Sofort Brokers 2022 - Which Brokers Accept Sofort?
Sofort by Klarna is an online banking and money transfer system from Germany. It is supported in the UK and many European countries, including on e-commerce websites and trading brokers that show its logo. In this review, we cover everything you need to know about Sofort, including how it works, pricing, plus the login and deposit process. We also list the top UK brokers accepting Sofort payments in 2022.
What is Sofort?
Sofort, a Klarna Group company, is a leasing provider and transfer service that utilises open banking technology. It is similar to other payment methods such as debit/credit cards, plus digital payment solutions like PayPal, Trustly, Worldpay and iDeal. The brand has also partnered with well-known merchants and banking services including Western Union and TransferWise.
Klarna is a Swedish company that was established in 2005. It has become one of the largest banks in Europe and in 2019, it handled around £28 billion in online sales. It has also processed 40% of all e-commerce sales in Sweden since 2011.
The company acquired Sofort Banking, following which, Klarna and Sofort AG merged to form the Klarna Group. Despite the merger, Klarna and Sofort have continued to operate on a stand-alone basis and offer their products side by side.
Sofort supports payments in countries across Europe, including the UK, Switzerland, France, Austria and Finland. Importantly, the transfer service can be used to make payments to e-commerce websites, to friends or relatives, and to fund trading accounts.
The payment gateway is normally free to use. Rather than charging customers, the company makes money from merchants. Still, some banks may charge a small fee to use the service, so check any terms and conditions before signing up.
Equally, while a lot of brokers do not charge for deposits and withdrawals made using Sofort, some platforms do. Check the broker’s payments page to understand their fee structure before making a transfer. Alternatively, see our reviews of brokers that accept Sofort deposits.
Note, Sofort has a transfer limit of approximately £4,200.
If you take the definition and meaning of ‘Sofort’ in German, it translates to ‘instantly’ in English. This sums up the speedy nature of the payment service from start to finish. Firstly, there is no need to register for the service or complete a lengthy account opening process. Most money transfers are also completed straight away making the service ideal for paying merchants and sending money to friends. Equally, deposits to brokers are usually processed immediately so you can start trading right away.
Withdrawals tend to take longer and vary between online brokers. At most UK trading platforms, withdrawals via the payment solution are normally processed within 24 hours, though some can take up to two business days. This delay is often due to identity checks and KYC requirements.
Sofort is a fairly safe way to transfer money between friends, businesses and trading accounts. When you sign into the online banking service, you are required to enter a one-time PIN and TAN code. The entire process takes place on Sofort’s software, ensuring brokers and third parties cannot access your details. The Stripe API used by the firm is also secure.
In addition, Klarna and Sofort have built up a reputation as trustworthy firms. Together, they have a customer base of millions spanning the UK, Europe and beyond.
How to Make Sofort Deposits & Withdrawals
It is easy to make deposits and withdrawals at your chosen broker:
- On your broker’s website, look for the Sofort or Klarna logo to confirm they accept the payment service
- Ensure you have set up and can use online transfer services with your bank account
- Sign in to your trading account and head to the funding section
- Choose deposit or withdrawal and select Sofort, then follow the instructions
- When the payment gateway opens, enter your bank account number and sort code
- Enter the amount you wish to deposit or withdraw (keeping in mind any payment limits on the side of your broker)
- Click confirm to make the payment
If you want further payment guidance, visit the Sofort YouTube channel for helpful videos.
Benefits of Trading With Sofort Brokers
- Test account: Sofort offers a test or demo account for first-time users. This gives customers 10 Euros which can be used to make a transfer to a fake account. The purpose of this is to demonstrate how easy it is to transfer funds and show new users the process.
- No registration: You do not need to register to start using Sofort. Traders can make a deposit right away at a broker with just their bank account details – they do not have to fund a Sofort account first.
- Well established: Klarna has been operating for over 15 years and has been working with Sofort since 2014. In this time, they have built a strong customer base and have gained valuable experience in the banking services industry.
- Simple: Sofort is easy to use. New traders do not need to download software to make a payment. With that said, there is a Klarna mobile app available if you wish to keep track of payments made.
- Customer support: Sofort and Klarna have a strong customer support team that is available between 9 am and 5 pm on weekdays and 10 am and 5 pm on weekends. If you want to get in contact, fill out the online form or call directly using the numbers listed on their website.
Drawbacks of Trading With Sofort Brokers
- No recurring payments: It is not possible to set up a recurring payment with Sofort. In the same vein, you cannot request a chargeback. It is possible to apply for a refund, but you will have to contact your broker for details.
- Access: Klarna and Sofort mainly support bank accounts within European countries. As a result, most brokers accepting the service are from Europe, the USA or Australia. If you want to sign up with a trading broker based in South Africa, for example, you may struggle.
Sofort is an excellent payment option for British traders. Many UK and EU brokers accept the payment method and offer fee-free deposits and withdrawals. All payments also take place within Sofort software ensuring personal account details are safe, and the process is quick and easy to complete with no need for registration.
Overall, Sofort is a quick, cheap and secure deposit and withdrawal solution. See our list of brokers that accept Sofort payments to start trading today.
What Is Sofort?
Sofort offers a quick and easy way to transfer money to and from brokers and trading accounts. The service acts in a similar way to bank transfers – the user enters transfer details on secure Sofort software to complete payments.
Sofort By Klarna, Is It Safe?
Sofort is a relatively secure payment method. All transactions take place within reliable in-house software which ensures personal account details are not shared with brokers or third parties.
Is There A Sofort Test Account?
Sofort does offer a test account. It gives users €10 which can be transferred to a fake account, thus showing how the transfer process works.
Does Sofort Offer A Mobile App?
Klarna, the owner of Sofort, provides a mobile application. Users can download the app to view and track all payments made using the service, including deposits to online trading accounts.
Do I Need To Register For Sofort?
There is no need to register to make payments with Sofort. As long as a user has set up online transfer services with their bank account, they are free to use Sofort, including to make payments to trading accounts, friends and businesses.