Google Pay Brokers 2021 - Which Brokers Accept Google Pay?

Google Pay is a straightforward digital wallet that is free to download to most Apple and Android devices. It offers a secure payment option with relatively low fees. Google Pay is already used by many outside financial services and our review provides the key information relevant to traders. This includes the pros and cons of Google Pay deposits, including fees, payment limits, and security measures. We also list the best brokers accepting Google Pay deposits.

Google Pay Brokers

Binance is one of the leading online crypto exchanges offering Bitcoin.
IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.

Google Pay Overview

Google Pay is a mobile payment app where users can link their debit, credit, loyalty, and gift cards to the digital wallet. This enables quick and contactless payments using near field connections (NFC) technology. Card information is always encrypted.

When we compare Google Pay vs Apple Pay, PayPal and Samsung Pay, they share similar qualities. Google developed its own payment portal which is available for download on all devices. This was to limit losing customers to competitor wallets available on devices such as the iPhone or Samsung Galaxy Watch.

Over the years, Google Pay usage statistics have grown rapidly. In 2018 the wallet had over 39 million customers, by 2020 over 100 million, and growth is expected to continue into 2021 and beyond.

Google Pay deposits

Google Pay is supported by a long list of major banks, including NatWest, Barclays, Halifax, and Lloyds Banking Group, as well as newer banks such as Monzo and Revolut. It is already used by many on retail websites and in-store, with its presence in online brokers growing.

Fees

Google Pay is a free app available to download from the Google Play and Apple App store. There are no fees charged when using debit cards or when you send/transfer money to other accounts. Credit card users will pay a 2.9% fee on each transaction. The merchant will also be charged a fee for authorising a credit card transaction, this may be passed back to the trader.

Speed

When using Google Pay, payments are typically quick but are dependent on the method:

  • A Google Pay balance transfer is usually instant
  • For debit card payments, processing can be fast but may take up to a maximum of 24 hours
  • Credit card payments such as Amex and bank account transfers can take up to 3-5 business days to update

Google Pay’s refund time can take up to 10 workings days and Google recommends contacting customer service if the refund time exceeds this.

Note: Funds may take longer to appear in your trading account when using Google Pay as brokers may have their own payment processing times.

Security

Adding a card to Google Pay is simple but secure. Users will receive a verification code which will be sent by email, text, phone, or via a banking app. If the verification method is not working or is declined, ensure you have selected the right contact number and email address. Alternatively, you can reach Google Pay’s customer care service via email, online, or via a toll-free UK helpline number. All cards added to Google Pay are given a virtual card number (via encryption) which ensures your card details are not shared with merchants.

Making payments with Google Pay also incorporates several security measures. Quick access to the app requires identify confirmation via a 4 or 6 digit pin, password, pattern, or fingerprint. Without this, the login process won’t work and users will receive an error message. Payments cannot be made without unlocking the home screen and there is no shortcut around this.

Google Pay has implemented a number of security protocols in their APK (Android application package). If your device is lost or stolen, you can remotely lock or wipe your device by using the Android Device Manager settings from another device. Although there is no Google Pay contactless transaction limit, by clicking on the payment history icon users can check for fraudulent activity by reviewing receipts, merchant ID, and the merchant’s registered address.

How To Use Google Pay

Check For A Demo Account

Regardless if you are using Google Pay, Apple Pay, or Samsung Pay, it is advisable to check the broker’s website for a demo account before committing funds. Here you can test your trading skills without risking money.

Add Funds To Your Card

Google Pay connects directly to the cards that have been added. If using debit cards or PayPal to finance your position, you need to ensure those accounts have sufficient funds to trade.

Select Your Card

The process to add, update, delete or remove a card is straightforward. Click on the Google Pay Logo and open the app. Here you can add a credit/debit card or link to your PayPal account. Cards can be added by taking a photo or manually adding the information. All new payment methods will need to pass the verification process explained above. If that doesn’t work, there are a number of Google Pay tutorials that have been uploaded on YouTube to help customers.

Deposit Into Your Account

As detailed above, depositing times will depend on the payment method chosen on Google Pay. Further delays may also occur depending on the broker’s processing times for deposits and withdrawals. Some brokers may offer rewards or bonuses when depositing so check the broker’s website for any promotions when signing up.

Although Google Pay does not impose a minimum or maximum transaction limit, brokers may restrict the amount traders can deposit or withdraw.

Pros Of Trading With Google Pay

Now you know how it works, we have summarised the key benefits of Google Pay:

  • Secure
  • Free to download
  • Supported by most UK, US, and international banks
  • Range of Google Pay support options to help resolve issues
  • No fees applicable for debit cards and you can add gift cards
  • Payment method already integrated in popular sectors such as retail
  • Available on most iOS and Android devices, for example, Samsung and Huawei

Cons Of Trading With Google Pay

There are a few but important drawbacks to appreciate when using Google Pay for trading:

  • Slower processing times vs Apple Pay
  • A finite number of brokers currently accept Google Pay as a deposit and withdrawal method
  • Charges apply when using credit cards and when the merchant recharges fees to the customer

Is Google Pay A Good Choice For Traders?

Google Pay provides strong payment security coupled with a high level of support to its customers at the click of a button. Despite this, the number of brokers currently accepting this form of payment is limited with brokerages preferring to take deposits directly from debit and credit cards. We anticipate the popularity of Google Pay to rise over the next few years as brokers adapt to the needs of traders.

FAQ

Is Google Pay Safe?

Yes, Google Pay is relatively safe. Access is only granted to users once they have confirmed the correct pin, passcode, or fingerprint. Without this, payments will not be processed.

Is Google Pay Free?

Google Pay is free to download from relevant app stores. Furthermore, there is no fee for using Google Pay and charges are only applied to credit card payments.

Is Google Pay On iPhone?

Yes, Google Pay is available to download to most Apple devices including iPhones. Google provides an in-depth online guide to help Apple users set up and make payments with Google Pay.

Is Google Pay International?

Google Pay is used by millions worldwide in countries such as the UK, US, India, and Japan. Despite its international growth, Google is still working on increasing its accessibility in other countries such as Zambia and Zimbabwe.

Why Is Google Pay Not Working?

If you find that your Google Pay is down and not working this could be due to several reasons. Users can find an online FAQ section on Google to help resolve the most common issues. Failing that, Google offers comprehensive customer support.