Plus500 has been one of the best CFD brokers globally since 2008. The broker offers a wide range of online CFDs on forex, shares, commodities, and more!
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There are plenty of payment methods available for traders and investors in the UK. However, it might come as a surprise that most brokers choose bank wires as their primary deposit and withdrawal method. Although these brokers offer alternative payment options, they typically require any profits exceeding deposits made through other avenues to be withdrawn via bank wires.
Today, we will explore the top brokers accepting bank wire transfer payment methods. You will also learn about the key criteria when selecting bank wire brokers and why successful traders may prefer them. Our goal is to give you the knowledge needed to make sound financial decisions when trading or investing in the financial space.
Best Brokers That Accept Bank-Wire Transfers UK
Pepperstone – Best MT4/MT5 Broker that Accepts Bank-Wire Transfers
Plus500* – UK Wire Transfer Broker with the Low Fees
AvaTrade – Best Wire Transfer Broker For Social Trading
Revolut – Best Stock Broker that Accepts Bank-Wire Transfers
Forex.com – Best Forex Broker that Accepts Bank-Wire Transfers
*80% of CFD retail accounts lose money
In this guide
Bank-Wire Transfer Brokers in the UK
Compare Wire Transfer Brokers in the UK
Before creating this recommendations list, we tested hundreds of wire transfer brokers in the UK. We looked into some of their features, including security, platform performance, execution speed, transaction charges, support service reliability, and more. Only those that met our stringent specifications were shortlisted for recommendations.
Our research didn’t stop here. We visited Google Play, the App Store, and Trustpilot to analyse user comments and ratings. We then combined our findings from this procedure with our test results. We wanted to ensure we remained unbiased in our research and that every reader would find an option that best suits their trading or investment needs.
That being said, here is our comparison table highlighting the key features we considered in our research. Feel free to compare them to make the best choices.
Advanced Trading Platform, Web Trading, Mobile Trading, MT4, MT5, TradingView
Bank transfer, Credit/debit cards, Skrill, Neteller
Yes
No
Brief Overview of Our Recommended Wire Transfer Brokers’ Fees and Assets
Among the features to consider when choosing a wire transfer broker are available assets and fees applicable. Since the procedure for comparing broker fees can be lengthy and overwhelming, we have prepared a table below to simplify things. We want all our readers to find a broker they can afford and guarantee a maximum experience.
Our Opinion & Overview of the Best Wire Transfer Brokers UK
Below is our opinion and overview of the best wire transfer brokers in the UK based on our hands-on experience. We encourage you to read through the reviews so you can make the best choice aligning with your trading or investment needs.
1. Pepperstone - Best MT4 /MT5 Broker that Accepts Bank-Wire Transfers
We like Pepperstone for various reasons, and accepting multiple payment methods is one of them. We tried making deposits and withdrawals with this broker, and besides bank wire transfers, we transacted using credit/debit cards, Neteller, Skrill, PayPal, and more. The best part is that all transactions are free, and there is no inactivity fee for dormant accounts. This doesn’t mean you shouldn’t actively trade, as you do not want to miss out on potentially profitable opportunities.
This Melbourne-based broker lists over 1200 CFD and spread betting assets, including forex, shares, commodities, indices, ETFs, and more. The best element is that users get to trade using any platform that best suits their needs, including the MT4 and MT5. These advanced trading platforms are loaded with cutting-edge tools such as research tools and real-time news to assist in analysing the markets. There are also the cTrader and TradingView platforms, which are known for their fast trade execution speed and ability to list quality resources. Based on our exploration, Pepperstone receives a 4.6-star rating from us.
1
Pepperstone Review
TradingGuides Rating:
✔ Top tier liquidity ✔ No dealing desk intervention
Hosts multiple trading platforms, including MT4, MT5, cTrader, and TradingView
A user-friendly and intuitive design platform with fast trade execution speed
Free deposits and withdrawals using the bank wire transfer method
Cons
Supports CFD and spread betting assets only
Limited asset selection compared to its peers
Type
Fee
Minimum Deposit
$0
Withdrawal fee
$0
Deposit fee
$0
Inactivity fee
No
Account fee
No
1200+ instruments across FX, indices, cryptocurrencies*, equities, energy and commodities, and more, across three, free powerful platforms.
*Only Pro clients get access to cryptos.
2. Plus500 - UK Wire Transfer Broker with the Low Fees
*Illustrative prices
Among the bank wire transfer brokers we tested in the UK, Plus500 stands out as our top option for low-cost traders. With one of the lowest minimum deposit requirements of £100, the broker makes it easier for you to start trading CFD instruments. Plus, all wire transfer deposits and withdrawals are free, and you can also transact with other methods, including credit/debit cards, Skrill, PayPal, and more.
Besides being affordable, Plus500 is beginner-friendly and has a virtually funded demo account to get started with. For professional traders, you will enjoy advanced features, including high leverage limits of up to 1:300. Moreover, the broker has a vast selection of learning tools and a 24/7 support service to cater to your concerns or queries. From our experience, we give Plus500 a 4.5-star rating.
1
Plus500 Review
TradingGuides Rating:
✔ Educational materials
✔ Regulated in many countries
Free deposits and withdrawals using bank wire transfers
Cons
No third-party features
Limited CFD asset offerings compared to its peers
Type
Fee
Overnight Funding
yes
Currency Conversion Fee
0.7%
Guaranteed Stop Order
spread applies
Inactivity Fee
$10 per month
Withdrawls/Deposits
$0
Plus500 provides access to 2800+ CFDs across a wide range of different asset classes, including: Indices – Country and Sector, Forex, Commodities, Individual shares, ETFs, Options
Note: 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
3. AvaTrade - Best Wire Transfer Broker For Social Trading
AvaTrade is another broker we explored, and rank it the best for social traders. Although accessing its ZuluTrade and DupliTrade platforms requires high minimum deposits, the platforms allow you to effortlessly mingle with other traders. Plus, you can follow the experienced ones so you can mirror their positions you find to have high profitability. Note that AvaTrade has automated features on its MT4 and MT5 platforms, thus streamlining your activities whenever you feel overwhelmed.
Getting started with AvaTrade involves a straightforward procedure. You will only need to deposit at least £100 per its requirements. The best element about transacting with this broker is that bank wire transfer deposits are free. You can also use other payment methods, including credit/debit cards and e-wallets. For beginners, AvaTrade has a virtually-funded demo account for you to get started with. Moreover, it lists quality learning tools and reliable support service to cater to your needs. By comparing this broker to its peers, we give it a 4.8-star rating in this category.
1
AvaTrade Review
TradingGuides Rating:
✔ One of the most popular brokers in the UK/EU
✔ Quick deposits and withdrawals
AvaTrade impresses with a robust portfolio of over 1250 assets, encompassing a wide range of trading instruments.
Forex – AvaTrade facilitates trading in a broad spectrum of currency pairs, enabling exposure to the dynamic forex market and diverse CFD options.
Stocks and Commodities – The platform offers a comprehensive selection of stocks and commodities, allowing users to invest in companies and raw materials across global markets.
Cryptocurrencies – AvaTrade supports trading in cryptocurrencies, providing access to a multitude of digital assets, including popular ones like Bitcoin, Ethereum, and more.
ETFs, Bonds, Treasuries, and Indices – AvaTrade’s offerings extend to ETFs, bonds, treasuries, and indices, offering diversification opportunities and exposure to various sectors and industries.
4. Revolut - Best Stock Broker that Accepts Bank-Wire Transfers
Revolut has specialised in stock trading since 2019, and we were impressed with its offering during our experience. The broker lists over 2,000 global stocks from popular companies, including Tesla, Apple, and more. The best part is that there is no minimum deposit requirement, and you can get started with as little as £1. Plus, Revolut lists additional securities, including cryptocurrencies, and commodities, which gives room for portfolio diversification. Stock trading is commission-free, which makes Revolut an excellent choice for low-budget traders.
Besides bank wire transfer, Revolut allows transactions using its credit cards, Revolut Pay, Google Pay, Apple Pay, and more. All deposits are free but expect to incur withdrawal charges, which are calculated based on the amount you withdraw. The broker is suitable for new and experienced stock traders, leaving us to award it with a 4.5-star rating.
1
Revolut Review 2024
TradingGuides Rating:
✔ Commission-free stock trading ✔ Virtual bank account
0.25% markup during market hours 1% markup during non-market
Crypto trading
1.5% markup on bid or ask price
Payment Method
Commission
UK consumer cards
1% + £0.20
All International and commercial cards
2.8% + £0.20
Revolut Pay
1% + £0.20
Easy Bank Transfer
1% + £0.20
5. Forex.com - Best Forex Broker that Accepts Bank-Wire Transfers
Compared to others, Forex.com has proven to be a reliable option for forex trading. We tested it and enjoyed its user-friendly and modern design platform. Its demo account is also easy to navigate, making it easier for newbies to get started in currency trading. Besides platform performance, we like Forex.com’s vast selection of over 80 currency pairs. Other securities we explored for portfolio diversification include stocks, ETFs, indices, commodities, and more.
When it comes to deposits and withdrawals, Forex.com does not charge transaction fees. You can transact with bank wire transfers, credit/debit cards, and e-wallets, which makes the broker flexible to all traders. Moreover, Forex.com has a low minimum deposit requirement, and charges spreads from as low as 0.0 pips. Another element we like in this broker is its Active Trader program, which allows traders to enjoy cash rebates for high-volume trading. With seamless trades on both desktop and mobile devices and quality trading tools on its MT5 and TradingView platforms, Forex.com earns a 5-star rating from us.
1
Forex.com Review 2024
TradingGuides Rating:
✔ Unparalleled forex service ✔ Wide array of offerings
Quality trading tools on its TradingView and MT5 platforms
Over 80 currency pairs to explore with spreads from 0.0 pips
Cons
Limited cryptocurrencies
Its product portfolio is limited to forex and CFD assets
Type
Fee
Minimum deposit
$100
Inactivity fee
$15
Deposit fee
$0
Withdrawal fee
$0
Overnight fee
$0
Clients can trade Forex, Indices, Cryptocurrencies, Stocks, and Commodities (including precious metals and oil) with different account types.
What is Wire Transfer?
A bank wire transfer is an electronic payment method that moves funds from one individual or institution’s bank to another. Western Union is a perfect example, having launched its services in 1872. Western Union simplifies global transactions, making it one of the most preferred payment methods.
Note that wire transfers can be domestic or international. Domestic wire transfers involve transferring funds between bank accounts within the same region. This method of wire transfer is much faster and cheaper than international.
In contrast, international wire transfers involve transferring funds between bank accounts within different regions. Unlike domestic transfers, international transactions come with currency conversion and extra transfer fees. This makes them more costly, but they are still worth it, considering their efficiency.
How Does a Bank Wire Transfer Work?
When using bank wire transfers in trading, traders or investors start by giving their banks instructions to send funds. You will be required to fill out a form with details, including the amount of funds to be transferred. Of course, this depends on where you want the funds to be sent. You will also share the recipient’s international bank account number (IBAN) code.
With this information, your bank will process and send money to the recipient or broker using a secure money transfer system like SWIFT. This also applies when you withdraw money from your broker using bank wire. The brokers will use the SWIFT system for international transfers and localised methods like BACS and more for domestic transactions.
Overall, bank wire transfer is a popular payment method among UK traders. This is because it has proven to be secure, thus offering protection against scammers.
How to Choose the Right Trading Broker That Accepts Bank-Wire Transfers in the UK
Whether you are considering choosing a bank wire transfer broker from our recommendations list or conducting your own research, ensure the broker meets your trading needs. As professionals in this field, we help you simplify the selection process by listing the major elements to consider below.
The first and foremost element to look into when choosing a bank transfer broker in the UK is its security measures. With many fraudulent brokers in the market, the last thing you want is to invest in a broker and get scammed later on. Therefore, confirm whether a broker is licensed and regulated by the Financial Conduct Authority (FCA). Having multiple licences from other global regulators should be a plus, as this only guarantees maximum safety. The best element about FCA-regulated brokers is that your trading or investing funds remain safe in segregated accounts. Plus, you get the best trading environment and can easily take legal action against a broker in case of an agreement breach.
Obviously, you want a broker that accepts the bank transfer payment method. Ensure you understand all the conditions attached to this payment method, including transaction costs, processing time, and more. It is also crucial to settle with a broker with additional payment methods. This way, it will be easier for you to continue transacting in case of an issue with your bank service provider. You may also want to transact using a different method for comparison purposes.
Choose a broker you can afford so you can avoid digging deep into your nest egg. Besides confirming bank transfer deposit and withdrawal charges, check a broker’s commissions/spreads, minimum deposit requirement, inactivity fee, and more. It is essential to have a budget before trading and investing for an exciting experience.
The best broker accepting bank wire transfer transactions should list all your preferred assets. Check how many instrument classes are available, including forex, shares, commodities, cryptos, and more. Brokers with diverse asset offerings make it easier for you to try new options and discover your strengths. Plus, you can diversify your portfolio across multiple securities. This limits the risk that comes with investing in a single asset.
The broker you consider must have a user-friendly and intuitive design platform for an exciting experience. Trade execution must also be fast, especially for active traders taking frequent short-term positions. For beginners, prioritise those with demo accounts, as this is the only risk-free environment to get started. Furthermore, check the availability of learning tools so it can be easier to continue learning while trying your luck in the financial space. Most importantly, settle for a broker with a trading app. This way, you can continue managing your activities whenever you step away from your trading station.
This element is as paramount as those listed above since you want a broker that will have your back whenever you experience any challenges. In this regard, ensure the broker you choose has a responsive and reliable support service. The team must be available through convenient channels, including phone, email, and live chat. Since availability differs with brokers, ensure you select one that aligns with your trading schedule.
Always confirm what other users have to say regarding their experiences with various bank wire transfer brokers. Visit Google Play, the App Store, and Trustpilot to sample as many user comments and ratings as you can. This way, you get to fully understand where a specific broker excels and make the best choice for your trading requirements.
Pros and Cons of Using Bank-Wire Transfer for Trading
Like any other payment method in the UK, bank wire transfer has its pros and cons. See the major ones below for informed trading decisions.
Pros
Many brokers and financial institutions widely accept the payment method.
The method makes it easier for users to send international payments within a short period.
Bank wire transfers are highly secure because identity checks are performed throughout the transfer process. This limits your chances of sending money to the wrong address.
This method is reliable since it will be completed within a few business days once the transfer is initiated.
It is a suitable method for large transactions, thus allowing high-volume traders to easily transact and trade.
Bank wire transfer generates documentation records, which can be valuable for auditing and accounting purposes.
Cons
Wire transfers can be costly, considering the bank fees involved in international transfers. Some brokers may also charge transaction charges.
Most bank wire transfer transactions are taken directly from the client’s bank account and are not compatible with credit cards.
Transactions made via this payment method are not reversible once processed. That is why it is crucial to pay attention to recipients' account details to avoid sending money to the wrong address.
Transactions using bank wire transfers usually take longer to process than other payment methods like e-wallets.
FAQs
Can you get scammed on a wire transfer?
Yes. That is why you need a highly regulated broker to trade using wire transfers.
How do I wire transfer a deposit to a broker?
From your trading account’s portal, select transfer and choose wire transfer and complete your payment.
How long do wire transfers take to finalise?
Wire transfers take minutes to finalise, but can go as long as 24 hours if transacting with accounts from the same bank.
Is it safe to make a wire transfer?
Yes. Wire transfer is safe, and the recipient can use the money immediately after they confirm receipt.
What is the difference between bank transfer and wire transfer?
With wire transfers, you receive your money instantly, unlike bank transfers which take hours to complete.
What is the max you can wire transfer?
Wire transfer limit is $100,000 for online transactions.
Conclusion
A bank wire transfer is a secure payment method for moving domestic and international funds. Brokers and traders primarily prefer it due to its heightened level of security. Although transactions using this method may take longer and be costly than other payment options, you are guaranteed efficient deposits or withdrawals whenever you travel out of the country. Simply choose the best broker suitable for your needs to enjoy your trading experience. And to maximise your potential in trading, understand the markets you want to invest in and arm yourself with solid strategies. Most importantly, apply risk management controls such as stop-loss orders to mitigate losses in case a trade doesn’t work out as expected.
How we test?
Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.
The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example.Find out more about our test process here.
Is a regular dad trying to be smart about how we play and win in this big game of life. He has worked within the very best of the financial industry producing numerous training resources. He is an experienced copywriter with immense financial background. Now earns a full time living as a Trader, and as our writer.
His articles help everyday families build sustainable wealth, stop stressing about their financial security, and start living the life they’ve always wanted.
If he is not trading or writing, he is at the gym.
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