PayNow Brokers 2025
PayNow is an online payment gateway primarily available to traders in Singapore. Accepted by leading global brokers that deal in markets such as stocks, forex and commodities, the digital solution offers a fast and secure way to complete payments.
This guide provides a review of PayNow as a method to fund online trading accounts, covering setup, charges, transfer limits and FAQs. We’ve also listed the best PayNow brokers in 2025.
Best PayNow Brokers
Based on our evaluations, these are the best brokers that support PayNow deposits and withdrawals:
Here is a short overview of each broker's pros and cons
- 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.
- 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.
- UnitedPips - Operating since 2016 and based in Saint Lucia, UnitedPips is a non-dealing desk broker serving clients in over 137 countries. It specializes in CFD trading across around 80+ assets with high leverage up to 1:1000.
- 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.
Compare The Best PayNow Brokers
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
| NinjaTrader | $0 | Forex, Stocks, Options, Commodities, Futures, Crypto | NinjaTrader Desktop, Web & Mobile, eSignal | 1:50 |
| eToro USA | $100 | Stocks, Options, ETFs, Crypto | eToro Trading Platform & CopyTrader | - |
| Interactive Brokers | $0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower | 1:50 |
| FOREX.com | $100 | Forex, Stocks, Futures, Futures Options | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:50 |
| UnitedPips | $10 | CFDs, Forex, Precious Metals, Crypto | UniTrader | 1:1000 |
| RedMars | €250 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT5 | 1:30 (Retail), 1:500 (Pro) |
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
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- There is a withdrawal fee on some funding methods
- The premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
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
- A free demo account means new users and prospective day traders can try the broker risk-free
- Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
Cons
- Average fees may cut into the profit margins of day traders
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
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."
Christian Harris, Reviewer
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, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| 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
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
- 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.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
Cons
- 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.
- 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.
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."
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
- 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.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- 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
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- 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.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
UnitedPips
"UnitedPips is ideal for traders seeking leveraged trading opportunities, the security of fixed spreads, and the flexibility to deposit, withdraw, and trade cryptocurrencies - all in one sleek TradingView-powered platform."
UnitedPips Quick Facts
| Bonus Offer | 40% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Precious Metals, Crypto |
| Regulator | IFSA |
| Platforms | UniTrader |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD |
Pros
- Although being handed off mid-chat due to shift changes during testing was frustrating, customer support is generally good with quick, helpful responses, and 24/7 support via phone and email for regional teams is a definite advantage.
- UnitedPips offers impressive leverage up to 1:1000 with zero swap fees or commissions, which can enhance potential returns for day traders and swing traders looking to control prominent positions with less capital.
- UnitedPips’ platform performs well, with an intuitive design that will appeal to beginners, while the TradingView integration delivers powerful charting tools without overwhelming users, making it straightforward to execute trades efficiently.
Cons
- UnitedPips' selection of tradable instruments is still minimal, comprising a bare minimum selection of forex, metals and crypto. There are no equities, indices or ETFs, which may be a drawback for experienced traders looking for diverse opportunities.
- Unlike brokers such as IG, UnitedPips is an offshore broker not regulated by any 'green tier' financial authorities, raising concerns for traders seeking assurance and protection under well-established regulatory frameworks.
- UnitedPips lacks comprehensive research, while the educational content for beginner traders is woeful. Compared to brokers like eToro, which offers tutorials, webinars, and advanced courses, UnitedPips offers minimal resources to help new traders understand key concepts.
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
- 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
Cons
- 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
- 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
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
How Did We Choose The Best PayNow Brokers?
To reveal the top PayNow brokers, we:
- Took our directory of 500 online platforms to find all those accepting PayNow
- Ensured that they accept PayNow deposits and withdrawals for online trading
- Sorted them by their rating, based on 100+ data points and findings from our in-depth tests
What Is PayNow?
The online transfer service and eCommerce payment solution was founded in 2017. The firm is comparable to Google Pay, securely facilitating payments to and from major banks in Singapore. Clients can use the mobile apps of supported banks, which are free to download, to make local payments with QR codes or overseas transfers, including to trading brokers.
The owner was keen to ensure that residents of Singapore can use their National Registration Identity Card (NRIC) to create a PayNow account while other verification procedures can also entitle clients to a Virtual Payment Address (VPA).
Supported Banks & Jurisdictions
The solution is primarily available to traders living in Singapore. Residents of some countries including Korea, Thailand, India, and Indonesia cannot open an account. There is also a service that shares the same name, known as PayNow Topup, operating in Zimbabwe and Zambia. PayNow for Stripe is another transfer solution, but again, this is a separate service.
The company has strong integration in Singapore and supports fifteen major banks and three non-banking financial institutions (NBFIs). Clients can link bank accounts from Maybank, OCBC, POSB, UOB, DBS, Citibank and HSBC, among others.
Fees & Limits
There are no fees when making deposits using the service, which is an advantage over platforms such as Skrill and Neteller. With that said, trading platforms may have their own processing charges.
A maximum transfer limit of $200,000 per transaction applies. Limits may also vary depending on your bank or credit card account, with UOB, OCBC, POSB, all enforcing independent daily transfer and refund limits, for example. Brokers that support PayNow deposits may also have individual daily payment limits.
Speed
Traders will be pleased to see that PayNow provides a fast login and competitive transaction speeds. Deposits are usually instant, making it quicker vs the likes of Giro. With that said, online brokers may have their own processing times with withdrawals often requiring KYC verification checks before funds can be released.
Security
PayNow traders typically link to their Singapore NRIC number to set up their account. As a result, the company follows multiple security protocols to shield sensitive information from businesses.
The login and transaction processes are also both secure, only revealing your VPA to merchants. In addition, users can opt for an SMS and email notification when a payment is made, alerting clients to any unauthorised access and helping to prevent scams.
Payment Guide
Making a deposit or withdrawal to and from a trading broker using the solution is straightforward. Several established brands accept deposits from the payment provider, including Plus500 and Oanda.
Follow the steps below to start trading with PayNow.
Setup
Firstly, you will need a bank account with one of the fifteen supported major financial institutions in Singapore. Accepted banks, including DBS, have easy-to-follow guides on YouTube as well as written tutorials to help you work through errors.
To enable PayNow, login to your bank account either through the website or mobile app and navigate to the PayNow section. The transfer solution can either be set up using your mobile number or NRIC. After verification, registrants can choose a nickname that will be displayed alongside payments.
Once this is complete, traders can choose which accounts they would like to link to PayNow. The registration process is then finished and payments can be made.
How To Deposit Using PayNow
To initiate a transaction at a PayNow broker like City Index, navigate to the deposits and withdrawals area of your trading account. Next, select the PayNow button from the list of payment options. This should launch another website window with access to a secure gateway. Now enter the details for your bank account with PayNow integration to log in and complete the payment. Transactions are usually processed instantly, but they may take a few minutes during periods of high traffic.
Note, traders should receive an email or SMS notification confirming their successful payment.
Pros
Benefits of using PayNow for trading deposits and withdrawals include:
- Secure – Multiple safety measures ensure secure transactions are made between broker accounts and supporting banks.
- Transaction Limits – PayNow supports transactions of up to $200,000, subject to daily local transfer limits. This is significantly higher than many alternative payment solutions.
- Easy To Register – Creating a PayNow login is free and straightforward, requiring basic contact details and identity verification.
- Singapore Banking Support – Integration is seamless with the fifteen eligible banks and three NBFIs.
- Multi-Functional – The transfer solution can be used for a wide range of applications from eCommerce to physical QR code payments.
- Fast – Transfers are often instant, allowing traders to take advantage of fast-moving financial markets.
- Fee-Free – There are usually no fees or charges when making deposits and withdrawals using the payment provider.
Cons
There are also some drawbacks to consider:
- Regional Restrictions – The payment solution is mainly available to residents of Singapore: traders from some overseas regions like Thailand, India, Indonesia or Korea, cannot use the transfer gateway.
- Currency Limits – Transactions can only be made in Singapore dollars so additional currency conversion charges may apply at some trading platforms.
- Broker & Merchant Support – PayNow is not as widely supported as e-wallets such as PayPal, Skrill and Klarna. Head to the payment provider’s website to see which country and merchants traders can use the service with.
Customer Support
If PayNow is not working or you run into an error, what can you do about it? While the payment gateway has no dedicated customer care number or headquarters, assistance can be sought from the banks with which your account is integrated. Several supported banks provide 24/7 hotlines for customers to call, or offer online chat or email options to help clients.
Is PayNow Good For Day Trading?
PayNow is an excellent choice for traders based in Singapore or Singaporean traders based in supporting countries. Deposits can be made with leading financial institutions in the region alongside seamless integration at broker websites and mobile trading applications. PayNow is also easy to set up and shields private information from unscrupulous merchants with zero to low deposit fees.
FAQ
Does PayNow Offer An App For Trading Deposits?
While there is no dedicated app, accounts can be managed through mobile applications provided by supporting banks. Deposits and withdrawals can also be initiated via broker apps.
Is There A PayNow Deposit Limit?
While the payment gateway itself supports individual transactions up to $200,000, merchants and brokers may have their own daily minimum and maximum limits.
What Is PayNow And How Does It Work For Trading?
PayNow is an online payment gateway that integrates with major Singapore banks and merchants. It’s also a popular deposit and withdrawal option among active traders in the region.