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:
Pros
- 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.
Cons
- 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.
FAQs
Forex basics
Forex payments
Navigation
- 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