Cheque Brokers 2025
Cheque payments, otherwise known as bills of exchange, are written documents signed by individuals to instruct a bank to debit an account. Evolved from handwritten cheque payment orders years ago, current rules and features have made this transfer solution more secure.
We look at how and where traders can use cheques with online trading brokers, including payment speeds and any charges. We also list the top brokers that accept cheque deposits in 2025.
Best Cheque Brokers
These are the best 6 brokers that offer cheque payments, based on our tests:
Here is a summary of why we recommend these brokers in May 2025:
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- Firstrade - Firstrade is a US-headquartered discount broker-dealer with authorization from the SEC. The company is also a member of FINRA/SIPC. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular and top-tier online brokerage. It is also quick and easy to open a new account.
- Zacks Trade - Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
- Spreadex - Spreadex is an FCA-regulated broker that offers spread betting opportunities on an impressive 10,000+ CFD instruments including 60 forex pairs. Traders can also take short-term positions on sporting events. The brand has been around for over 20 years and has won multiple awards.
- Qtrade - Qtrade is an award-winning Canadian financial services firm that offers a selection of investing accounts with $8.75 and $6.95 stocks, mutual fund trades and 100+ commission-free ETFs. This is a long-running brand that is well regarded in Canada, where many investors choose it to build their savings account or pension pot. QTrade is also highly trusted and authorized by the Canadian Investment Regulatory Organization (CIRO).
Compare The Best Cheque Brokers
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
| NinjaTrader | $0 | Forex, Stocks, Options, Commodities, Futures, Crypto | NinjaTrader Desktop, Web & Mobile, eSignal | 1:50 |
| Interactive Brokers | $0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower | 1:50 |
| Firstrade | $0 | Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed | TradingCentral | - |
| Zacks Trade | $2500 | Stocks, ETFs, Cryptos, Options, Bonds | Own | - |
| Spreadex | £0 | Forex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread Betting | Spreadex Platform, TradingView | 1:30 |
| Qtrade | $0 | Stocks, ETFs, Bonds, Mutual Funds, Options, GICs | TradingCentral | - |
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
Tobias Robinson, Reviewer
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Regulator | NFA, CFTC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD |
Pros
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- You can get thousands of add-ons and applications from developers in 150+ countries
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- There is a withdrawal fee on some funding methods
- The premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
Cons
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
Firstrade
"Firstrade is perfect for beginners looking to trade US stocks with zero commissions. There is a wealth of free education plus premium-quality research, notably through its latest FirstradeGPT tool, plus trading ideas from Morningstar, Briefing.com, Zacks and Benzinga."
Firstrade Quick Facts
| Bonus Offer | Deposit Bonus Up To $4000 |
|---|---|
| Demo Account | No |
| Instruments | Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed |
| Regulator | SEC, FINRA |
| Platforms | TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- Excellent broker for budget-conscious traders with low OTC fees
- Highly trusted US-regulated brokerage and SIPC member
- One of the first brokers to add AI-powered analysis through FirstradeGPT
Cons
- Visa credit/debit card deposits and withdrawals are not accepted
- Customer support still needs work following testing with no 24/7 assistance
- Firstrade focuses on stocks at the expense of forex, limiting diversification opportunities
Zacks Trade
"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."
Zacks Trade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, ETFs, Cryptos, Options, Bonds |
| Regulator | FINRA |
| Platforms | Own |
| Minimum Deposit | $2500 |
| Minimum Trade | $3 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF |
Pros
- Customizable proprietary trading platform and mobile app
- 20+ account denominations
- Demo account
Cons
- High minimum requirement of $2,500
- Shortcomings regarding platform loading times and technical glitches
- No MT4 or MT5 platform integration
Spreadex
"Spreadex will appeal to UK day traders who are interested in both spread betting on financial markets and placing traditional bets on sports events. Fees are low on short trades and profits are tax-free on spread bets. There's also a powerful proprietary charting platform, plus £0 minimum deposit required to get started. "
Spreadex Quick Facts
| Bonus Offer | £300 cashback |
|---|---|
| Demo Account | No |
| Instruments | Forex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread Betting |
| Regulator | FCA |
| Platforms | Spreadex Platform, TradingView |
| Minimum Deposit | £0 |
| Minimum Trade | £0.01 |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, CAD, CHF |
Pros
- There's a good selection of signals, analysis tools and risk management tools, including guaranteed stops
- A rare broker that provides access to lower market cap stocks traded on the AIM
- There's an excellent range of instruments and trading vehicles for short-term traders
Cons
- The limited customer service can make it time-consuming to troubleshoot problems
- No third-party e-wallets are accepted
- The lack of a demo account will frustrate prospective clients who want to test Spreadex's services
Qtrade
"Qtrade is a good match for Canadian traders who are looking for a reputable and regulated broker to make longer-term investments as well as leveraged trades."
Qtrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, ETFs, Bonds, Mutual Funds, Options, GICs |
| Regulator | CIRO |
| Platforms | TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | Variable |
| Account Currencies | USD, CAD |
Pros
- Qtrade has teamed up with PersonaFin to launch “My News” - an AI-powered, personalized newsfeed built around your interests. Get timely insights from premium sources, discover trending topics fast, and explore smarter with AI-driven search.
- Alongside 100+ commission-free ETFs, Qtrade has slashed its options fees, now coming in at $0.75 per options contract (down from $1.00).
- Qtrade’s new Options Lab, built with Trading Central provides trading ideas that match your goals, risk level, and experience - head to Investment Tools > Options Lab.
Cons
- Although Qtrade has added support for Interac e-Transfer, it still offers relatively limited funding options with no credit/debit card deposits.
- The transfer out fee is a nuisance and traders should be wary of the CAD to USD exchange charge.
- Qtrade doesn't offer trading opportunities on forex or crypto markets, potentially limiting its appeal if you're looking to build a diverse portfolio.
How Did We Choose The Best Cheque Payment Brokers?
To uncover the top brokers that accept cheques, we:
- Searched our database of 500 online platforms, identifying all those that accept cheque payments
- Confirmed that they support cheque deposits and withdrawals for online trading
- Sorted them by their overall score, which blends over 100 data entries with findings from our extensive tests
Cheque Payments Overview
The cheque payment procedure is an established global transaction method. It is accepted as a solution for businesses and individuals to send and receive money. With that said, usage rates are falling due to the introduction of innovative digital methods with countries including the UK submitting plans to phase out the money transfer system.
Nonetheless, several popular trading brokers and platforms do still accept cheque deposits and withdrawals.
Pros Of Trading With Cheque
Electronic Processing
Many banks and building societies now accept cheque imaging, allowing transactions to be accepted via mobile banking, reducing the time for funds to clear. This means that paper cheques can be used to electronically deposit and withdraw funds into forex trading accounts.
Currency Support
Bankers’ draft cheques can be drawn in most major currencies, meaning traders from various countries can, in theory, use the payment method. Cheques are also well understood given their long-standing use.
Cons Of Trading With Cheque
Future
Cheques are arguably not as quick, secure and easy to use as many other options today, such as Skrill and Neteller. As a result, many countries have either stopped using cheques or are considering stopping them in the future. The UK Payment Council, for example, plans to phase out cheques as a payment method, though this move has been paused. Still, it’s unlikely that many traders will use cheques in the future.
Processing Times
Traditional cheques payments are slow to receipt vs digital methods and it can take up to 7 working days for funds to clear. This is a real drawback for traders looking to deposit funds into their forex account promptly so they can start trading quickly.
Transactions from a payment system on the internet, such as PayPal, are processed at most brokers within minutes. This makes it a popular payment option for investors and trading platforms alike.
Limited Availability
Despite being an established payment method, cheques are currently only integrated with a select list of online trading brokers including SpreadEx and Interactive Brokers. We don’t expect this to increase as businesses move to more secure digital payment gateways.
Speed
Traditionally cheques can take up to 7 working days to clear, however, many banks and building societies now accept payments online via mobile app or tablet, meaning deposits can clear by the next working day.
Note that there may be a funds limit on cheque payments accepted via digital methods. Some brokers offer cheque cashing for instant withdrawal of funds, subject to a fee.
Security
Electronic gateways provide a safer deposit method vs cheques. Banks have no liability if payment details such as account numbers or payee information are incorrect and may not provide reimbursements. To help prevent issues, you should keep proof of payment and follow the advice below when using cheques:
- Keep the stub for reference
- Add a line to any blank spaces
- Include a format of cheque payments covering letter
- Write the name of the person/organization you are paying
How To Deposit Using Cheque
To make payments, locate the cheque logo within your trading account. Providers such as Interactive Brokers accept cheque deposits from Hong Kong, the USA, and Canada, with details to be submitted in the fund transfer section of your account before sending. Maximum and minimum payment limits, daily transfer amounts, and processing times may differ between cheque-accepting brokers.
Speak to the brand’s customer support team if you have any questions or if you have issues, for example, when the cheque payment hasn’t been received.
Fees
It is usually free to use cheques as a payment method though brokers may charge if they incur business costs. By definition, you may also be liable for charges including stopping a cheque or bounced transactions.
Are Cheque Payments Good For Day Trading?
The cheque payments system is a simple transfer option established for many years. The deposit method has also now gone digital, improving processing times. However, cheques are not widely available in today’s online broker market and there is a long list of faster and more secure transfer options, including PayPal, Skrill and Neteller.
FAQ
How Do I Know If My Cheque Deposit Has Been Received?
Most banks, building societies and brokers work to specific processing times. If your cheque payment has not been processed it may be worth showing proof or canceling the payment as not received before using an alternative method.
Why Are Cheque Payments Not Accepted At Some Brokers?
Electronic transfers are much quicker and safer to process than cheque payments and offer reduced fees for businesses and individual traders.
How Long Do Cheque Payments Take At Trading Brokers?
When a payment has been made, funds usually leave your account three working days after the recipient pays in the cheque. Clearance at your trading broker can take up to seven working days.