Best Forex Brokers That Accept Wise

When selecting a forex broker to trade with, there are a few things that investors need to consider. One of the most important things to consider is the payment options supported by the broker. Traders should be able to fund their accounts in a fast and convenient way. Wise (formerly TransferWise) has become an increasingly popular choice for traders. It provides a fast, cost-effective way to deposit and withdraw funds from one's trading account. This article will look at some of the best forex brokers that accept Wise providing an in-depth analysis of their features, benefits, and what makes them stand out in the crowded marketplace.

Understanding Wise and Its Benefits for Forex Traders

Before we list the individual brokers, it is important to get a little more understanding of why traders regard Wise as a top payment system on broker sites. Wise, formerly known as TransferWise, is a fintech specialising in global money transfers. A Wise account lets you hold 40+ currencies, send money to 80+ countries, and spend worldwide with your linked card. On broker sites, it allows traders to fund their accounts in a matter of minutes. Moreover, Wise is renowned for its transparency, low fees, and real exchange rates. This makes it a viable option for forex traders who often need to move substantial sums of money into and out of their accounts.

Key Benefits of Using Wise

• Low Fees - Wise charges significantly lower fees compared to traditional banks and some other payment services.
• Real Exchange Rates - Unlike many services that offer marked-up exchange rates, Wise provides the real market rate, saving users money on conversions.
• Speed - Transfers through Wise are typically much faster than through traditional banking methods.
• Transparency - All fees and exchange rates are clearly presented, ensuring there are no hidden costs.
• Security - Wise is regulated by financial authorities around the world, ensuring the safety of transactions. It also employs sophisticated security features to help secure its clients’ funds.

Now that we understand the allure of using Wise, let’s shift our focus to some of the best forex brokers that accept Wise.

Forex.com

Forex.com is one of the best forex and CFD brokers that allows its traders to fund their accounts using Wise. The broker integrated ultra-fast Wise that ensures deposits reflect in a trader’s account within seconds. This means that traders can take advantage of trading opportunities as fast as possible. The minimum deposit accepted by this broker is an affordable $100. There are a variety of other payment options supported by the broker, but most of them are not as fast as Wise. Some of the other payment options available to fund accounts include credit/debit cards, Skrill, and Neteller.

Once a trader makes a deposit, they gain access to a plethora of market products on the Forex.com broker site. Traders outside the US can trade CFDs on forex, stocks, indices, cryptocurrencies, commodities, and precious metals. In contrast, US-based traders can only trade Forex, futures and futures options. 

The spreads associated with this broker are competitively low, allowing traders to maximise their earnings. The spreads start from as low as 0.8 pips on the standard account and 1.0 pips on the MetaTrader account with no commission charged on either account. In contrast, the raw account offers super-low spreads starting at 0.0 pips but with a fixed commission of $5 per $100,000 traded. Traders can use platforms such as MetaTrader 4, MetaTrader 5, TradingView, and Forex.com Trader.

Further, Forex.com has one of the most stellar regulatory backgrounds of any broker. Its parent company, StoneX, has authorisation from multiple financial regulators including the FCA in the UK, CySEC in Cyprus, ASIC in Australia, and both the CFTC and NFA in the US, among others.

77.0% of retail investor accounts lose money when trading CFDs with this provider.

eToro

eToro is one of the largest brokers in the world with over 35 million clients from more than 100 different countries. This broker supports the funding of accounts using Wise, which offers a ton of benefits. For example, traders in the UK can get around currency conversion fees by opening a multi-currency account with Wise. The minimum deposit accepted by this broker varies from country to country. In the US and the UK, this broker requires a minimum deposit of $100 and in some, it is only $50. Notably, there are several other payment options supported by the broker including Credit/Debit cards, PayPal, Neteller, and Skrill.

Positively, this broker allows its traders to access a deep collection of market products. On the eToro broker site, investors can trade CFDs on forex, crypto, stocks, commodities, ETFs, and indices or purchase real stocks and cryptocurrencies. Spreads on eToro start from as low as 1.0 pips for major currency pairs with no commission. The trading platform available to use is the eToro platform, famous for its proprietary CopyTrader technology.

Further, eToro is a trading platform under the regulation of the CySEC in Cyprus, the FCA in the UK, the ASIC in Australia, and the FINRA in the USA, among others. Evidently, eToro is one of the most heavily regulated brokers in the market today.

51% of retail investor accounts lose money when trading CFDs with this provider.

Interactive Brokers

Interactive Brokers is another popular broker that teamed up with Wise to allow traders to make deposits and withdrawals super fast. Moreover, this enables traders to convert their local currency to an Interactive Brokers-supported currency at the mid-market exchange rate. Notably, this broker does not have a minimum deposit requirement, allowing traders a considerably low entry point.

On another note, Interactive Brokers gives traders access to thousands of different market instruments. These include currencies, stocks, options, futures, bonds, funds, and crypto. Interactive Brokers offers clients some of the lowest spreads in the market accompanied by a commission. For currency pair trading, spreads can be as low as 0.1 pips, with a commission charged based on trading volume. Forex traders pay a commission between 0.08 to 0.20 basis points times the monthly trading volume. There are two main trading platforms available to use including the IBKR platform and TradingView.

Finally, Interactive Brokers has regulations from a variety of organizations. It is under the supervision of the FCA in the UK, the SEC and CFTC in the US, the ASIC in Australia, the CIRO in Canada, and the Monetary Authority of Singapore.

IG Group

IG also allows traders to fund their accounts using Wise. However, IG insists that they are not associated with Wise and advises traders to check the costs charged before using it. After funding your account with Wise, you will need to show IG Group the evidence of the transfer and your Wise statement. Additionally, IG provides its address since traders might be asked for it during the payment process. 

On another note, IG Group is a global leader in online trading, offering access to a wide range of financial markets. These include CFDs on shares, forex, indices, commodities, and ETFs. These market products are accessible on different platforms which include MetaTrader 4, L2 Dealer, and ProRealTime. The spreads on IG are manageable and most traders would be able to afford them. The spreads on IG can fall as low as 0.6 pips for some major currency pairs with no commission.

Finally, the broker is well-regulated in a variety of jurisdictions. These include the FCA in the UK, the ASIC in Australia, and the FSCA in South Africa, among others. Such regulations elevate the broker’s reputation among traders.

75% of retail investor accounts lose money when trading CFDs with this provider.

Alternative Brokers

While not many brokers provide direct support of Wise transfers, there are plenty of brokers that allow investors to deposit funds straight from their bank accounts. That means you can use your wise bank account and send your money to your broker. Nearly all forex brokers support bank transfers. It just usually takes a little bit longer to reflect in your trading account than when you use a broker that provides direct transfers via Wise. Below are some of the best brokers that support bank transfer as a payment option.

FP Markets

FP Markets supports Bank Transfers as a method of funding accounts in many countries it operates in. In some countries, it even supports local bank transfers which is ultra-fast when funding accounts. The minimum deposit accepted by this broker sits at USD100 or equivalent in local currency. Once a trader successfully funds their account, they gain exposure to over 10,000 different market instruments. 

In particular, the FP Markets broker site allows investors to trade forex currency pairs along with CFDs on indices, metals, stocks, commodities, ETFs, cryptocurrencies, and bonds. The ability to diversify one’s portfolio under one broker site is always an attractive feature of a broker. Further, this broker provides five different well-known platforms to use when trading. These include MetaTrader 4, MetaTrader 5, TradingView, Iress, and cTrader.

FP Markets offers highly competitive spreads to maximize your earning potential. Their standard account provides spreads as low as 1.0 pip on major currency pairs without any commission. For traders seeking even tighter spreads, the raw account offers spreads from 0.0 pips, but a $3 commission per side per lot applies.

Finally, FP Markets is a regulated broker. It operates under the supervision of the ASIC in Australia, the CySEC in Cyprus, and the FSCA in South Africa, among others.

70.25% of retail CFD accounts lose money

XM

XM supports both bank transfers and local bank transfers. This allows investors to fund their XM trading accounts straight from their bank accounts. While bank transfers can take longer to process, local bank transfers are much quicker, typically within a business day. 

For peace of mind, XM has stellar regulatory oversight from a variety of institutions that keep its activities in check. The broker operates under the supervision of both the ASIC and the CySEC, two well-respected financial regulators. On top of that, it has regulations from other institutions like the DFSA in the DIFC and the FSC in Belize.

In terms of market instruments, traders on the XM trading site are spoilt for choice. This broker avails over 1,000 different market instruments from a variety of asset classes. These include CFDs on forex, stocks, indices, energies, precious metals, and cryptocurrencies. The trading platforms available to place orders in these markets include MetaTrader 4, MetaTrader 5, and the XM Trading Point App.

Positively, the trading costs on this broker site are competitively low. Spreads begin as low as 1.0 pips on the standard and micro accounts for major currencies, with no commission fees. They are even lower on the XM Ultra Low account starting at just 0.6 pips, also with no commission fees. 

73.91% of retail investor accounts lose money when trading CFDs with this provider.

HFM

HFM also supports bank transfers as a funding method, making it convenient for investors to deposit funds directly from their bank accounts. While this broker does not have a minimum deposit requirement, traders can only make a deposit of $100 when using Bank Transfers. The transfer can take anywhere from 2 to 10 business days to process depending on the corresponding bank. 

Like the other brokers in this piece, HFM also gives its traders access to a ton of investment instruments. In total, there are over 1,000 different market instruments which include CFDs on forex, commodities, bonds, ETFs, metals, energies, indices, stocks, and cryptocurrencies. The trading platforms available to use include MT4, MT5, and the HFM Platform.

Notably, HFM provides a variety of account types to suit different trader profiles. These include Premium, Cent, Pro, Pro-Plus, and Zero accounts. The Premium and Cent accounts offer spreads as low as 1.2 pips. Pro accounts feature spreads starting from 0.5 pips for major currency pairs, and Pro-Plus accounts offer even tighter spreads starting from 0.2 pips. Importantly, these five accounts do not charge commission fees for forex trading. However, the Zero account offers spreads as low as 0.0 pips but includes a commission fee of $3 per side per lot.

Finally, the broker is under the regulation of several financial authorities. These include the CySEC in Cyprus, the DFSA in the DIFC, the FCA in the UK, the FSCA in South Africa, and the CMA in Kenya.

Conclusion

Choosing the right Forex broker is crucial for a successful trading experience. The availability of convenient and fast payment options plays a crucial role in the broker selection process by a trader. Wise offers traders a secure, speedy, and cost-effective way to fund their trading accounts. In this piece, we listed four of the best forex brokers that accept Wise. These brokers provide a deep collection of market products, low fees, and stellar regulations. Nonetheless, we also provided some alternative brokers which allow traders to fund their accounts straight from their bank accounts.