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Most brokers accept payments through debit and credit cards, plus bank transfer for large deposits and withdrawals. But if you’re not based in the UK and you’re trading with a UK broker the process of getting funds two and from your account can be annoyingly slow for international transfers.
Of course you have to take the rough with the smooth. London is the global hub for financial trading because of it’s time zone and banking infrastructure is a bonus, but that does mean that if you are making international payments to and from a broker the process can take longer than it should with traditional methods.
However, these payments can be sped up by using PayPal, Skrill or Neteller. We’ve put together payment services comparison table so you can see what broker accepts what.
Of the brokers we compared you can trade pretty much what every you want from cryptocurrencies, Forex, MT4, spread betting to physical stocks and shares.
The advantages of using these third party payment providers are that they can speed up deposits and of course mean you don’t have to have your card and bank details to hand.
The disadvantage of Skrill, Neteller and PayPal is that you are increasing your counter-party risk. So if you’ve got a large transaction you are relying on the stability of three partners (your broker, payment provider and your bank).
This means that whilst some of your money in accounts at you bank and broker are covered by the FSCS, your funds are not covered when they are with Skrill, PayPal or Neteller. Something to be mindful if you are moving very large amounts of money to and from your broker.
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