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.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- FP Markets, ECN trading with leverage up to 1:500.
AMEX Forex Brokers Comparison
| | | |
Regulators | FMA, FSA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, CMA, CySEC, FSCA |
Year Established | 2014 | 2006 | 2005 |
Execution Type(s) | ECN/STP, No Dealing Desk | Market Maker | ECN/STP |
Minimum Deposit | |||
Average Trading Cost EUR/USD | 1.3 pips | 0.9 pips | 1.2 pips |
Average Trading Cost GBP/USD | 2.0 pips | 1.5 pips | 1.4 pips |
Average Trading Cost Gold | $0.90 | $0.29 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Trading View | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||
Negative Balance Protection | |||
| 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
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade belongs to the Amex Forex brokers with the most trading platform choices and customized solutions. Traders can use WebTrader and AvaTradeGO, with embedded Trading Central services ideal for manual and mobile traders. Alternatively, they can use Ava Options and Ava Social, which are well-developed alternatives for their respective sectors. MT4/MT5 are equally available for algorithmic trading, which AvaTrade supports via VPS hosting for low-latency 24/5 market access.
The quality, balanced asset selection includes options, cryptos, and ETFs and supports most trading strategies. AvaTrade provides good order execution from a trusted broker with reasonable, commission-free costs. A high-paying partnership program also exists.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
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
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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