Finrax 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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Edited By
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
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Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Finrax is a gateway for cryptocurrency payments providing multi-currency support and exchange so that merchants can process transactions in digital tokens. The payment solution is also proving popular with traders, providing instant deposits due to the undisrupted flow of funds. This guide lists the best brokers that accept Finrax deposits in 2024. We also unpack the pros and cons of using Finrax.

Best Finrax Brokers

Our exhaustive tests have shown that these are the top 1 brokers that support Finrax payments:

Click a broker for details
  1. 1
    CMTrading

    Ratings
    3.3 / 5
    3 / 5
    3 / 5
    2.8 / 5
    3.3 / 5
    3.3 / 5
    3 / 5
    3 / 5
    5 / 5
    4.8 / 5

    $100
    0.01 Lots
    1:200
    FSCA, FSA
    Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos
    CMTrading Webtrader, MT4
    Neteller, UnionPay, FasaPay, Skrill, Wire Transfer, Visa, Mastercard, Bitcoin Payments, M-Pesa, Debit Card, Credit Card, Finrax
    USD, EUR, GBP, ZAR

Here is a short summary of why we think each broker belongs in this top list:

  1. CMTrading - CMTrading is one of South Africa's leading online day trading brokers, offering trades with leverage up to 1:1000 on the MetaTrader 4 and browser-based Sirix platforms as well as a bespoke copy trading service. The brokerage launched in 2012 and holds a license with South Africa’s Financial Sector Conduct Authority (FSCA).

Finrax Brokers Comparison

Finrax Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage
CMTrading logo $100 Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos CMTrading Webtrader, MT4 1:200

CMTrading

"CMTrading is a great choice for traders based in South Africa looking to access highly leveraged forex and CFDs, plus copy trading tools and short-term signals."

- DayTrading Review Team

CMTrading Quick Facts

Demo AccountYes
InstrumentsForex, CFDs, Indices, Shares, Energies, Metals, Cryptos
RegulatorFSCA, FSA
PlatformsCMTrading Webtrader, MT4
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:200
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature
  • There's a decent array of educational resources for beginners on the online academy
  • Clients can access free short-term forex signals from the broker's platform

Cons

  • Spreads are uncompetitive across accounts compared to competitors
  • The broker's market coverage is limited, including only 100+ stocks
  • There are no additional third-party analysis tools such as AutoChartist

How Did We Choose The Best Finrax Brokers?

To list the top Finrax brokers, we:

  • Searched our library of 500 online brokers, focusing on all those accepting Finrax payments
  • Verified that they support Finrax deposits and withdrawals for online trading
  • Ranked them by their overall rating, blending 100+ data points with our first-hand observations

What Is Finrax?

Finrax was established by directors Roberto Penchev and Miroslav Marinov. Founded in Bulgaria in 2018, the company moved bases to Estonia to gain a license, opening the subsidiary Finrax Exchange OÜ.

Today, the payment solution is available in 170+ countries, with 1.2m+ transactions processed, and 170M+ in monthly volumes.

For vendors, including online brokers, the company offers:

For end users, such as traders, benefits of the solution include:

Finrax essentially allows traders to fund their online investing accounts using cryptocurrency. Users deposit via a variety of digital tokens, including Bitcoin, Ethereum, Metal, Civic Price, and AION. In total, 20+ cryptos paired with 30+ fiat currencies are available.

Transaction Times

The top Finrax brokers offer near-instant deposits with the payment solution. Infinox, for example, offers deposits within 15 minutes using the transfer method. Withdrawals, on the other hand, can take up to 24 hours.

With that said, the time also depends on the amount of money you are depositing and the coin you have selected. In addition, traders will need to ensure they have verified their account prior to requesting a withdrawal. This may require submitting proof of your address and identity.

Which brokers accept Finrax payments?

Fees

Brokers that accept Finrax deposits will be charged blockchain fees for using it to facilitate cryptocurrency payments on their site. Firms will then either absorb those fees or pass them on to the trader. Which one your broker does is at their discretion, and therefore you should check this before opening a trading account to use Finrax. Infinox, for instance, absorbs the fee as long as the deposit amount is more than $60.

Importantly though, using cryptocurrency to fund trading accounts can be a low cost option. This is because brokerages are looking to attract traders to their service, and therefore Finrax brokers are likely to keep fees down. Traders may only be asked to pay a small percentage of the transaction value.

Security

The firm implements KYT monitoring, so all deposits and withdrawals are checked to protect traders from bad actors. There are also advanced user access permissions in place which can be customized securely and keep funds safe. The firm is also compliant with EU regulations and for further safety, it offers payouts in stablecoins and Euros.

Using cryptocurrency to fund trading accounts is fairly low-risk since you don’t have to add bank account or credit card information to make a transaction. Many traders choose to use Finrax because of the financial security that it can offer. On the other hand, there is an inherent risk in using Bitcoin, in particular, as storage solutions can be susceptible to hacking.

Ensure the broker you are trading with is also trustworthy and reliable, as not every broker that accepts Finrax is going to be as secure as the payment method itself is. There have been reports of illegitimate offshore Finrax brokers using the payment method, for example. Therefore using a secure payment method is not enough; the broker itself needs to also be reputable.

How To Deposit Using Finrax

Begin by navigating to the deposits page on your broker, which may look different depending on where you are trading. For example, on Infinox this is under ‘Client Area’, but on others, it may be under ‘Payment Methods’ or similar. Then:

  1. Choose the currency to deposit. You will be redirected to Finrax’s payment portal where you can confirm the crypto to use
  2. Confirm your payment and check the conversion rate
  3. Once the transaction is approved, you can scan a QR code or copy and paste the address into your crypto wallet (you have 30 minutes to complete the transaction)

Withdrawals are done similarly and in the coin of your choice. Request your withdrawal in line with your broker’s limits and you should receive your payment within one working day. The funds will be withdrawn to your crypto wallet.

Pros Of Finrax Brokers

Cons Of Finrax Brokers

Is Finrax Good For Day Trading?

If you are looking to fund your trading account using cryptocurrencies, then the payment gateway is a good option. Your transactions will be fast if you select brokers that accept Finrax deposits, and you don’t have to add sensitive information like banking details to your brokerage account, which adds a level of security too.

Use our list of the top Finrax brokers to start trading.

FAQ

Can You Use Finrax For Trading?

Yes, brokers that accept Finrax deposits allow investors to use it to fund their trading accounts with cryptocurrencies rather than linking their bank accounts or credit cards.

The company is essentially a gateway for cryptocurrency payments, with multi-currency support inbuilt so that merchants like trading brokers can process payments made in digital tokens.

Is Trading With Finrax Too Volatile?

While funding your trading account using cryptocurrencies can expose you to high volatility, Finrax operates on pre-agreed rates protecting you from uncertain market conditions. This is a notable advantage over other crypto payment solutions.

How Long Do Deposits To Finrax Brokers Take?

Funding your trading account should take no longer than 15 minutes for the money to be deposited in full. Withdrawals should take no longer than 24 hours. However, this will also depend on the timeline of the brokerage in question. Infinox, for example, offers payment speeds in line with those described.

Do Brokers That Accept Finrax Deposits Charge Transfer Fees?

This will depend on the trading broker. However the best Finrax brokers, including Infinox, cover any fees so long as the payment value is above $60. This makes it a low-cost payment method for traders looking to deposit funds in digital currencies.