Best Forex Brokers Accepting Wire Transfer 2019

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Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

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90% of retail CFD accounts lose money

90% of retail CFD accounts lose money

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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Your capital is at risk

Your capital is at risk

HotForex

Regulated By:CySEC, DFSA, FCA, FSA, FSC, MiFID

Foundation Year:2010

Headquarters:Spyrou Kyprianou 50, Irida 3 Tower, 10th Floor, Larnaca 6057, Cyprus

Min Deposit:$5

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Your capital is at risk

Your capital is at risk

Alpari

Regulated By:FSC

Foundation Year:1998

Headquarters:Mauritius

Min Deposit:N/A

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Your capital is at risk

Your capital is at risk

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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75% of retail CFD investors lose money

75% of retail CFD investors lose money

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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76.4% of retail CFD accounts lose money

76.4% of retail CFD accounts lose money

Wire Transfer Forex Brokers Comparison Table

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
FXTM
Visit Broker>

90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

ECN, STP

Visit Broker>

90% of retail CFD accounts lose money

FBS
Visit Broker>

Your capital is at risk

CySEC, IFSC

$1

1:3000

MT4, MT5

2009

ECN, No dealing desk, STP

Visit Broker>

Your capital is at risk

HotForex
Visit Broker>

Your capital is at risk

CySEC, DFSA, FCA, FSA, FSC, MiFID

$5

1:1000

MT4, MT5

2010

ECN, STP

Visit Broker>

Your capital is at risk

Alpari
Visit Broker>

Your capital is at risk

FSC

$null

1:1000

MT4, MT5

1998

ECN, STP

Visit Broker>

Your capital is at risk

eToro
Visit Broker>

75% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

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75% of retail CFD investors lose money

Plus500
Visit Broker>

76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

Visit Broker>

76.4% of retail CFD accounts lose money

Introduction: What is a Wire Transfer?

In forex, the bank wire transfer system is a means of transaction in which trading capital is sent from a local bank account to the forex broker’s segregated bank account to fund the trader’s trading account. It is also the way in which any profits or capital withdrawn is channeled from the broker’s segregated account to the trader’s bank account.

How Does a Bank Wire Transfer Work?

The trader must own a local bank account supported by the broker, or a domiciliary account if resident is in a country that does not use the broker’s trading currency.

  1. For deposits: After converting to the currency in which the brokerage runs the trading platform, the trader is expected to send the instructions either physically at the bank by filling a form, or via online banking, mandating the bank to send the funds to the broker’s bank account. In some countries, the use of a correspondent (intermediary) bank is mandatory. Where this is the case, the intermediary bank receives the funds and transmits same to the destination account.
  2. For Withdrawals: In case of a withdrawal from the brokerage account, the broker will transfer the value of the withdrawal request from the segregated brokerage account to the trader’s bank account. Again in some cases, an intermediary bank may be required for this transaction.

Bank wire transfers usually attract charges for the service.

Why Use Wire Transfer as Your Deposit/Withdrawal Method?

There are countries which are still restricted from using certain aspects of the international payment system. These countries are therefore barred from transacting with credit/debit cards or e-wallets on forex brokerage platforms. For traders resident in these countries, the bank wire transfer is the only way to conduct forex transactions.

Bank wire transfers are also a safe method of transaction, as money only passes from a bank account to another bank account. A credit card can be physically stolen, but a bank account cannot. Banks usually have a robust Know Your Customer (KYC) protocol and collect the physical and biometric details of their customers. It is therefore easy to track who owns an account and where such an individual is located. This gives forex brokers the confidence to allow the bank wire transfer as a globally accepted means of transaction in forex.

Benefits of Choosing a Broker that Accepts Wire Transfers

What benefits accrue to the trader from choosing a broker that accepts wire transfers?

  1. Security is a major benefit. It is a lot harder to steal bank account details than credit card or e-wallet details, especially during the transaction process.
  2. Funds sent to the broker through a bank wire transfer are not subjected to maximum deposit limits.

How to Pick a Decent Broker With Wire transfer

Every forex broker offers the wire transfer as a transaction method. The greatest issue with wire transfer is the processing time. Wire transfers typically take 2-7 business days. So you need to find a broker that offers a short processing time. Here is how to speed up the process.

  1. Consider the time zones. Process your wire transfer request a little before the broker’s business day starts. Use the world clock to know what time this translates to in your own time zone.
  2. Pick a broker that will initiate the process as soon as you make the withdrawal request.
  3. Find out if there are charges that can be paid to make your wire transfer faster.

Wire transfer Chargeback on Broker Account

There are usually no chargebacks on broker accounts using the wire transfer method.

Conclusion

To help you find the best brokers that accept bank wire transfer for both funding and withdrawing from your trading account check out the list that we have compiled. It is built on knowledge we’ve gleaned from our ongoing research into the best brokers and also from the user reviews we receive from traders that have used these brokers.

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