Best Samsung Pay Brokers 2024
The popularity of eWallets has risen rapidly in recent years and Samsung Pay has been at the forefront of digital wallet use since its release in 2017. The convenience and safety associated with making trading payments from smartphones have also proved a success. In this review, we look at the benefits of Samsung Pay brokers, noting deposit and withdrawal timelines, plus payment fees. We also list the best trading brokers that accept Samsung Pay deposits in 2024.
Best Samsung Pay Brokers
Our exhaustive tests have revealed that these are the top 1 brokers with Samsung Pay:
Samsung Pay Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
$100 | Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options | MT4, AlgoTrader | 1:200 | Visit |
#1 - Dukascopy
Why We Chose Dukascopy
Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
"Dukascopy will appeal to active day traders with fee rebates and the JForex platform for automated trading."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options
- Regulator: FINMA, FCMC, JFSA
- Platforms: MT4, AlgoTrader
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:200
Pros
- Heavily regulated brokerage including oversight from Swiss FINMA
- Full range of investments including cryptos
- Dukascopy offers trading on a powerful proprietary platform plus the popular MT4
Cons
- No Islamic trading account
- Time-consuming registration process
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, the eWallet is user-friendly and easy to navigate, making it popular with online 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 make a transfer, you simply swipe up from the bottom of your screen utilizing your default card (or switching to another registered card) and process the transaction using the given authentication method, such as fingerprint or face recognition, as well as passcode protection.
Samsung Pay is one of the three most popular mobile wallet options, with Apple Pay and Google Wallet (formerly Google Pay) being its main competitors. Despite the Google Pay and Apple Pay vs Samsung Pay debate, it remains a popular solution and a key factor for some in deciding what company to buy a smartphone from. The ease of the application is also what boosts its popularity – a selling point for active traders.
Fees
Another perk of using the 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 transfer.
Speed
The instantaneous nature of making transactions is a central appeal. It is a fast and reliable method, often with an immediate depositing time. Broker withdrawal times may vary, but generally, this should be no more than three working days.
Security
As one of the three major mobile wallets, air-tight security is important. Fortunately, traders can feel safe in the knowledge that Samsung Pay does not store personal or financial information on their devices and is generally safer than using cash or cards.
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. Financials are secured too, if you lose your mobile, you won’t lose your actual wallet.
Despite this, it is always worth adding two-factor authentication on your phone for added security.
How To Deposit & Withdraw Using Samsung Pay
See our quick step-by-step guide to making Samsung Pay deposits and withdrawals.
Deposits
- Open the Samsung Pay app
- Tap the PAY tab at the bottom of the screen
- Swipe left to Samsung Cash card
- Tap ADD MONEY below the card and choose where to add money from
- You can use a card pre-registered to your account, or simply a bank transfer
- If this is the first time using the method then tap UPGRADE
- Follow the prompts on the screen and add the personal banking info
- Tap NEXT to finish
Withdrawals
- Open Samsung Pay on your phone
- Tap the PAY tab at the bottom
- Swipe left to Samsung Cash card, then tap SEND below the card
- Either enter a phone number manually or choose a contact from your phone. You can also choose from your recent transfers
- Enter the amount and send
- There is also the option to add a message
- Finish by tapping NEXT
Note that 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 issues.
The minimum and maximum amounts you can send also are dependent on your trading broker. Some firms may even ask for a memo to be attached to the transfer (usually to be added in the comments section) to ensure the transaction reaches the right account. However, this method is more common with bank wire transfers, e-wallets such as Samsung Pay usually don’t require a memo.
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 is also fast and secure with online tokenization 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 is secure and reputable and goes out of its way to safeguard trader 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. Revolut is also not compatible, but other major banks such as Starling, HSBC, Nationwide and First Direct are.
Clients from the US can enjoy greater flexibility, as the system accepts both Visa and Mastercard alongside other major banks.
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 Wallet. Finally, a relatively limited list of brokers currently accepts Samsung Pay deposits and withdrawals.
Is Samsung Pay Good For Day Trading?
Samsung Pay’s popularity is a result of several key factors. Its uses are extensive, the depositing and withdrawal scheme is simple and security is a priority. Client money is safeguarded in a downloadable app 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’s payment solution is a great option for active traders.
Use our list of the best brokers that accept Samsung Pay deposits to start trading today.
FAQ
Is Samsung Pay Free To Deposit To A Trading Account?
Samsung Pay does not charge users additional fees for using the app. Trading brokers may, however, have their own processing fees though deposits are typically free.
Is Samsung Pay Safe To Use At My Broker?
Samsung Pay goes a long way to protect customer privacy. It uses multiple security methods, for example, tokenization to keep personal and financial information secure. Furthermore, it constantly monitors and protects your phone from malware. It is a safe money transfer solution and a good option for active day traders.
Which Brokers Accept Samsung Pay?
Samsung Pay is not yet widely supported by online brokers. Popular brokers include Interactive Brokers. You can check out our list of top brokers with Samsung Pay to find a suitable option.
Can I Deposit Values Over £45 To My Trading Account With Samsung Pay?
Yes, this is subject to the retailer but lots of places accept mobile transactions over £45, including day trading brokers. Check individual transfer limits before signing up for an account and depositing funds.