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
| Broker | Minimum Deposit | Minimum Trade | Instruments | Platforms | Regulators | Visit |
|---|---|---|---|---|---|---|
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- | 0.01 Lots | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM | Visit |
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$0 | 0.01 Lots | Forex, Crypto | OANDA Trade, MT4, TradingView, AutoChartist | NFA, CFTC | Visit |
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$0 | 0.01 Lots | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | Visit |
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$5 | 0.01 Lots | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | MT4, MT5 | ASIC, CySEC, DFSA, FSC, FSCA | Visit |
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$100 | 0.01 Lots | CFDs, Forex, Stocks, Indices, Commodities | MT4, MT5, TradingView | ASIC, FCA, xCySEC, SCB | Visit |
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$0 | 0.01 Lots | CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds | MT4, TradingView, TradingCentral | ASIC, FCA, MAS | Visit |
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$100 | 0.01 Lots | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | ASIC | Visit |
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$100 | 0.01 Lots | CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA | Visit |
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$50 | $10 | CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds | eToro Web, CopyTrader, TradingCentral | FCA, ASIC, CySEC, FSA, FSRA, MFSA | Visit |
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£0 | £25 | Stocks, Funds, Trusts, ETFs, Bonds, Gilts, VCTs | Own | FCA | Visit |
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$20 | 0.01 Lots | Forex, CFDs, Stocks, Indices, Commodities, Crypto | MT4 | - | Visit |
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$0 | 0.1 Lots | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) | MT4 | FCA, ASIC, FSCA, SCB, FSA | Visit |
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$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 |
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$10 | $1 | Digital Options on Stocks, Indices, Forex, Commodities, Cryptos | Web Platform, Mobile App | - | Visit |
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$0 | 0.01 Lots | Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos | MT4, MT5, cTrader, TradingView, AutoChartist | FMA, FSA | Visit |
#1 - AvaTrade
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
Cons
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There is no ECN account with raw spreads
#2 - 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
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
Cons
- It's a shame that customer support is not available on weekends
- 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
#3 - Pepperstone
Why We Chose Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
Cons
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
#4 - XM
Why We Chose XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team
- Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
- Regulator: ASIC, CySEC, DFSA, FSC, FSCA
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
Pros
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
- XM is a hugely respected broker authorized by tier-one regulators
Cons
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
#5 - Eightcap
Why We Chose Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities
- Regulator: ASIC, FCA, xCySEC, SCB
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
Pros
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
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.
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:
- Ubiquitous Method – paying by debit card is one of the easiest ways for traders to fund their broker account. Unlike bank and wire transfers, there are no restrictions or limits on the transfer of foreign currency.
- Fast Method – before debit cards, investors would have to fund their trading accounts via bank or wire transfer, which was slow and subject to a lot of paperwork. Using a debit card is much quicker and convenient for traders on the go, especially as you can store your card on your phone via Apple Pay or Google Pay.
- No Debt – as debit cards use the cardholder’s own funds, there’s no risk of building up debt that will need to be paid back. When trading, this can discourage you from impulsively spending more money.
- Security – debit cards, especially those issued by Visa and Mastercard, offer plenty of security to holders, including fraud protection.
- Low Fees – most reputable brokers charge very little to use a debit card, particularly popular types like Visa and Mastercard.
- Accepted Everywhere – virtually every online vendor in the world will accept debit card payments, including trading brokers.
- Easy To Sign Up – most major banks offer debit cards with their accounts as standard. If you don’t want to sign up for a bank account, you can use a prepaid debit card.
- Free Transactions – the majority of debit card accounts allow you to send and receive money for free. This is specific to each bank or financial institution but usually, money transfers are free. This may not be the case for all prepaid debit cards.
- Chargeback – when using a debit card, some traders have had issues with brokers forcefully taking deposits on cards whose details have been stored on file. With chargeback, a trader can get this refunded if the transaction is disputed.
- Refunds – if you wrongly fund your trading account with a debit card, it should be relatively straightforward to refund your card.
Cons Of Using Debit Cards For Traders
As with all payment methods, there are some disadvantages to using a debit card when trading:
- Not Great For Big Purchases – debit cards are great for small transactions but not so much for bigger ones as the money needs to be in your account immediately. Conversely, credit cards can be treated like a loan that is paid back gradually, supporting much larger deposits.
- No Rewards – unlike credit cards, having a debit card will not earn you any points or rewards like cash back unless it is a broker issued prepaid debit card.
- Not Anonymous – by linking your debit card to your online broker account, you are potentially sharing financial information. Be sure to pick a regulated broker for maximum security.
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.