Best Wire Transfer Brokers 2024

A bank wire transfer is a payment method used for domestic and international money transfers from one bank to another, supported by the likes of Barclays, Bank of America, NatWest, and Santander. But before you login and make a deposit, there are several factors to consider, including the time it takes to transfer cash into your trading account, fees you may have to pay, plus any minimum and maximum transfer limits.

In this guide, we list the best brokers that accept wire transfer deposits in 2024. We also run through the pros and cons of funding your trading account with bank wire transfers.

Best Wire Transfer Brokers

After testing dozens of brokers, these are the 5 highest-rated firms offering wire transfer:

Wire Transfer Brokers Comparison

Wire Transfer Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
Forex.com logo
$100 Forex, Spot Metals MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral 1:50 Visit
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral 1:50 Visit
NinjaTrader logo
$0 Forex, Stocks, Options, Commodities, Futures, Crypto NinjaTrader Desktop, Web & Mobile, eSignal 1:50 Visit
eToro USA logo
$10 Stocks, Options, ETFs, Crypto eToro Trading Platform & CopyTrader - Visit
OANDA US logo
$0 Forex, Crypto OANDA Trade, MT4, TradingView, AutoChartist 1:50 Visit
DNA Markets logo
$100 CFDs, Forex, Indices, Commodities, Stocks, Crypto MT4, MT5 1:500 Visit
IG logo
$0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral 1:30 (Retail), 1:250 (Pro) Visit
Pocket Option logo
$50 Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos Web, MT4, MT5 - Visit
IQCent logo
$250 Binary Options, CFDs, Forex, Indices, Commodities, Crypto Online Platform, TradingView 1:500 Visit
Plus500 US logo
$100 Futures on Forex, Commodities, Cryptos, Indices, Interest Rates WebTrader, App - Visit
Moomoo logo
$0 Stocks, Options, ETFs, ADRs, OTCs Desktop Platform, Mobile App 1:2 Visit
CEX.IO logo
$20 Cryptos TradingView - Visit
Uphold logo
$0 Cryptos Desktop Platform, Mobile App - Visit
Scope Markets logo
$50 Forex, CFDs, Stocks, Commodities, Indices, Futures Scope Trader, MT4, MT5 1:2000 Visit
M1 Finance logo
$100 Stocks, ETFs, OTC stocks Own - Visit

#1 - Forex.com

Why We Chose Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

"Forex.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • Instruments: Forex, Spot Metals
  • Regulator: NFA, CFTC
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • The free demo account allows you to practice day trading strategies in a risk-free environment
  • There's a VPS hosting solution for those using automated trading strategies
  • Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC

Cons

  • The investment offering varies between countries
  • The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
  • It's a shame that there's no copy trading platform for beginners or signal providers

#2 - Interactive Brokers

Why We Chose Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage for experienced traders, 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. 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, CBI, CIRO, SFC, MAS, MNB
  • Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Min. Deposit: $0
  • Min. Trade: $100
  • Leverage: 1:50

Pros

  • IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders.; plus, you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
  • IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries.

Cons

  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.

#3 - NinjaTrader

Why We Chose NinjaTrader

NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.

"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."

- DayTrading Review Team
  • Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
  • Regulator: NFA, CFTC
  • Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
  • Min. Deposit: $0
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
  • You can get thousands of add-ons and applications from developers in 150+ countries
  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract

Cons

  • The premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods

#4 - eToro USA

Why We Chose eToro USA

eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

- DayTrading Review Team
  • Instruments: Stocks, Options, ETFs, Crypto
  • Regulator: SEC, FINRA
  • Platforms: eToro Trading Platform & CopyTrader
  • Min. Deposit: $10
  • Min. Trade: $10

Pros

  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
  • Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
  • The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors

Cons

  • There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
  • Average fees may cut into the profit margins of day traders
  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos

#5 - OANDA US

Why We Chose OANDA US

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

- DayTrading Review Team
  • Instruments: Forex, Crypto
  • Regulator: NFA, CFTC
  • Platforms: OANDA Trade, MT4, TradingView, AutoChartist
  • Min. Deposit: $0
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
  • There's a strong selection of 68 currency pairs for dedicated short-term forex traders
  • OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC

Cons

  • There's only a small range of payment methods available, with no e-wallets supported
  • It's a shame that customer support is not available on weekends
  • The range of day trading markets is limited to forex and cryptos only

Wire Transfer Overview

Wire transfer services were originally launched in 1872 by Western Union when the existing telegraph network was used to transmit a money transfer message to another telegraph office. In just five years, almost $2.5 million was being transacted each year.

The modern wire transfer works by passing payment instructions from a sending account to a receiving account through a secure online system, such as SWIFT or Fedwire. Funds are then deposited and normally settled within two business days for international transfers and within a few hours for domestic transfers.

wire transfer logo

Pros Of Trading With Wire Transfer

Accepted Globally

Wire services are supported globally and are ideal for traders based anywhere in the world. They are also administered by hundreds of reputable financial institutions, including HSBC, Lloyds Bank, Metrobank and Nationwide, as well as online fintechs such as Monzo, Revolut and Starling Bank.

You can find your regional locations by typing into Google “wire transfer near me”.

Offered By Most Brokers

As bank wires are so widely used around the world, traders will have no problem finding a broker that supports the deposit method. In fact, some of the top wire transfer brokers include XM, ETrade, eToro, Interactive Brokers, and Coinbase.

Fast

Wires are sent and received in real time and are usually processed within two business days for international payments (ie: from UK to USA, Canada to UK, or even India to UK) and within a few hours for domestic transfers. Make sure to check with your broker where their receiving bank is located, as this can also affect processing times on their side.

Transfer Options

Wire transfers are normally flexible and can be done using a credit card, over the phone, or in person at your post office or bank.

Note that a wire transfer using a credit card may incur higher fees.

Money Transfer Apps

Money remittance apps have become increasingly popular among traders for their convenience, security, speed and global reach. For example, PayPal and TransferWise can facilitate quick transactions in a wide range of countries, including Canada, Kenya, Egypt, Jamaica and India.

Relatively Safe

Brokers that accept wire transfer deposits are usually safe, as long as you know and trust the receiver. Legitimate wire services will require both parties to prove their identity, so it is important for traders to choose trusted and regulated brokerages that are both transparent and accountable.

Transfer Tracking

Most financial institutions will have tools that allow senders to apply tracking information to a transaction. You can contact customer support at your respective remitting bank or money transfer service if you have any questions. This provides an additional layer of security.

The best wire transfer brokers also have helpful customer support teams that can advise on payment queries.

Cons Of Trading With Wire Transfer

Broker Processing Times

Domestic payment systems such as Automated Clearing Houses (ACH) are processed within 24 hours. However, foreign systems must clear the domestic system as well as the foreign equivalent, therefore adding an extra day to the processing time. In addition, trading brokers will also have their own processing times, sometimes taking up to 7 days for funds to appear in your trading account. Withdrawals can be even longer.

Fees

There is usually a cost to initiate both domestic and international bank wires, which can be high even if you are only depositing a small amount. Therefore, bank wire transfers tend to be more cost-effective for experienced traders who want to deposit or withdraw large amounts of money.

Note that there may also be additional service fees charged by your broker as well as exchange rate fees. For example, sending money from the US to UK could cost you $45-50 plus any other currency conversion and broker fees.

Not Reversible

As a bank wire is processed immediately, it is not possible to reverse a payment or request a chargeback if, for example, the sender or trader has provided the wrong recipient address. This is particularly attractive for scammers who can claim the funds and disappear before the sender even realizes the money has gone missing. This also demonstrates why it’s important to open a trading account with a trusted broker.

Weekend Delays

Whilst you are free to use the service at the weekend, there is no guarantee that your broker will also receive the funds at the weekend. This usually means that money wired on a Friday or Saturday is not received until the start of the following week.

Payment Speed

It only takes a few minutes to set up and initiate a wire, but bear in mind that international transactions may take a few days to be received by your broker and then released to your trading account.

It may also take several hours for domestic transfers to show in your broker’s account, plus any additional processing times on your brokerage’s side. For example, an ETrade wire transfer out can take three days, whereas FXTM can take up to five days.

Note that financial institutions may also have cut-off times for sending money on the same business day. For example, same-day transmissions are not possible after 5 pm ET at Bank of America and online at Wells Fargo.

The time it takes to receive your money can also be affected by limits imposed by online brokers. Higher amounts might require additional identity verification or security checks. As such, these transactions will take longer to process.

Wire Transfer Security

Wire transfers are generally very safe, as long as the receiving party, such as a trading broker, is a trusted entity. Information is transmitted through encrypted connections, which may differ depending on your banking or money transfer service.

In terms of regulations, some nations do have stringent policies in place that provide protection against money laundering activities and terrorist funding, including the Office of Foreign Assets Control in the USA and the Wire Transfer Regulation (WTR) in the UK and EU. Organizations like this collect information on transfers over $3,000.

In the US, traders that wish to receive more than $10,000 in one lump sum from the same payer must file Form 8300 to the IRS. So for big amounts, check with your local authority to make sure you comply with regulations.

In cases where there is suspicious activity, the sending bank has the authority to freeze funds and stop the transfer. Whilst this does provide a good level of safety, traders should also ensure that their brokers have measures in place to protect clients.

Investors should also be aware of broker scams where they request a hefty minimum deposit via wire order to open an account. This is often alongside other red flags such as a poorly written website, no transparency around company information and unrealistic trading conditions.

How To Deposit Using Wire Transfer

The wire transfer process is fairly simple. Look out for the logo at your broker and make sure to check any minimum or maximum limits, both with your bank and your trading platform. Usually, bank and payment service transfer limits are generous (i.e. up to 1 million dollars at TransferWise and $250,000 per business day at Chase Bank).

Once your broker has provided you with the payment details and a wire transfer receipt, enter the information into your bank’s transfer form, along with the amount, beneficiary address and postal zip code, as well as the purpose of payment. Depending on where you reside or where you’re transferring to, you may need to provide a routing number or a SWIFT code. Once the transfer is complete on your side, you will both receive a confirmation.

The withdrawal process can vary depending on the broker, but traders usually need to fill out a withdrawal form to request a bank wire transfer.

Wire Transfer Fees

Domestic and international wire transfers can be costly. For example, in the US, the online domestic transfer fee at Bank of America and Discover Bank is $30. In the UK, the transfer fee with HSBC is £5 for transfers in another currency than GBP. In Australia, domestic transfers are generally free but international transfers can cost up to $30, plus the foreign exchange margin.

Whilst some brokers do also charge their own fees, many cover the cost of deposits and withdrawals, including XM, FxPro and FP Markets.

Is Wire Transfer Good For Day Trading?

Despite growing competition with e-wallets, bank wire transfers are still the preferred option, particularly among professional traders who transfer larger sums using a credit card, bank account or money transfer app. International and domestic transfers are also safe, especially to and from jurisdictions that are backed by robust regulations. The main downsides are the fees involved with a wire transfer, as well as the time it takes for funds to clear in your trading account.

Use our list of brokers that accept wire transfer deposits to start trading today.

FAQ

What Is A Wire Transfer And How Does It Work For Day Trading?

A wire transfer is a popular electronic payment method that involves sending a transmission from one bank to another. Wire transfers can be carried out domestically or internationally, including to trading accounts.

Are Wire Transfer Deposits To My Trading Account Safe?

Wire transfers are usually fairly safe, as long as the sender trusts the recipient. With this in mind, traders should ensure that they are investing with a reputable and secure broker.

Are Wire Transfers Free At My Broker?

A wire transfer can cost money, whether it is domestic or international and regardless of how much money you are sending. SWIFT fees, for example, are usually priced at 3-4% of the total amount. By definition, wire transfers are expensive due to handling charges (shipping fees) between banks and currency conversion fees (if sending money internationally).

Does Wire Transfer Work On Weekends?

Generally, a wire transfer will go through on a Saturday from the sender’s side, but clearing times on the recipient’s side tend to slow down at the weekend. Time frames also vary depending on the receiving bank and broker. For example, if your bank is shut on weekends it may take until Monday to receive your funds.

Do Wire Transfer Trading Deposits Take Long?

International wires can take up to two days to be processed, whilst domestic transfers are usually received within a few hours. Note that brokers will have their own processing time frames, sometimes up to seven days.

How Do I Wire Transfer To My Online Broker?

You can wire transfer to your trading broker by signing into your online banking and initiating a payment using a transaction form. You will need the beneficiary address details, transfer amount and reference, as well as a SWIFT or routing number if applicable. You can also send money to yourself (to another bank account you own).

Can A Wire Transfer Trading Deposit Be Cancelled?

It cannot be recalled once it has been initiated at your bank; meaning you need to make sure you are sending to a reliable recipient and that you have entered the transfer details correctly. This is particularly true when multiple scam brokers operate in the retail trading space.