American Express Brokers 2022 - Which Brokers Accept American Express?

American Express provides millions of customers worldwide with a fast, easy and safe way to make payments to a range of merchants. As a result, there is a growing list of trading brokers that accept American Express deposits and withdrawals. This guide unpacks the key considerations when using American Express to fund day trading positions, from foreign exchange fees and interest rates to types of credit cards and transfer limits. We have also compared and ranked the top American Express brokers in 2022.

How American Express Works

American Express was founded in 1850 when William Fargo, Henry Wells and John Warren Butterfield merged their express companies. A century later the business started providing a charge card, which offered travellers the flexibility of credit. Since then, the company has grown with the invention of the internet providing online payment services to retail customers.

More recently the brand has integrated into the financial markets supporting trading brokers and investing platforms. In 2022, the number of American Express brokers is on the rise, though it’s still considerably lower than brokerages that accept more popular payment methods such as Visa and Mastercard debit cards.

Outside of day trading and other financial services, the payment solution is accepted for a range of online and in-store transactions by a large number of merchants. The company also offers several different rewards, such as points for hotels and flights, discounted house insurance, and cashback, among others.

Importantly, American Express works in a similar way to most other credit cards. Any expenditure from your account, whether that be deposits with trading brokers or spending with other merchants, will need to be settled regularly. Users will need to connect their American Express card with a bank account and make payments via direct debit using a debit card or bank transfer. Near the end of each statement period, the credit card company will remind the customer when payment is due.

The American Express head office in the US is located in New York, though regional headquarters are found in other parts of the world, including the UK office in Brighton.

Which forex brokers accept American Express deposits?

Transaction Times Explained

When it comes to making payments to American Express brokers, deposits are usually processed instantly.

You will need to provide verification via a 6-digit authorization safe key code. The code will be sent either to your account email address or your telephone contact number.

To speed up deposit times, traders can open their credit card app and log in to their account to add a new merchant (including online brokers) to their express list. With or without the express list, transaction times will typically be no more than a few minutes.

Withdrawals usually need to be approved by the trading broker before they are sent to American Express. Once the brokerage has sanctioned the withdrawal of funds from your trading account, it can take up to 10 working days for the funds to show on your card statement as a credit balance (negative cost).

Note, for credit balances to be transferred to the associated Amex debit bank account, a request needs to be submitted to customer service which will be reviewed and processed. This can take up to 10 days, though transactions are often settled more quickly.

Pricing Review

Some trading brokers that accept American Express levy fees for deposits and withdrawals. The company is known to charge merchants high fees for processing payments. This is the case online and in physical stores, so it’s common that brokers try and pass these onto traders. It also means that the payment method is usually more expensive vs Visa and Mastercard.

American Express brokers should list the fees that will apply when you deposit before you sign up for a trading account. This is normally a flat fee below a certain balance and/or a percentage of the transfer amount.

Outside of trading brokers’ transaction fees, there are other charges that investors should be aware of:

  • FX Fees – Some brokers will require payments to be made in a currency different to your base American Express currency. In this case, the payment service will charge a foreign transaction fee which can be up to 3% of the transaction value depending on which card or account you hold.
  • Annual Fees – Most American Express cards will charge owners a yearly membership fee. This can range from no annual fee to thousands of dollars per year, with the most expensive invitation-only cards charging hefty fees. The common cards, however, require more modest annual fees priced in the hundreds of dollars, and in exchange provide cardholders with several benefits such as cashback and points. The credit card company provides full details on fees and benefits when signing up for a new account or card.

It’s worth noting that some Amex cards do not require traders to pay off charges on the account (including deposits made to brokers) as they offer zero interest on payments. However it is best practice to pay off the statement balance in full.

Security

American Express is considered safe and has strong security protocols at all stages. This makes it a good choice as a payment method with trading brokers and other merchants.

Key security procedures include:

  • KYC – When users want to register for an account, they must provide a copy of their passport or driver’s license to validate their identity
  • Transaction Safe Key – Any deposit made to brokers that accept American Express will need to be approved with a safe key which is sent to the trader’s email or mobile number
  • Account Login – Every time a customer wants to sign into their American Express account they will be required to provide their user ID and password before access is granted
  • Customer Service – When raising a query with customer service, the agent will need the user to pass a security questionnaire before any help can be provided

Customer Service

The customer support that American Express provides is considered to be the industry gold standard regardless of whether your query is related to trading brokers or not. The credit card company has a dedicated customer service team that can be contacted via chat 24/7, or you can call their customer service helpline via an international phone number. Agents are genuine people (rather than bots), quick to respond and thorough. Before they can help, two layers of security must be passed.

Trading account withdrawals will show as credit balances on the user’s statement. For this to be transferred to the customer’s associated debit account, traders need to contact customer service to request the funds are transferred. In the first instance, account holders need to provide a copy of a bank statement to validate the transfer account. After this, requests can be submitted directly to customer service each time a credit balance needs to be refunded.

Pros Of Using American Express For Trading

There are several benefits to trading brokers that accept American Express deposits:

  • Straightforward – The steps to making payments via the online banking app or American Express website are easy to follow
  • Membership Rewards – Most Amex credit cards offer benefits when spending money on the card, from air miles to cashback
  • Multi-use – Traders who already have an American Express card or account will easily be able to make deposits to online brokers
  • Highly Secure – American Express has implemented strong security and controls at every stage of the customer journey
  • Strong Customer Service – The credit card company offers industry-leading customer service to its users which should reassure traders that they can rely on support 24/7. This is available via chat or phone call

Cons Of Using American Express For Trading

There are also some drawbacks to using American Express when day trading:

  • Lack Of Integration – The number of trading brokers that accept American Express is limited vs Visa and Mastercard
  • Encourages Spending – High credit limits might be higher than the cash traders have available to trade, encouraging cardholders to spend more than they can afford
  • Long Withdrawal Process – When withdrawing funds from American Express brokers, the withdrawal is subject to the brokerage’s processing times, the time for it to show in the Amex statement and the time for the credit balance to show in the customer’s debit account. This process is much longer than the typical withdrawal with an alternative payment method

How To Make American Express Deposits & Withdrawals

There are several steps to follow when using American Express as a payment method to fund day trading accounts:

  1. Check Amex Is Accepted – The first step is to look for brokers that accept American Express deposits and withdrawals. Information regarding the payment methods supported by each broker should be readily available on the firm’s website.
  2. Confirm Any Fees – Information regarding the fees that apply should also be publicly available to day traders. Check the ‘cashier’ or similar portal for details.
  3. Check Transaction Times – In addition, the time it takes to process an American Express deposit or withdrawal should be detailed by the broker. This is important to understand so that trades can be executed in good time.
  4. Make A Deposit/Request A Withdrawal – Once the above information is understood you can deposit up to the credit limit of the Amex account or the trading broker’s transfer threshold. The process should be straightforward, but will most likely require the trader to enter their black card details, for example, and a SafeKey.

Accepted Countries

American Express accepts users from countries around the world, including: Australia, Canada, Dubai, Hong Kong, Ireland, India, Israel, Jordan, Kuwait, Saudi Arabia (KSA), Korea, Malaysia, Oman, Qatar, Spain, Singapore, and many other countries.

Note, trading brokers that accept American Express deposits may have their own customer country restrictions.

Final Word On American Express Brokers

American Express is a worldwide payment method available at a large number of vendors, including some trading brokers. But despite its popularity, there are only a handful of brokers that accept American Express payments, including FxPro and FXPrimus. See our full list of American Express brokers to start trading.

FAQ

Do American Express Brokers Offer Instant Deposits?

Trading brokers that accept American Express usually offer near-instant deposits. However, withdrawals can take several working days, though this varies between trading platforms. Note, users will need a SafeKey from the credit card company to make a payment, which can cause delays.

Are American Express Trading Deposits Accepted In All Locations?

The brand has a global reach and most countries are supported by the credit card company. Despite this, some American Express brokers might have limitations on where day traders can sign up from. This information should be listed on the broker’s official website.

Does American Express Have A Brokerage Account?

Yes. The credit card company’s American Express Brokerage account offers several different trading packages depending on the value of your account balance. Clients can find more details on the official site. Note, the brokerage account is only available in some jurisdictions.

Which Are The Top Forex Brokers That Accept American Express?

The best American Express brokers that offer forex trading include FxPro and FXPrimus. Use our full list of brokers that accept American Express deposits to find the right forex trading platform for your needs.

Can I Use American Express Via Zelle To Fund My Trading Account?

No – American Express does not support Zelle mobile payments, however, it does support Apple Pay and Google Pay.