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Cheque Brokers 2025

Written By

Jemma Grist

Written By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

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Updated

Jun 7, 2024

Cheque payments, otherwise known as bills of exchange, are written documents signed by individuals to instruct a bank to debit an account. Evolved from handwritten cheque payment orders years ago, current rules and features have made this transfer solution more secure.

We look at how and where traders can use cheques with online trading brokers, including payment speeds and any charges. We also list the top brokers that accept cheque deposits in 2025.

How Did We Choose The Best Cheque Payment Brokers?

To uncover the top brokers that accept cheques, we:

Cheque Payments Overview

The cheque payment procedure is an established global transaction method. It is accepted as a solution for businesses and individuals to send and receive money. With that said, usage rates are falling due to the introduction of innovative digital methods with countries including the UK submitting plans to phase out the money transfer system.

Nonetheless, several popular trading brokers and platforms do still accept cheque deposits and withdrawals.

Pros Of Trading With Cheque

Electronic Processing

Many banks and building societies now accept cheque imaging, allowing transactions to be accepted via mobile banking, reducing the time for funds to clear. This means that paper cheques can be used to electronically deposit and withdraw funds into forex trading accounts.

Currency Support

Bankers’ draft cheques can be drawn in most major currencies, meaning traders from various countries can, in theory, use the payment method. Cheques are also well understood given their long-standing use.

Cons Of Trading With Cheque

Future

Cheques are arguably not as quick, secure and easy to use as many other options today, such as Skrill and Neteller. As a result, many countries have either stopped using cheques or are considering stopping them in the future. The UK Payment Council, for example, plans to phase out cheques as a payment method, though this move has been paused. Still, it’s unlikely that many traders will use cheques in the future.

Processing Times

Traditional cheques payments are slow to receipt vs digital methods and it can take up to 7 working days for funds to clear. This is a real drawback for traders looking to deposit funds into their forex account promptly so they can start trading quickly.

Transactions from a payment system on the internet, such as PayPal, are processed at most brokers within minutes. This makes it a popular payment option for investors and trading platforms alike.

Limited Availability

Despite being an established payment method, cheques are currently only integrated with a select list of online trading brokers including SpreadEx and Interactive Brokers. We don’t expect this to increase as businesses move to more secure digital payment gateways.

Speed

Traditionally cheques can take up to 7 working days to clear, however, many banks and building societies now accept payments online via mobile app or tablet, meaning deposits can clear by the next working day.

Note that there may be a funds limit on cheque payments accepted via digital methods. Some brokers offer cheque cashing for instant withdrawal of funds, subject to a fee.

Security

Electronic gateways provide a safer deposit method vs cheques. Banks have no liability if payment details such as account numbers or payee information are incorrect and may not provide reimbursements. To help prevent issues, you should keep proof of payment and follow the advice below when using cheques:

• Keep the stub for reference
• Add a line to any blank spaces
• Include a format of cheque payments covering letter
• Write the name of the person/organization you are paying

How To Deposit Using Cheque

To make payments, locate the cheque logo within your trading account. Providers such as Interactive Brokers accept cheque deposits from Hong Kong, the USA, and Canada, with details to be submitted in the fund transfer section of your account before sending. Maximum and minimum payment limits, daily transfer amounts, and processing times may differ between cheque-accepting brokers.

Speak to the brand’s customer support team if you have any questions or if you have issues, for example, when the cheque payment hasn’t been received.

Fees

It is usually free to use cheques as a payment method though brokers may charge if they incur business costs. By definition, you may also be liable for charges including stopping a cheque or bounced transactions.

Are Cheque Payments Good For Day Trading?

The cheque payments system is a simple transfer option established for many years. The deposit method has also now gone digital, improving processing times. However, cheques are not widely available in today’s online broker market and there is a long list of faster and more secure transfer options, including PayPal, Skrill and Neteller.

FAQ

How Do I Know If My Cheque Deposit Has Been Received?

Most banks, building societies and brokers work to specific processing times. If your cheque payment has not been processed it may be worth showing proof or canceling the payment as not received before using an alternative method.

Why Are Cheque Payments Not Accepted At Some Brokers?

Electronic transfers are much quicker and safer to process than cheque payments and offer reduced fees for businesses and individual traders.

How Long Do Cheque Payments Take At Trading Brokers?

When a payment has been made, funds usually leave your account three working days after the recipient pays in the cheque. Clearance at your trading broker can take up to seven working days.