Mastercard Brokers 2024
Mastercard is one of the most widely used payment methods among traders and brokers. Investors who own debit/credit cards or prepaid cards with the Mastercard logo can enjoy quick deposits into their trading accounts, as well as ‘Priceless’ benefits. Traders are also protected by SecureCode and login security features, as well as chargeback rights.
This review explores everything from payment speeds to exchange rate fees. We also list the best brokers that accept Mastercard deposits in 2024.
Best Mastercard Brokers
Our rigorous tests have revealed that these are the top 10 brokers offering Mastercard payments:
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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
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 -
3
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 -
4
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 -
5
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 -
6
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 -
7
Capitalcore40% Deposit Bonus up to $2,500
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:2000IFSAForex, Metals, Stocks, Cryptos, Futures IndicesWebTrader, ProEthereum Payments, Mastercard, Visa, Perfect Money, Bitcoin Payments, Debit Card, Credit Card, PayPalUSD -
8
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 -
9
CloseOption$10 Welcome Gift
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$5$1National Bank of GeorgiaBinary Options on Forex & CryptosOwnPayPal, WebMoney, Mastercard, Perfect Money, Wire Transfer, Bitcoin Payments, Ethereum PaymentsUSD -
10
Sage FX$1,500 trading competition
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:500PendingForex, indices, cryptosTradeLockerCredit Card, Visa, Mastercard, Bitcoin Payments, Ethereum PaymentsUSD, EUR, GBP, CAD, AUD
Here is a short overview of each broker's pros and cons
- 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.
- 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.
- 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.
- 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.
- 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.
- Capitalcore - Capitalcore is an offshore broker, based in Saint Vincent and the Grenadines and established in 2019. Traders can choose from four accounts (Classic, Silver, Gold, VIP) with lower spreads and larger bonuses as you move through the tiers. Where Capitalcore distinguishes itself is its high leverage up to 1:2000 and zero swap fees, though these don’t compensate for the weak oversight from the IFSA and paltry education and research.
- 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.
- CloseOption - CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software.
- Sage FX - SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.
Mastercard 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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$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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$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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€250 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT5 | 1:30 (Retail), 1:500 (Pro) |
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$100 | Futures on Forex, Commodities, Cryptos, Indices, Interest Rates | WebTrader, App | - |
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$10 | Forex, Metals, Stocks, Cryptos, Futures Indices | WebTrader, Pro | 1:2000 |
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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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$5 | Binary Options on Forex & Cryptos | Own | - |
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$10 | Forex, indices, cryptos | TradeLocker | 1:500 |
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.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- 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
- 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.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
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 MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
Cons
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- 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
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
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
- 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
Cons
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- The market analysis is very basic with limited technical summaries and insights from analysts
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
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
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
Cons
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
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
- Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests
- RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
- 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
Cons
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
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 trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
- The Futures Academy is an excellent resource for new traders with engaging videos and easy-to-follow articles, while the unlimited demo account is great for testing strategies
Cons
- The proprietary platform is user-friendly but lacks advanced technical analysis tools found in third-party solutions like MetaTrader 4
- While Plus500 US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
- Plus500 US does not offer social trading capabilities, a feature available at alternatives like eToro US which could strengthen its offering for aspiring traders
Capitalcore
"The major selling points of Capitalcore are its high leverage options up to 1:2000 and zero commission or swap fees. However, its weak regulatory oversight from the IFSA and non-existent education place it far behind the top brokers."
Capitalcore Quick Facts
| Bonus Offer | 40% Deposit Bonus up to $2,500 |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Metals, Stocks, Cryptos, Futures Indices |
| Regulator | IFSA |
| Platforms | WebTrader, Pro |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD |
Pros
- Capitalcore is one of the only brokers to charge zero swap fees, which may appeal to Islamic traders looking to comply with Islamic Finance.
- The support team are available 24/7 and responded within minutes during testing with helpful responses.
- Unlike most brokers, Capitalcore offers an unlimited demo account that takes under 5 minutes to open.
Cons
- Capitalcore is not regulated by major financial authorities and has an unproven reputation, raising concerns about the safety of client funds.
- Capitalcore’s threadbare education and research seriously trail category leaders like IG, making it less suitable for aspiring traders.
- The web platform was inconsistent during testing, with occasional technical glitches that meant the trading platform wouldn’t load.
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
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients.
CloseOption
"CloseOption is a good pick for traders seeking a user-friendly binary options platform with high payouts and joining bonuses."
Tobias Robinson, Reviewer
CloseOption Quick Facts
| Bonus Offer | $10 Welcome Gift |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options on Forex & Cryptos |
| Regulator | National Bank of Georgia |
| Platforms | Own |
| Minimum Deposit | $5 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- Free demo account
- Multiple global payment methods are available
- New traders can get started with a $5 minimum deposit
Cons
- CloseOption is not regulated by a well-regarded trading authority
- Binary options are only available on fiat and digital currencies
- Clients need to deposit $50,000+ to qualify for the best payouts
Sage FX
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
Sage FX Quick Facts
| Bonus Offer | $1,500 trading competition |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, indices, cryptos |
| Regulator | Pending |
| Platforms | TradeLocker |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Low starting deposit from $10
- Flexible accounts with STP and ECN solutions available
- High leverage up to 1:500
Cons
- Relatively narrow range of asset classes
- Lacks educational resources and other extra features
- Not regulated by any reputable body
How Did We Choose The Best Mastercard Brokers?
To list the top Mastercard brokers, we:
- Referred to our extensive directory of 500 online brokers, pinpointing all those that accept Mastercard payments
- Verified that they support Mastercard deposits and withdrawals for online trading
- Ranked them by their overall rating, based on 100+ data points and our hands-on tests
Mastercard Overview
Mastercard is a multinational financial services corporation, with a history dating back to 1966 when it was established in the US. The firm has traded publicly since 2006, with shares listed on the NYSE stock exchange.
The company is based in the Mastercard International global headquarters in New York. Mastercard is currently led by CEO, Michael Miebach.
Similar to Visa, Mastercard provides worldwide payment gateway services for merchants and card-issuing banks who use the branded cards. The company offers a range of plastic, prepaid and gift cards, including luxury gold and black cards, which members can keep track of using the rewards app. Other brands of the company include Maestro and Masterpass.
In terms of earnings, according to recent annual reports and news, the firm’s revenue has reached over $25 billion. It also has hundreds of corporate head office locations worldwide, including London and Dubai.
Today, the corporation is partnered with some of the world’s largest companies including Amazon and Virgin. In addition, it leads charitable initiatives in Africa through the Mastercard Foundation.
Pros Of Trading With Mastercard
Accepted Everywhere
Payments are supported almost anywhere card transactions are accepted, including Europe, Africa, Asia, the UAE and America. Most brokers also offer funding via Mastercard – it remains one of the most popular deposits methods alongside bank transfers and e-wallets.
When comparing Mastercard vs Visa debit, both firms have extensive international coverage. They are some of the most used debit cards and are widely accepted at top trading brokers and platforms.
Rewards & Offers
The company offers a range of different perks, reward cards and voucher schemes, meaning traders can pay with bonus points that they earn from spending elsewhere. Elite Mastercard holders also enjoy discounts through the Priceless scheme, as well as travel insurance.
Prepaid gift cards (Your Choice Gift Card) are also available. This allows users to spend funds almost anywhere Mastercard is accepted. However, check that your broker supports this type of payment.
Chargebacks & Price Protection
The firm offers chargeback protection for customers if there are issues with the goods or services provided, or if the merchant goes bust. For traders who are unsure how a chargeback would work if something went wrong with their broker, it’s worth checking the rules beforehand.
Secure
Mastercard is one of the safest ways to pay online. The company uses SecureCode (3d secure registration) which provides an additional layer of security to the account holder and helps to reduce fraud. Most trading platforms also employ various payment protocols.
Cons Of Trading With Mastercard
Cards Not Issued Directly
The company does not issue credit cards directly to the public, unlike similar companies such as American Express and Discover. Investors who wish to send funds to their trading account but don’t already have a Mastercard will need to apply for one through their bank.
Fees
As with most credit cards, holders may be charged fees, interest rates and foreign exchange commissions, depending on the card you own. Investors may also need to check for any currency converter fees charged by the card issuer. In addition, some brokers pass on transfer costs to their clients, though the top brands offer fee-free deposits.
Speed
Payments via Mastercard are usually processed quickly, but the time it takes for your deposit or withdrawal to be credited to your account will depend on the broker. For example, deposits with FP Markets are instant, whilst withdrawals take 1 business day.
Security
The company uses its own protection scheme known as SecureCode, the equivalent of a 3D secure code verification, which protects customers against fraud. SecureCode provides users with a one-time password via SMS which is generated by the issuing bank. The firm also uses login encryption features and ID checks when payments are made online.
Connect with your broker for their security features and any refund concerns. Alternatively, see our brand reviews for further information.
How To Deposit Using Mastercard
You can request to pay via Mastercard from within your broker’s client area. At AvaTrade, for example, you would need to follow these steps:
- Log in to your client area
- Navigate to the ‘Deposit’ section and click on ‘Fund Your Account’
- Select the e-payment deposit method with the Mastercard logo
- Select the trading account you wish to deposit to and enter the amount
- Add your card details to the fields
- Click ‘Deposit’
Note that depending on your country of residence, you may also need to verify your payment card by submitting a photo of the 16-digit number and 3-digit security code.
Withdrawals often take slightly longer than deposits and some brokers only allow you to withdraw the same amount that you deposited. It is also worth looking out for any deposit or withdrawal limits within your trading account.
Charges
Some fees may apply depending on the card you are using. These will include interchange fees and FX rates if you are depositing in another currency. Details of specific fees can be provided by your bank.
Note that your broker may also be charged merchant fees by Mastercard which they may pass on to you, depending on their business model. You can usually find details of fees on the broker’s website or by contacting the customer support team.
Is Mastercard Good For Day Trading?
Mastercard is a secure, reliable and convenient payment method for any trader who owns a card with the iconic branding. Despite the variety of e-wallet and instant payment solutions available worldwide today, it’s difficult to find a forex broker that doesn’t still offer Mastercard payments. The only downside for traders is the fees, if they apply to them, as well as varying processing times on the broker’s side.
Note that the corporation’s stocks and shares price can be found on the relevant online stock exchange.
FAQ
Which Brokers Accept Mastercard Deposits?
Mastercard is accepted in multiple regions around the world, by most major merchants. Most top brokers will accept online payments via Mastercard, including AvaTrade and Pepperstone. Alternatively, see our list of brokers that accept Mastercard deposits.
How Can I Contact Mastercard If There’s An Issue With My Deposit?
If you are experiencing payment problems at your broker, issues with your 3D Secure not working online, or have questions about chargebacks, you can contact the customer helpdesk telephone number.
Is Mastercard The Same As Visa Deposits?
Visa and Mastercard are both payment processing companies that handle customer transactions, online and in-store. The main difference between the two is the different rewards and benefits that they offer, as well as their unique security features. Most top-rated trading brokers accept both for deposits and withdrawals.