Cheque Brokers 2024

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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
Updated

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:

Click a broker for details
  1. 1
    NinjaTrader

    Ratings
    4.3 / 5
    2.8 / 5
    2.9 / 5
    4.3 / 5
    4.5 / 5
    4 / 5
    4 / 5
    4 / 5
    3 / 5
    3.2 / 5

    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Options, Commodities, Futures, Crypto
    NinjaTrader Desktop, Web & Mobile, eSignal
    ACH Transfer, Debit Card, Wire Transfer, Cheque
    USD
  2. 2
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  3. 3
    Firstrade
    Deposit Bonus Up To $4000

    $0
    $1
    SEC, FINRA
    Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed
    Own
    ACH Transfer, Wire Transfer, Cheque, Automated Customer Account Transfer Service
    USD
  4. 4
    Zacks Trade

    $2500
    $3
    FINRA
    Stocks, ETFs, Cryptos, Options, Bonds
    Own
    Wire Transfer, ACH Transfer, Cheque
    USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF

Here is a summary of why we recommend these brokers:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Cheque Brokers Comparison

Cheque Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage
NinjaTrader logo
$0 Forex, Stocks, Options, Commodities, Futures, Crypto NinjaTrader Desktop, Web & Mobile, eSignal 1:50
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
Firstrade logo
$0 Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed Own -
Zacks Trade logo
$2500 Stocks, ETFs, Cryptos, Options, Bonds Own -

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 AccountYes
InstrumentsForex, Stocks, Options, Commodities, Futures, Crypto
RegulatorNFA, CFTC
PlatformsNinjaTrader Desktop, Web & Mobile, eSignal
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:50
Account CurrenciesUSD

Pros

  • You can get thousands of add-ons and applications from developers in 150+ countries
  • Traders can get free platform access and trade simulation capabilities in the unlimited demo
  • NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets

Cons

  • The premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods

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 AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, 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 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.
  • With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.

Cons

  • 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.
  • 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

"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."

William Berg, Reviewer

Firstrade Quick Facts

Bonus OfferDeposit Bonus Up To $4000
Demo AccountNo
InstrumentsStocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed
RegulatorSEC, FINRA
PlatformsOwn
Minimum Deposit$0
Minimum Trade$1
Account CurrenciesUSD

Pros

  • Crypto trading
  • Low OTC fees
  • Mobile app with advanced features and analysis

Cons

  • Some withdrawal fees
  • No forex or futures trading
  • No 24/7 customer support

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."

Tobias Robinson, Reviewer

Zacks Trade Quick Facts

Demo AccountYes
InstrumentsStocks, ETFs, Cryptos, Options, Bonds
RegulatorFINRA
PlatformsOwn
Minimum Deposit$2500
Minimum Trade$3
Account CurrenciesUSD, 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
  • Comprehensive research and data
  • Demo account

Cons

  • No MT4 or MT5 platform integration
  • High minimum requirement of $2,500
  • Withdrawal fees apply if removing funds more than once per month

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:

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.