Best Debit Card Brokers 2024

Debit card transactions are a popular method for making trading account deposits and withdrawals, taking the place of the cumbersome wire transfers of old. Debit cards are accepted by most brokers and retailers and are offered alongside most bank accounts, producing an efficient and accessible infrastructure. Read on to discover the security, speed, pricing and advantages and disadvantages of debit card payments, as well as brokers offering prepaid cards. We have also listed the top brokers accepting debit cards below.

Best Debit Card Brokers

We have evaluated hundreds of brokers and these 5 are the best trading platforms that accept debit cards:

Debit Card Brokers Comparison

Debit Card Brokers Comparison
Broker Minimum Deposit Minimum Trade Instruments Platforms Regulators Visit
FOREX.com logo
$100 0.01 Lots Forex, Spot Metals MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral NFA, CFTC Visit
Interactive Brokers logo
$0 $100 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB Visit
NinjaTrader logo
$0 0.01 Lots Forex, Stocks, Options, Commodities, Futures, Crypto NinjaTrader Desktop, Web & Mobile, eSignal NFA, CFTC Visit
eToro USA logo
$10 $10 Stocks, Options, ETFs, Crypto eToro Trading Platform & CopyTrader SEC, FINRA Visit
OANDA US logo
$0 0.01 Lots Forex, Crypto OANDA Trade, MT4, TradingView, AutoChartist NFA, CFTC Visit
DNA Markets logo
$100 0.01 Lots CFDs, Forex, Indices, Commodities, Stocks, Crypto MT4, MT5 ASIC Visit
LQDFX logo
$20 0.01 Lots Forex, CFDs, Stocks, Indices, Commodities, Crypto MT4 - Visit
IG logo
$0 0.01 Lots CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
Pocket Option logo
$50 $1 Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos Web, MT4, MT5 MISA Visit
IQCent logo
$250 $0.01 Binary Options, CFDs, Forex, Indices, Commodities, Crypto Online Platform, TradingView IFMRRC Visit
Plus500 US logo
$100 0.0 Lots Futures on Forex, Commodities, Cryptos, Indices, Interest Rates WebTrader, App CFTC, NFA Visit
CEX.IO logo
$20 $1 Cryptos TradingView GFSC Visit
Uphold logo
$0 $1 Cryptos Desktop Platform, Mobile App - Visit
ForexChief logo
$10 0.01 Lots CFDs, Forex, Metals, Commodities, Stocks, Indices MT4, MT5 VFSC Visit
Axofa logo
$1 0.01 Lots Forex, CFDs, Stocks, Indices, Commodities MT5 SVGFSA Visit

#1 - FOREX.com

Why We Chose FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • Instruments: Forex, Spot Metals
  • Regulator: NFA, CFTC
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.

#2 - 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

  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
  • 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.
  • 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.

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.
  • 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.
  • 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.

#3 - NinjaTrader

Why We Chose 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.

"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."

- DayTrading Review Team
  • 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

Pros

  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
  • NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
  • You can get thousands of add-ons and applications from developers in 150+ countries

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

#4 - eToro USA

Why We Chose eToro USA

eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

- DayTrading Review Team
  • Instruments: Stocks, Options, ETFs, Crypto
  • Regulator: SEC, FINRA
  • Platforms: eToro Trading Platform & CopyTrader
  • Minimum Deposit: $10
  • Minimum Trade: $10

Pros

  • Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
  • A free demo account means new users and prospective day traders can try the broker risk-free

Cons

  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
  • Average fees may cut into the profit margins of day traders

#5 - OANDA US

Why We Chose OANDA US

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

- DayTrading Review Team
  • Instruments: Forex, Crypto
  • Regulator: NFA, CFTC
  • Platforms: OANDA Trade, MT4, TradingView, AutoChartist
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • There's a strong selection of 68 currency pairs for dedicated short-term forex traders
  • The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
  • OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC

Cons

  • The range of day trading markets is limited to forex and cryptos only
  • There's only a small range of payment methods available, with no e-wallets supported
  • It's a shame that customer support is not available on weekends

What Is A Debit Card?

Debit cards are payment cards with 16-digit card numbers, expiration dates, a magnetic strip and an EMV chip. They are considered to be a convenient way to make purchases in stores or online and the same goes for online transactions with brokers. Debit cards are often provided with most bank accounts and you spend money with them, which is deducted from your account.

As well as convenience, a debit card offers many consumer protections, especially when issued by major payment processors like Visa or Mastercard. Visa, in particular, is accepted by most forex brokers in more than 200 countries across the world, working with all major currencies. Visa can also handle unlimited deposit amounts.

While standard debit cards are linked to your current or savings account, two types of debit card can be issued without a bank account: prepaid debit cards, where users can make purchases using money preloaded on the card (much like a gift card), and EBT cards (Electronic Benefit Transfer), issued by state and federal agencies in the US and allowing users to use benefits to make purchases.

Debit Card Vs Credit Card

The difference between a debit card and a credit card is that the former contains existing cash by definition. Debit cards allow you to spend the funds that you have deposited in your account. On the flip side, credit cards allow you to borrow funds from the card issuer—a financial institution like HSBC bank—up to a certain limit. Credit cardholders must then pay the money back to the institution with added interest.

Both credit and debit cards provide their users with unbeatable convenience and protection, though credit cards offer better protection against fraud than debit cards linked to a bank account thanks to their ability to cancel a payment. There are often no fees for using a debit card (other than overdraft fees), whereas a credit card can charge annual fees, over-limit fees and late payment penalty fees.

There are some other benefits of using a credit card as opposed to a debit card, including building a credit history as well as purchase and fraud protection. However, debit cards are safer than credit cards in terms of your spending. With a debit card, you are spending your own money rather than racking up debts with money that is not yours.

Fees

Setting up a bank account that will give you access to a debit card is usually free. Some prepaid debit cards may charge a monthly fee or a small, one-off issuance fee.

Compared to other payment methods, debit card transaction and merchant fees are relatively inexpensive, especially in the UK. You can usually expect to pay a small percentage of the trade amount or a flat fee of around £2.

However, some brokers may charge small performance markup fees. For example, fees for international debit card transactions, or currency conversion. FP Markets does not charge for deposits or withdrawals. When choosing a broker, it is often wise to pick one that has low transaction fees as this can add up if you’re making multiple transactions in one day.

Speed

Paying by debit card is one of the fastest payment methods out there, not least because everyone has their cards on them in their wallet most of the time and therefore they are readily accessible to traders on the go.

Funds transferred into an account via debit card are usually instant, a trader could deposit money at 08:00 and have opened a position by 08:05. Traders can then usually withdraw the profit just as quickly. Using an alternative payment method may take a couple of days.

If not immediate, debit card payments are usually processed within 48 hours. However, some transfers can take up to 5 working days.

Withdrawal times will vary between different brokers but, generally, they can be as quick as for deposits. FP Markets estimates that its withdrawal time is around one business day while Plus500 states that funds will be received in the debit card account according to the bank’s processing time only.

Security

Most brokers will require you to verify your debit card, making it a safe method to deposit funds into your trading account. It is generally a good rule of thumb to use a debit card broker with high levels of security, including two-factor authentication (2FA).

All funds deposited by debit card into a trading account must originate from an account in the same name as the trading account holder. This ensures greater security and limits money laundering opportunities. This prohibits you from making deposits or withdrawals from a corporate card or friend’s card.

Broker-Issued Debit Cards

While online brokers are primarily known for buying and selling stocks and other financial instruments, some also offer prepaid debit cards and checking accounts.

Prepaid Debit Cards

These cards are funded using money in your trading account and allow almost immediate withdrawal of profits with low fees, also providing some personal privacy.

For example, in October 2020, Coinbase launched its Visa debit card, which allows cryptocurrency to be used for online and in-store purchases. The Coinbase card allows users to earn up to 4% back in Stellar Lumens (XLM) or 1% in Bitcoin (BTC). Other companies providing crypto debit cards include Binance, Crypto.com, Cryptopay and GlobaliD, which launched its XRP debit card in August 2021.

A bonus is that broker debit cards can also be used to make online purchases and ATM cash withdrawals.debit card meaning and prepaid card online apply

Brokerage Checking Accounts

Some brokerages like TD Ameritrade offer checking accounts that come with a debit card, mobile banking, online payments and ATM access.

Some brokerage checking accounts have similar features to checking accounts at banks but may have additional benefits like cash machine withdrawal reimbursement and zero foreign interchange fees.

The advantages of setting up a brokerage checking account are that they don’t have a minimum balance and some accounts may partner with multiple program banks to offer more insurance. However, brokerage accounts don’t offer all the services that a traditional bank does and generally offer a lower annual percentage yield (APY). Also, brokerage accounts don’t have cash-handling employees in physical locations.

How To Deposit Using Debit Card

First things first, you need to choose a broker that facilitates the use of a debit card, as there are some restrictions in some countries. Key things to look out for are the assets offered, pricing structure and trading platforms. It is often also a good idea to choose a regulated broker for security and insurance purposes. A full guide to selecting the right broker can be found here.

Following that, you need to head to the relative broker’s website or app and go to your account’s payments or deposits page. Here you can choose whether to deposit or withdraw funds from your account.

When making a deposit, you need to specify the amount you wish to pay in, select debit card as your preferred payment option and enter your details. Bear in mind that this is essentially a cash card, so do not deposit more money than is in your account as you may incur overdraft charges.

The same method goes for withdrawing funds, except you will only be able to withdraw funds that are currently available in your trading account.

Pros Of Using Debit Cards For Traders

Trading with brokers that accept debit card payments has many advantages:

Cons Of Using Debit Cards For Traders

As with all payment methods, there are some disadvantages to using a debit card when trading:

Are Debit Card Payments Good For Day Trading?

The rise of the debit card when funding and withdrawing from a trading account has been somewhat of a blessing to investors and day traders. As explained, using a debit card is much easier and faster than a bank or wire transfer and it offers more security, especially if your card is a Visa, Mastercard or American Express. Some brokers now offer prepaid debit cards, making the process even more streamlined between payments and funding your account. Ultimately, it is a fast, secure and cheap payment option for traders.

FAQ

Which Brokers Accept Debit Card Payments?

There is quite an array of brokers that will accept debit cards to deposit and withdraw funds from your trading account. Pepperstone, FBS, Plus500 and eToro are some of the top brokers we would recommend that accept debit cards.

Do Brokers Have Any Deposit Or Withdrawal Limits When Using A Debit Card?

Deposit and withdrawal limits can vary from vendor to vendor and are usually outlined on the deposit page next to the debit card payment method. Some prepaid debit card services may put a cap of €5,000 on withdrawals. For example, eToro has a minimum deposit of $50 and a maximum of $40,000 on a debit card. There is no limit on the number of stocks you can purchase with a debit card, other than the limit imposed by the money in your account or on your prepaid debit card.

Are My Trading Funds Safe With Debit Cards?

From a security perspective, using a debit card is one of the safest payment methods as it offers a lot of protection. Your trading funds aren’t at risk and as you’re using your own money, the only debt you could find yourself in is your overdraft and associated fees. However, linking your debit card to your trading account may require you to share more private information.