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 5 brokers that offer cheque payments, based on our tests:

Cheque Brokers Comparison

Cheque Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
Interactive Investor logo
£0 Stocks, Funds, Trusts, ETFs, Bonds, Gilts, VCTs Own - 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
Spreadex logo
£0 Forex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread Betting Spreadex Platform, TradingView 1:30 Visit
Qtrade logo
$0 Stocks, ETFs, Bonds, Mutual Funds, Options, GICs TradingCentral - 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 Investor

Why We Chose Interactive Investor

Interactive Investor are a hugely respected, FCA-regulated investing firm. The trading platform is easy-to-use while the sign-up and deposit process is straightforward for new investors. ii also has a long track record and a string of industry awards under its belt.

"Interactive Investor is an excellent pick for UK traders interested in longer-term investing products like ISAs and SIPP accounts. The low fixed fees for large portfolios and 40,000+ stocks will also appeal to traders with a decent bankroll."

- DayTrading Review Team
  • Instruments: Stocks, Funds, Trusts, ETFs, Bonds, Gilts, VCTs
  • Regulator: FCA
  • Platforms: Own
  • Minimum Deposit: £0
  • Minimum Trade: £25

#2 - Interactive Brokers

Why We Chose 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.

"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
  • Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: $100
  • Leverage: 1:50

#3 - Spreadex

Why We Chose 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.

"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. "

- DayTrading Review Team
  • 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

#4 - Qtrade

Why We Chose 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).

"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."

- DayTrading Review Team
  • Instruments: Stocks, ETFs, Bonds, Mutual Funds, Options, GICs
  • Regulator: CIRO
  • Platforms: TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: Variable

#5 - 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,, 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

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


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.


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.


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.


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.


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.