Guide to the Most Popular Forex Trading Deposit Methods

Before you open a trading account with any forex broker, one of the very first things you should review is what deposit methods they provide for funding your account. There are so many different methods for funding a forex account, but they aren’t all the same in every country. Before investing your time with a new broker, take a quick look at what deposit methods are offered and make sure they are suitable for you.

The Problem with Forex Deposit Methods

The online trading industry is considered high-risk by banks, card processors and e-wallets. Because of the high-risk status given to the industry, many reputable payment facilitators limit how many brokers they work with or choose to only cooperate with brokers based on various criteria, like where they are regulated or where their clients are based.

Because of this circumstance, it leads brokers to seek the services of less reliable and more expensive payment providers. Unfortunately, this translates to risk for the clients, that means YOU!

Unfortunately, this phenomenon requires you to be more diligent. You should know which companies your broker is cooperating with to process your payments. There are numerous processors set up and positioned as forex payment processing companies that work exclusively with high-risk industries, like brokers.

Even if your money is insured or protected by an investor compensation scheme, that doesn’t make everything risk-free. If your money isn’t in your trading account, it means you can’t trade – it means you can’t make money.

In this article, we’ll explore some of the most popular forex trading deposit methods. The objective is to familiarise you with the most convenient and reliable funding methods in the forex industry. You need to know that credible financial services companies are processing your transactions.

International Wire Transfer

Most forex brokers accept deposits and withdrawals via SWIFT and SEPA in various currencies. Although most brokers do offer international wire transfers as a funding method, you should pay attention to the conditions and potential costs. There are over ten thousand banks in the world, and they all have their own characteristics.

Tips for Funding a Forex Account with an International Wire Transfer

  • Make sure the bank account you are depositing to is in the same currency you are sending. If you send GBP to a Euro bank account, expect some unfavourable conversion rates applied by the bank.
  • Any deposit and withdrawal must always go to or come from a bank account that is issued in your name. If you plan on making what is known as a ‘third party transfer’ you should contact your broker in advance to check if any forms need to be filled.
  • Always use the reference number provided by your broker to help identify the transaction belongs to you. A simple step ensures your transfer doesn’t get delayed.
  • Wire transfers can take a few days to process; that’s not a great solution if you are hoping to take advantage of an emerging trading opportunity.
  • Because banks are highly trusted, you can usually make larger deposits via bank transfer, whereas e-wallets and cards may have limitations.

Credit/Debit Card

Most brokers will have a relationship with a card processing company. Typically, processors will accept cards issued by Visa and Mastercard. Others may accept JCB and China Union Pay as well. Most card processing companies offer white label solutions and work behind the scenes. Try to find out who the card processor is; it can help to decide if you really want to share your card information with that company.

Tips for Funding a Forex Account with Card

  • The card you use to fund your forex account must be issued in your name.
  • Withdrawals could be complicated if you funded your account with a credit or debit card. When you withdraw money, it will need to be refunded back to your card. Refunds can take several days to complete. If you made a profit, the profit would need to be withdrawn to an alternative payment method that you can verify belongs to you.
  • Unregulated or offshore brokers may be cooperating with unregulated or reckless card processing companies which can themselves go out of business or be abruptly shut down by authorities. Should that happen, your broker cannot access your deposits or process your withdrawals.
  • Any company processing card payments should be certified that they comply with Payment Card Industry Standards.

Fund your Trading Account with e-Wallets


By now, everyone knows PayPal. Historically, PayPal has been positioned as an e-commerce solution and steered clear from investment services and cryptocurrencies. After splitting away from eBay in 2015, PayPal hadn’t really moved outside of e-commerce. However, PayPal recently started to support forex brokers by allowing brokers to use their popular e-wallet as a funding method for their clients.


Skrill is an eWallet that will be familiar to any forex trader. Thousands of online trading, betting, gaming and e-commerce companies use Skrill as a funding or payment method. Skrill is regulated by the Financial Conduct Authority in the UK and is (at least for the time being) licensed to operate throughout the EU. Skrill is owned by Paysafe Group which is a publicly listed company on the London Stock Exchange.


Neteller will be another familiar name to forex traders. Neteller is very much like Skrill; the two companies used to be competitors. However, they are both owned by the Paysafe Group. Many brokers offer Skrill and Neteller side by side. The Central Bank of Ireland regulates Neteller.

Tips for Funding a Forex Account with an e-wallet

  • If you feel like you don’t entirely trust your broker or the card processing companies they cooperate with, you can connect an e-wallet to your bank card or account to make deposits and withdrawals.
  • E-wallets settle funds instantly, which means you can start trading sooner and reduce waiting for withdrawing your money.
  • Some e-wallets have very high currency conversion rates, often in the region of 4% to 5%.
  • Most e-wallets are multipurpose, which means you can use them for trading forex, shopping online and sending money to friends and family.


A lot of forex brokers offer deposits and withdrawals via cryptocurrencies. The most common cryptos that forex brokers support are Bitcoin, Bitcoin Cash and Ethereum. When you log in to your forex trading account, your broker should generate a unique wallet address for you to send coins. Your broker will assign an address to your account, and this acts as the reference number.

Tips for Funding a Forex Account with Cryptocurrencies

  • A lot of forex scammers and phishing sites rely on people sending funds via cryptocurrencies as they are easy to set up, hard to trace and impossible to reverse.
  • Be careful when initiating the transaction. If you send the wrong coin or enter the wrong address, not only will the transaction fail, but you could lose all of your money.
  • Network fees for cryptocurrencies can be unpredictable and volatile. The cost of a transaction can be as little as a few cents and as much as several dollars or more.


When you choose a popular forex broker, make sure they offer account funding methods which are familiar to you. The popular forex trading deposit methods listed in this guide are well known internationally, but that doesn’t necessarily mean they are the best option for you. Many brokers also support local bank transfers in exotic currencies like Thai Baht, Vietnamese Dong, Nigerian Naira etc.

Next Post

Plus500 Review

Related Posts