Best Finrax Brokers 2023
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 2023. We also unpack the pros and cons of trading with Finrax.
These are the 2 best brokers that accept Finrax deposits and withdrawals:
#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).
"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
- Instruments: Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos
- Regulator: FSCA, FSA
- Platforms: CMTrading Webtrader, MT4
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:200
- 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
- There are no additional third-party analysis tools such as AutoChartist
- The broker's market coverage is limited, including only 100+ stocks
- Spreads are uncompetitive across accounts compared to competitors
#2 - FP Markets
FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
"We recommend FP Markets for forex and stock traders with 70+ currency pairs and an impressive 10,000+ stocks available as CFDs."- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
- Regulator: ASIC, CySEC, ESMA
- Platforms: MT4, MT5, cTrader, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (UK), 1:500 (Global)
- Bespoke copy trading platform
- High leverage up to 1:500
- Tight spreads available on both the standard and raw spread account
- $55 subscription fee on IRESS accounts
- Withdrawal fees for some payment types
- Does not accept US customers
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 20+ countries, with 250K+ transactions processed, and 60M+ in monthly volumes.
For vendors, including online brokers, the company offers:
- International transactions
- Getting invoices paid
- Exchanging payment links
For end users, such as traders, benefits of the solution include:
- Low cost and secure transfers
- Send and receive payments in crypto
- Exchange crypto to fiat money immediately
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, 9 cryptos paired with 30+ fiat currencies are available.
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.
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.
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 Make Trading Deposits & Withdrawals With 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.
Next, choose the currency you would like to deposit with and the amount. This will then direct you to Finrax’s external payment processing page where you can confirm the crypto you would like to use from the list provided, for example, Bitcoin Cash (BCH), Tether (USDT), or Litecoin (LTC).
Once you have done this, you can confirm your payment through Finrax and the conversion rate will appear. Once the transaction has been approved you will be able to scan a QR code or copy and paste the address into your crypto wallet, at which point you have 30 minutes to complete the transaction. Your payment will be complete when the network confirms that it is valid.
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
- Volatility – Volatility is one of the key risks associated with using cryptocurrencies, such as Bitcoin, partly due to the lack of regulation present in the market. However, Finrax does not expose traders to inherent crypto volatility and offers fixed exchange rates so that you get exactly what you expect.
- Fast Trading Deposits & Withdrawals – Crypto gateways are able to facilitate some of the fastest payments due to the undisrupted flow of funds. This means you don’t have to wait for blockchain confirmations for your funds to be processed.
- Token Support – Traders can deposit funds using various digital tokens, including Basic Attention Token (BAT), Bitcoin Cash (BCH), Civic Price (CVC), Augur (REP), Stellar (XLM), and Zilliqa (ZIL).
Cons Of Finrax Brokers
- Low Accessibility – It is not yet a widely accessible payment method for online trading – there are only a few brokers that accept Finrax deposits. This means that if you do decide you would like to use it, your selection of reliable Finrax brokers to choose from will be slim.
Is Finrax A Good Choice For Traders?
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.
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.