Best Bitwallet Brokers 2024

Bitwallet is a digital wallet that allows traders to deposit, withdraw and convert four fiat currencies and make instant payments to brokers. It is popular thanks to the convenience of transfers through its electronic wallet or API and its up-to-date security measures.

This tutorial ranks the best brokers that accept Bitwallet deposits. Our team also explain how traders can use the payment method to fund their accounts with Bitwallet brokers.

Best Bitwallet Brokers

Our extensive tests have revealed the following 5 brokers that accept Bitwallet deposits:

Bitwallet Brokers Comparison

Bitwallet Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
DNA Markets logo
$100 CFDs, Forex, Indices, Commodities, Stocks, Crypto MT4, MT5 - Visit
Tradeview logo
$100 Forex, CFDs, indices, shares, commodities, cryptocurrencies MT4, MT5, cTrader 1:400 (CIMA), 1:30 (MFSA) Visit
M4Markets logo
$5 Forex, CFDs, Indices, Shares, Commodities, Cryptos MT4, MT5 1:1000 Visit
SuperForex logo
$1 CFDs, Forex, Stocks, Cryptos, Commodities MT4 1:2000 Visit
FXGT logo
$5 CFDs on Forex, Stocks, Indices, Metals, Energies MT4, MT5 1:1000 Visit
RockGlobal logo
$200 CFDs, Forex, Stocks, Indices, Commodities, Crypto, Options, Futures Trader Workstation (TWS), MT4 1:500 Visit
PU Prime logo
$50 Forex, Commodities, Cryptocurrencies, Stocks, Indices MT4, MT5 1:500 Visit

#1 - DNA Markets

Why We Chose DNA Markets

DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

- DayTrading Review Team
  • Instruments: CFDs, Forex, Indices, Commodities, Stocks, Crypto
  • Regulator: ASIC
  • Platforms: MT4, MT5
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots

Pros

  • Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
  • 24/5 customer support with response times of <2 minutes during testing
  • Top-rate platforms and charting tools for day traders with access to MT4 and MT5

Cons

  • Despite access to MT4 and MT5, there is no proprietary trading app
  • Although it continues to strengthen its client base and reputation DNA Markets lacks the track record of top brokers like Vantage
  • The investment offering trails alternatives, especially in terms of stocks, cryptos and commodities

#2 - Tradeview

Why We Chose Tradeview

Tradeview is an offshore forex and CFD broker based in the Cayman Islands and regulated by CIMA. Traders can access over 5000 instruments with a minimum deposit of $100. There are several third-party platforms on offer, including MetaTrader 4 (MT4) and cTrader.

"After exploring the broker, I think Tradeview is a good choice for experienced traders looking for a no-frills brokerage service with rapid ECN execution, tight spreads and feature-rich software. Conversely, with the lack of top-tier regulation and educational materials, beginners may want to look elsewhere."

- DayTrading Review Team
  • Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies
  • Regulator: CIMA, MFSA
  • Platforms: MT4, MT5, cTrader
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:400 (CIMA), 1:30 (MFSA)

Pros

  • I found a decent range of payment methods available at Tradeview, with no deposit fees and same-day processing times
  • Through STP/ECN execution, the broker is able to achieve raw pricing on popular assets. Tradeview also charges very low commissions from $2.50 per lot per side
  • In addition, TradeView is a liquidity provider for other firms, underlining their reliability.

Cons

  • A key drawback for me is the lack of top-tier regulatory oversight. The broker’s offshore regulation with CIMA may mean that traders won’t receive robust fund protection measures. They are however, looking to bolster this area in the near future.
  • I was a little disappointed to find a $35 fee for bank wire withdrawals and a 1-1.5% fee for Skrill and Neteller

#3 - M4Markets

Why We Chose M4Markets

M4Markets is an award-winning broker regulated by the CySEC, FSA and DFSA. Although relatively new, the broker continues to improve its offering with a range of innovative tools, platforms and accounts. Beginners can start with just $5, whilst experienced investors can access leverage up to 1:5000.

"M4Markets will serve active investors looking for highly leveraged trading on powerful third-party platforms. Other investment opportunities are also available, including copy trading and MAM/PAMM accounts."

- DayTrading Review Team
  • Instruments: Forex, CFDs, Indices, Shares, Commodities, Cryptos
  • Regulator: FSA, CySEC
  • Platforms: MT4, MT5
  • Minimum Deposit: $5
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:1000

Pros

  • The broker offers a range of hands-off trading opportunities, including a copy trading service, plus MAM/PAMM accounts
  • Reliable 24/5 customer support is available in 10 languages via live chat, telephone and email
  • Execution speeds are fast, averaging 30 ms (we consider anything below 100 ms as fast and suitable for active day traders)

Cons

  • M4Markets doesn't offer any rebate schemes or rewards for active traders
  • The range of around 200 investments is slim compared to top brokers, who typically offer over 1000
  • The educational resources trail the best brokers with only a small selection of eBooks and webinars offered

#4 - SuperForex

Why We Chose SuperForex

Established in 2013, SuperForex is an offshore CFD and forex broker offering highly leveraged trades on 400+ instruments via the popular MetaTrader 4 platform. The broker has gained clients in over 150 countries and is regulated by the Belize IFSC. With a range of STP/ECN account types, including swap-free, micro and zero spread, this broker continues to suit traders with different styles and setups. SuperForex also offers a range of welcome bonuses and trading contests.

"SuperForex will suit experienced traders looking for high leverage rates and premium membership packages. The broker also continues to stand out for its wide selection of beginner-friendly accounts, although the lack of top-tier regulation is a notable drawback."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Cryptos, Commodities
  • Regulator: IFSC
  • Platforms: MT4
  • Minimum Deposit: $1
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:2000

Pros

  • Traders can receive 5% annual interest on their account equity - a great way to earn passive income
  • There’s a decent range of educational resources including video tutorials, guides and seminars
  • There’s a good range of STP and ECN account types to choose from, as well as crypto and cent accounts

Cons

  • The 0.5-pip minimum spreads in the standard ECN accounts are not as tight as some of the cheapest ECN brokers, such as Pepperstone
  • The Belize IFSC is not considered a top-tier regulatory provider, so clients may receive fewer financial safeguards

#5 - FXGT

Why We Chose FXGT

FXGT is an offshore broker offering leveraged CFD trading on the MT4 and MT5 charting platforms. The broker is regulated by the FSCA and the VFSC and offers segregated accounts and negative balance protection for global clients.

"FXGT is a good choice for clients looking to execute short-term strategies including scalping, hedging, netting and automated trading. The $5 minimum deposit makes it easy to get started and there's a range of account types for beginners and pro traders."

- DayTrading Review Team
  • Instruments: CFDs on Forex, Stocks, Indices, Metals, Energies
  • Regulator: FSCA, VFSC, FSA
  • Platforms: MT4, MT5
  • Minimum Deposit: $5
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:1000

Pros

  • FXGT's sponsored VPS is fully integrated into MT5 and offers 3GB RAM and 16GB disk space
  • Beginners will appreciate the low $5 minimum deposit across all account types
  • The MT4 and MT5 will serve day traders looking for reliable charting software

Cons

  • There are very limited educational resources available
  • The broker doesn't offer any proprietary software or additional market research tools
  • The broker holds weak offshore regulatory licensing compared to alternatives

What Is Bitwallet?

Bitwallet is an online payment solutions company founded in 2012 that serves individual clients, merchants and businesses with its digital wallet and credit card payment products.

Retail traders who want to use this payment method will open and fund a digital wallet account, and merchants or brokers that accept Bitwallet deposits can integrate the company’s API to accept seamless transfers.

Today, the firm mainly serves clients from Asian regions near its headquarters in Singapore, but it accepts users from all over the world. Judging by the number of Bitwallet brokers and businesses, it has gained significant traction in the online payment sector.

Importantly, the brand should not be confused with the US crypto payments company with the same name – and note that Bitwallet of Singapore has not integrated any crypto payments into its platform.

How It Works

Like most e-wallets, Bitwallet is quick, straightforward and intuitive so traders should have no problem funding their online brokerage accounts.

Since this company offers merchants an integrated API as well as a credit card processing product, all traders need to do is open and fund their accounts and they should be able to seamlessly transact with any broker that accepts Bitwallet deposits.

Account holders have a choice of four currencies – Euros, US Dollars, Australian Dollars and Japanese Yen – and they can convert between these currencies directly through their digital wallet.

Our experts found this to be a useful feature though the rate we were offered was not particularly competitive. A specialist service like TransferWise could be more economical.

Another useful feature is the ability to send remittances to other account holders using the company’s OneCoin payment solution, which charges the sender a flat fee of 1 USD, 1 EUR, 1 JPY or 1 AUD per transfer. We found this to be a useful and affordable addition to the brand’s offering that will attract traders who need to make cross-border transfers.

Accounts

To open a Bitwallet account, navigate to the official homepage and click ‘create account’. Simply entering your email address and country of residence is enough to open a trial account, though this cannot be used to make any transactions.

The rest of the registration process involves entering more detailed information and submitting documentation, and the whole process can be completed in as little as 30 minutes.

Providing the necessary ID verification documents and making a sufficient volume of transactions on the service will unlock the Basic, Pro and Unlimited tiers:

Funding Methods

You can add funds to your Bitwallet account with either a debit/credit card or through a bank transfer.

For fast payments, we recommend card transactions which process within minutes. Bank transfers will usually take longer.

Transaction Times

As an e-wallet, it provides real-time transactions that should process nearly instantly. This means you can expect deposits to land in a Bitwallet brokerage account very quickly, though withdrawals will often take longer due to processing timelines at trading brokers.

Check with the specific Bitwallet broker for more information on deposit and withdrawal times.

Withdrawing funds from Bitwallet to your bank account should take less than one business day.

Fees

Bitwallet’s fees depend on the type of transaction. However, our experts found the fees to be on the high side and felt there are more affordable payment methods out there.

The good news is that bank transfer deposits are completely free and there is no subscription, account maintenance or any other secondary charges.

The bad news is that card deposits from a basic account will be subject to a high 8% charge.

Withdrawals will also be hit with a charge amounting to 10 USD, 10 EUR, 10 AUD or 1000 JPY depending on the currency withdrawn.

Finally, each use of the OneCoin payment transfer feature will incur a 1 USD, 1 EUR, 1 AUD or 100 JPY charge.

While holders of a premium or limitless account will receive 25% and 50% discounts, respectively, even 4% is high for a card deposit.

Moreover, the exchange rate offered to switch between currencies is also steep.

Security

We were impressed by the security measures implemented by Bitwallet and the care the company takes to lay these out in detail.

Security measures include:

Pros Of Bitwallet For Online Trading

Cons Of Bitwallet For Online Trading

How To Deposit Using Bitwallet

The process for making deposits and withdrawals may vary between different brokers that accept Bitwallet, but will usually follow the same basic steps:

Making A Deposit

  1. Navigate to your Bitwallet broker’s ‘Cashier’ or ‘Payments’ page
  2. Select ‘deposit’ and enter the amount you wish to add
  3. Select ‘Bitwallet’ as the payment method
  4. Enter your details in the pop-up window to activate your Bitwallet account
  5. Confirm the payment

Most of the time, making a withdrawal from a broker that supports Bitwallet transfers will follow similar steps to your deposit.

Check your Bitwallet broker’s website for withdrawal processing times as these are sometimes significantly longer than deposits.

Is Bitwallet Good For Day Trading?

All in all, Bitwallet is a slick and reliable service offering speedy transactions for traders who use USD, AUD, JPY or EUR.

The fees are on the high side, and traders will need to make a significant amount of transactions to access the higher tier (and cheaper) accounts, but nevertheless, this payment method has several advantages and is worth considering. There is also a reasonable list of respected brokers that accept Bitwallet deposits.

FAQs

Is It Safe To Deposit To A Trading Broker With Bitwallet?

Bitwallet is a well-known brand that uses some impressive security features, including high-quality encryption and client fund segregation. This means it should be a relatively safe payment method, provided that you are careful with your personal details. With that said, always ensure you are transacting with a broker you can trust.

Does Bitwallet Facilitate Crypto Payments To Trading Brokers?

The Singapore payment solution company Bitwallet does not accept or facilitate any payments in cryptocurrencies at all. There is a US company, BitWallet, that specializes in this type of payment, so be sure to check that you have the right company when you sign up.

Is Bitwallet A Legitimate Payment Method For Online Trading?

Bitwallet is a legitimate e-wallet payment method that has been in business since 2012 and employs some strong security measures. You should be able to quickly, safely and easily make deposits and withdrawals to and from a Bitwallet broker’s account using this service.

Which Brokers Accept Bitwallet?

Bitwallet is not the most widely accepted payment method, but its coverage is not bad by any means. The best Bitwallet brokers include SuperForex, Rockfort Markets, and PU Prime.

Are Deposits To Bitwallet Brokers Cheap?

Bitwallet’s card deposits are high at 8% for the basic account type, and the $10 or equivalent charge for withdrawals can be quite constricting, particularly if your Bitwallet broker also charges a withdrawal fee. Fortunately, it doesn’t cost anything to deposit to your Bitwallet e-wallet using a bank transfer.

Article Sources

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