulated Broker
- Proprietary trading platforms
- Easy to use mobile app
Trading Instruments- CFDs on: Forex
- Crypto
- Indices
- Commodities
- Stocks
- Options
- ETFs
-
Global Prime
- Australia regulated broker
- Advanced MT4
- $0 Minimum Account Size
-
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
-
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
-
Admirals
- Trade using MetaTrader 4 and 5, as well as Admirals' specialized plugins for additional functionality.
- Access forex, shares, indices, commodities, ETFs, bonds, and cryptocurrency CFDs.
- Admirals is overseen by top-tier regulatory bodies: FCA, ASIC, CySEC, and EFSA, assuring transparency and customer security.
Trading Instruments- CFDs on Forex
- Indices
- Stocks
- Commodities
- Bonds
- ETFs
- Cryptocurrencies
-
eToro
- Popular broker for social trading
- Trading is conducted on innovative in-house platform
- Offers both investing and trading products
Trading Instruments- CFDs on Forex
- Stocks
- Commodities
- Crypto
- ETFs
- and Indices
-
FxPro
- NDD broker offering deep liquidity and ultra-fast execution
- Over 99% instant order executions with no requotes
- Supports MT4, MT5, cTrader, and a proprietary platform
Brokers Compared by Spread
| Brand | Commission per lot | |
|---|---|---|
| Fusion Markets | 0.93 avg (Classic) | $0 Classic Account, $4.50 round turn on Zero Account |
| FP Markets | 1.1 | $0 Standard Account; $6 round turn on Pro Account |
| Pepperstone | 1.00 (min) | $0 (Standard Account), $7 round-turn (Razor Account) |
| Plus500 | 1.2 | $0 |
| Global Prime | 0.96 avg (Standard) | $0 Standard Accounts; $7 round turn on Raw Accounts |
| Axi | 1.2 | $0 on Standard Account; $7 round trip on Pro Account |
| XM Group | 0.8 | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
| Admirals | 0.1 | $3 per lot |
| eToro | 1.0 | $1 or $2 (stocks only) |
| FxPro | 0.25 | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
FX Brokers Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| FP Markets | |
$50 (AU$100) |
| Pepperstone | |
$0 |
| Plus500 |  |
$100 |
| Global Prime | |
$0 |
| Axi | |
$0 |
| XM Group | |
$5 |
| Admirals | |
$100 ($1 for Invest MT5 Account) |
| eToro | |
$50 or $100 based on country ($10 for the UK, $1 in the US) |
| FxPro | |
$100 |
Forex Brokers by Regulator
| Brand | Maximum leverage | |
|---|---|---|
| Fusion Markets | |
1:30 (1:500 for forex and metals via VFSC) |
| FP Markets | |
1:30 |
| Pepperstone | |
1:30 |
| Plus500 | |
1:30 |
| Global Prime | |
1:500 (1:30 for ASIC entity) |
| Axi | |
1:30 |
| XM Group | |
1:30 |
| Admirals | |
1:30 |
| eToro | |
1:30 (1:400 advanced leverage at Seychelles entity) |
| FxPro | |
1:30 |
Forex Brokers Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
80+ |
| FP Markets | |
70+ |
| Pepperstone | |
90+ |
| Plus500 | |
60+ |
| Global Prime | |
56 |
| Axi | |
80 |
| XM Group | |
50+ |
| Admirals | |
82 |
| eToro | |
55 |
| FxPro | |
70+ |
Comprehensive Comparison the Best Forex Brokers with Bank Transfer
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
0.93 avg (Classic) |
|
|
 |
$50 (AU$100) |
|
1.1 |
|
|
 |
$0 |
|
1.00 (min) |
|
|
 |
$100 |
|
1.2 | ||
 |
$0 |
|
0.96 avg (Standard) |
|
|
 |
$0 |
|
1.2 |
|
|
 |
$5 |
|
0.8 |
|
|
 |
$100 ($1 for Invest MT5 Account) |
|
0.1 |
|
|
 |
$50 or $100 based on country ($10 for the UK, $1 in the US) |
|
1.0 |
|
|
 |
$100 |
|
0.25 |
|
In this article, we will explore how bank transfers work for transactions at forex brokers, highlighting their features, benefits, and advantages, to help traders determine whether the method is suitable for them or not. Whether you’re a beginner or an experienced trader, this page will provide you with the necessary information regarding brokers that accept bank transfers.
How Do Deposits via Bank Transfer Work
Depositing funds into your forex trading account via bank transfer is a relatively simple process provided you have already found a reliable broker. The method is available at most, if not all trading sites so finding a broker supporting it should be no issue. If you wish, you can check some of the brokers recommended on our site. The deposit process typically involves the following steps:
- Initiating the deposit by logging into your live trading account, navigating to the client area, and selecting the bank transfer as your preferred payment method.
- Providing your bank account details, including the account number and routing number, to the forex broker.
- Receiving the broker’s bank account details (IBAN, SWIFT), which you will use to initiate the transfer from your bank account.
- Entering the amount you want to transfer to your balance in the designated field.
- Confirming and authorizing the transaction.
- Waiting for the funds to be credited to your trading account, which can take several business days.
How to Withdraw from Your Trading Account with Bank Transfers
Withdrawing funds from your trading account using bank transfers is a relatively straightforward process. In fact, it is quite similar to depositing, only in reverse. The only difference is that it takes more time for the transactions to clear. To initiate a withdrawal, you will typically need to go through these steps:
- Log into your trading account and navigate to the withdrawal section in the client area.
- Select the bank transfer as your preferred payment method and enter the amount you wish to withdraw.
- Confirm your bank account details, including the account and routing numbers, to prevent further delays due to errors.
- Wait for the forex broker to process the withdrawal, which can take several business days. The broker’s financial department must first review and approve your withdrawal request, which typically takes between 24 and 48 hours.
- Wait for the funds to appear in your bank account, which can take an additional few days after the transaction’s approval.
Verification and KYC Policies at Bank Transfer Forex Brokers
Forex brokers that accept bank transfers typically have Know Your Customer (KYC) procedures in place to ensure the security and legitimacy of transactions. Verification also helps prevent illegal activities like money laundering, theft, and terrorism financing.
These procedures involve verifying the identity of clients through documentation, such as passports, driver’s licenses, and utility bills. Additionally, regulated brokers require proof of address and income to comply with anti-money laundering regulations. Keep in mind you will be unable to request any withdrawals prior to completing the verification successfully.
By following these procedures, forex brokers can prevent fraudulent activities and maintain a safe trading environment for all customers. It’s essential for traders to understand and comply with these procedures to avoid any delays or issues with their bank transfer transactions. By doing so, they can ensure a smooth and secure trading experience with their chosen forex broker.
Transaction Times and Costs
Transaction times and costs are essential factors to consider before you start using bank transfers for moving funds to and from your trading balance. The average deposit timeframe for bank transfers is typically between 2 and 5 business days, while withdrawals can take anywhere from 3 to 10 working days.
The costs associated with bank transfers vary, depending on the forex broker and the bank you use. Some brokers waive their fees for withdrawal requests exceeding a specific amount, usually $100. Requests below this threshold may result in higher costs.
While domestic bank transfers are usually free, international transactions often attract additional charges. When in place, deposit fees can reach 1% of the deposited amount, while withdrawal fees can range from 1% to 3% of the withdrawn amount.
Fixed fees are in place in some cases. These can range from $10 to $50 or more, depending on the brokerage and the amount being withdrawn. Some forex trading sites may also charge additional fees for currency conversion when clients request a bank transfer in a currency different from one’s base account currency.
Bank Transfer Limits
The bank transfer limits at forex brokers also differ based on where you trade and the type of account you hold. The most common minimum deposit amount for bank transfers ranges from $100 to $500, while the maximum deposit can reach anywhere from $10,000 to $100,000. For withdrawals, the minimum amount is again $100 to $1,000, while the maximum can vary from $20,000 to $200,000.
Bank Transfers and Security
Security should be a top priority for forex traders, and while this payment method is generally considered safe, there are some potential shortcomings to be aware of. We tackle some of the main security-related downsides of bank transfers below.
- The risk of unauthorized access to your bank account or trading account, which can result in fraudulent transactions. Regulated brokers and banks mitigate, and even completely eliminate, these risks by using advanced firewalls and encryption technologies.
- The potential for errors or delays in processing transactions, which can lead to financial losses and missed trading opportunities.
- Unlike direct debits, bank transfers often cannot be reversed, which basically means you will lose your money irrevocably if you enter the broker’s details incorrectly.
Overall, it’s crucial to take necessary precautions, such as using strong passwords and enabling two-factor authentication, to protect your bank and trading accounts against potential unauthorized transactions.
Identifying Reliable Forex Brokers with Bank Transfers
When selecting a forex broker that offers bank transfers, it’s essential to consider several key factors to ensure a reliable and safe trading experience. The following criteria can help you identify a reputable broker:
- Licensing and regulation: The broker should be licensed and regulated by a reputable watchdog, such as the Australian Securities and Investments Commission (ASIC), Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC). These are all first-tier regulators, which translates in higher levels of consumer protection for you and fellow traders.
- Forex spreads and commissions: The broker should offer competitive spreads and low or no commissions, with transparent pricing and no hidden fees.
- Range of forex markets: Traders should have access to a wide range of forex markets, offering extensive coverage of major, minor, and exotic currency pairs.
- Supported trading platforms: The site should offer a varied range of trading platforms, including popular third-party options such as MetaTrader4 and MetaTrader 5, to cater to different styles and preferences.
- Customer support: The service should be reliable, timely, and professional, preferably available around the clock via multiple communication channels. The availability of a comprehensive FAQ section is a plus.
- Deposit/withdrawal limits: The broker should have reasonable deposit and withdrawal limits, with flexible options to suit the needs of all clients.
- Maximum leverage: Leverage ratios should be competitive, with flexible margin requirements and stop-out levels. These should be coupled with negative balance protection to prevent customers from racking up huge losses.
Pros and Cons of Using Bank Transfers at Forex Brokers
Using bank transfers to fund your forex trading account is a popular choice among traders, and for a good reason. This is a familiar and relatively secure payment method, which makes it an attractive option for customers who have no credit cards or e-wallet accounts. .
However, like any payment method, bank transfers have their advantages and disadvantages. It’s essential to weigh the pros and cons of using them at forex brokers to make an informed decision about whether this payment method is right for you.
Advantages
- Bank transfers allow you to move large amounts of funds and have higher transaction limits, which renders them particularly attractive in the eyes of large-volume traders.
- This payment method is suitable for traders reluctant to use their credit cards.
- Bank transfers are widely accepted by forex brokers, facilitating both deposits and withdrawals.
Disadvantages
- Bank transfers can have potentially long processing times, which can delay access to your funds and impact your trading activities.
- You may incur additional fees when depositing or withdrawing, which can add to the overall non-trading expenses.
- Most forex brokers have higher minimum limits for bank transfer deposits. This renders the method unsuitable for small-scale retail traders.
Conclusion
To sum up, bank transfers offer a familiar and efficient way to deposit and withdraw funds from your forex trading account. By understanding the process, transaction times, and costs associated with bank transfers, as well as the security concerns and advantages and disadvantages, you can make informed decisions and choose a reliable bank transfer forex broker that meets your trading needs.
Why Should You 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.