Compare the best brokers to trade forex with Apple Pay
Apple Pay can be a fast and convenient way to trade forex. Keep reading to learn how to find the best brokers that you can use to trade forex with Apple Pay, and why you might want to use them.
Here are the best forex brokers that accept Apple Pay
When searching for the best forex brokers that accept Apple Pay, you want to consider multiple factors. We’ve compiled a list of the top forex brokers that accept Apple Pay in the table below:
What is an Apple Pay forex broker?
A forex broker lets you trade one foreign currency for another. An Apple Pay forex broker is a broker that lets you trade Forex using Apple Pay.
Pros and cons of trading forex with Apple Pay
When deciding if you should trade forex with Apple Pay, consider these potential benefits and drawbacks:
- Not universally accepted. Not all forex brokers and exchanges accept Apple Pay, so you’ll need to do some research to find a platform you want to use that does.
- Not anonymous. When you use Apple Pay to make a purchase, you are transmitting certain financial information, compromising some of your privacy and anonymity.
- Convenient. If you already use Apple Pay for everyday purchases, you know how convenient it is to make instant purchases digitally. Likewise, by linking your Apple Pay account to your forex account, you can benefit from that same convenience.
- Fast Deposits. You can fund your forex account quickly using Apple Pay, allowing you to begin trading forex whenever you’re ready.
What are the fees and commissions when using Apple Pay to trade currencies?
The fees associated with trading forex with Apple Pay typically aren’t that high, with transactions generally costing only a pound or two. Forex brokers typically take their biggest cut in the form of the spread offered between the bid and ask prices of the currency pair that you want to trade, so it’s always good to investigate these before trading.
What to look for in an FX broker that accepts Apple Pay
Once you’ve established that the forex brokers you’re considering accept Apple Pay, you can begin to narrow your search. Consider these factors when choosing a forex broker that accepts Apple Pay:
- Low fees. Look for forex brokers that allow you to use Apple Pay, but without taking too much money out of your pocket with high fees or excessively wide price spreads.
- 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 matters to you, look for 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 there are many more currencies that forex brokers can help you trade. If that matters to you, look for an Apple Pay forex broker that offers a large number of currencies and trading pairs.
- Security. A high level of security is essential when choosing an Apple Pay forex broker to handle your trades. You’re trusting the platform with your money, after all.
- Great customer service. The best Apple Pay forex brokers will offer fast, helpful, and responsive customer service, with some of them even doing so on a 24/7 basis.
Is forex trading with Apple Pay secure?
Yes, trading forex with Apple Pay is usually secure. The best Apple Pay forex brokers offer robust encryption features that protect your data and keep your trading secure.
Do I need to provide ID when using an Apple Pay forex broker?
Yes, you will need to provide identification when using an Apple Pay forex broker. Forex brokers usually need to abide by KYC guidelines, making a verification process standard procedure. The verification process may include everything from some basic financial and personal information to a photo ID.
How to fund your currency trading account with Apple Pay
While different forex brokers can have slightly different procedures for making trades, most follow a general framework of steps. Here are those steps:
- Find the payments page on your forex broker’s website or app.
- Select Apple Pay as your preferred payment option.
- Enter your Apple Pay information (or press confirm on your smartphone as instructed).
- 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 just about every Apple Pay forex broker. Japanese yen, Canadian dollars, and Australian dollars are also quite popular. Forex brokers will often offer many other currencies too, as part of currency pairs that you can trade in a variety of ways.
There often are limits, yes. Different forex brokers may impose significantly different limits for both deposits and withdrawals. You can often increase your limits once you’ve executed a certain number of trades on a 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.
Some of the other payment methods that you can use to trade forex include:
- Credit card
- Debit card
- Bank transfers
- Digital wallets
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 large scope and reach, forex markets are collectively the largest and most liquid in the world.
Check out all our forex news updates and analysis, right here on this site. You can also read our wide array of forex trading guides to help you develop a sound strategy for trading forex.
Some of the currency pairs most commonly offered by Apple Pay forex brokers are:
If variety is a high priority for you, do your research to find out how many more currency pairs are offered by the specific broker that you’re researching.
A typical charge for a currency exchange is around 1% of your trade amount. That said, different platforms may offer different charges, so choose one that offers competitive rates.
You can start right here on this website. We offer a wide range of educational tools and how-to guides. You can also trade forex on a practice basis. 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.
Apple Pay is one of the most popular digital payment service methods in the world. Though it’s gaining in popularity, it’s still not yet as popular as some other methods, such as bank transfers.
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 under the right circumstances. Consider venturing just a small amount of money to forex trading when you’re just starting out; you can always put up 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 Apple Pay
- 2. Here are the best forex brokers that accept Apple Pay
- 3. What is an Apple Pay forex broker?
- 4. Pros and cons of trading forex with Apple Pay
- 5. What are the fees and commissions when using Apple Pay to trade currencies?
- 6. What to look for in an FX broker that accepts Apple Pay
- 7. Is forex trading with Apple Pay secure?
- 8. Do I need to provide ID when using an Apple Pay forex broker?
- 9. FAQs