Best Brokers That Accept Credit Cards

The Ultimate Guide to

Choosing a Broker
For Credit Cards

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

• Why AvaTrade scored high for credit cards (Jump to section)
• Who AvaTrade is (and isn’t) suitable for (Jump to section)
• An in-depth feature comparison of the top #3 brokers (Jump to section)
• An overview on credit cards (Jump to section)

Ready?

Part 1

Why Choose AvaTrade
For Credit Cards?

AvaTrade scored best in our review of the top brokers for credit cards, which takes into account 120+ factors across eight categories. Here are some areas where AvaTrade scored highly in:

AvaTrade offers four ways to trade: Forex, Spread betting, CFD trading, and options trading. If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

AvaTrade have a AAA trust score, which is v. good. This is largely down to them being regulated by Central Bank of Ireland, ASiC , FSA, FSB and BVI, segregating client funds, being established for over 11 years, and much more. For comparison:

Trust Score comparsion

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who AvaTrade is (& Isn’t)
Suitable For

As mentioned, AvaTrade allows you to trade in four ways: Forex, Spread betting, CFD trading, and options trading.

To trade with AvaTrade, you'll need a minimum deposit of $100. AvaTrade offers a range of different account types for different traders including a micro account, mini account, vip account.

Finally, AvaTrade isn't available in the following countries: US, Belgium, Canada & Singapore.

Part 3

A Comparison of AvaTrade vs. Plus500 vs. eToro

Want to see how AvaTrade stacks up against Plus500 and eToro? We've compared their spreads, features, and key information below.

Spread & fee comparsion

Comparison of account & trading features

Part 4

Online Forex Trading Account Funding: Credit Cards

Credit cards are one of the safest and easiest methods to fund or make withdrawals from your online trading account. They are widely accepted by most online forex brokers. Brokers that are registered with the Financial Conduct Authority (UK) will only accept credit cards from the forex account owner to prevent money laundering/fraud.

An important consideration to take if you are opening an online trading account is that Mastercard do not accept refunds from spread betting or CFD trading companies.

A few things to consider before using a credit card to fund your forex account is:

• if your card accepted by the broker
• do they charge fees for credit cards
• do they accept traders from your country
• are there better alternatives
• what documents do they need
• how long does it take for transactions

Featured Forex Broker that accept credit cards: ETX Capital

Regulated by the Financial conduct authority (UK) #124721

ETX Capital is a top choice for traders looking for a trusted and regulated forex broker that also accept credit card payments. Why ETX Capital?:

• They accept all major credit and debit cards except AMEX.
• They do not charge fees for making payments or withdrawals.
• Payments are processed quickly so you can start trading immediately- 1 working day.
• Accept deposits in several currencies including :GBP, USD, EUR, ZAR, PLN, NOK, DKK, CZK and CHF.

Credit cards accepted by most online brokers:

• Visa
• Mastercard

Credit cards accepted by a minority of online brokers:

• American Express
• DinersClub International
• International Visa Electron

Credit card deposit/withdrawal fees

There is a mix of brokers who do not charge the trader any fees for making deposits/withdrawals while others charge a fee, usually around 2%. Some credit cards may also treat payments to forex brokers as cash advances rather than a regular purchase and charge a high interest rate. It would be best advised to check with your credit card provider first to see how they would view the payment. Generally using a debit card will always be free to use and may be the better option.

If you just register your card without making a payment, most brokers will make a pre-authorisation charge of 0.01p from your account. This will be reversed within a week and is only to ensure that it is a real card. This is a usual practice for businesses that require a credit card to make a reservation like hotels.

Making deposits and withdrawals

Before making any withdrawals, the brokers will generally require a few documents to verify who you are and to prevent fraud.

Required documents

• Government issued ID/Passport/EU Driving licenses
• Utility bill/bank statement/tax assessment showing your full name and physical address
• KYC form

Once registered payments and withdrawals are simple and take only a few days.

Usual payment/withdrawal processing times

• Payments – 1 working day
• Withdrawals – 4 working days

Different brokers may have different requirement so it would be best advised to check what your chosen broker requires before you are allowed to make any withdrawals.

Broker Debit Cards

Some brokers will even offer their own branded Mastercard debit cards such as AvaTrade, HotForex and XM. These cards are directly connected to your trading account and allow you to instantly withdraw funds from your account.