8 Best TransferWise Forex Brokers Review

The top 8 best TransferWise forex brokers revealed. We tested and verified the best TransferWise forex brokers for traders.

10 Best Forex Brokers in South Africa for 2025

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

Read Review

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

Visit Broker

#2

Read Review

FSCA, CySEC, FCA, DFSA, FSA, CMA

$0

Visit Broker

#3

Read Review

CySEC, MWALI, FSCA

$25

Visit Broker

#4

Read Review

CySEC, FCA, FSA, FSCA

$100

Visit Broker

#5

Read Review

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

Visit Broker

#6

Read Review

CySEC, ASIC, FSA, BVI, FSCA

$25

Visit Broker

#7

Read Review

ASIC, CySEC, FSA, SCB

$200

Visit Broker

#8

Read Review

ASIC, CySEC, FSCA, FSA, FSC, CMA

$100

Visit Broker

#9

Read Review

FCA, CySEC, FSCA, SCB

$100

Visit Broker

#10

Read Review

FSCA, FSC, ASIC, CySEC, DFSA

$5

Visit Broker

#1

4.8/5

User Score

Sign Up

#2

4.7/5

User Score

Sign Up

#3

4.7/5

User Score

Sign Up

#4

4.4/5

User Score

Sign Up

#5

4.7/5

User Score

Sign Up

#6

4.0/5

User Score

Sign Up

#7

4.7/5

User Score

Sign Up

#8

4.8/5

User Score

Sign Up

#9

4.5/5

User Score

Sign Up

#10

4.9/5

User Score

Sign Up

8 Best TransferWise Forex Brokers Review – 7 Key Point Quick Overview

1. ✅ Why is TransferWise Popular?
2. ✅ 8 Best Brokers that Accept TransferWise
3. ✅ How to Choose the Right Forex Broker
4. ✅ The Best Forex Brokers
5. ✅ Using TransferWise in daily Forex trading
6. ✅ Conclusion
7. ✅ Frequently Asked Questions

This is a complete guide to the best TransferWise forex brokers.

In this in-depth guide you’ll learn:

• Who the best TransferWise Forex brokers are and why traders should sign up with a TransferWise Forex broker.
• Who are the best TransferWise forex brokers?
• How to choose a TransferWise forex broker – Compare them side by side.

Why is TransferWise Popular?

Wise, formerly known as TransferWise, is a fintech business that enables low-cost wire transfers between the United States and more than 70 countries.

TransferWise is one of the best places to convert money. You can use Smart to send money to anyone with a bank account or credit card, but the recipient must have a bank account of their own.

8 Best Brokers that Accept TransferWise

In order to facilitate quick deposits and withdrawals from your Forex trading account, we have compiled a list of the top 8 brokers that use TransferWise.

XM

Overview

XM is a broker offering CFDs and Forex to traders at average risk, with a trust score of 84% and an overall rating of 9/10. While selecting an online trading platform, you should prioritize security, customer support, account funding, and low costs. XM is a complete and total success.

Because of this potent combination, XM is an excellent choice for any trader who is just starting out or who wants to sharpen their existing abilities. Since its inception in 2009, XM has expanded to become one of the industry’s most trusted and strictly regulated brokers. Because of its multilingual customer service staff, the company is now able to serve customers in over 196 different countries.

The broker has its headquarters in Belize (it holds an IFSC license), but it also has a number of worldwide branches.

Unique Features

XM Pros and Cons

XM Trust Score

OctaFX

Overview

OctaFX has provided its clients with multiple trading options and low-required deposits since it opened in 2011.

OctaFX’s online trading services and platforms have garnered a lot of praise from the financial trading industry.

St. Vincent and the Grenadines in the Caribbean is home to Octa, a company that boasts international clientele from 185 countries. For those looking for a forex trading platform, Octa is the best option. It has the lowest spreads and the finest customer experience in the business.

For those looking for a low-cost entry point into trading many asset classes, Octa is a fantastic option. Although the primary focus of the platform is on foreign currency (FX) trading, users have access to a wide variety of additional markets and products.

OctaFX Unique Features

OctaFX Pros and Cons

Trust Score

AvaTrade

Overview

AvaTrade was established in 2006 and is a global CFD and FX broker. The Irish Central Bank and other financial institutions keep an eye on it. Foreign exchange (FX) brokerage AvaTrade is part of the AVA Group of Businesses.

Although online trading has its risks, AvaTrade stands out due to its excellent reputation for customer service and security.

Traders from various walks of life can use the company’s sophisticated platform and services thanks to its bilingual, round-the-clock support centres. Foreign exchange (Forex), stocks, commodities, indices, and other markets are just a few of the many that you can trade on with AvaTrade.

Unique Features

Avatrade Pros and Cons

Trust Score

FP Markets

Overview

FP Markets’ low spreads and usage of the MetaTrader platform set it apart as a premier Forex and CFD broker. FP Markets is a low-cost option among brokers, with MetaTrader and over 8,000 goods to choose from.

VPS hosting for automated trading solutions, copy trading through the MT4 Myfxbook service, and retail account management with the MT4 MAM/PAMM module are just a few of the value-added services offered by FP Markets.

Since FP Markets has been rapidly expanding its own internal social trading service, the company is well aware of the growing interest in social trading among retail traders. Brokers who put money into social trading clearly care about giving their clients the best possible service.

Unique Features

FP Markets Pros and Cons

Trust Score

Pepperstone

Overview

Pepperstone is widely considered to be among the best trading brokers available right now because of its superior customer service and comprehensive library of APIs and MT4 plugins. The research offers are above average, but the small amount of marketable goods is a minor negative.

In order to submit larger orders to a liquidity aggregator with varying tiers of liquidity, Pepperstone can handle multiple order fills. Client orders are executed at “market” prices without requotes, slippage (in either direction), or broker intervention.

Unique Features

Pepperstone Pros and Cons

Trust Score

IC Markets

Overview

IC Markets is a long-standing, Australia-based online trading firm (Regulated by ASIC). IC Markets offers its clients three of the industry’s finest trading platforms.

Traders can pick from not one but three different platforms, each with its own set of analytical features.

Trading in Bitcoin, Ethereum, and other major cryptocurrencies, as well as Contracts for Difference (CFDs) on indices, equities, commodities, and futures, is available through the brokerage. A large number of international currencies are available on IC Markets.

Unique Features

IC Markets Pros and Cons

Trust Score

TD Ameritrade

Overview

TD Ameritrade has a Trust Score of 98 out of 100, making it a reliable platform for trading. Four Tier-1 (highest) regulators, zero Tier-2 (middle) regulators, and no Tier-3 (least) regulators have issued licenses to TD Ameritrade (low trust).

Individual investors can choose from many different types of accounts at TD Ameritrade, including the Standard Account, the Margin Trading Account, the Retirement Account, the Education Account, the Specialty Account, and the Managed Profile.

TD Ameritrade, an American stockbroker, has won numerous honors for the quality of service it delivers to its customers and the breadth and depth of the financial products it offers. Margin loans are available to TD Ameritrade clients as a means of managing their money.

Unique Features

TD Ameritrade Pros and Cons

Trust Score

Oanda

Overview

When it comes to FX and CFD trading, 91% of clients say they have faith in OANDA. OANDA’s popularity stems from the company’s convenient trading conditions, unique platform, and reliable services.

Doctors Stumm and Olsen founded OANDA in 1996. OANDA is a global leader in providing services to retail foreign exchange (FX) and contract for difference (CFD) traders, including currency conversion, FX data services, and an online brokerage service.

The OANDA platform is great for both novice and seasoned traders because to its abundance of relevant indicators and charting tools.

Unique Features

Oanda Pros and Cons

Trust Score

How to Choose the Right Forex Broker

Regulatory Compliance and Licenses

When picking a foreign exchange broker, it is essential to analyze the broker’s reputation and regulatory compliance.

Traders can confirm the broker’s regulations by checking the “About Us” section of the broker’s website. Furthermore, traders should only open accounts with brokers with the appropriate regulation and authorization.

Features and Offer

When comparing the account features of different brokers, the following factors should be considered: leverage and margin, commissions and spread, initial deposit requirements, and withdrawal convenience.

Leverage and margin relate to the borrowing capacity available to traders, which can magnify potential profits and losses. Finally, commissions and spreads relate to the fees that brokers charge, which may be a fixed percentage of the spread or broader spreads.

Some brokers provide accounts that can be funded with as little as $1 as a minimum initial deposit.

The range of markets (currency pairs) offered

In addition to account features, it is essential to consider a broker’s currency pairs. Although many currencies may be accessible for trading, only a few are actively traded and have the highest liquidity.

The most popular currency pairs are EUR/USD, GBP/USD, USD/JPY, and USD/CHF. Therefore, a trader’s desired currency pairs must be available from their broker.

The quality, availability, and response of Customer Support

Foreign exchange trading occurs 24 hours a day, five days a week, making customer service a crucial factor. It is recommended to analyze a broker’s customer service availability and the accessibility of contacting a live person via a short phone call.

The Trading Platform supported

The trading platform provided by a broker should be checked to ensure that it has the necessary technical and fundamental analysis tools and facilitates the entry and exit of trades.

Education

Investing in one’s own education and development is the wisest course of action for anybody serious about securing their financial future. Knowing what you are doing, having experience, and having abilities like analytical thinking could be invaluable when investing money.

Regulated and reputable Forex brokers typically provide seminars, webinars, guides, eBooks, and other resources to their customers, where they may learn about new topics, discuss strategies, and more.

The Best Forex Brokers

In this article, we have listed the best Forex brokers which accept TransferWise. We have further identified the forex brokers that offer additional services and solutions to traders.

Best MetaTrader 4 / MT4 Forex Broker

Overall, Exness is the best MT4 forex broker. Exness’ user-friendly, adaptable account types and competitive trading conditions make it an attractive choice for traders of all experience levels. Exness offers more than 200 distinct financial products to its retail customers through a variety of account options.

Best MetaTrader 5 / MT5 Forex Broker

Overall, BDSwiss is the best MT5 forex broker. In addition to foreign exchange, commodities, equities, and indices, BDSwiss provides access to a vast selection of cryptocurrencies.

Best Forex Broker for beginners

Overall, Tickmill is the best forex broker for beginners. Tickmill’s premium and pro accounts have pricing based on a percentage of trades. The Contracts for Difference (CFDs) offered by Tickmill cover a broad spectrum of asset types. Tickmill gives its customers a wide range of equities, indices, and currencies from which to choose. Tickmill has competitive spreads, quick execution, and high leverage.

Best Minimum Deposit Forex Broker

Overall, HFM is the best minimum deposit forex broker. A low-risk CFD and FX broker, HF Markets provides typical consumers with secure accounts, fair trading terms, fast withdrawals, and helpful support.

Best ECN Forex Broker

Overall, Pepperstone is the best ECN forex broker. Pepperstone has an excellent reputation not only for its extensive range of trading platforms and comprehensive research tools but also for its dedicated and helpful customer support staff.

Best Islamic / Swap-Free Forex Broker

Overall, CM Trading is the best Islamic/swap-free forex broker. In terms of copy trading services, CM Trading is highly recommended due to its superior proprietary trading software and stringent compliance with South African regulations.

Best Forex Trading App

Overall, AvaTrade has the best forex trading app. One of the many features of the highly regarded AvaTradeGO Trading App is the capacity to copy trade.

Best Lowest Spread Forex Broker

Overall, FBS is the best lowest-spread forex broker. With FBS, traders can rest easy knowing their clients’ money is safe and the fees are inexpensive compared to other brokers.

Best Nasdaq 100 Forex Broker

Overall, XM is the best Nasdaq 100 forex broker. Traders who sign up with XM have access to sophisticated security measures, helpful support agents, convenient payment options, and funding for their accounts.

Best Volatility 75 / VIX 75 Forex Broker

Overall, eToro is the best Nasdaq 100 forex broker. Affiliate marketers can benefit from eToro’s large network of partners and the fact that it does not charge traders any commissions. eToro is regulated by industry leaders.

Best NDD Forex Broker

Overall, FP Markets is the best NDD forex broker. FP Markets provides access to tens of thousands of equities, indices, currency pairs, commodities, and cryptocurrency pairs.

Best STP Forex Broker

Overall, OctaFX is the best STP forex broker. Because of its cheap minimum deposit, commission-free trading, and unlimited free demo accounts, Octa is a trustworthy broker.

Best sign-up bonus Broker

Overall, Oanda is the best sign-up bonus broker. Traders that sign up with Oanda have access to their highly regarded trading platform, state-of-the-art trading tools, and favourable market circumstances. Traders of all experience levels can benefit from the resources available on OANDA’s website.

Best Forex Rebates Broker

Overall, LiteFinance is the Best Forex Rebates Broker. LiteFinance is a forex and CFD broker based in Cyprus with over 500,000 registered clients. Traders with a Classic or ECN Account can expect to earn up to $7.56 on forex major pairs traded. Furthermore, LiteFinance pays cashback monthly to the trading account.

Best Forex Rebates Broker

Overall, Tickmill is the Best Forex Rebates Broker. Tickmill has been operating since 2015 and is well-regulated in several jurisdictions including Seychelles, the United Kingdom, South Africa, Cyprus, and Labuan. Tickmill pays Forex rebates on Forex and Precious Metals of up to $7.75 per lot.

Best Forex Rebates Broker

Overall, FxPro is the Best Forex Rebates Broker. FxPro is a UK-based ECN and STP broker with over 1.8 million registered traders. FxPro pays rebates to traders according to their account type and the instrument that they trade.

Therefore, retail traders can expect forex cashback rebates of up to 30% paid directly to their trading account monthly.

Best Forex Rebates Broker in South Africa

Overall, HFM is the Best Forex Rebates Broker in South Africa. HFM is an FSCA-regulated hybrid broker with ECN and STP execution and spreads that start from 0.0 pips on EUR/USD. Furthermore, HFM offers a rebates program to traders who trade forex, indices, precious metals, energies, and shares.

Furthermore, when traders sign up with HFM, they can expect up to $4 per lot traded paid monthly directly into their trading account.

Best Forex Rebates Broker in South Africa

Overall, AvaTrade is the Best Forex Rebates Broker in South Africa. AvaTrade is one of the #1 brokers in South Africa that provides competitive trading conditions, powerful third-party and proprietary trading software, and a range of tools and features to beginner and professional traders.

Furthermore, when South Africans use AvaTrade, they can expect Spread Rebates of up to 20% or Pip Rebates of up to 0.35 pips when they trade using MT4.

Best Forex Rebates Broker in South Africa

Overall, FXTM is the Best Forex Rebates Broker in South Africa. FXTM is an ECN and STP forex and CFD broker with a good reputation in South Africa.

Furthermore, South African traders can earn up to $5 per lot traded or 25% of commissions paid when they use the Micro, Advantage, or Advantage Plus accounts.

Using TransferWise in daily Forex trading

Wise (formerly TransferWise) is a digital banking organization that has been around since 2011. It supports free international wire transfers to any bank, business, or individual, and it can convert your money into any of the supported currencies at the daily average exchange rate.

With a Smart account, you may hold 54 different currencies and make transactions to and from 80 different countries. Using the given default settings and services is completely free of charge.

For foreign travelers and businessmen alike, TransferWise is the greatest solution because it allows them to keep many currencies in an easy and secure location. Anyone, be they an individual or a company, can sign up for an account.

Having a business bank account has various uses, including the payment of bills to counterparties, general e-commerce, the payment of employees in bulk, and the automation of tax filing. You can use it in conjunction with other business accounting software like Xero, Quickbooks, or Freeagent.

This is not a neo-bank, despite what you may have heard. There is only one free account tier for individuals to choose from. You can hold a total of 54 different currencies in your account, but only EUR, GBP, AUD, NZD, RON, HUF, and SGD can be deposited or withdrawn.

TransferWise does not impose any costs on its users for wire transactions in these currencies. Direct debit is only available in the following currencies: GBP, EUR, and AUD. If you’re paying in a currency other than USD, you may need to use a different fee calculator.

The possibility of a fee being applied is also determined by the transfer bank’s system. Wire’s fixed $7.50 price for USD transfers can be prohibitive for smaller transactions, whereas Stripe and Amazon Payments do not impose any fees. These incidents demonstrate why extreme caution is required whenever interacting with Wise.

A multi-currency account’s free and secure nature stands out as a particularly appealing selling advantage when compared to accounts at other online banks.

Customers’ money is kept in highly secure accounts at JP Morgan Chase and Barclays.

Nevertheless, Wise’s full potential is unlocked when used for business accounts, thanks to the company’s all-inclusive banking package and the effortless integration with third-party platforms like Xero.

Wise, in contrast to other online banks, doesn’t have account opening or monthly maintenance fees. Opening a personal multi-currency account allows you to store and convert funds between several currencies easily.

The robust features available with a business account make it the optimal option for businesses of any size. Wise has cheaper transaction prices than its competitors, and it charges a one-time fee for various services.

Find no better partner than Wise if you need a security system that can keep up with modern demands. It’s an excellent choice for interacting with clients, whether they’re individuals or corporations, and it’s also popular among Forex traders.

Conclusion

Overall, traders can quickly and simply access funds and deposit them into their trading accounts at Forex brokers that accept TransferWise deposits. Using TransferWise to facilitate regular FX trades is a quick, low-cost option.

10 Best Forex Brokers in South Africa for 2025

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

Read Review

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

Visit Broker

#2

Read Review

FSCA, CySEC, FCA, DFSA, FSA, CMA

$0

Visit Broker

#3

Read Review

CySEC, MWALI, FSCA

$25

Visit Broker

#4

Read Review

CySEC, FCA, FSA, FSCA

$100

Visit Broker

#5

Read Review

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

Visit Broker

#6

Read Review

CySEC, ASIC, FSA, BVI, FSCA

$25

Visit Broker

#7

Read Review

ASIC, CySEC, FSA, SCB

$200

Visit Broker

#8

Read Review

ASIC, CySEC, FSCA, FSA, FSC, CMA

$100

Visit Broker

#9

Read Review

FCA, CySEC, FSCA, SCB

$100

Visit Broker

#10

Read Review

FSCA, FSC, ASIC, CySEC, DFSA

$5

Visit Broker

#1

4.8/5

User Score

Sign Up

#2

4.7/5

User Score

Sign Up

#3

4.7/5

User Score

Sign Up

#4

4.4/5

User Score

Sign Up

#5

4.7/5

User Score

Sign Up

#6

4.0/5

User Score

Sign Up

#7

4.7/5

User Score

Sign Up

#8

4.8/5

User Score

Sign Up

#9

4.5/5

User Score

Sign Up

#10

4.9/5

User Score

Sign Up

Frequently Asked Questions

Does TransferWise operate in South Africa?

Yes. Sending money to South Africa is subject to a maximum amount. Payment methods and the exchange rates involved can make a difference. The TransferWise calculator and knowledge base articles in the help center will tell you what the maximum amount of each currency is. If you try to send too much at once, TransferWise will let you know.

Why is TransferWise affordable?

TransferWise is upfront about its prices and offers an explanation for why banks have been slow to follow suit. With TransferWise and you may save around 80% on currency conversion rates. There are several expenses that banks incur that we do not have.

How much money can I keep in a TransferWise account?

With the right account information, you can deposit substantial sums into any account. Upon getting paid, your USD balance can only go up to a certain amount.

Does TransferWise charge a monthly fee?

TransferWise has no subscriptions and no monthly fees. You’ll always see the fee upfront and only pay for what you use.

How do I withdraw money from TransferWise?

You can withdraw money from TransferWise with the following steps:

1. Log into Wise online or in the Wise app. Open the Wise desktop site, or log in on the app for convenience.
2. Select the balance you want to withdraw from.
3. Enter the details of the withdrawal.
4. Confirm the account you want to withdraw to.
5. Click Send money.