Compare the 3 best forex brokers that accept debit card in 2023

By:

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His ... read more.

Updated: May 25, 2023

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82% of retail CFD accounts lose money.

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What are the best debit card forex brokers?

The best forex broker that accepts debit card is eToro .

Here are some more debit card forex brokers with low fees, top security, and fast execution speeds:

Most Popular

1

Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

2

Min. Deposit

$ 250

Best offer

User Score

9.0

Muti asset broker with the top currencies at your fingertip

Forex Trading - Available 24/7 with 0% trading fees

Dedicated Senior Account manager to guide you through the platform

Start Trading more info

Payment Methods:

Credit Card, Debit Card

Full Regulations:

HCMC in Greece

3

Min. Deposit

$ 0

Best offer

User Score

9.0

Open a free account in minutes

Go global with fee-free foreign exchange

Finance tracking made simple

Start Trading more info

Payment Methods:

Credit Card, Debit Card

Full Regulations:

How to trade currencies with a debit card forex broker

It takes about 10 minutes to sign up for an account with a forex broker. debit card is a simple way to deposit the money to fund a trading account. Here’s how to get started. 

Step 1. Sign up with eToro

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We recommend eToro as the best debit card forex broker.

Create an account by supplying your email address, along with some contact details, and ID verification.

Most Popular

1

Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

Step 2. Go to the payment page on your broker’s website or app

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This is normally situated in the menu bar or sidebar navigation. Look for a ‘deposit’ or ‘bank’ button.

Step 3. Select debit card as your preferred payment method

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Find your debit card from the drop down list of ways to transfer money. Select it to set debit card as your default deposit and withdrawal method.

Step 4. Enter the amount you want to deposit into your forex trading account

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Decide how much you want to start with. You may be asked to log in or approve the transaction by debit card before it goes through.

Step 5. Trade your first currency

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Search for a currency pair, such as USD/GBP or GBP/EUR, enter how much you want to spend, and execute the trade.

Quick answers to key questions

What is a debit card forex broker?

A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. A debit card forex broker is a trading platform that lets you make deposits and fund your account with a debit card. 

What are the fees and commissions when using debit card brokers?

It depends on the broker. The difference between a broker’s buy and sell price for each currency is the main cost of trading. This cost (known as the ‘spread’) is the same regardless of how you decide to fund your account.

There may be additional fees for depositing or withdrawing funds to your debit card account. debit card fees can vary and are likely to be higher than using a direct bank transfer.

Spend some time researching online brokers to avoid any surprising hidden costs.

Is it safe to trade forex with a debit card?

As long as you pick the right platform, yes. Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching for its registration number with the local regulator.

The best debit card forex brokers also offer robust encryption features that protect your data and keep forex traders secure. 

Do I need to provide ID when trading forex with a debit card broker?

Yes, you will need to provide identification when using a forex broker that accepts debit card. A verification process is standard procedure for all the best brokers, as they have to comply with KYC financial regulations.

The verification process may include anything from some basic financial and personal information to a photo ID. 

Can I use MetaTrader 4 with forex brokers that accept debit card?

Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most brokers. You can download the MetaTrader software and link it to any of your broker accounts.

The same applies to MetaTrader 5, which is simply the latest version of the software.

Do many forex brokers accept debit card?

Yes, most forex brokers let you pay with a debit card. Card payments are standard practice when you want to fund your forex broker account.

Pros and cons of using debit card to deposit funds

When deciding if you should start trading forex with a debit card broker, consider these potential benefits and drawbacks:

What to look for when trading forex with debit card brokers

If the forex broker you’re considering accepts debit cards, you then want to investigate whether the platform offers a good level of service. Consider these factors when choosing a forex broker that accepts debit cards:  

• Low costs. Look for forex brokers that allow you to use a debit card without costing you too much money. Note that costs can come in multiple forms, including trading fees, commissions, or excessively wide price spreads. 
• Variety of forex trading options. Many forex brokers provide multiple trading options. These trading options may include: spread betting, forex futures, and contracts for difference (CFDs). If you want to trade more than just forex, look for a broker that can help with all your trading activities.
• Variety of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and euro (EUR). Many forex traders offer far more foreign currency choices, however, and the currencies on offer will vary from broker to broker. If variety is important to you in terms of available currency pairs, choose your broker accordingly.
• Security. A high level of security is essential. You don’t want your hard-earned money or your financial data to become vulnerable to theft.
• Great customer service. The best forex brokers offer fast, helpful, and responsive customer service. This can be even more important if you’re a beginner investor who may have more questions than usual.

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