Bitwallet Brokers 2024
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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 1 brokers that accept Bitwallet deposits:
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1DNA Markets
Ratings
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD
This is why we think these brokers are the best in this category:
- 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 800+ 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.
Bitwallet Brokers Comparison
Broker | Minimum Deposit | Instruments | Platforms | Leverage |
---|---|---|---|---|
![]() |
$100 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | 1:500 |
DNA Markets
"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. "
Jemma Grist, Reviewer
DNA Markets Quick Facts
Demo Account | Yes |
---|---|
Instruments | CFDs, Forex, Indices, Commodities, Stocks, Crypto |
Regulator | ASIC |
Platforms | MT4, MT5 |
Minimum Deposit | $100 |
Minimum Trade | 0.01 Lots |
Leverage | 1:500 |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- The broker provides 24/5 customer support with response times of <2 minutes during testing
- Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
- After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos
Cons
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
How Did We Choose The Best Bitwallet Brokers?
To identify the top Bitwallet brokers we:
- Searched our directory of 500 online brokers, focusing on all those accepting Bitwallet payments
- Confirmed that they support Bitwallet deposits for online trading
- Ranked them by their overall rating, combining 100+ data points with our hands-on insights
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, 100 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:
- Basic – Provide ID selfie verification and proof of address and activate two-factor authentication to unlock the basic account tier. This allows a maximum of $25,000 worth of transactions at the basic rate.
- Pro – Making at least 10 transactions in a year to a total value of $10,000 or more will activate the second tier, which offers a 25% discount on fees on transfers up to a maximum limit of $50,000 per month.
- Unlimited – Access the unlimited account by completing at least 30 transactions in a year worth $30,000 or more, also unlocking a 50% discount on fees.
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:
- Segregated client funds
- High-level encryption with SSL and SSL-VPN certificates
- Firewall network security
- IP Anycast system to protect from DDoS attacks
- Database encryption
- Network intrusion detection system
- Strong client-focussed security features including 2-factor authentication, IP whitelisting and monitoring login history
- Withdrawal bank account confirmation
Pros Of Bitwallet For Online Trading
- Real-time transfers allow for faster access to online trading
- API makes it easy to transact with brokers that accept Bitwallet deposits
- Reasonably priced OneCoin feature
- Four base currencies
- Good security
Cons Of Bitwallet For Online Trading
- No cryptocurrency support
- Expensive card deposits and other charges
- Cheaper currency conversion is available elsewhere
- A relatively limited number of brokers accept Bitwallet
- Unlocking higher tiers and cheaper rates requires a large number of transactions so will only suit high-volume traders
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.
Below are specific steps that you would need to follow at DNA Markets, for example:
Making A Deposit
- Navigate to the Deposits & Withdrawals page from your dashboard
- Select ‘Bitwallet’ from the list of deposit options and enter the amount
- Enter your details in the pop-up window to activate your Bitwallet account
- 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.
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