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Best Forex Brokers Accepting Wire Transfer 2020

FX Empire Editorial Board
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At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

The brokers below represent best Wire Transfer Accepting Forex Brokers.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
XTB
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79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

CNMV in Spain, CySEC, FCA, IFSC, KNF

$0

1:500

MT4, xStation 5

2002

Market Maker, STP

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79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

GO Markets
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Your Capital is at Risk

ASIC

$200

1:500

MT4, MT5

2006

ECN, Market Maker, No dealing desk, STP

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Your Capital is at Risk

IC Markets
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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

ASIC, CySEC, fsa-sc

$200

1:500

cTrader, MT4, MT5

2007

ECN, No dealing desk

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

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Your capital is at risk

Swissquote Bank
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Your capital is at risk

DFSA, FINMA, SFC

$1000

1:100

Advanced Trader, MT4, MT5

1996

Bank, Dealing Desk, Market Maker, No dealing desk

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Your capital is at risk

Pacific Financial Derivatives Limited
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Your Capital is at Risk

FMA

$0

1:300

MT4

1999

No dealing desk

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Your Capital is at Risk

eToro
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62% 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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62% of retail CFD investors lose money

Plus500
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76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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76.4% of retail CFD accounts lose money

FXTM
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90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

No dealing desk

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90% of retail CFD accounts lose money

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.

Here’s a list of Best Wire Transfer Accepting Forex Brokers

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

XTB

Regulated By:CNMV in Spain, CySEC, FCA, IFSC, KNF

Foundation Year:2002

Headquarters:Warsaw, Poland

Min Deposit:$0

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79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

XTB is an award-winning CFD platform that supports Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. For Forex, XTB supports 48 currency pairs with low-cost spreads. Customers of XTB can choose between trading on the xStation 5 or MT4 platforms. For leverage accounts, this brokerage offers leverage of up to 200:1.

Stock and ETF CFDs all attract a fixed commission of 0.08% per lot across the two types of accounts.

XTB was founded in 2002 with headquarters in Warsaw. It is regulated in markets across Europe by the IFSC, FCA, KNF, and CySec. XTB has a free demo account and a Trading Academy set of courses for beginner and intermediate traders.

Pros: Cons:
  • Choose between two excellent trading platforms (xStation 5 or MT4 platforms)
  • A collection of 3000+ trading instruments across six asset classes
  • Low spreads
  • Fewer Forex pairs than some top competitors
  • No 24/7 support

IC Markets

Regulated By:ASIC, CySEC, fsa-sc

Foundation Year:2007

Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

Min Deposit:$200

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2019 alone.

While the broker offers services and features designed for both beginner and professional traders, the company promote themselves as the ‘go to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day.

Pros: Cons:
  • True ECN broker with institutional grade liquidity.
  • MetaTrader and cTrader available on desktop, web and mobile.
  • Wide range of tradable products with 24/7 customer support.
  • Impressive library of educational material and videos.
  • Beginner traders may be overwhelmed by the choice of markets and platforms.

GO Markets

Regulated By:ASIC

Foundation Year:2006

Headquarters:Level 22, 600 Bourke Street, Melbourne, VIC 3000, Australia

Min Deposit:$200

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Your Capital is at Risk

GO Markets Pty Ltd an ASIC regulated broker has been in operation since 2006. The head office is located in Melbourne, Australia. With over a decade of experience, GO Markets has grown to become a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.

The MT5 was designed to trade forex and CFDs and was built to offer a wider range of assets. It has similar functions to the MT4 although is more evolved and has more features. It improves on the existing features of the MT4. GO Markets provides the MT5 platform as a WebTrader and as a downloadable windows application. Only the MT5 platform can be used to trade the ASX shares offered by GO Markets.

Pros Cons
  • GO Markets is a regulated brokerage entity, which is a factor that ensures transparent trading conditions.
  • Ultra fast trade executions courtesy of innovative technology and powerful servers located in London.
  • Availability of trading and analysis tools like Autochartist and Trading central.
  • Clients’ fund segregation.
  • Demo accounts expire after 30 days, However, non-expiry demo account is available.
  • Clients from over 35 high risk and other monitored jurisdiction are not accepted, which is a lot.
  • Only two account types available for all traders.
  • Swap free offered in MENA region only.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

This brokerage offers a massive range of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.

FP Markets was founded in 2005 and is headquartered in Sydney, Australia. It is regulated by the ASIC in Australia. Demo accounts are available. While it is suitable for beginners, education resources are limited. 

Pros: Cons:
  • 10,000+ tradable assets
  • Choose between 3 trading platforms
  • Competitive spread pricing on raw account
  • High spreads on the standard account
  • A range of possible additional fees
  • AU $200 minimum opening balance

Swissquote

Regulated By:DFSA, FINMA, SFC

Foundation Year:1996

Headquarters:Chemin de la Créteaux 33, 1196 Gland, Switzerland

Min Deposit:$1000

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Your capital is at risk

Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.

The Swissquote website is a multi-lingual portal which offers 10 languages, giving it a wide linguistic spread that can accommodate traders from various countries. Swissquote is a sponsoring partner of Manchester United Football Club, the most successful domestic club in the UK.

Pros Cons
  • Swissquote Bank is a regulated entity.
  • There is a comprehensive trader education suite.
  • Customer support is very responsive and provides timely service.
  • Investor protection is very strong.
  • Highly diversified asset base, which caters to all kinds of traders.
  • Many countries are excluded from doing business with Swissquote, which prevents traders in those countries from opening trading accounts.
  • Minimum deposit amounts are high.

Pacific Financial Derivatives

Regulated By:FMA

Foundation Year:1999

Headquarters:Level 8, 12-26 Swanson Street, Auckland Central, Auckland 1010

Min Deposit:$0

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Your Capital is at Risk

Pacific Financial Derivatives Ltd (PFD) is a global online broker that operates from Auckland in New Zealand. The broker was established in 1999 by an experienced Japanese investor who has a similar business in his native country. The brokerage offers Forex, indices and commodities for trading on its platforms. With many years experience in the business, PFD has become a globally established brand.

Pros Cons
  • Broker is regulated by the FMA in New Zealand.
  • Well-established broker with over 15 years experience.
  • Low trading fees and charges.
  • The provided demo account expires after 15 days.
  • The education suite provided is obviously inadequate.
  • There are no bonuses, promotions or incentives to encourage the trader.

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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62% of retail CFD investors lose money

Known as one of the pioneers for social trading, eToro was established in 2007 to make financial markets more accessible to the average retail trader. The broker helped lead the way in social trading, when it introduced the revolutionary “OpenBook” trading platform to the online trading industry. The broker has also been a forerunner in the introduction of innovative financial instruments such as ‘Copy Funds”. Likewise, eToro has not been slow in offering its clients a range of cryptocurrency assets to trade with. Regulated by the Cyprus Securities & Exchange Commission (CySEC), eToro’s traders can rest assured that their funds deposited with this broker will remain safe.

Pros

  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
Cons

  • Spreads are higher than average
  • Does not have the MetaTrader platform

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

Sponsors of Atletico Madrid, Plus500 have made quite a name for themselves over the last few years. A UK FCA regulated firm Plus 500 is a subsidiary of Plus500 Ltd a company that is listed on the London Stock exchange. The company offers the trading of shares, forex, commoיעכdities, ETFs, options and indices across a selection of technology including the Plus500 proprietary platform.

Pros Cons
  • Leveraged trading of over 2500 financial instruments
  • Multiple regulations in different countries.
  • Tight spreads and no commissions.
  • Advanced risk management tools such as guaranteed stop and trailing stop orders.
  • No call centre to speak to
  • No educational tools
  • Very little analysis

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

FXTM is also known as ForexTime, and commenced operations in 2011 from its de facto headquarters in Limassol, Cyprus. Since then, FXTM has achieved rapid global expansion, driven primarily by its desire to serve specific local markets with strong FX demand.

The MT4 and MT5 are the platforms provided by FXTM. These platforms, however, come in various versions built for the web, for desktops and for mobile devices. The FXTM MT5 is an improvement on the MT4 and can be downloaded from the MyFXTM members’ area.

Pros Cons
  • Highly regulated by leading regulators FCA and CySEC
  • Access to both MT4 and MT5
  • An amazing selection of analysis and news
  • A solid educational offering
  • Both ECN and standard accounts available
  • Not the lowest spreads on the standard account

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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Trade With A Regulated Broker

  • Your capital is at risk