Best Sofort Brokers 2024
Sofort (part of the Klarna Group) is an online direct payment service, where traders can fund their broker accounts using just their online banking details. You may find the Sofort/Klarna logo at some brokers and e-commerce websites, but how does it compare to e-wallets such as PayPal?
If you’re wondering how it works, we’ll review all the key points in this article, including pricing, test accounts and the login process. We also list the best brokers that accept Sofort deposits and withdrawals.
Best Sofort Brokers
These are the top 5 brokers with Sofort payments, based on our tests:
Sofort Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
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$50 | CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds | eToro Web, CopyTrader, TradingCentral | - | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | BDSwiss Webtrader, MT4, MT5 | 1:30 | Visit |
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$0 | CFDs, Forex, Indices, Commodities, Crypto | MT4 | 1:500 | Visit |
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$100 | CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only) | Markets.com Web/App Platform, MT4, MT5 | 1:30 | Visit |
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$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist, DupliTrade | 1:400 | Visit |
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$250 | CFDs, Forex, Indices, Stocks, Commodities, Cryptocurrencies | WebTrader, MT4, TradingCentral | 1:30 (Retail), 1:400 (Professional) | Visit |
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$250 | Forex, commodities, cryptocurrencies, stocks, indices | MT4, TradingCentral | 1:30 (Retail), 1:400 (Pro] | Visit |
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$10 | Forex, CFDs, indices, shares, commodities, ETFs, cryptos | MT4, MT5 | 1:400 | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT4, MT5 | 1:30 (EU), 1:500 (Global) | Visit |
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$100 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs, bonds, spread betting | MT4, MT5, TradingCentral | 1:30 (EU), 1:500 (Global) | Visit |
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€100 | CFDs on Forex, Cryptocurrencies, Metals, Indices, Stocks, Oil & Gas, Agriculture, ETFs | Libertex (and mobile app), MT4, MT5 | Up to 1:30 (Retail) | Visit |
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$0 | Stocks, ETFs, Bonds, Futures, Options, Warrants | Own | - | Visit |
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$10 | CFD, Forex, Crypto, Stocks, Digital Options | Own | 1:500 | Visit |
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$0 | Cryptos | AlgoTrader | - | Visit |
#1 - eToro
Why We Chose eToro
eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.
"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds
- Regulator: FCA, ASIC, CySEC, FSA, FSRA, MFSA
- Platforms: eToro Web, CopyTrader, TradingCentral
- Minimum Deposit: $50
- Minimum Trade: $10
Pros
- Top copy traders can receive annual payments up to 1.5% of assets under copy in the broker's Popular Investor Program
- The web platform and mobile app perform better in user reviews and app rankings than top competitors, including AvaTrade
- Exciting investment portfolios are available covering traditional market trends as well as tech, crypto and more
Cons
- There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
- Traders will face currency conversion fees for account denominations other than USD
- There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
#2 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Regulator: IFSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
Cons
- RoboForex provides a variety of account types, which, while offering flexibility, can be overwhelming for newer traders trying to choose the most suitable option for their trading style. Alternatives, notably eToro, provide a smoother entry into online trading with one retail account.
- Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
#3 - BDSwiss
Why We Chose BDSwiss
BDSwiss is an award-winning forex and CFD broker founded in 2012. The firm offers 250+ instruments to clients in over 180 countries. With spreads from zero pips and three powerful charting platforms, they offer a rounded day trading package for beginners and seasoned investors alike. The broker is regulated by the Mauritius FSC and Seychelles FSA.
"BDSwiss will suit active day traders looking for raw pricing, fast execution and powerful trading software with a range of pre-included analysis tools. That said, the range of 250+ assets is smaller than most top competitors."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FSC, FSA
- Platforms: BDSwiss Webtrader, MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:30
Pros
- The knowledgeable support team is available 24/5 in 20 languages and the live chat service is responsive based on tests
- There are several account types to suit different traders and budgets, with just a $10 minimum deposit and dynamic leverage up to 1:2000
- Choice of powerful day trading terminals, including an in-house app with 50+ technical tools, a Trend Analysis feature and an advanced Market Watch window
Cons
- The lack of a top-tier regulator like the CySEC or ASIC brings down the trust score a little
- There's a $30 inactivity fee after 90 days which is higher than several top competitors, including XM which only charges $5
- The range of 250+ assets is mediocre compared to most leading brokers which typically offer 1000+
#4 - FXCC
Why We Chose FXCC
FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "
- DayTrading Review Team
- Instruments: CFDs, Forex, Indices, Commodities, Crypto
- Regulator: CySEC
- Platforms: MT4
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
- There are no restrictions on short-term trading strategies like day trading and scalping
- Competitive and transparent ECN spreads from 0.0 pips with zero commissions, making FXCC one of the cheapest forex brokers
Cons
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
- FXCC’s single platform offering is a major drawback compared to many alternatives, notably AvaTrade which provides 5 platforms to suit different trader preferences
- Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
#5 - Markets.com
Why We Chose Markets.com
Markets.com is a respected broker, offering multi-asset trading opportunities through CFDs or spread betting (UK only). Established in 2008, the brand has an impressive 4.3 million registered customers and is overseen by trusted regulators, including the FCA, ASIC and CySEC. 79.1% of retail accounts lose money.
"Markets.com is best for active traders looking for a regulated broker with low fees and fast execution speeds of 82ms. Beginners will also enjoy the in-house platform with its user-friendly interface, clear navigation and dynamic charts."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only)
- Regulator: FCA, CySEC, ASIC, FSCA, FSC
- Platforms: Markets.com Web/App Platform, MT4, MT5
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:30
Pros
- CFD and spread-betting opportunities are available on multiple asset classes including forex, stocks, ETFs, bonds and indices
- The $10 inactivity fee is only charged after 12 months of no trading activity (many competitors start charging after only 3 months)
- Markets.com is a trusted broker with oversight from tier-one regulators including the FCA, CySEC and ASIC
Cons
- The single retail account option doesn't offer traders any choice of trading conditions, or any additional perks for active trading
- There are no auto or copy trading terminals outside of the MetaTrader platforms, such as DupliTrade
- Unlike some top competitors like XM, customer support is not available on the weekend
Overview
In 2014, German payment company, Sofort GmbH, was acquired by Klarna to form the Klarna Group company. Klarna itself was founded in Sweden in 2005. Now one of Europe’s largest banks, Klarna provides payment solutions to 90 million consumers across 200,000 merchants in 17 countries.
Sofort, also known as ‘Pay now with Klarna’ in the UK, is an online payment and leasing service provider which allows consumers to makes purchases quickly and easily using their online banking details. Consumers enjoy direct payments, meaning there is no need to enter any card details or to create an account.
Pros Of Trading With Sofort
Demo Account
Klarna offers a live practice account which gives you 10 Euros in test money to simulate a quick transfer to a fake account. This is a great way of seeing how easily a transfer can be made and what the process involves.
No Download Required
There’s no download required to make a payment, however, Klarna does have a mobile app that you can download if you want to keep track of your purchases or deposits. This can be accessed quickly with an email address.
No Need To Register
Traders can deposit directly from their bank account to their trading platform without any hassle. This is much more convenient than other payments such as PayPal, for example, which requires you to sign up and then credit your account when you make a purchase.
Fast
The definition and meaning of ‘Sofort’ in German translates to ‘immediately’ or ‘instantly’ in English. Indeed, payments with Sofort/Klarna are instantaneous, which is ideal for those who want to trade quickly after depositing. Bear in mind, though, that some Sofort trading brokers may have their own time frames to process deposits and withdrawals.
Trusted & Established
Klarna has been around for over 15 years and is used by millions of consumers globally. Klarna is also backed by investors including Visa and Atomico. Furthermore, the company is partnered with other well-known payment services including Worldpay and is trusted by many merchants and banking providers, such as Transferwise and Western Union.
Multiple Currencies Accepted
Currencies accepted at the Klarna Checkout include AUD, CAD, CHF, DKK, EUR, GBP, NOK, SEK and USD. This is more than those offered by other methods such as Trustly and are also currencies widely used by traders.
Cons Of Trading With Sofort
Mostly European Supported Countries
Klarna supports bank accounts mainly within Europe, including France, Sweden, Finland, Norway, Denmark, German, Austria, Netherlands, Switzerland, Belgium, UK, Italy, Spain, Poland, Australia and the USA. This is rather limited compared to other payment methods, so traders from Russia or Asia, for example, may have to consider other payment providers.
Payment Cancellation Not Possible
Traders should ensure they are entering the correct amount to avoid any delays. Note that you also cannot request a chargeback with Sofort, as recurring payments or direct debits are not possible. Klarna does allow you to refund payments but you will need to contact your broker for details.
Not Offered By Many Brokers
Despite its convenience and speed, Sofort is not as commonly offered as e-wallets such as Skrill or Neteller. In addition, brokers based outside of Europe, the USA or Australia tend not to offer Sofort.
Speed
Making a payment with Sofort is instant, but you may need to check with your broker for their own processing times, which can range from a few minutes to days. Sofort also does not require account opening and registration beforehand.
Security
Sofort was designed with security in mind. The online banking login process requires a one-time PIN and TAN (confirmation code). This takes place exclusively within the Sofort GmbH software and not on the trader’s website, meaning that no sensitive information can be accessed by the broker. These details are also not stored by Klarna or Sofort, so traders can rest assured that their details are safe. The Stripe API is also secure.
How To Deposit Using Sofort
You can make a Sofort deposit or withdrawal easily at your chosen broker – just look out for the Klarna or Sofort logo and ensure you already use online banking with your current bank account.
Once you’ve logged in to your trading platform, select Sofort in the funding section and follow the instructions. The service essentially works like an online bank transfer, where you enter your bank account number and sort code into the payment gateway.
You should also check with your broker to see if there is a maximum money transfer limit in your account. ArgusFX, for example, accepts a maximum transaction amount of $5,000, whilst ActivTrades allows a deposit limit of €800 for UK customers.
Sofort also has a useful YouTube video explaining how to make a direct payment via your mobile device.
Fees & Costs
Sofort does not charge any fees for using their service, however, your broker may have their own pricing or commission structure. For example, Sofort payments at EasyMarkets, BDSwiss and ActivTrades are fee-free, whilst ArgusFX charges a 2% fee on deposits, and InstaForex charges a minimum of 5 Euros on withdrawals.
Is Sofort Good For Day Trading?
Overall, Sofort is an ideal payment choice for traders who value speed, convenience and security. Although it’s not the most popular of methods offered by brokers, those that do have access to it can enjoy commission-free deposits and withdrawals. Traders also don’t need to register an account but they do have the option to download the app if they wish to view their transactions and online transfers.
FAQ
What Is A Sofort Payment Method For Trading?
Sofort (Pay now with Klarna) is an online direct payment service that allows day traders to make purchases using their own banking details and fund their live trading accounts.
How Long Does A Sofort Trading Deposit Take?
Sofort payments are instant but processing times for deposits or withdrawals vary from broker to broker. You can find these in your trading platform or by contacting your broker’s customer support team.
Is Sofort Safe To Use At My Broker?
Yes, Sofort by Klarna is secure and safe to use. PIN and TAN codes are never shared with the merchant, nor are your account details. The payment form is also secured with AES 256-bit encryption technology.
What Do I Do If My Sofort Trading Deposit Is Not Working?
If you have any problems with your payment, it might be worth checking with your broker that the issue isn’t on their end. If not, you can contact the Sofort buyer hotline numbers on the website, or open a live chat.
How Do I Make A Trading Deposit With Sofort?
Once you’ve logged in to your trading account, select Sofort and the amount you wish to deposit. Sofort will ask for your current account details and your bank will send you a unique PIN/TAN code as verification for the deposit.