Best Google Wallet Brokers 2024
Google Wallet, formerly Google Pay, is a popular digital wallet. It offers fast and secure payments with low fees and is free to download onto Apple and Android devices. The wallet is used by many active investors, favored for its flexibility and widespread integration with trading brokers. In this review, we evaluate what Google Wallet has to offer retail traders, from deposits and withdrawal fees to payment limits and security. We also list the best trading brokers that accept Google Wallet deposits in 2024.
Best Google Wallet Brokers
After testing each option, these are the top 5 brokers with Google Wallet payments:
Google Wallet Brokers Comparison
Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
---|---|---|---|---|---|
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$20 | Cryptos | TradingView | - | Visit |
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$0 | Stocks, Cryptos | Own | - | Visit |
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$10 | Cryptos | Nexo Pro | - | Visit |
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$30 | Cryptos | Own | - | Visit |
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$1 | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | MT4, MT5 | 1:1000 | Visit |
#1 - CEX.IO
Why We Chose 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 continues to serve a range of crypto investors looking to buy, sell, trade, hold and earn with low fees. 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: Cryptos
- Regulator: GFSC
- Platforms: TradingView
- Minimum Deposit: $20
- Minimum Trade: $1
Pros
- The broker offers 24/7 support with fast response times during tests
- The proprietary terminal features an advanced charting package from TradingView, including 50+ technical indicators
- High quality educational materials are available through the University feature
Cons
- It's a shame that there's no demo account for traders looking to practice strategies
- Deposit and withdrawal fees are relatively high, including 0.3% + $25 for SWIFT withdrawals
- A maintenance fee applies after 12 months of no activity
#2 - Revolut
Why We Chose Revolut
Revolut is a popular financial app that also offers trading on stocks, metals and digital currencies. The brand has over 25 million users worldwide with a choice of accounts, tools and services to suit different needs and budgets, including online investing and currency exchange.
"Revolut is suitable for casual stock traders looking for an easy-to-use app with transparent fees and a low minimum investment."
- DayTrading Review Team
- Instruments: Stocks, Cryptos
- Regulator: FINRA, SEC
- Platforms: Own
- Minimum Deposit: $0
- Minimum Trade: $1
Pros
- Secure trading environment & login protocols
- Good range of account types with different perks and fees
- 24/7 live chat support
Cons
- No advanced trading platform
- No margin trading
- Relatively narrow product range
#3 - Nexo
Why We Chose Nexo
Nexo is a centralized crypto exchange founded in 2018 in Bulgaria and today operates across some 200 jurisdictions from its base in Switzerland. It provides services including spot trading, futures trading, peer-to-peer loans, cold wallet storage and fiat-on ramps to buy crypto tokens. The crypto firm is registered with some respected financial authorities, such as the ASIC, and offers some fairly unique additional services including a credit card.
"Nexo gives crypto traders the capability to trade, invest, lend and borrow digital assets in one place, and it’s especially good for its credit functions that pay out very high yields to lenders. However, its fees are relatively high and many day traders will prefer a more tightly regulated crypto broker."
- DayTrading Review Team
- Instruments: Cryptos
- Platforms: Nexo Pro
- Minimum Deposit: $10
- Minimum Trade: $30
Pros
- Traders benefit from bonuses and incentives including free trading funds paid to lenders and cashback in the form of the exchange’s native Nexo token
- Nexo Pro is a user-friendly proprietary platform that suits day trading strategies with great charting features
- Reputable crypto exchange that has been in business since 2018 and has taken some steps toward regulation
Cons
- Very few educational resources are available, reducing its appeal to beginners who can find more helpful resources at category leaders like eToro
- High maker/taker fees mean day traders will pay more to trade derivatives than they would at rival exchanges like Binance
- High deposit and withdrawal fees for cards and e-wallets will price many traders out of the most convenient payment methods
#4 - Coinmama
Why We Chose Coinmama
Coinmama is a popular cryptocurrency exchange that aims to provide streamlined and user-friendly cryptocurrency trading options to the retail market. Traders can buy a range of tokens via a fiat on-ramp, store their tokens in a third-party wallet and earn loyalty bonuses for trading with Coinmama. Millions of clients from over 180 countries have signed up to the firm.
"New crypto investors looking to buy and sell popular tokens like Bitcoin with fiat currency will appreciate Coinmama. We particularly rated the loyalty program as a way to reduce fees."
- DayTrading Review Team
- Instruments: Cryptos
- Regulator: FinCEN, FINTRAC
- Platforms: Own
- Minimum Deposit: $30
- Minimum Trade: $30 to buy, $100 to sell
Pros
- Save on fees and commissions with larger deposits
- Loyalty bonuses with fee discounts
- Choice of third-party wallets to store your tokens
Cons
- No iOS mobile app for iPhone and poor quality Android (APK) app
- Poor selection of cryptocurrencies compared to competitors
- High commissions from 2.93% for the highest tier account
#5 - World Forex
Why We Chose World Forex
World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
- DayTrading Review Team
- Instruments: Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
- Regulator: SVGFSA
- Platforms: MT4, MT5
- Minimum Deposit: $1
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- Copy trading solution
- MT4, MT5 and a proprietary trading terminal
- Several different account types with varied pricing structures
Cons
- Weak regulation
- No negative balance protection
- Withdrawal fees apply
About Google Wallet
Google Wallet is a mobile payment app most popular amongst Android users. Consumers can link their debit, credit, loyalty, and gift cards to the digital wallet in just a few clicks. Using near field connections (NFC) technology, it enables quick, contactless payments wherever you are. Card information is also always encrypted.
Since the product first launched in 2011, in an attempt to limit losing customers to competitor wallets available on devices such as the iPhone or Samsung Galaxy Watch, its userbase has grown rapidly. In 2018, it had over 39 million customers, by 2021 over 100 million, and growth is expected to continue into 2024 and beyond.
It is not hard to see the brand is one of the most widely used digital wallets around the world. When compared to its competitors, Apple Pay, PayPal and Samsung Pay, it offer an equally convenient experience.
Google Wallet is supported by a long list of major banks, including NatWest, Barclays, Halifax, and Lloyds Banking Group, as well as newer fintechs such as Monzo and Revolut. It is already used by many on retail websites and in-store, with its presence at online brokerages also growing.
History
Google Wallet went live in 2011. However, the first iteration was fairly restrictive. It was only compatible with a select few devices and users were required to sign up for a Google Prepaid Card or MasterCard account. In short, it was a pain to use.
In 2015, Google Wallet was succeeded by Android Pay. The new service was much more user-friendly but just three years later, it was rebranded again – Google Wallet was merged with Android Pay to create Google Pay.
Over the following years, there were many more redesigns including the short-lived Google Pay Send. But in 2022, Google announced the return of Google Wallet.
To make things even more confusing, some places such as India will continue to use Google Pay. And if you are in the US, both Google Wallet and Pay are available to use. However, for most, including traders in the UK, Mexico, Japan, Australia, Hong Kong, and France, Google Wallet has been rolled out.
Fees
Google Wallet is a free app available to download from the Google Play and Apple App stores. There are no fees charged when using debit cards or when you transfer money to other accounts. However, credit card users will pay a 2.9% fee on each transaction. The merchant will also be charged a fee for the authorization of a credit card transaction, which may be passed onto the trader.
Brokers do not make a “commission” on Google Wallet transfers, however they may choose to add additional processing fees. With that said, the top trading platforms that accept Google Wallet deposits and withdrawals do not charge a payment fee.
Speed
Payments are typically quick but can vary somewhat depending on the method used:
- A Google Wallet 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
Refunds can take up to 10 working days. Contact customer service if the refund time exceeds this.
Note: Some brokers require additional payment processing times which can delay transfers. However, most trading brokerages offer near-instant deposits with Google Pay / Google Wallet.
Security
Adding A Card
Adding a card to the Google Wallet is simple and secure. Users will receive a verification code which will be sent by email, text, phone, or via a banking app. Alternatively, you can reach the customer care service via email, online, or via a toll-free UK helpline number. All cards are given a virtual card number (via encryption) which ensures your card details are not shared with merchants.
If verification is not working or is declined, ensure you have selected the right contact number and email address.
Deposits
There are additional security measures in place to protect deposits and withdrawals. Quick access to the app requires identity 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.
Trading brokers may also add additional security measures that users will need to comply with to make deposits and withdrawals. For more information on measures implemented by your broker, visit their website or our reviews.
Emergencies
There are also a number of security protocols in the APK (Android application package). If your device is lost or stolen, you can remotely lock or wipe your device using the Android Device Manager settings from another device.
Although there is no contactless transaction limit, users can check for fraudulent activity by reviewing receipts, merchant ID, and the merchant’s registered address under Payment History.
How To Use Google Wallet
Check For A Demo Account
Whichever digital wallet you are using, check the broker’s website for a demo account before committing funds. Here you can test your trading skills without risking money. Demo accounts are usually quick and simple to set up and do not require users to commit to a contract.
Add Funds To Your Card
Google Wallet connects directly to the cards that have been added. If using debit cards or PayPal to finance your position, you will need to ensure the 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 Wallet 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 tutorials that have been uploaded on YouTube to help customers or alternatively, get in touch with the customer service team.
Deposit Into Your Account
As detailed above, deposit processing times will depend on the payment method chosen. Further delays may also occur depending on the broker’s processing times for deposits and withdrawals. Some brokerages may offer rewards or bonuses when depositing so check the brand’s website for any promotions when signing up.
Although there are no minimum or maximum transaction limits, brokers may restrict the amount traders can deposit or withdraw.
Pros Of Trading With Google Wallet
Now you know how it works, we have summarised the key benefits of Google Wallet brokers:
- Secure
- Free to download
- Range of support options to help resolve issues
- Supported by many UK, US, and international banks
- No fees applicable for debit cards and gift cards are also supported
- Payment method already integrated in popular sectors such as online trading
- Available on most iOS and Android devices, for example, Samsung and Huawei
Cons Of Trading With Google Wallet
There are a few but important drawbacks to appreciate when using Google Wallet for trading:
- Slower processing times vs Apple Pay
- Charges apply when using credit cards
- A finite number of trading brokers currently accept it as a deposit and withdrawal method
- Only fiat currencies can be stored. For the time being, cryptocurrencies are not supported
Is Google Wallet Good For Day Trading?
Google Wallet, formerly Google Pay, provides robust payment security, high-level support and flexibility to its customers. However, despite wide integration outside of investing, the number of brokers currently accepting this form of payment is limited with trading platforms preferring to take deposits directly from debit and credit cards.
We anticipate the popularity of Google Wallet to rise over the next few years. Already, we are seeing some of the best brokers integrate more digital wallet solutions to meet the needs of traders. The ability to store cryptocurrencies is something that could also offer real value to traders. Although not currently available, in January 2022, Google announced partnerships with Coinbase, Gemini and BitPay. It seems that cryptos are on the radar so it will be interesting to see how things develop.
Use our list of brokers that accept Google Wallet deposits to start trading.
FAQ
Is Google Wallet Safe To Use With My Trading Account?
Yes, Google Wallet 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. The top regulated trading brokers also follow robust security measures.
Is It Free To Deposit Into My Trading Account With Google Wallet?
Google Wallet is free to download from relevant app stores. Furthermore, there are no activity fees, however, charges are applied to credit card payments. Please also note that brokers, or third parties, may add processing fees. For more information, visit the merchant’s website.
Can I Use My iPhone To Make A Google Wallet Deposit To My Trading Account?
Yes, the Google Wallet is available to download to most Apple devices including iPhones, which means you can easily manage your account whilst trading on the go.