Best Cheque Brokers 2024

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 2024.

Best Cheque Brokers

These are the best 4 brokers that offer cheque payments, based on our tests:

Cheque Brokers Comparison

Cheque Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral 1:50 Visit
M1 Finance logo
$100 Stocks, ETFs, OTC stocks Own - Visit
Firstrade logo
$0 Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed Own - Visit
Zacks Trade logo
$2500 Stocks, ETFs, Cryptos, Options, Bonds Own - Visit

#1 - Interactive Brokers

Why We Chose Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage for experienced traders, 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.

"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."

- DayTrading Review Team
  • Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
  • Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
  • Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: $100
  • Leverage: 1:50

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 new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
  • IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.

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.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.

#2 - M1 Finance

Why We Chose M1 Finance

M1 Finance is a US brokerage that allows users to build a customizable investment portfolio from a range of 6000+ stocks and shares, ETFs and cryptocurrencies. The innovative 'pie' based portfolio management system allows traders to build several portfolios with different aims, and the brokerage supports machine-learning tools that can provide automated portfolio management.

"M1 Finance remains a great choice for US investors who want a straightforward, commission-free way to invest in stocks and crypto. The intuitive dashboard, customizable portfolios and fractional shares should appeal to all experience levels and investing goals. "

- DayTrading Review Team
  • Instruments: Stocks, ETFs, OTC stocks
  • Regulator: SEC, FINRA
  • Platforms: Own
  • Minimum Deposit: $100
  • Minimum Trade: $1

Pros

  • Customizable 'pies' allow investors to curate their own ETFs
  • Bitcoin trading is available through M1 Crypto
  • The firm offers a straightforward proprietary platform with intuitive portfolio management tools

Cons

  • Unlike competitors such as Betterment, M1 does not employ any human financial advisors
  • The way trades are placed puts transaction timing out of your control
  • Despite offering stocks and ETFs, M1 Finance doesn’t provide trading on mutual funds or options

#3 - Firstrade

Why We Chose 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 online brokerage. It is also quick and easy to open a new account.

"We recommend Firstrade for beginner investors looking to trade US stocks with no commissions. There is a wealth of free education plus premium-quality research and trading ideas from Morningstar, Briefing.com, Zacks and Benzinga."

- DayTrading Review Team
  • Instruments: Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed
  • Regulator: SEC, FINRA
  • Platforms: Own
  • Minimum Deposit: $0
  • Minimum Trade: $1

Pros

  • No minimum deposit
  • SIPC member
  • Stop limit and trailing stop orders supported

Cons

  • No demo/paper trading account
  • No copy trading
  • No forex or futures trading

#4 - Zacks Trade

Why We Chose 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.

"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."

- DayTrading Review Team
  • Instruments: Stocks, ETFs, Cryptos, Options, Bonds
  • Regulator: FINRA
  • Platforms: Own
  • Minimum Deposit: $2500
  • Minimum Trade: $3

Pros

  • Regulated by FINRA with access to the Securities Investor Protection Corporation
  • 20+ account denominations
  • Demo account

Cons

  • Shortcomings regarding platform loading times and technical glitches
  • No MT4 or MT5 platform integration
  • No forex, commodities or futures trading

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:

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.