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Best Debit Card Brokers 2023

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 10 are the best trading platforms that accept debit cards:

  1. Forex.com
  2. eToro USA
  3. NinjaTrader
  4. OANDA US
  5. Kwakol Markets
  6. IG Group
  7. Pocket Option
  8. IQCent
  9. Nadex
  10. CEX.IO

Top 3 Broker Comparison

Top 3 Debit Card Comparison
Forex.com eToro USA NinjaTrader
Minimum Deposit $100 $10 $50
Minimum Trade 0.01 Lots $10 0.01 Lots
Instruments Forex, Spot Metals Stocks, Options, ETFs, Crypto Forex, Stocks, Options, Commodities, Futures, Crypto
Platforms MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral Own eSignal
Regulators NFA, CFTC SEC, FINRA NFA, CFTC
Visit Visit Visit Visit

#1 - Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."

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

Payment Methods

Forex.com accepts these 8 payment methods for deposits and withdrawals:

  • ACH Transfer
  • Credit Card
  • Debit Card
  • Mastercard
  • Neteller
  • Skrill
  • Visa
  • Wire Transfer

Forex Trading

Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

Stocks Trading

Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.

Pros

  • Beginner-friendly web platform and mobile app
  • Low minimum deposit of $100
  • Fast execution speed of less than 1 second

Cons

  • Investment offering varies between countries
  • No copy trading platform
  • $15 monthly inactivity fee
Visit Forex.com

#2 - eToro USA

eToro is a social investing platform that offers 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, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.

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

- DayTrading Review Team
  • Instruments: Stocks, Options, ETFs, Crypto
  • Regulator: SEC, FINRA
  • Platforms: Own
  • Min. Deposit: $10
  • Min. Trade: $10

Payment Methods

eToro USA accepts these 4 payment methods for deposits and withdrawals:

  • ACH Transfer
  • Debit Card
  • PayPal
  • Wire Transfer

Stocks Trading

Trade popular US stocks and ETFs with zero commissions while fractional shares and options are also available. The eToro Academy and excellent market research are also huge bonuses for newer investors.

Crypto Trading

eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

Pros

  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
  • A free demo account means new users and prospective traders can try the broker risk-free

Cons

  • No MetaTrader 4 platform integration
  • Narrower range of instruments than some competitors
Visit eToro USA

#3 - 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.

"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."

- DayTrading Review Team
  • Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
  • Regulator: NFA, CFTC
  • Platforms: eSignal
  • Min. Deposit: $50
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Payment Methods

NinjaTrader accepts these 3 payment methods for deposits and withdrawals:

  • ACH Transfer
  • Debit Card
  • Wire Transfer

Forex Trading

NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.

Stocks Trading

Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. You can then take positions on large public companies and household names via advanced trading software.

Crypto Trading

Trade micro Bitcoin futures with low fees and leading charting tools. Get exposure to Bitcoin through CME Group's centralized exchange with robust risk management tools.

Pros

  • Low fees with $50 day trading margins & commissions from $.09 per micro contract
  • Free platform access and trade simulation capabilities
  • Easy account opening that takes a few minutes

Cons

  • Non forex and futures trading requires signing up with partner brokers
  • Withdrawal fee on some funding methods
  • Premium platform tools come with an extra charge
Visit NinjaTrader

#4 - 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, alongside flexible contract sizes and automated trade executions.

"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."

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

Payment Methods

OANDA US accepts these 5 payment methods for deposits and withdrawals:

  • ACH Transfer
  • Debit Card
  • Mastercard
  • Visa
  • Wire Transfer

Forex Trading

OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.

Crypto Trading

Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.

Pros

  • Industry-leading platforms including MT4 and TradingView
  • The OANDA web platform offers advanced price charts and graphs
  • Reliable, trustworthy and secure brand with authorization from tier-one regulators

Cons

  • Customer support not available on the weekend
Visit OANDA US

#5 - Kwakol Markets

Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.

"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
  • Regulator: ASIC, FINTRAC
  • Platforms: MT4, MT5, AutoChartist
  • Min. Deposit: $1
  • Min. Trade: 0.01 Lots
  • Leverage: 1:1000

Payment Methods

Kwakol Markets accepts these 4 payment methods for deposits and withdrawals:

  • Bitcoin Payments
  • Credit Card
  • Debit Card
  • Wire Transfer

CFD Trading

CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.

Forex Trading

Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.

Stocks Trading

Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.

Crypto Trading

Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.

Pros

  • Demo account available
  • 0.01 Lot trading
  • 2FA login security

Cons

  • High deposits for premium features
  • The only base currency is USD
  • Lack of deposit and withdrawal methods
Visit Kwakol Markets

#6 - IG Group

IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.

"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
  • Platforms: MT4, AutoChartist, TradingCentral
  • Min. Deposit: $0
  • Min. Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:250 (Pro)

Payment Methods

IG Group accepts these 6 payment methods for deposits and withdrawals:

  • Credit Card
  • Debit Card
  • Mastercard
  • PayPal
  • Visa
  • Wire Transfer

CFD Trading

IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.

Forex Trading

IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.

Stocks Trading

IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.

Crypto Trading

11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.

Pros

  • Share dealing and ISAs are available for longer term investing
  • Opening an account takes less than 5 minutes
  • 24/5 customer support is available

Cons

  • Inactivity charge
  • No copy trading platform
Visit IG Group

#7 - Pocket Option

Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.

"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."

- DayTrading Review Team
  • Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
  • Regulator: IFMRRC
  • Platforms: MT5
  • Min. Deposit: $50
  • Min. Trade: $1

Payment Methods

Pocket Option accepts these 23 payment methods for deposits and withdrawals:

  • ADVcash
  • Bitcoin Payments
  • Cashu
  • Credit Card
  • Debit Card
  • Doku Wallet
  • Ethereum Payments
  • FasaPay
  • GlobePay
  • JCB Card
  • Maestro
  • Mastercard
  • Neteller
  • PayRedeem
  • Perfect Money
  • QIWI
  • Skrill
  • Sofort
  • Visa
  • WebMoney
  • Western Union
  • Wire Transfer
  • Yandex Money

Forex Trading

Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.

Stocks Trading

Trade 30 of the most popular American multinational stocks including Microsoft and Google. Payouts on big brands come in at a decent 92% while indices are available up to 67%.

Crypto Trading

Pocket Option supports major cryptocurrencies on a beginner-friendly app. Over 10 leading cryptocurrencies are available with very high leverage up to 1:1000.

Pros

  • 92% payouts on binaries
  • 50+ payment methods
  • Turbo binary options

Cons

  • Only one account type is available
  • IFMRRC is not a reputable regulator
  • The expiration time is limited on trades
Visit Pocket Option

#8 - IQCent

IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.

"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."

- DayTrading Review Team
  • Instruments: Binary Options, CFDs, Forex, Stocks, Indices, Commodities, Crypto
  • Regulator: IFMRRC
  • Platforms: TradingView
  • Min. Deposit: $250
  • Min. Trade: $0.01
  • Leverage: 1:500

Payment Methods

IQCent accepts these 7 payment methods for deposits and withdrawals:

  • Bitcoin Payments
  • Credit Card
  • Debit Card
  • Ethereum Payments
  • Mastercard
  • Visa
  • Wire Transfer

CFD Trading

IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.

Forex Trading

IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.

Stocks Trading

IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.

Crypto Trading

IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.

Pros

  • Deposits and withdrawals using cryptocurrency
  • Regular technical and fundamental analysis published
  • Copy trading service

Cons

  • Poor selection of stocks with just four equities
  • No MetaTrader 4 platform
  • A short period before an inactivity fee is charged
Visit IQCent

#9 - Nadex

Nadex is a renowned exchange and binary options provider, based in the US. The company is fully regulated by the CFTC and offers options, call spreads and Knock Out contracts. Nadex also has just a $1 entry or exit fee and a user-friendly platform and proprietary app.

"Users looking to trade short-term binary options with a US-regulated broker will find a good platform in Nadex."

- DayTrading Review Team
  • Instruments: Binary Options, Knock Outs™, Call Spreads
  • Regulator: CFTC
  • Platforms: Own
  • Min. Deposit: $250
  • Min. Trade: $1

Payment Methods

Nadex accepts these 6 payment methods for deposits and withdrawals:

  • ACH Transfer
  • Cheque
  • Debit Card
  • Mastercard
  • Visa
  • Wire Transfer

Forex Trading

Speculate on 11 popular currency pairs via Knock Out contracts, call spreads and binary options. Nadex offers a wider range of timeframes than most binary options brokers, with contracts spanning from intraday to weekly.

Stocks Trading

Speculate on a handful of global indices via binary options contracts, including the S&P 500 and FTSE 100. There are low commissions and traders can see fixed payouts and risk levels before opening a trade.

Crypto Trading

Nadex offers a limited list of cryptos with just Bitcoin and Ethereum. Traders can go long or short though with straightforward binary options contracts that mean you don't need to own the underlying token.

Pros

  • Extensive educational resources for those new to binary options trading
  • A range of timeframes that will suit both short and longer term strategies
  • Free demo account for new users

Cons

  • No MT4 or MT5 platform integration
  • Products and tools are more advanced than some alternatives
  • Narrow selection of cryptocurrencies to trade
Visit Nadex

#10 - CEX.IO

CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.

"CEX.IO will serve a range of crypto investors looking to buy, sell, trade, hold and earn. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."

- DayTrading Review Team
  • Instruments: Crypto
  • Regulator: GFSC
  • Platforms: TradingView
  • Min. Deposit: $20
  • Min. Trade: $1

Payment Methods

CEX.IO accepts these 12 payment methods for deposits and withdrawals:

  • Apple Pay
  • Bitcoin Payments
  • Credit Card
  • Debit Card
  • Google Wallet
  • Mastercard
  • Neteller
  • PayPal
  • Skrill
  • Swift
  • Visa
  • Wire Transfer

Crypto Trading

CEX.IO offers hundreds of popular cryptocurrencies including big names like Bitcoin, Ethereum and Litecoin. The trading platform is well-designed with sophisticated charting and analysis tools. Traders can also reduce their monthly volumes through the tiered pricing structure.

Pros

  • High quality educational materials through the University
  • Crypto leverage up to 1:3
  • 200+ cryptocurrencies including Bitcoin

Cons

  • A maintenance fee applies after 12 months of no activity
  • Limited regulatory oversight
  • High deposit and withdrawal fees
Visit CEX.IO

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 7-10 business days

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. Plus500, for example, charges fees for international debit card transactions, while 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 Make Debit Card Deposits/Withdrawals

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:

Final Word On Debit Card Transactions

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

What Is A Debit Card?

A debit card is a payment card that can be used instead of cash to make purchases in-store and online. The money is usually deducted out of your bank account unless you are using a prepaid debit card, which is loaded with independent funds.

Are There Any Deposit Or Withdrawal Limits 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.

What’s The Difference Between A Debit Card And A Prepaid Card?

Broadly speaking, prepaid cards are the same as debit cards. The difference is that debit cards are linked to your bank account but prepaid cards need to be topped up with independent funds.

Are My 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.

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.