American Express, abbreviated as Amex, is the fourth largest credit card issuer globally. It is accepted across the US, where it is available at 99.0% of merchants, although it has a global market share of just 4.6%.
It has a high-end reputation and generally caters to higher net-worth consumers, as its annual average spending as of 2022 clocked in at $23,496. It offers convenience to traders, especially given its cashback rewards and exclusive perks like airport lounges and deals with airlines, hotels, and retailers. We conducted an in-depth review of the primary Amex Forex brokers and covered their pros and cons, security, fees, limits, and how to fund a Forex trading account with Amex.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, Competitive pricing + excellent daily videos.
- Octa, A commission-free broker with a proprietary copy trading service.
- XM, Exception range of assets + negative balance protection.
AMEX Forex Brokers Comparison
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Regulators | FMA, FSA | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | CySEC, FSCA, MWALI International Services Authority | ASIC, CySEC, DFSA, FSC Belize |
Year Established | 2014 | 2005 | 2009 | 2011 | 2009 |
Execution Type(s) | ECN/STP, No Dealing Desk | ECN/STP | ECN/STP, Market Maker | Market Maker | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.3 pips | 1.2 pips | 1.0 pips | 0.9 pips | 0.1 pips |
Average Trading Cost GBP/USD | 2.0 pips | 1.4 pips | 1.2 pips | 1.3 pips | 0.2 pips |
Average Trading Cost Gold | $0.90 | $0.16 | $0.12 | $0.30 | $0.19 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets offers the MT4/MT5 trading platforms, upgraded via the Autochartist plugin. Clients get superb data feeds from 66+ third-party providers and access to deep liquidity pools, placing BlackBull Markets among the Amex Forex brokers with the most advanced trading environment. Additionally, traders benefit from competitively priced, commission-free, and commission-based ECN trading accounts.
Social traders can connect their accounts to TradingView, where they may engage with 50M+ traders to share and discuss trades and trade directly from advanced charts. Copy traders can diversify their portfolios via the embedded MT4/MT5 services, the proprietary BlackBull Markets alternative, ZuluTrade, and Myfxbook Autotrade.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets is among the Amex Forex brokers with the most upgraded MT4/MT5 environment, with its 12-plugin upgrade, Autochartist, and Trading Central. Traders may also use cTrader or the geographically restricted Iress platform. The competitive commission-based Forex cost structure features raw spreads from 0.0 pips for a commission of $6.00 per lot, complemented by deep liquidity, making it ideal for algorithmic traders and scalpers.
VPS hosting enables low-latency 24/5 market access and MAM/PAMM traditional account management. Copy traders may use the integrated services in MT4, MT5, and cTrader or the proprietary FP Markets alternative, the fee-based Signal Start.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar, and Eightcap upgrades MT4 via Capitalise AI, which enables algorithmic trading in a code-free environment. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.
Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
Octa
In Summary A commission-free broker with a proprietary copy trading serviceFounded in 2011, Octa is a “Straight Through Processing” (STP) broker, which means they do not have an internal dealing desk. They simply connect buyers and sellers directly. With this model, Octa aims to be more cost-effective than anyone else in the market. They offer low spreads and claim 97.5% of trades are executed without slippage.
Octa offers their clients a choice of three Forex trading platforms: the world’s most popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). All of these can be traded as a desktop application, and on Android and iOS devices.
Octa is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. This broker paid out almost $3,000,000 in bonus funds. Octa offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. Octa additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program. Traders have a choice between fixed and floating spreads, and the overall cost structure remains competitive.
Asset selection remains the distinct weakness at Octa, making it most suitable for new retail traders. A series of short educational articles offers a basic Forex introduction, and this broker maintains an excellent arsenal of research and analytics tools.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
XM
In Summary Exception range of assets + negative balance protectionI rank XM among the best Forex brokers for beginners as it provides exceptional education, with the live education room available Monday through Friday between 06:00 and 15:00 GMT at its core. Beginners also receive actionable trading recommendations, and the $5 minimum deposit ensures accessibility to all traders, boosted by deposit bonuses.
XM rewards active traders with a four-tier loyalty program and supports algorithmic traders with VPS hosting. The well-balanced asset selection exceeds 1,000 assets, and the proprietary copy trading service pays signal providers up to 50% profit share. Swap-free trading and low trading fees ensure a competitive edge.
Pros & Cons
- Outstanding trading tools and loyalty program
- Low minimum deposit, high leverage*, and competitive trading cost
- Excellent research and education
- Trustworthy and transparent with generous bonuses and incentives
- Inactivity fee
How to Fund a Forex Account with Amex
Funding your account with Amex Forex brokers is convenient and straightforward.
Follow the below steps to fund your account with Amex Forex brokers:
- Log into your brokerage account.
- Navigate to the deposit section.
- Select credit/debit cards and choose Amex.
- Enter your desired deposit amount.
- Supply the necessary Amex card details.
- Review your details.
- Confirm the deposit.
How to Trade Currencies with an American Express Forex Broker
In-depth education should always precede trading currencies with Amex Forex brokers, but the steps below cover the technical aspects of buying and selling currencies. Order execution differs among platforms, but since MT4 is the leading Forex trading platform, we will use it as an example (MT5 follows the same steps).
Here is how to trade currencies with Amex Forex brokers:
- Fund your trading account with sufficient capital.
- Analyze currencies and determine if you want to buy or sell.
- Double-click the currency you wish to trade.
- Enter your trading amount in lots.
- Set your stop loss and take profit levels (optional but recommended).
- Choose your order execution type (market execution is the default).
- Click “Sell by Market” to go short or “Buy by Market” to go long.
Noteworthy:
Traders can enable one-click trading to trade directly from the charts.
- Once enabled, click on the triangle in the top-left corner in front of the name of the currency pair.
- Enter your trading amount.
- Click Sell or Buy.
How to Withdraw from a Forex Account with Amex
Please note that most Amex Forex brokers only allow withdrawals if traders have funded their accounts with Amex and only up to the deposit amount.
Here is how you withdraw from Amex Forex brokers:
- Log into your trading account.
- Locate the withdrawal section.
- Select credit/debit cards and choose Amex.
- Enter your withdrawal amount (ensure you have sufficient free margin).
- Confirm your withdrawal.
What to Look for When Trading Forex with American Express Brokers
Not all Amex Forex brokers offer the same products and services, and traders should evaluate their options carefully.
Here are the main criteria to look for in your Amex Forex brokers:
- Low minimum deposit and withdrawal requirements
- Competitive trading fees
- Trading platforms that support algorithmic and copy trading.
- Balanced asset selection
- Fast order execution
- Quality customer support
Pros & Cons of Using Amex for Forex Trading
Before opening an account with Amex Forex brokers, traders should consider the pros and cons.
The pros of using Amex Forex brokers are:
- Convenience
- Fast deposit times
- Excellent rewards supportive of the lifestyle of profitable traders.
- Perfect for follow-on transactions after withdrawals.
The cons of using Amex Forex brokers are:
- Few Forex brokers offer Amex transactions.
- Limited acceptance outside the USA.
Fees and Limits When Using Amex to Trade Forex
The fees and limits when using Amex Forex brokers depend on the card type, issuing banks, and Forex broker. Therefore, it is impossible to provide details, as they will vary among individuals. Traders should consult their bank and broker for precise information.
Amex Chargeback on Forex Account
Traders can request a chargeback for a transaction with Amex Forex brokers up to 120 days after Amex processed it.
The three primary reasons Amex notes are:
- The amount differs from the original transaction amount.
- The transaction used an invalid or incorrect card number.
- Multi-processing of a single transaction for the same amount.
Noteworthy:
- Other reasons include failed authorization, merchant errors, or fraud.
- Amex provides a detailed list of all acceptable chargebacks.
Security When Trading Forex with Amex
The security of funds depends primarily on Amex, the issuing banks, and Amex Forex brokers. They usually follow well-established industry practices, but traders are the first line of defense with Amex usage habits online and offline. Amex Pay transactions require verification via the Secure Device Lock (password, pattern, PIN, or fingerprint). Amex monitors accounts, including via its proprietary SafeKey service.
Bottom Line
The number of Amex Forex brokers is somewhat limited, but this payment option is worth looking out for, because it can offer traders a convenient option, especially for follow-on transactions, rewards, and rebates.
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