Debit Card Brokers 2022 - Which Brokers Accept Debit Card?

Debit cards are popular with UK investors looking to make deposits and withdrawals to online trading accounts. Debit cards are cheap, secure and often provide insurance when completing transactions. In this article, we look at the definition of debit cards, payment limits and transfer fees. We also explain how to make deposits and withdrawals at trading brokers and list the platforms that accept debit cards.

Debit Card Brokers

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Found 34 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
Leading forex and CFD broker since 2006, regulated in Ireland, Australia, Canada, Japan, Abu Dhabi, and South Africa. AvaTrade offers multiple trading platforms, including MT4/5, Web Trader, Mobile App, Vanilla options and Social Trading. +1250 Financial Instruments, Educational content and multilanguage customer support active 24/7. 20% Welcome bonus available on allowed countries.
Demo Account
Yes
Regulated By
CBoI, ASIC, FSB, ESMA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
$.01
Crypto
No
FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trade executions, leverage up to 1:500 and $0 commissions.
Demo Account
Yes
Regulated By
CySEC
MT4 Integration
Yes
Min. Deposit
$0
Min. Trade
0.01 lots
Crypto
Yes
Eightcap is a multi-regulated FX & CFD broker offering the MT4 & MT5 platforms. Award winning platform, zero commission, free education and low spreads.
Demo Account
Yes
Regulated By
ASIC, VFSC
MT4 Integration
Yes
Min. Deposit
£/€/$100
Min. Trade
0.01 lots
Crypto
No
An investor with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Cryptocurrency (Availability subject to regulation), Options and Indices. With tight spreads and no commission, they are a leading global brand.
Demo Account
Yes
Regulated By
FCA, MAS, CySec, ASIC, FSA
MT4 Integration
No
Min. Deposit
$100
Min. Trade
Varies by asset
Crypto
Yes
XM.com Offer a range of Account types and a low minimum deposit to appeal to all levels of trader. With 1000+ markets and low spreads they offer a great service.
Demo Account
Yes
Regulated By
IFSC, DFSA, CySEC, ASIC
MT4 Integration
Yes
Min. Deposit
5 $/€/£
Min. Trade
0.01 Micro lots
Crypto
No
Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe.
Demo Account
Yes
Regulated By
ASIC, FCA, MAS
MT4 Integration
Yes
Min. Deposit
£/$100 (varies by location)
Min. Trade
0.01 Lots
Crypto
No
Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
Demo Account
Yes
Regulated By
CySEC, IIROC, NFA, CFTC, FCA, FSA, and CIMA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
$1
Crypto
No
easyMarkets.com - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker
Demo Account
Yes
Regulated By
CySec, ASIC, BVI
MT4 Integration
Yes
Min. Deposit
€100
Min. Trade
Varies by asset
Crypto
Yes
Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.
Demo Account
Yes
Regulated By
IFMRRC
MT4 Integration
No
Min. Deposit
$50
Min. Trade
$1
Crypto
Yes
NinjaTrader offer investors futures and forex trading. Use auto-trade algorithmic strategies and configure your own platform while trading with the lowest costs.
Demo Account
Yes
Regulated By
NFA, CFTC
MT4 Integration
No
Min. Deposit
$50
Min. Trade
Varies by asset
Crypto
Yes
FXCM are an FCA regulated, London based broker. Companies under the FXCM umbrella are also regulated in Australia and South Africa.
Demo Account
Yes
Regulated By
FCA, CySEC, ASIC.
MT4 Integration
Yes
Min. Deposit
£300
Min. Trade
Varies by asset
Crypto
No
Finq.com offer a great all round service with trading on 2100+ assets and immediate bonus offers. Up to $4000 in Deposit Bonuses.
Demo Account
Yes
Regulated By
FSA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Crypto
Yes
Spreadex offer spread betting on financials with low fees. The company is a popular and award winning UK regulated broker.
Demo Account
No
Regulated By
FCA
MT4 Integration
No
Min. Deposit
£0
Min. Trade
£0.01
Crypto
Yes
Markets.com offer CFDs across a huge range of assets from shares and indices to commodities and cryptocurrencies.
Demo Account
Yes
Regulated By
FCA, CySEC, ASIC, FSCA, FSC, ESMA
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Crypto
No
Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
Demo Account
Yes
Regulated By
FCA, FinCEN
MT4 Integration
No
Min. Deposit
$0
Min. Trade
$1
Crypto
Yes
RaceOption is a binary options and CFD platform offering trading contests and prize giveaways.
Demo Account
Yes
Regulated By
MT4 Integration
No
Min. Deposit
$250
Min. Trade
$1
Crypto
Yes
TMGM is a competitive forex and CFD broker with a wide range of instruments, features and tools provided at low-cost.
Demo Account
Yes
Regulated By
ASIC, FMA, VFSC
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Crypto
Yes
Anzo Capital is a competitive global forex and CFD broker with ECN and STP accounts, both offering MT4 access and a wide range of assets.
Demo Account
Yes
Regulated By
IFSC
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01 lots
Crypto
No
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
Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and educational services.
Demo Account
Yes
Regulated By
FSP, FMA
MT4 Integration
Yes
Min. Deposit
$200
Min. Trade
0.01 lots
Crypto
Yes
Pacific Union is a multi-asset broker offering trading via the MT4 and MT5 platforms.
Demo Account
Yes
Regulated By
Cyprus Securities and Exchange Commission (CySEC) and Seychelles Financial Services Authority (SFSA)
MT4 Integration
Yes
Min. Deposit
$50
Min. Trade
0.01 lots
Crypto
Yes
Nexo is a crypto platform with a range of blockchain-based solutions, including trading, lending, borrowing, and payment cards.
Demo Account
Yes
Regulated By
ASIC, FCEN
MT4 Integration
No
Min. Deposit
$10
Min. Trade
$30
Crypto
Yes
Bitfinex is among the best crypto exchanges for experienced investors with a free mobile trading application and low fees.
Demo Account
Yes
Regulated By
MT4 Integration
Yes
Min. Deposit
$10,000
Min. Trade
$10 - $25
Crypto
Yes
Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
Demo Account
No
Regulated By
MT4 Integration
No
Min. Deposit
From 0.005 BTC
Min. Trade
10 USD
Crypto
Yes
ActivTrades offers online trading on the MT4, MT5 and ActivTrader platforms. Over 93.60% of orders are executed at the requested price.
Demo Account
Yes
Regulated By
FCA, SCB
MT4 Integration
Yes
Min. Deposit
$500
Min. Trade
0.01 lots
Crypto
Yes
StormGain provides an online crypto trading platform, cloud mining tool, plus digital currency wallets and daily signals.
Demo Account
Yes
Regulated By
MT4 Integration
No
Min. Deposit
$50
Min. Trade
$10
Crypto
Yes
Spectre.ai is a blockchain-based binary options broker
Demo Account
Yes
Regulated By
St. Vincent and the Grenadines
MT4 Integration
No
Min. Deposit
$0
Min. Trade
$1
Crypto
Yes
Infinox is a UK-based broker offering MT4 trading with tight spreads.
Demo Account
Yes
Regulated By
FCA
MT4 Integration
Yes
Min. Deposit
£1
Min. Trade
0.01 lots
Crypto
No
Fondex is an award-winning forex and CFD broker with industry low trading costs.
Demo Account
Yes
Regulated By
FSA, CySEC
MT4 Integration
No
Min. Deposit
$0
Min. Trade
0.01 lots
Crypto
No
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
Deposit and trade with a Bitcoin funded account. BinaryCent offers binary options, FX and CFD trading. 1:100 leverage is also available.
Demo Account
Yes
Regulated By
VFSC
MT4 Integration
No
Min. Deposit
$250
Min. Trade
$.10
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
Just2Trade offer high tech trading on stocks and options with some of the lowest prices in the industry.
Demo Account
Yes
Regulated By
CySEC, NFA, FINRA, Bank of Russia
MT4 Integration
Yes
Min. Deposit
$100
Min. Trade
0.01
Crypto
Yes

What is a Debit Card?

A debit card is a type of payment card that typically deducts money straight from a customer’s bank account. It can be used to pay for goods and services in-store or online, including at trading brokers. Most banks provide a debit card when you apply and sign up for a current account. Each card features a unique 16-digit card number and expiration date. Modern cards even come with radio-frequency identification (RFID) technology to support contactless payments. Today, debit cards can also be connected to Google Pay and Apple Pay. Importantly, most debit cards in the UK are issued by Visa or Mastercard.

A debit card essentially functions as a cross between ATM cards and credit cards. They can be used to withdraw cash from a bank account at an automated teller machine, while also being used to facilitate purchases in shops and online. This wide range of uses contributes to debit cards being one of the most popular payment methods in the UK. In September 2019 alone, 1.6 billion transactions were conducted on debit cards by UK account holders, with a total value of £51.1 billion.

Debit card advantages and disadvantages explained

Debit Card Comparisons

Debit card, cash card, bank transfer or credit card… there are many options out there and it can be hard to know which one you should use for trading in the UK. So, what are the differences?

Debit Card Vs Credit Card

The primary difference between a debit card and a credit card is that the former allows you to complete transactions by spending funds that you have previously deposited in a bank account. In contrast, a credit card allows you to borrow money from the card issuer (usually up to a limit) to either make purchases, deposit funds at a broker, or withdraw cash. This then needs to be paid back with interest.

Each option has benefits and downsides. Importantly though, debit cards are safer than credit cards. They spend money you already own rather than building up a potentially large debt. They also tend to be fee-free and there is no risk of damaging your credit rating. Conversely, credit cards offer more protection against fraud as they are not linked to a bank account. They also provide users with more flexibility, allowing customers to spend money they may not have right now with the knowledge they can pay it off when their wage or salary comes in.

In terms of use, debit cards are more popular than credit cards. In March 2020, over £52 billion worth of purchases were made on debit cards, compared to £12.89 billion worth of credit card transactions. Of course, which one you wish to use comes down to personal preference. Debit cards and credit cards are both accepted by a wide range of brokers across the UK, and they generally have comparable speeds and fees.

Debit Card Vs Cash Card

Debit cards and cash cards are similar, with the latter having slightly more limiting functions. A cash card allows the holder to use an ATM and withdraw funds from their bank account. A debit card offers the same facility, along with the ability to make payments directly for goods and services, such as depositing at a UK based broker. Therefore, if you are looking to conduct transactions at online brokerages, you should opt for a debit card instead of a cash card.

Debit Card Vs Bank Transfer

Paying with a debit card or a bank transfer is another consideration. Both take money directly from the holder’s bank account and can be used for deposits and withdrawals at brokers across the United Kingdom. The main difference comes down to the level of protection offered. When you pay via debit card, you can easily cancel the card if it is lost, stolen or the information is breached. However, it is more difficult to change your bank details. Moreover, debit cards offer some fraud protection, though limited versus credit cards.

Prepaid Debit Cards

A prepaid debit card contains cash that has been loaded in advance. This type of debit card can be issued without a bank account, and the holder can use it to purchase items in-store as well as complete online transactions at brokers. It operates in a similar way to a gift card – once the funds have been spent, it either must be reloaded or it cannot be used again.

Some UK brokers have also started to release their own prepaid debit cards, particularly in the cryptocurrency sector. These debit cards allow the trader to use cryptocurrency stored in their digital wallet to pay for items in-store and online. Among the brokerages offering a prepaid debit card is Coinbase, which launched a Visa debit card in October 2020. The card allows users to pay for goods using Ripple (XRP), Stellar Lumens (XLM) and other popular crypto coins while earning rewards of up to 4%.

Fees

The fees associated with a debit card are generally low compared to other solutions. Merchant fees within the UK are usually a small percentage of the total transaction amount or trade. They can be anywhere from 0.25% to 3% depending on the card issuer. Some debit card firms also cap the total transfer fee at around £2.

Importantly, the maximum transaction or payment limit usually depends on the bank the card is issued by. Generally, the amount of funds you can hold in the account represents the limit. Equally, a broker may impose a withdrawal limit constraining how much you can take out of your trading account per day. Moreover, fees may be incurred when depositing using a different currency. If you deposit to a broker that is based outside the UK and does not offer a GBP account, for example, payments may be subject to interchange fees.

Speed

Debit card payments are some of the quickest around. At a store, holders simply have to tap their card on the machine and payment is made instantly. At brokers, the system is comparably quick. Most of the time, debit card transfers are instant, meaning you can deposit funds and start trading right away. With that said, sometimes debit card transfers can take up to five working days. If your funds have not been credited to the broker after 7-10 business days, you should contact their customer support team.

Debit card withdrawals, while not being as quick, are typically processed within 24 hours. This is much quicker than say a bank transfer which can take upwards of two working days to process at some brokerages. The processing time also varies significantly between brokers. For instance, Pepperstone states that any debit card requests received before 21:00 GMT will be processed on the same day. On the other hand, AvaTrade clients must allow up to five working days, though this timeline is reduced if you use their card.

Security

Security and user protection are high when making deposits and withdrawals with a debit card. Firstly, it is not possible to pay without having access to the card – transactions require the card number, expiration date and CVC code, meaning even a picture of one side will not suffice. Moreover, the name of the debit cardholder must be the same as the holder of the trading account, ensuring other people cannot use your card to fund their accounts.

Security can also be taken to another level on the broker’s end. You can look to trade with a debit card broker that supports two-factor authentication (2FA). This can be completed via email, text message, biometrics, or fingerprint recognition. In addition, it is possible to apply for a refund if you have deposited funds accidentally.

How to Make Debit Card Deposits & Withdrawals

If you want to deposit into your trading account using a debit card, follow these simple steps:

  1. On your broker’s website or app, head to the payments section
  2. You should see a list of funding options, select debit card
  3. You may have to specify whether you are using a Visa, Mastercard or another brand
  4. Enter the amount of money you wish to deposit. At UK brokers it is best to deposit in GBP – other currencies may incur an additional charge
  5. Enter the required debit card details (16-digit card number, expiration date, 3-digit CVC code)
  6. Click confirm to complete the transaction

Remember, debit cards only allow you to use money that you own. Do not attempt to deposit more money than you have in your bank account – this could result in overdraft charges.

Withdrawals at debit card brokers can take slightly longer to process:

  1. Head to the payments section on your broker’s website or app and select withdraw
  2. If appropriate, specify which trading account you will be withdrawing from
  3. Select debit card from the options and choose Visa, Mastercard or another issuer
  4. Enter the amount you wish to withdraw. Brokers may impose limits on how much capital you can take out per day
  5. Enter the required debit card details
  6. Confirm the payment

Pros of Trading With Debit Card Brokers

Trading at debit card brokers has several benefits:

  • Debit cards are offered with most bank accounts
  • Instant deposits at many brokers in the UK
  • Provides the holder with fraud protection
  • Accepted by almost all UK brokers
  • Ability to request refunds
  • Does not build debt
  • Low fees

Cons of Trading With Debit Card Brokers

There are some downsides to trading at brokers that accept debit card deposits:

  • Regular debit cards do not earn rewards
  • Less protection than credit cards
  • Cannot use borrowed money
  • No anonymity

Final Word on Debit Card Brokers

Debit cards are a fast, cheap and secure payment method. As a result, they remain one of the most popular deposit and withdrawal options at online trading brokers. At many UK brokerages, deposits using a debit card are also near-instant. See our list of supporting brokers to fund your account and start trading today.

FAQ

What Is A Debit Card?

A debit card is a payment card provided to holders of bank accounts. It allows the customer to spend money that is held in their account without having to withdraw cash. They are also accepted by many of the top trading brokers in the United Kingdom.

What Is A Prepaid Debit Card?

A prepaid debit card comes loaded with funds. It behaves similar to a gift card – once the funds are spent it either must be reloaded or it cannot be used. Some online brokers have also started to offer prepaid cards to customers, including Coinbase.

What Is The Difference Between A Debit Card And A Credit Card?

Debit cards allow you to spend funds that you have deposited in a bank account or preloaded funds. In contrast, credit cards allow you to borrow money from the card issuer which you must then pay back after a set period, for example, one month.

Are Debit Cards Safe?

Debit cards are a relatively secure payment method. You cannot get yourself into debt as you only pay with funds you already have. Moreover, protection is offered against fraud when paying with a debit card.

Are Debit Cards Cheap?

Debit cards are a low-cost deposit and withdrawal option. Transaction fees are typically between 0.25% and 3%. Also, they are usually offered for free with a bank account. Note, that trading brokers may also apply their own transfer fees.