Best Samsung Pay Brokers 2024

Samsung Pay is an e-wallet provider similar to Apply Pay and Google Pay. The system provides traders with the ability to make secure, fast and low-cost transactions at online brokers. Samsung Pay may still be a relatively uncommon deposit method in the online investing industry but it can make a huge difference in payment convenience. This 2024 review will explore more about this payment method, including its trading times, fees and security. Check out our list below of the top UK forex and CFD brokers that accept Samsung Pay deposits.

How Samsung Pay Works

This payment method was launched in the UK in May 2017 and the company has since acquired a 9% market share of UK digital payment users. Apple Pay, on the other hand, has an almost 50% market share in the UK, which may explain why many brokers accept other deposit methods over Samsung Pay.

The limited but by no means insignificant market share may be explained by the fact that only those with supported Samsung devices can use the service. It is not compatible with other Android-based devices or iPhones.

The Samsung Pay system works by storing user bank card information in a digital wallet on their phone, tablet or smartwatch. In addition to credit and debit cards, traders can store loyalty cards at selected merchants to earn rewards and discounts.

Some of the UK’s biggest banks and credit card companies like HSBC, Nationwide, Santander and American Express are compatible, although Barclays, NatWest, Lloyds, Halifax and TSB do not support the option. However, it is possible to add non-compatible banks through Samsung Pay+ (which also comes with a physical card and cashback benefits) and traders can integrate their PayPal accounts too. It does not directly support Revolut cards.

The payment tool is also only available in 25 countries, although the UK is one of these.

Trading Times

Deposit times using this payment method are typically instant, as is often the case with the bank cards themselves that are stored in e-wallets. This is important for investors reacting to market movements in real-time who need to regularly top up their accounts.

However, deposit times are partly dependent on brokers that accepts Samsung Pay deposit and its efficiency in processing the payment request. Interactive Brokers, for example, offers instant deposits with the e-payment solution.

Payment Fees

There are no fees imposed on traders for using the SamsungPay service with online brokers. In other words, there are no subscription charges or recurring billing. That being said, some banks may charge their own fees, so ensure you check their terms and conditions.

In addition, Samsung Pay brokers may impose prices on deposits and withdrawals. This is more common for withdrawals but investors should always check deposits too. Samsung Pay brokers like Dukascopy pass on any deposit fees from their partner banks.

Another potential source of additional fees is a currency conversion. Samsung Pay brokers will often accept GBP as a base currency, so this should not be an issue for most with a UK bank account. However, if the broker’s base currency does not match the currency on your bank card, conversion charges may apply.

Security

Samsung Pay is a secure way to deposit funds as it uses tokenisation, which means the broker receiving the funds does not see your card information. Authentication is necessary to complete transactions, which can be done using your PIN, fingerprint or iris (a form of face/eye recognition).

E-wallets are often much safer than carrying an actual wallet with bank cards in it. Only the last four digits of your card number are shown on your device, meaning that, if your device is lost or stolen and someone can gain access to it, they will not be able to see your full card information. Furthermore, traders can remotely lock or erase Samsung Pay through ‘Find My Phone’. It is also worth pointing out that transactions are covered by the fraud protection policies of the user’s bank.

Pros Of Samsung Pay For UK Traders

Low-Cost

There are no subscription costs or other general charges imposed by Samsung. It is often a free deposit method. While investors need to be aware of currency conversion charges, this is usually not an issue where brokers that accepts Samsung Pay deposits have GBP as a supported base currency.

Speed

It is often an instant deposit method, meaning you can quickly access funds through brokers that accepts Samsung Pay deposits. Methods like wire transfer can take several working days, which can pose issues for those looking to respond quickly to market news and volatility.

Security

One of the best aspects of using a digital wallet like Samsung Pay for online trading is that it helps keep your card information safe when completing transactions. Using other methods like a standard Visa or Mastercard means relying on the broker’s encryption.

Drawbacks Of Samsung Pay UK Traders

Limited Support

One of the main issues with using Samsung Pay as a deposit method is that many online brokers do not accept it. If you trade with a firm that does not accept it, this payment method becomes instantly redundant. With this in mind, those intent on using it should head to our list of the top UK Samsung Pay brokers.

Restricted Compatibility

Only investors with a Samsung device can use Samsung Pay, in both the UK and elsewhere. This is a key difference between it vs Google Pay, which accepts all Android devices. It means the millions of traders out there with iPhones and non-Samsung Android phones are unable to use Samsung Pay and will have to use Apple or Google Pay instead.

Traders can also only use the payment method when they are investing on their mobile or tablet devices. Using a web browser on a PC, for example, does not support the system.

Outdated Details

Unlike traditional bank cards, where your bank tends to automatically send a replacement card when you reach the expiry date, traders need to manually update their card details on Samsung Pay when they receive a new card. Although this is only a minor drawback as most people do not change their cards frequently, it is another consideration.

How To Make Samsung Pay Deposits & Withdrawals

Deposits

Making deposits with this payment method is relatively straightforward for UK traders. Those that do not have it will need to download the Samsung Pay app from the Google Play store or access the Samsung Wallet app, depending on their device. If the application is down or not working, this can usually be resolved by restarting your phone.

Once you have access to the app, scan your fingerprint and enter a PIN. The next step is to add your card details, which can be done quickly by taking a picture of your card and then entering any missing details.

When using brokers that accepts Samsung Pay deposit, you should be able to login to a client area from which payments can be made. Simply select the payment method and enter the amount.

Note that Samsung Pay brokers may have different minimum deposit requirements. Also, be aware of any transaction limits imposed by your bank. Institutions like Nationwide do not have a maximum transaction amount for this payment method.

Withdrawals

Withdrawals from Samsung Pay brokers can usually be initiated within the client portal or a similar space. Like with deposits, the withdrawal amount will need to be entered and a minimum withdrawal may apply.

Many brokers require that the withdrawal method is the same as the payment method used to make your deposit. Also, bear in mind that withdrawals can take longer to process than deposits as some Samsung Pay brokers undertake more stringent verification checks.

Should Traders Deposit With Samsung Pay?

Samsung Pay is a fast, reliable and secure method of depositing funds into your brokerage account. The tokenisation systems implemented by the e-wallet keep your card details hidden from brokers, ensuring that any digital attacks on the firm will not be able to access them. Moreover, the convenience of depositing and withdrawing directly from your phone with no additional steps is not to be understated during times of intense volatility and opportunity. However, Samsung Pay is not a commonly supported payment method, so do not hold out hope of being able to use it with every trading firm.

Head to our ranking of the top Samsung Pay brokers to get started.

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