Apple Pay Brokers 2022 - Which Brokers Accept Apple Pay?

Apple Pay is a popular transfer method with over 500 million users. The iOS wallet application provides users with a shortcut to access their credit and debit cards, enabling straightforward deposits and withdrawals at trading brokers. In this review, we explain how to use Apple Pay, alongside support details, fees and compatible devices. We also list the top brokers that accept Apple Pay deposits in 2022.

Apple Pay Brokers

Filter Brokers
Found 7 Brokers
Pepperstone offers spread betting and CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
Demo Account
Yes
Regulated By
FCA, ASIC, DFSA, CMA, BaFin
MT4 Integration
Yes
Min. Deposit
$500 recommended
Min. Trade
0.01 Lots
Crypto
Yes
Kucoin is a global crypto exchange offering spot and margin trading alongside lending services and trading bots.
Demo Account
Yes
Regulated By
MT4 Integration
No
Min. Deposit
$0
Min. Trade
0.0001
Crypto
Yes
OKX is a digital exchange offering trading on hundreds of cryptos across desktop and mobile applications with low fees.
Demo Account
Yes
Regulated By
VARA
MT4 Integration
No
Min. Deposit
10 USDT
Min. Trade
Variable
Crypto
Yes
Coinmama is a popular cryptocurrency trading exchange, aimed at beginners and high-net worth investors.
Demo Account
No
Regulated By
FinCEN, FINTRAC
MT4 Integration
No
Min. Deposit
$30
Min. Trade
$30 to buy, $100 to sell
Crypto
Yes
IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.
Demo Account
Yes
Regulated By
SEC, FCA, IIROC, SFC
MT4 Integration
No
Min. Deposit
$10000
Min. Trade
$100
Crypto
Yes
Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
Demo Account
Yes
Regulated By
FCA
MT4 Integration
No
Min. Deposit
€/£/$1
Min. Trade
0.01 Lots
Crypto
Yes
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Demo Account
Yes
Regulated By
FCA, CySEC
MT4 Integration
No
Min. Deposit
$200 ($50 in US, $10 in UK)
Min. Trade
$1
Crypto
Yes

What is Apple Pay?

Apple Pay is a digital payment system available on Apple iOS devices. It works with the Wallet app so you can store credit and debit cards which can then be used to pay merchants online and in person. You can purchase goods and services from companies such as eBay, Tesco, KFC, Zara, Uber Eats and JD.

Importantly, making a payment is easy because you have quick, almost instant access to your card just by pressing the Apple Wallet app logo where your default card details are stored. You can also see the transaction history for each card including any subscriptions and recurring payment plans you have. This is particularly useful when requesting a refund from a merchant.

History

Launched in the USA in 2014, Apple Pay was introduced to the UK the following year and has since expanded to over 70 countries. It is now so popular that six out of every 10 people in the UK used Apple Pay to make a purchase in 2021. Its popularity, in part, is due to Apple Pay using near-field communication (NFC) technology akin to contactless credit and debit cards.

Apple Pay is also becoming an accepted deposit and withdrawal method at trading brokers, including at eToro and AvaTrade. In addition, it can be used to purchase cryptocurrency from entry-level brokers such as CoinGate.

Apple Pay daily transaction limits

How to Set Up Apple Pay

It is simple to set up Apple Pay:

  • Launch the Apple Wallet App (it should be pre-downloaded on your Apple phone, tablet or computer)
  • Add a new card by pressing the ‘plus’ button
  • Select the ‘Debit’ or ‘Credit Card’ option
  • You can either use the camera to scan the front side of the card or you can manually input the card number, expiration date and security code
  • Validate the card either by receiving a text via iMessage or SMS or through a call from your bank
  • If you want to remove a card or are interested in updating the card info, simply click on the three-dots icon on the app and make any changes on the pop-up screen
  • Setup face ID or fingerprint scan for verification at the point of sale. If you use a device without face ID support or a fingerprint button, you can pay with a four or six-digit passcode

Note, you will need an Apple ID with an email address and password.

How to Pay With Apple Pay

  • Login to your account with one of the trading brokers that accept Apple Pay
  • Go to the account funding section and choose either ‘deposit’ or ‘withdrawal’
  • Select ‘Apple Pay’ from the available methods
  • Input the desired amount and click confirm
  • You should see a pop-up asking to confirm the payment with face ID, fingerprint or your verification code

Speed

Deposits are processed almost immediately when using Apple Pay. Trading212, for example, says you can expect to wait around 10 minutes for the deposited funds to be reflected in your brokerage account.

Withdrawals, however, tend to take longer. For instance, Capital.com says that withdrawals are processed within 24 hours of the request, but you can expect to wait up to 5 days before the funds return to your bank account. This is standard with most online brokers as they need to complete verification checks.

Cost

The transaction fee for making a payment with Apple Pay is at the broker’s discretion. Many brokers, such as Pepperstone and XM, do not charge users for making a deposit or withdrawal with Apple Pay.

There are certain brokers, however, that impose a fee. eToro, for example, charges a $5 (approximately £4) fee for a withdrawal, though this is a flat charge across all methods, not just Apple Pay. Another example is Trading212, which charges a 0.7% transaction fee on all deposits over £2,000.

Customer Support

If your Apple Pay deposit experiences an error, if it doesn’t work, won’t add your card, or simply says your phone number is invalid, there are several contact methods you can use to get help:

  • A community forum to speak with other Apple pay users
  • A support centre with topics covering common problems and questions
  • Phone contact number that you can ring (see the website for the respective helpline)
  • Customer service live chat that is open between 8 AM and 8 PM Monday to Friday and from 9 AM until 6 PM on weekends
  • Speak to someone in-person. There are 38 Apple stores in the UK where you can talk with an employee who can also give you a demo of your device

Is Apple Pay Safe & Secure?

Apple Pay is a safe way to make online payments. When you scan your card, the information is encrypted and kept secure on Apple’s servers. Additionally, you must set up a passcode to complete payments. This means that even if someone steals your device, payments will be declined because verification is required. This also makes it particularly important to keep your passcode secret.

Benefits of Apple Pay

  • Easy for brokers to facilitate Apple Pay using JavaScript API or Stripe for gateways
  • Apple guarantee privacy and security for user and card information
  • The process to connect debit and credit cards is straightforward
  • Trading deposits are usually processed immediately
  • Pre-downloaded on all Apple devices
  • Free to set up and use

Drawbacks of Apple Pay

  • Investors with Android devices cannot use Apple Pay
  • Not yet supported by the majority of brokers
  • Limited buyer protection measures in place

Apple Pay Verdict

Apple Pay is a reliable payment method. It is a great option whether you want to invest in stocks such as Amazon and Uber or cryptos like Bitcoin (BTC) and Ripple (XRP). It is also easy and free to get up and running with Apple Pay if you have a compatible iPhone, iPad or Mac computer. See our list of brokers that accept Apple Pay deposits to start trading today.

If you do not have an Apple device, consider alternatives such as PayPal or Google Pay, which is the equivalent for Android. And as with all investments and payment methods, beware of scams and never invest more than you can afford to lose.

FAQ

Is Apple Pay Unlimited?

Apple Pay does not apply the UK contactless spending limit of £100 per transaction so there is no maximum payment amount. Moreover, there is no daily or monthly cap placed on the maximum number of transactions that you can make. The deposit and withdrawal solution is effectively limitless.

Is Apple Pay Free?

Yes – the Apple Pay Wallet app is free to download and there is no charge from Apple when using it to pay for goods and services. With that said, there may be a small transaction fee with certain brokers, so read the broker’s guidelines before making a deposit or requesting a withdrawal.

Is Apple Pay Safer Than PayPal?

Both systems provide relatively secure ways of making payments. Apple secures and encrypts card details and then requires a passcode, face ID or fingerprint ID to confirm the transaction. PayPal works in a similar way by hiding your payment information in a vault so the merchant cannot see your details. Customers can also enable two-factor authentication to add another protective layer. If you are searching for a safe way to transfer funds, both Apple Pay and PayPal are viable options.

How Can I Check To See If Apple Is Down?

Head to the System Status page on Apple’s website. This has a table detailing what services are running and which are not in operation. Alternatively, you can look at third-party websites such as downdetector.com to see live reports of outages.

What Devices Can I Use Apple Pay With?

Apple Pay is available on the following devices: iPhone SE, SE 2nd Generation, iPhone 6, 6s, Plus, 6s Plus, iPhone 7, 7 Plus, iPhone 8, 8 Plus, X, XR, XS Max, XS, iPhone 11, 11 Pro Max, 11 Pro, iPhone 12, 12 mini, Pro Max, Pro, iPad Pro, iPad Air, iPad and iPad mini models with either touch ID buttons or face ID scanners, all Apple Watch variants (as long as they are paired with an iPhone 5 or later model), plus all Mac computers and Macbook laptops that were launched in 2012 or later with touch ID capabilities. Apple has also released an Apple Card, which functions like other credit cards from UK banks such as Barclays, Halifax, HSBC, Monzo and Yorkshire Bank. It can be used on Apple Pay with features such as cashback.

Where Is Apple Pay Accepted?

Apple Pay is not yet accepted in every country across the globe. You can use Apple Pay in almost all countries in Europe along with the UK, USA and Canada in North America. In the Middle East, Apple Pay is accepted in countries such as Qatar, Israel and Saudi Arabia. In Africa, only in South Africa do merchants accept payments via Apple Pay at the time of writing. This means that if you are a trader based in Nigeria or Zimbabwe, for example, you will need to find alternative payment methods. Many countries in Asia support the payment solution but it is heavily restricted in China and not accepted at all in India. For a full breakdown of where Apple Pay is accepted, see the official website.