Compare the best brokers to trade forex with American Express
If you’re accustomed to using your Amex card for making different purchases, you can also consider using it to trade forex. Our handy guide will show you the best brokers that you can use to trade forex with American Express.
Here are the best forex brokers that accept American Express
When searching for the best forex brokers that accept American Express, you want to consider factors such as speed, ease of use, and transaction fees. We’ve compiled a list of the best forex brokers that accept American Express payments in the table below:
What is an American Express forex broker?
A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. An American Express forex broker is a broker that lets you trade Forex using your American Express card.
Pros and cons of trading forex with American Express
When deciding if you should trade forex with American Express, consider these potential benefits and drawbacks:
- Fast Deposits. Unlike with some other payment options, deposits made with American Express happen almost instantly. That means you can start trading forex with American Express with no wait time.
- Easy. Trading forex with American Express is a simple process. Given the sometimes complex strategies involved in making money with forex trading, having a simple payment method is most welcome.
- Convenient. If you’re already an American Express cardholder, you probably use your card all the time. So using your Amex card to trade forex becomes a natural transition.
- Not as widely accepted. American Express cards aren’t nearly as widely accepted as Visa or MasterCard, especially outside the United States.
- Not anonymous. As with any credit card, transacting with American Express requires you to submit a fair amount of financial information, thereby compromising some of your privacy.
What are the fees and commissions when using American Express to trade currencies?
A wide variety of different banks issue American Express cards, meaning the fees associated with them often vary. Likewise, commissions depend more on the forex broker you choose than on the Amex card itself. So it’s best to research the forex brokers that charge the least before you begin trading forex with your American Express card.
What to look for in an FX broker that accepts American Express
Once you’ve established that the forex brokers you’re considering accept American Express, the next step is to narrow your search. Consider these factors when choosing an American Express forex broker:
- Low withdrawal and deposit charges. Some forex brokers allow you to use American Express, but at a cost that can eat into your potential trading profits. Look for an American Express forex broker that offers low withdrawal and deposit charges.
- Variety of forex trading options. Many forex brokers like to have multiple trading options at their disposal, including spread betting, futures, and contracts for difference (CFDs). If variety is an important factor for you, seek out a forex broker that offers a variety of different trading options.
- Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and euro (EUR). But some forex traders like to trade a wide variety of currencies within currency pairs. If that fits your description, look for an American Express forex broker that offers a variety of currencies to trade.
- Security. A high level of security is a must when choosing an American Express forex broker to handle your trades. You’re trusting this platform with your money, so you want to make sure it’s secure.
- Great customer service. The best American Express forex brokers will offer fast, helpful, and highly responsive customer service options in the event you require assistance.
Is forex trading with American Express secure?
As long as you pick the right platform, yes. The best American Express forex brokers offer robust encryption features that protect your data and keep your trading secure.
Do I need to provide ID when using an American Express forex broker?
Yes, you will need to provide identification when using an American Express forex broker. Forex brokers, like forex traders, want to ensure that they avoid scammers, making a verification process standard procedure. The verification process may include anything from some basic financial and personal information to a photo ID.
How to fund your currency trading account with American Express
While different forex brokers can have slightly different procedures for making trades, most follow a general framework of steps. Here’s what to expect:
- Find the payments page on your forex broker’s website or app.
- Select American Express (or Amex) as your preferred payment option.
- Enter your credit card information.
- Enter the amount you want to deposit into your forex trading account.
- Click confirm.
It depends on the broker. British pounds, US dollars, and euros are offered by pretty much every American Express forex broker. Japanese yen, Canadian dollars, and Australian dollars are also quite popular. Forex brokers will offer these, and often many other currencies, as part of currency pairs that you can trade in a variety of ways.
There often are limits, yes. Different foreign exchange brokers may impose significantly different limits for both deposits and withdrawals. That said, you can often increase your limits once you’ve executed a certain number of trades on a given trading platform. Our forex broker guides can help you narrow down your search for an ideal broker using limit size as one of your search criteria.
Yes, you can request a chargeback if something went wrong during the trading process. Still, chargebacks are only recommended as a last resort, since they can be quite time-consuming, and your broker may try to dispute the chargeback.
Some of the other payment methods that you can use to trade forex include:
- Debit card
- Bank transfers
- Digital wallets
- Apple Pay
Forex trading involves trading the fiat currency of one country for the fiat currency of another, in what’s called a currency pair. The goal is to guess correctly on the trading direction (up or down) of one currency, against another. Due to their immense scope and reach, forex markets tend to be the largest and most liquid in the world.
Check out all our forex news updates and analysis right here on this site. Then complete those news items by reading our wide array of forex trading guides, to help you develop a sound strategy for trading and profiting from the foreign exchange market.
Some of the currency pairs most commonly offered by American Express forex brokers are:
If variety is a high priority for you, do your research to find out how many more currency pairs beyond the popular ones above are offered by the specific broker that you’re researching.
A typical charge for a currency exchange is around 1%. That said, different platforms may offer different charges, so choose one that offers competitive rates.
You can start right here. We offer a wide range of educational tools and how-to guides. After that, consider trading forex on a practice basis using a free demo account. Some forex exchanges offer the ability to make practice trades in real time, without venturing any actual money. That way, you can learn the ropes before you can consider taking a real risk.
American Express is one of the most popular, widely used credit cards in the world. Nearly one-quarter of the total dollar value of credit card transactions in the United States is charged with an Amex card. That said, American Express tends to be less widely accepted in countries outside the US when compared to, say, Visa or MasterCard.
The Financial Conduct Authority (FCA) is the regulatory body responsible for monitoring the activities and integrity of the forex market in the UK. The FCA is funded by UK financial services companies, including forex brokers.
In the United States, the National Futures Association develops rules and services to ensure that the forex market runs smoothly, while also working to protect against potential scams. The Commodity Futures Trading Commission serves a similar role.
That depends where you want to trade forex. Different countries have different regulatory bodies that oversee forex trading, so do your research to see how robust the regulatory laws are where you live.
It can be, but only under the right circumstances. First, consider devoting just a small amount of money to forex trading when you’re just starting out; you can always venture more once you’ve gained experience. Some forex brokers will even let you trade on a test basis, so you can gain experience without risking losses.
- 1. Compare the best brokers to trade forex with American Express
- 2. Here are the best forex brokers that accept American Express
- 3. What is an American Express forex broker?
- 4. Pros and cons of trading forex with American Express
- 5. What are the fees and commissions when using American Express to trade currencies?
- 6. What to look for in an FX broker that accepts American Express
- 7. Is forex trading with American Express secure?
- 8. Do I need to provide ID when using an American Express forex broker?
- 9. FAQs