Demo Account Guide
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Forex Brokers That Accept Wire Transfer Payment Method for Deposit and Withdrawal


Wire transfers are commonly used for various purposes, such as sending money domestically or internationally, making large purchases, paying bills, or transferring funds between personal or business accounts. Wire transfers are considered a secure method of transferring funds, as they involve the direct movement of money between banks or financial institutions.

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A wire transfer, also known as a bank transfer or electronic funds transfer (EFT), is a method of electronically transferring funds from one individual or entity to another. It allows for the quick and secure transfer of money between different banks or financial institutions.

To initiate a wire transfer, the sender provides the bank with instructions to transfer a specific amount of money to a designated recipient. The sender's bank then sends the funds electronically to the recipient's bank, which credits the money to the recipient's account.

They are typically considered a reliable and secure means of transferring money, as they involve direct bank-to-bank communication and often require multiple layers of verification to ensure the accuracy of the transaction.

Traders use wire transfers to deposit funds or to withdraw profits from their accounts. Wire transfers allow traders to send funds in one currency and have them converted into the desired currency by the receiving financial institution.


  1. Log in to your forex trading account provided by the broker.
  2. Look for the "Deposit" or "Fund Your Account" section on the broker's website or trading platform. This is where you'll find information about deposit methods, including wire transfers.
  3. Select the wire transfer option as your preferred deposit method. You might see it listed as "Bank Wire Transfer" or simply "Wire Transfer."
  4. The broker will provide you with the necessary banking information, including the bank's name, account number, SWIFT code (for international transfers), and any other relevant details. Make sure to copy this information accurately.
  5. Contact your bank to initiate the wire transfer. You'll need to provide the banking details provided by the broker. Some brokers might also generate a reference code that you should include in the wire transfer instructions. This code helps the broker identify your deposit.
  6. After initiating the transfer, you may need to notify the forex broker about the deposit. This could involve uploading a copy of the wire transfer receipt or providing other verification information through the broker's platform.


  1. Look for the "Withdraw" or "Withdraw Funds" section on your trading account.
  2. Choose the wire transfer option as your preferred withdrawal method.
  3. Same as deposit, you'll need to provide your banking information to the broker.
  4. Enter the amount you wish to withdraw and submit the withdrawal request. Some brokers might require additional verification steps to ensure the security of your funds.
  5. Once the withdrawal request is submitted, the broker will review and process the request. Processing times can vary, and it might take a few business days for the funds to reach your bank account.
  6. Once the withdrawal is processed and approved, the funds will be transferred to your bank account via the wire transfer method.

The wire transfer fees charged by forex brokers can vary significantly depending on the broker and the specific circumstances of the transfer. It's important to note that forex brokers may have different fee structures, and the fees can depend on factors such as the transfer amount, the currency being transferred, and whether it's a domestic or international transfer.

Some brokers may charge a flat fee for wire transfers, while others may apply a percentage-based fee. Additionally, there may be intermediary bank fees involved in international wire transfers, which can further increase the overall cost.

To determine the exact wire transfer fees charged by a specific forex broker, it is recommended to review the broker's fee schedule or contact their customer support directly.

The broker should be able to provide detailed information on wire transfer fees, any minimum or maximum transfer amounts, and any other relevant details related to wire transfers.

For example, wire transfer deposits are free in Admiral Markets, but the withdrawal is only free for one transaction each month. On the other hand, InstaForex applies a 2% fee for wire transfer withdrawal

Wire transfers offer several benefits for forex traders:

  1. Wire transfers are considered a secure method of transferring funds since they involve direct bank-to-bank communication. The information transmitted during a wire transfer is encrypted, reducing the risk of interception or fraud activities.
  2. Wire transfers are particularly useful for large transaction amounts. This is especially useful for professional traders who trade big in the market.
  3. Wire transfers require specific bank account details, including the recipient's account number and routing information. This ensures that the funds are sent directly to the intended recipient, minimizing the risk of errors or misdirected payments.
  4. Wire transfers generate a paper trail and provide a clear record of the transaction. Traders can easily track and document their payment history, which can be beneficial for accounting and auditing purposes.

While wire transfers offer several benefits for forex traders, there are also some disadvantages to consider:
  1. Wire transfers often come with fees, which can vary depending on the banks or financial institutions involved, the amount being transferred, and whether it's a domestic or international transfer.
  2. When sending funds internationally via wire transfer, a currency conversion may be required. Banks often apply their own exchange rates, which may not be as favorable as those offered by specialized forex providers.
  3. Compared to credit cards and digital payments that could execute instant transactions, wire transfers could take 3-5 business days.
  4. Wire transfers are a one-time payment method, meaning that once the funds are sent, they cannot be reversed or canceled easily. This lack of flexibility can be a disadvantage if the trader needs to modify or cancel a transaction after initiating the wire transfer.
  5. Traders may need to provide detailed information. Any errors or omissions in the provided information can lead to complications in the transfer process.
  6. In some regions or countries, accessing wire transfer services may be limited or subject to certain restrictions.

Considering these disadvantages, forex traders should evaluate their specific needs, transaction sizes, costs, and available alternatives to determine if wire transfers are the most suitable payment method for their trading activities.

Additional FAQ

Wire payments involve the transfer of funds between different countries using traditional banking systems and payment networks. The speed of wire transfers can vary depending on the participating banks, the payment network used, the countries involved, and regulatory requirements. It typically takes several business days for wire transfers to be processed and settled, with additional time required for currency conversion and intermediary bank processes.

For example, a wire transfer from the United States to the United Kingdom may take up to 3 business days to be processed and settled. This is because the payment must first be sent from the sender's bank to the intermediary bank in the United States, which then sends it to the intermediary bank in the United Kingdom and finally to the recipient's bank. In addition, the payment must be converted from US dollars to British pounds, which can take additional time.

Continue Reading at Blockchain: The Future of Wire Transfers

In Wire Transfer, the fee deducted by the intermediary can be very high because the funds will pass through several banks before arriving at their destination. This is greatly different from transfer methods using third parties. There can be no fee needed because the transfer process can be seen as a transfer of funds from one account to another.

As such, transactions via e-payments like PayPal, Skrill, and Neteller are known to have relatively low fees as compared with wire transfers.

Continue Reading at Deposit and Withdrawal in Forex Brokers: 4 Things to Consider