American Express Brokers 2024
American Express provides millions of customers worldwide with a fast, easy and safe way to make payments to a range of merchants. This guide unpacks the key considerations when using American Express to fund day trading positions, from foreign exchange fees and interest rates to types of credit cards and transfer limits.
We have also compared and ranked the top brokers that support American Express deposits in 2024.
Best American Express Brokers
These are the best 10 brokers that offer American Express deposits, based on our tests:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire Transfer, ChequeUSD -
3
eToro USAInvest $100 and get $10Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk. https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100$10SEC, FINRAStocks, Options, ETFs, CryptoeToro Trading Platform & CopyTraderACH Transfer, Debit Card, PayPal, Wire TransferUSD -
4
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
5
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
6
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
7
IQCent20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
8
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySEC, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
9
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
10
Plus500 USWelcome Deposit Bonus up to $200Trading with leverage involves risk.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.0 LotsCFTC, NFAFutures on Forex, Commodities, Cryptos, Indices, Interest RatesWebTrader, AppACH Transfer, Wire Transfer, Debit Card, Mastercard, VisaUSD
Here is a short summary of why we think each broker belongs in this top list:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- eToro USA - eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- IQCent - IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
- RedMars - Launched in 2020, Cyprus-based RedMars offers competitive spreads on more than 300 instruments and leverage up to 1:500. Three accounts are available - Standard, Pro and VIP - serving a range of budgets and experience levels, with a fast and fully digital account opening process.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- Plus500 US - Plus500 is a well-established broker that entered the US market in 2021. Authorized by the CFTC and NFA, it provides futures trading on forex, indices, commodities, cryptocurrencies, and interest rates. With a 10-minute sign-up, a manageable $100 minimum deposit, and a straightforward web platform, Plus500 continues to strengthen its offering for traders in the US.
American Express Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
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$100 | Forex, Stocks, Futures, Futures Options | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:50 |
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$0 | Forex, Stocks, Options, Commodities, Futures, Crypto | NinjaTrader Desktop, Web & Mobile, eSignal | 1:50 |
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$100 | Stocks, Options, ETFs, Crypto | eToro Trading Platform & CopyTrader | - |
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$0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | 1:50 |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral | 1:30 (Retail), 1:250 (Pro) |
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$50 | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Web, MT4, MT5 | - |
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$250 | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Online Platform, TradingView | 1:500 |
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€250 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT5 | 1:30 (Retail), 1:500 (Pro) |
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$0 | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) | OANDA Trade, MT4, TradingView, AutoChartist | 1:50 |
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$100 | Futures on Forex, Commodities, Cryptos, Indices, Interest Rates | WebTrader, App | - |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
Tobias Robinson, Reviewer
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Regulator | NFA, CFTC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD |
Pros
- You can get thousands of add-ons and applications from developers in 150+ countries
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
Cons
- The premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
- There is a withdrawal fee on some funding methods
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
eToro USA Quick Facts
| Bonus Offer | Invest $100 and get $10 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, Crypto |
| Regulator | SEC, FINRA |
| Platforms | eToro Trading Platform & CopyTrader |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Account Currencies | USD |
Pros
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
- A free demo account means new users and prospective day traders can try the broker risk-free
Cons
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
- Average fees may cut into the profit margins of day traders
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
Cons
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
- Extremely fast and smooth sign-up process that takes less than 2 minutes
Cons
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- The MISA is a weak regulator with limited investor protection for retail traders
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | IFMRRC |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR |
Pros
- Keen traders can take part in trading contests with cash prizes
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD
Cons
- There's no automated trading support for algo traders
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
- The market analysis is very basic with limited technical summaries and insights from analysts
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
| Regulator | CySEC, AFM |
| Platforms | MT5 |
| Minimum Deposit | €250 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR |
Pros
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- Clients in the EU, in particular, can trade with peace of mind knowing RedMars is authorized by the CySEC with up to €20K compensation available through the ICF in the event of bankruptcy
Cons
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- The broker offers a transparent pricing structure with no hidden charges
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
Cons
- The range of day trading markets is limited to forex and cryptos only
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
Plus500 US
"Plus500 US stands out as an excellent choice for beginners, offering a very user-friendly platform, low day trading margins, and access to the Futures Academy to enhance trading skills."
Michael MacKenzie, Reviewer
Plus500 US Quick Facts
| Bonus Offer | Welcome Deposit Bonus up to $200 |
|---|---|
| Demo Account | Yes |
| Instruments | Futures on Forex, Commodities, Cryptos, Indices, Interest Rates |
| Regulator | CFTC, NFA |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Minimum Trade | 0.0 Lots |
| Account Currencies | USD |
Pros
- Plus500 US excels for its low fees with very competitive day trading margins and no inactivity fees, live data fees, routing fees, or platform fees
- The straightforward account structure, pricing model and web platform offer an easier route into futures trading than rivals like NinjaTrader
- The trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
Cons
- While Plus500 US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
- The proprietary platform is user-friendly but lacks advanced technical analysis tools found in third-party solutions like MetaTrader 4
- Plus500 US does not offer social trading capabilities, a feature available at alternatives like eToro US which could strengthen its offering for aspiring traders
How Did We Choose The Best American Express Brokers?
To uncover the top American Express brokers, we:
- Analyzed our library of 500 online brokers and platforms, focusing on all those that accept Amex payments
- Verified that they support Amex deposits and withdrawals for day trading
- Used 100+ data points and personal observations to rank them by their overall rating
How American Express Works
American Express was founded in 1850 when William Fargo, Henry Wells and John Warren Butterfield merged their express companies. A century later the business started providing a charge card, which offered travellers the flexibility of credit. Since then, the company has grown with the invention of the internet providing online payment services to retail customers.
More recently the brand has integrated into the financial markets supporting trading brokers and investing platforms. In 2024, the number of American Express brokers is on the rise, though it’s still considerably lower than brokerages that accept more popular payment methods such as Visa and Mastercard debit cards.
Importantly, American Express works in a similar way to most other credit cards. Any expenditure from your account, whether that be deposits with trading brokers or spending with other merchants, will need to be settled regularly.
The American Express head office in the US is located in New York, though regional headquarters are found in other parts of the world, including the UK office in Brighton.
Transaction Times Explained
When it comes to making payments to American Express brokers, deposits are usually processed instantly.
You will need to provide verification via a 6-digit authorization safe key code. The code will be sent either to your account email address or your telephone contact number.
To speed up deposit times, traders can open their credit card app and log in to their account to add a new merchant (including online brokers) to their express list. With or without the express list, transaction times will typically be no more than a few minutes.
Withdrawals usually need to be approved by the trading broker before they are sent to American Express. Once the brokerage has sanctioned the withdrawal of funds from your trading account, it can take up to 10 working days for the funds to show on your card statement as a credit balance (negative cost).
Note, for credit balances to be transferred to the associated Amex debit bank account, a request needs to be submitted to customer service which will be reviewed and processed. This can take up to 10 days, though transactions are often settled more quickly.
Pricing Review
Some trading brokers that accept American Express levy fees for deposits and withdrawals. The company is known to charge merchants high fees for processing payments. This is the case online and in physical stores, so it’s common that brokers try and pass these onto traders. It also means that the payment method is usually more expensive vs Visa and Mastercard.
American Express brokers should list the fees that will apply when you deposit before you sign up for a trading account. This is normally a flat fee below a certain balance and/or a percentage of the transfer amount.
Outside of trading brokers’ transaction fees, there are other charges that investors should be aware of:
- FX Fees – Some brokers will require payments to be made in a currency different to your base American Express currency. In this case, the payment service will charge a foreign transaction fee which can be up to 3% of the transaction value depending on which card or account you hold.
- Annual Fees – Most American Express cards will charge owners a yearly membership fee. This can range from no annual fee to thousands of dollars per year, with the most expensive invitation-only cards charging hefty fees. The common cards, however, require more modest annual fees priced in the hundreds of dollars, and in exchange provide cardholders with several benefits such as cashback and points. The credit card company provides full details on fees and benefits when signing up for a new account or card.
It’s worth noting that some Amex cards do not require traders to pay off charges on the account (including deposits made to brokers) as they offer zero interest on payments. However it is best practice to pay off the statement balance in full.
Security
American Express is considered safe and has strong security protocols at all stages. This makes it a good choice as a payment method with trading brokers and other merchants.
Key security procedures include:
- KYC – When users want to register for an account, they must provide a copy of their passport or driver’s license to validate their identity
- Transaction Safe Key – Any deposit made to brokers that accept American Express will need to be approved with a safe key which is sent to the trader’s email or mobile number
- Account Login – Every time a customer wants to sign into their American Express account they will be required to provide their user ID and password before access is granted
- Customer Service – When raising a query with customer service, the agent will need the user to pass a security questionnaire before any help can be provided
Customer Service
The customer support that American Express provides is considered to be the industry gold standard regardless of whether your query is related to trading brokers or not. The credit card company has a dedicated customer service team that can be contacted via chat 24/7, or you can call their customer service helpline via an international phone number. Agents are genuine people (rather than bots), quick to respond and thorough. Before they can help, two layers of security must be passed.
Trading account withdrawals will show as credit balances on the user’s statement. For this to be transferred to the customer’s associated debit account, traders need to contact customer service to request the funds are transferred. In the first instance, account holders need to provide a copy of a bank statement to validate the transfer account. After this, requests can be submitted directly to customer service each time a credit balance needs to be refunded.
Pros Of Using American Express For Trading
There are several benefits to trading brokers that accept American Express deposits:
- Straightforward – The steps to making payments via the online banking app or American Express website are easy to follow
- Membership Rewards – Most Amex credit cards offer benefits when spending money on the card, from air miles to cashback
- Multi-use – Traders who already have an American Express card or account will easily be able to make deposits to online brokers
- Highly Secure – American Express has implemented strong security and controls at every stage of the customer journey
- Strong Customer Service – The credit card company offers industry-leading customer service to its users which should reassure traders that they can rely on support 24/7. This is available via chat or phone call
Cons Of Using American Express For Trading
There are also some drawbacks to using American Express when day trading:
- Lack Of Integration – The number of trading brokers that accept American Express is limited vs Visa and Mastercard
- Encourages Spending – High credit limits might be higher than the cash traders have available to trade, encouraging cardholders to spend more than they can afford
- Long Withdrawal Process – When withdrawing funds from American Express brokers, the withdrawal is subject to the brokerage’s processing times, the time for it to show in the Amex statement and the time for the credit balance to show in the customer’s debit account. This process is much longer than the typical withdrawal with an alternative payment method
How To Deposit Using American Express
There are several steps to follow when using American Express as a payment method to fund day trading accounts:
- Check Amex Is Accepted – The first step is to look for brokers that accept American Express deposits and withdrawals. Information regarding the minimum deposit should be readily available on the firm’s website. Deriv, for example, requires only $5.
- Confirm Any Fees – Information regarding the fees that apply should also be publicly available to day traders. Check the ‘cashier’ or similar portal for details.
- Check Transaction Times – In addition, the time it takes to process an American Express deposit or withdrawal should be detailed by the broker. This is important to understand so that trades can be executed in good time.
- Make A Deposit/Request A Withdrawal – Once the above information is understood you can deposit up to the credit limit of the Amex account or the trading broker’s transfer threshold. The process should be straightforward, but will most likely require the trader to enter their black card details, for example, and a SafeKey.
Accepted Countries
American Express accepts users from countries around the world, including: Australia, Canada, Dubai, Hong Kong, Ireland, India, Israel, Jordan, Kuwait, Saudi Arabia (KSA), Korea, Malaysia, Oman, Qatar, Spain, Singapore, and many other countries.
Note, trading brokers that accept American Express deposits may have their own customer country restrictions.
Is American Express Good For Day Trading?
American Express is a worldwide payment method available at a large number of vendors, including some trading brokers. But despite its popularity, there are only a handful of brokers that accept American Express payments, including FxPro and FXPrimus. See our full list of American Express brokers to start trading.
FAQ
Do American Express Brokers Offer Instant Deposits?
Trading brokers that accept American Express usually offer near-instant deposits. However, withdrawals can take several working days, though this varies between trading platforms. Note, users will need a SafeKey from the credit card company to make a payment, which can cause delays.
Are American Express Trading Deposits Accepted In All Locations?
The brand has a global reach and most countries are supported by the credit card company. Despite this, some American Express brokers might have limitations on where day traders can sign up from. This information should be listed on the broker’s official website.
Does American Express Have A Brokerage Account?
Yes. The credit card company’s American Express Brokerage account offers several different trading packages depending on the value of your account balance. Clients can find more details on the official site. Note, the brokerage account is only available in some jurisdictions.
Which Are The Top Forex Brokers That Accept American Express?
The best American Express brokers that offer forex trading include FxPro and FXPrimus. Use our full list of brokers that accept American Express deposits to find the right forex trading platform for your needs.
Can I Use American Express Via Zelle To Fund My Trading Account?
No – American Express does not support Zelle mobile payments, however, it does support Apple Pay and Google Pay.