Samsung Pay Brokers 2021 - Which Brokers Accept Samsung Pay?

The popularity of eWallets has risen rapidly in recent years, the convenience and safety associated with making trading payments from your smartphone a resounding success. With numerous popular options available to choose from, Samsung Pay has been at the forefront of digital wallet use since its release in 2017.

In this review, we look into the benefits of Samsung Pay, noting the safety and its potential within trading. We also list the best brokers accepting Samsung Pay deposits and withdrawals.

Samsung Pay Brokers

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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.

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Samsung Pay Explained

With the beta version of Samsung Pay having been released in 2015, it was fully launched to app stores across devices in 2017. Already implemented into the software on Samsung phones, this eWallet is swift and easy to navigate, ideal for usage amongst traders.

Although supporting devices consist predominantly of Galaxy phones, Samsung Pay should technically be compatible with any smartphone that has NFC (near-field communication), though it is not yet compatible with iPhones.

But how does it work? To pay, you simply swipe up from the bottom of your screen utilising your default card (or switching to another registered one) and process the payment using the given authentication method, such as fingerprint or face recognition, as well as passcode protection.

Samsung Pay is one of the 3 most popular mobile wallet options, Apple Pay and Google Pay being its main competitors. Despite the Google Pay vs Apple Pay vs Samsung Pay debate, it remains a popular option and a key factor for some in deciding what company to buy a smartphone from. The ease of the app is what boosts its popularity – a selling point for active traders.

Fees

Another perk of using this mobile wallet is that there are no fees for app usage, nor are there enterprise price plans. You can deposit $500 from another debit card using Samsung Pay. The maximum daily withdrawal from an ATM is $610 and the daily maximum for spending via debit card is $3,000.

Generally, online brokers are not charging for deposits or withdrawals using Samsung Pay, but this varies between brands. It’s worth checking terms and conditions before you open a live trading account and make a payment.

Speed

The instantaneous nature of making transactions through this app is a central appeal. It’s a fast and reliable method, often with an immediate depositing time. Broker withdrawal times may vary, but generally, this would be no more than 3 working days.

Security

As one of the 3 major mobile wallets, air-tight security is of significant importance. Traders can feel safe in the knowledge that Samsung Pay does not store personal or financial information onto your device and is generally safer than using cash or card.

Samsung Pay uses a two-layer method of security which can require a one-time code at login. It is safer than entering your card number somewhere online and financials are safer losing your phone rather than losing your actual wallet. Despite this, it is always worth adding two-factor authentication on your phone for added security.

How To Make Samsung Pay Deposits & Withdrawals

See our quick step-by-step guide to making Samsung Pay deposits and withdrawals at brokers below.

Deposits

1. Open the Samsung Pay app
2. Tap the pay tab at the bottom of the screen
3. Swipe left to Samsung Pay Cash card
4. Tap ADD MONEY below the card and choose where to add money from
5. You can use a card pre-registered to your account, or simply a bank transfer
6. If this is the first time using this method then tap UPGRADE
7. Follow the prompts on the screen and add the personal banking info
8. Tap NEXT to finish

Withdrawals

1. Open Samsung Pay on your phone
2. Tap the PAY tab at the bottom
3. Swipe left to Samsung Pay Cash card, then tap SEND below the card
4. Either enter a phone number manually or choose a contact from your phone. You can also choose from your recent transfers
5. Enter the amount and send
6. There is also the option to add a message
7. Finish by tapping NEXT

Note, payment steps may vary between brokers, but most providers offer straightforward on-screen instructions from the client area. You can also speak to your broker’s customer support team if you need help or encounter any payment issues.

Benefits Of Trading With Samsung Pay

Samsung Pay has both its pros and cons. It activates immediately and is an affordable option for a digital wallet with zero fees. It’s fast and secure with online tokenisation security and has an enticing rewards system.

Despite not having access to all major UK and European banks, it does offer compatibility with PayPal, the most popular online payment system to date. It’s secure and reputable and goes out of its way to safeguard your privacy.

Drawbacks Of Trading With Samsung Pay

Its shortcomings, however, are mainly in the lack of major banks it supports, including Barclays, NatWest, Lloyds TSB, Monzo and Halifax. Recently popular Revolut is also not compatible, but other major banks such as Starling, HSBC, Nationwide and First Direct are.

The other underlying issue is that you are only eligible to use Samsung Pay with a Samsung device, which is more limiting than its competitor Google Pay. Finally, a relatively limited list of brokers currently accepts Samsung Pay deposits and withdrawals.

Final Word On Trading With Samsung Pay

Samsung Pay’s popularity is down to several reasons. Its uses are extensive, the depositing and withdrawal scheme is simple and security is a priority. Your money is safeguarded and in many ways continues to be a safer option than carrying around your financial details in a physical wallet. Although it may seem less secure at the beginning to put your details into an app, Samsung Pay is a great option for active traders.

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