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New payment methods that are being developed and created every day make everyday tasks a lot easier. Recently, Mobile payments have become very popular around the world and more and more Forex trading platforms are trying to adopt these payment methods.
PhonePe, which was created five years ago, has managed to become very popular among the citizens of India. Many people are using this method for day-to-day activities and the number of Forex brokers accepting PhonePe payments is also growing. Even though there are not so many of them, there still are a number of them you can choose from!
We created this guide to help you learn more about this payment method and we hope that we can help you find the best Forex broker accepting deposits via PhonePe!
How to find the best FX broker accepting PhonePe payments?
There are not so many Forex brokers that accept PhonePe. However, you can see the list of best of them below!
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
How can I deposit money on the Forex trading account via PhonePe?
Depositing money with PhonePe is a very simple procedure that can be done very easily even those two have just started trading Forex. Like most of the mobile payment methods, the fees are relatively low and it takes little to no time to make a payment with Phone Pe to fund a Forex trading account. There are a few steps that you need to follow:
- First things first, fund your PhonePe account using a credit card, debit card, or any other available methods
- Then, you will need to go to your Forex broker of choice and choose PhonePe as your payment method to make a deposit on Forex broker
- After that, you will be asked to provide details about your PhonePe and the payment will be made very fast
A very interesting part of the PhonePe app is that you do not really need to load funds into your wallet to start paying. You can also do that from your bank account by using just your mobile number or even a virtual ID.
Is making deposits with PhonePe safe?
Safety should be your top priority when it comes to Forex, that is why we believe that you should always trade with a regulated broker. Making a payment with mobile payment systems are safer than other methods in general because of the fact that you do not provide sensitive information of your card to the Forex broker.
The fact that makes PhonePe much safer than its rivals is that it is powered by Yes Bank, all transactions are made over secure banking networks and the app does not store any of the user data or passwords. The transactions are made by using MPIN which is known to only you!
The safety of your funds depends on the broker that you are using a lot, so always try to do good research before you start trading. Even though there are not so many brokers accepting PhonePe, you still have the ability to choose between them and find the one that works perfectly for you!
What are the fees applied to payments made via PhonePe?
There are not any fees charged by PhonePe for payments, however, there might be some fees applied to your payments by the PhonePe accepted Forex brokers. Something that you should do before you start trading is to check the information that is provided by the broker, in most of the cases, they have special pages dedicated to the list of fees that are being charged while making deposits.
There can also be some fees applied to the payments you make on your PhonePe account. For example, if you are using a credit or debit card, there might be some fees charged by the card issuer.
The payments are made very fast via PhonePe and this is probably one of the biggest reasons why so many people are using it, even though you want to be able to find many Forex brokers that accept this payment method, you still have some that you can choose from. Still have a hard time finding the FX brokers to deposit money using PhonePe? Check out our list now!
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
FundedBull
Min. Depo
49 USD
Licences
N/A
Leverage
N/A
Platforms
MT4, MT5, cTrader
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Who can use PhonePe for Forex trading?
As of now, PhonePe payments are mostly available for the people living in India. To create an account, you will need to own an Indian phone number. The platform is available in 11 Indian languages making sure that no matter which part of the country you are from, you can enjoy the services offered by PhonePe.
Outside of India, sadly, you can not register on the app without having an official Indian number. Because of that, only the brokers that offer services in India have this payment method available. For Forex brokers, it is a very great chance to attract whole new demographics by adopting this payment method, as so many Indians are actively using the services of PhonePe.