Best TransferWise Brokers 2024

Contributor Image
Written By
Contributor Image
Written By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
Contributor Image
Edited By
Contributor Image
Edited By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
Contributor Image
Fact Checked By
Contributor Image
Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
Updated

Wise, previously TransferWise, is a multi-currency electronic transfer solution that can be used to deposit funds to online trading accounts. The London-based company makes it quick and easy to send funds internationally and convert currencies at the click of a button.

This review lists the highest-rated brokers that support TransferWise deposits, along with typical processing times, minimum and maximum payment limits, plus any fees. Our traders also explain how to deposit to TransferWise brokers.

Best TransferWise Brokers

From our rigorous testing, we recommend these 4 brokers that accept TransferWise deposits:

TransferWise Brokers Comparison

TransferWise Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
XM logo
$5 Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures MT4, MT5 - Visit
Fusion Markets logo
$0 CFDs, Forex, Stocks, Indices, Commodities, Crypto MT4, MT5, cTrader, TradingView, DupliTrade 1:500 Visit
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral 1:50 Visit
Bitfinex logo
$0 Cryptocurrencies Web Platform - Visit

#1 - XM

Why We Chose XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team
  • Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
  • Regulator: ASIC, CySEC, DFSA, FSC, FSCA
  • Platforms: MT4, MT5
  • Minimum Deposit: $5
  • Minimum Trade: 0.01 Lots

#2 - Fusion Markets

Why We Chose Fusion Markets

Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.

"Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
  • Regulator: ASIC, VFSC, FSA
  • Platforms: MT4, MT5, cTrader, TradingView, DupliTrade
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:500

#3 - Interactive Brokers

Why We Chose Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

- DayTrading Review Team
  • Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
  • Regulator: FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
  • Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: $100
  • Leverage: 1:50

#4 - Bitfinex

Why We Chose Bitfinex

Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.

"With its growing token selection, advanced charting tools and volume-based fee structure, Bitfinex is a compelling choice for frequent crypto traders. However, testing reveals a daunting platform for newer day traders, hit-and-miss education and regulatory fines that raise safety concerns."

- DayTrading Review Team
  • Instruments: Cryptocurrencies
  • Regulator: Unregulated
  • Platforms: Web Platform
  • Minimum Deposit: $0
  • Minimum Trade: $10

How Did We Choose The Best Wise Brokers?

To reveal the top Wise brokers, we:

  • We examined our database of 500 online brokers, removed all those not accepting Wise payments
  • Ensured that they accept Wise deposits and withdrawals for online trading
  • Sorted them by their overall score, using 100+ data entries and findings from our in-depth tests

What Is TransferWise?

Wise is a financial technology company that provides money transfer services to customers, including online traders. The firm was launched in 2011 with a mission to make international payments fair, low-cost, and easy.

Wise is a good payment method for retail investors looking to make deposits to live trading accounts. It is a safe and secure payment gateway, with regulation from FinCEN in the US and the FCA in the UK. Traders can also hold and convert money in 40+ currencies and the gateway is available in 160 countries.

How It Works

The company’s technology links together local institutions across the globe to create an intuitive, connected payment system. Put simply, all supported countries have a virtual hub, in which payments, including deposits to broker-dealer accounts, are verified and executed.

Payments will be sent in local currency to a TransferWise hub in your jurisdiction. The recipient Wise hub will then execute the converted payment in the alternative currency, without actually transferring funds cross-border.

For example, if you are a US trader but want to deposit funds to UK TransferWise brokers, your payment would be made to the Wise hub in the US and the UK hub will pay the UK brokerage the equivalent funds in GBP.

The company makes a small profit through fees on these transactions, which are calculated upfront before any transfers are requested. Importantly, TransferWise uses an exchange rate based on the current market rate, unlike many banks that add a surcharge.

Transaction Times

Deposits to live trading accounts through Wise can be instant. For example, if you are depositing to TransferWise brokers with a UK-registered bank account in GBP, you can expect almost instant funding.

However, funds can only be transferred via normal banking hours. The time taken for transactions to be complete will also depend on various factors, including if a currency conversion is required and the location of the recipient’s bank.

Brokers that accept TransferWise deposits may also require additional security checks which can cause delays. Moomoo, for instance, processes Wise deposits within one working day, with an expected receipt time of up to three working days for funds to be available.

Fees

Deposits and withdrawals to and from Wise brokers are usually low-cost.

New customers will need to register for an account with the brand, though this is free. There is a transfer fee and an exchange rate charge applied by Wise, but the firm promises that it is up to “8x cheaper than making payments via bank wire transfer”.

Wise uses the live exchange rate rather than adding a commission fee. This means there are no hidden charges or subscription fees. Relevant charges are displayed before all payments are submitted.

Some TransferWise brokers also do not charge additional transfer fees. Saxobank, for example, refunds all intermediary fees associated with depositing via Wise.

Charges to be aware of when trading with Wise include:

There is also a useful fee calculator available on the Wise website so you can understand applicable charges before requesting a money transfer to your brokerage account. Equally, the best brokers that accept TransferWise deposits are upfront about payment fees.

Security

Traders can feel assured that Wise is a reputable payment gateway. The top TransferWise brokers also operate with top-tier regulatory oversight, comply with data privacy rules, and provide full transaction encryption.

Safety features that Wise integrates include two-factor authentication (2FA) for account changes and transaction approvals, data protection systems, and a dedicated global anti-fraud team. Client funds are also held separately from business money in segregated accounts with trusted financial institutions.

Additionally, the payments company is regulated across the world with oversight from the US Financial Crimes Enforcement Network (FinCEN) and the UK Financial Conduct Authority (FCA), among others.

Pros Of TransferWise Brokers

Cons Of TransferWise Brokers

How To Deposit Using TransferWise

The first requirement is to find brokers that accept TransferWise deposits. Day traders will then need to register for a Wise account and add funds:

  1. Sign up for a new account by clicking on the ‘Register’ icon at Wise.com or the Wise app
  2. Complete the online application form
  3. Confirm your identity with a government-issued ID such as a passport or driving license
  4. Add funds to your Wise account from an existing credit/debit card, Apple Pay, Google Pay, or bank wire transfer

The payment process may then vary slightly between TransferWise brokers, but the typical steps you will need to follow require navigating to the broker’s cashier after logging in, selecting ‘Wise’ and then following the instructions.

Below are the specific steps you would need to follow at Fusion Markets, for example:

  1. Log in to your Wise account via the website or app
  2. Select ‘Send Money’ on the Wise website or ‘Send’ on the app to create a new payment request
  3. Add the amount you want to deposit to the trading account (e.g. $500)
  4. Confirm the payment is a ‘personal transfer’
  5. Confirm your personal details
  6. Add Fusion Markets’ bank details
  7. Review the payment details and insert a reference (e.g. your brokerage account number)
  8. Review the associated fees displayed on the screen
  9. Confirm the payment and click ‘Submit’
  10. Log in to your Fusion Markets account and confirm that the payment has been received

Note, processing times will vary between brokers that accept Wise deposits. Some brokers will also request proof of payment or a transaction receipt.

Is TransferWise Good For Day Trading?

Wise is a globally recognized, legitimate transfer solution. The payment gateway is also a relatively low-cost deposit and withdrawal method for day traders. The option to hold, send and receive money across many international currencies makes it a top contender. Brokers that accept TransferWise deposits also typically process payments quickly.

To make a trading deposit, sign up with one of the best TransferWise brokers.

FAQ

Can I Use TransferWise To Deposit To A Trading Account?

Yes, TransferWise is a safe and secure payment gateway to initiate deposits to live trading accounts. Customers can load a Wise account with credit/debit cards, bank wire transfers, or mobile solutions such as Apple Pay. Day traders can then send money from the Wise website or mobile app to their brokerage account.

What Are The Top Brokers That Accept TransferWise Deposits?

Several global brokers accept Wise deposits and withdrawals, including Oanda, Saxobank, and Moomoo. Use our ranking of the top TransferWise brokers to find a suitable trading firm.

Is It Cheap To Deposit To Wise Brokers?

The majority of brokers that accept Wise deposits do not charge an additional fee. However, traders will be liable for currency conversion charges (if applicable) and a fee to send or receive funds from a Wise account. Although not the cheapest solution, Wise does process currency conversions at the current market price.

How Fast Are Deposits Processed To TransferWise Brokers?

Processing timelines to Wise brokers vary depending on the transfer currency and the recipient’s location. With that said, the top brokers that accept TransferWise deposits complete all transactions within three working days, though some transfers are instant if a local currency is used.

Note, payments can be processed during standard banking hours only.