Wise's own Acceptable Use Policy lists platforms that allow the trading or exchange of FX, CFDs or options among prohibited activities, alongside binary options and crypto exchanges. That single line, published on Wise's own site, is why a lot of brokers and prop firms go looking for Wise alternatives for their operating account before they even try to apply. This is not a claim that Wise refuses every trading business. It is a description of what Wise's policy says today, and a reason to have a second option in mind.
What follows is what each alternative publicly offers, as a business account or banking option for a broker or prop firm's day-to-day operating money: payroll, supplier payments, office costs and moving funds between the firm's own accounts. None of this is where client deposits or trader payouts usually run; that is a separate PSP, card or crypto processor connection, which SGHK helps firms set up through its partner network without processing the payments itself.
The short version
| Option | What it is | Worth knowing |
|---|---|---|
| Revolut Business | Business current account and card app from Revolut | Publishes its own restricted-business list, separate from Wise's; check it directly |
| Airwallex | Global business account, cards and payments platform | Lists "offering of regulated financial services" among industries needing extra checks |
| Payoneer | Payments platform widely used for cross-border receiving | No policy verified here; check Payoneer's current terms directly |
| A traditional or correspondent bank | A licensed bank with a direct or correspondent relationship | Slower onboarding, but a relationship built for regulated, higher-risk sectors |
| An EMI | A regulated electronic money institution | Safeguards client funds rather than offering deposit insurance; risk appetite varies by EMI |
1. Revolut Business
Revolut Business is a business current account and card app from Revolut, offering multi-currency balances, business debit cards with individual spending controls, and bulk payment tools with an API for firms that want to automate payouts. It is the most direct feature-for-feature alternative to Wise Business on this list.
We have not found a specific published statement from Revolut about forex, CFD or prop trading businesses, and Revolut's restricted-business categories are published separately from Wise's. If your firm is considering Revolut Business as its next operating account, read Revolut's own current acceptable-use policy before applying rather than assuming it will or will not accept a trading firm. For a fuller side-by-side, see our Wise vs Revolut Business comparison.
2. Airwallex
Airwallex offers a global business account with multi-currency balances, cards and a payments API, aimed at companies operating across several countries at once. Airwallex publishes an Unsupported Industries help article listing categories of business that are unsupported or need extra checks before it can open an account, and "offering of regulated financial services" appears among them, alongside a catch-all for other activity outside its own risk appetite or its banking partners' policies.
That category is broad. It is not a forex-specific statement the way Wise's policy is, and it covers a wide range of regulated activity beyond trading platforms. A broker or prop firm considering Airwallex should read that page directly and, ideally, speak to Airwallex about the specific licence and activity the firm holds before applying, rather than assuming the category does or does not include a trading business.
3. Payoneer
Payoneer is a payments platform widely used by marketplace sellers, freelancers and companies that need to receive international payments and hold multiple currencies. It offers a business account, a card, and mass payout tools aimed at businesses that pay many recipients at once, which is one reason it comes up in prop firm payout conversations as well as operating-account ones.
We have not found a published Payoneer position on forex, CFD or prop trading businesses, so we are not stating one. Check Payoneer's current terms of service and acceptable-use policy directly on its own site before applying, and describe the firm's actual regulated activity accurately in the application.
4. A traditional or correspondent bank
The oldest alternative on this list is also the least discussed: a licensed bank willing to hold the firm's operating account directly, either because the bank operates in the firm's own jurisdiction or through a correspondent banking relationship. Onboarding is typically slower than a neobank sign-up, often weeks rather than minutes, and the bank will usually ask for a full compliance pack: licence, ownership structure, AML policy, source of funds and a description of client money flows.
The upside is a relationship built around underwriting exactly this kind of risk rather than a self-serve signup form. A relationship manager who understands regulated trading businesses can be more durable over time than an account opened through an app, even if getting there takes longer. See our guide on why banks refuse brokers for the underwriting concerns a traditional bank will raise before it says yes.
5. An EMI
An electronic money institution, or EMI, is a regulated entity licensed to issue electronic money and hold client funds, distinct from a bank. EMIs commonly serve businesses that traditional banks are slower to approve, including regulated financial firms, because their licence is built specifically around payments and e-money rather than deposit-taking and lending.
One structural point matters for any firm comparing an EMI to a bank: EMI balances are typically safeguarded, meaning the EMI keeps client funds separate from its own operating funds or covered by a safeguarding insurance arrangement, rather than covered by a national deposit protection scheme the way a bank deposit usually is. That is a general feature of the EMI model, not a claim about any specific EMI's own arrangement, which a firm should always confirm directly with the provider. Our EMI license explained guide and EMI accounts for brokers cover this distinction in more depth, and safeguarding accounts at an EMI goes through what safeguarding does and does not cover.
Choosing a Wise alternative for a trading firm
None of the five options above will necessarily accept any specific broker or prop firm, and none of this article is legal or financial advice. The practical approach is to apply to more than one at the same time, read each provider's current acceptable-use or restricted-business policy before applying rather than after a rejection, and keep the compliance documents a bank or EMI will ask for ready in advance. A firm's payment processing for client deposits and trader payouts is a separate question from its operating account, and SGHK's Broker CRM and Prop Firm CRM connect to any KYC provider and any card, crypto or PSP processor by API, with SGHK introducing firms to processors in its partner network where that side needs help.
"An operating account and a payment processor solve different problems. We see firms spend months chasing one bank when the account they actually need for client money is a separate conversation entirely."
— The SGHK Team
Key Takeaways
- Wise's Acceptable Use Policy lists FX, CFD and options trading platforms among prohibited activities, which is why firms look for alternatives.
- Revolut Business, Airwallex and Payoneer each publish their own restricted-business terms, separate from Wise's; none were verified as forex-specific.
- Traditional and correspondent banks take longer to onboard but underwrite regulated trading businesses directly, with a compliance pack rather than a signup form.
- An EMI safeguards client funds rather than offering deposit insurance; confirm the specific arrangement with any EMI before relying on it.
Frequently Asked Questions
Why do trading firms need Wise alternatives?
Wise's own Acceptable Use Policy lists platforms trading FX, CFDs or options among prohibited activities. That is published on Wise's site directly. It is a reason to have another operating account option ready, not a claim that every trading business is refused.
Is Revolut Business a safe alternative to Wise for a broker?
We have not found a specific policy from Revolut about trading businesses. Revolut publishes its own restricted and prohibited business categories separately from Wise. Check Revolut's current policy directly before applying.
Does Airwallex accept forex or CFD businesses?
Airwallex's Unsupported Industries page lists "offering of regulated financial services" among categories needing extra checks, which is broad rather than forex-specific. Speak to Airwallex directly about your firm's licence and activity before applying.
What is the difference between an EMI and a bank for a trading firm's account?
An EMI is licensed to issue electronic money and hold client funds, and typically safeguards those funds rather than covering them under a deposit protection scheme, unlike a bank deposit. A bank licence covers deposit-taking and lending. Confirm the specific safeguarding or protection arrangement with any provider before relying on it.
Where do client deposits and trader payouts fit if not in the operating account?
Most brokers and prop firms run client deposits and trader payouts through a separate card, crypto or PSP processor connected to their CRM, not through the general business current account covered here. SGHK's CRMs connect to any KYC provider and any card, crypto or PSP processor by API.
About SGHK
SGHK is a FinTech company that designs and builds its own software for the trading industry: the eTrader trading platform, Launch your Broker and Launch your Prop Firm. Every product is written, hosted and supported in-house and licensed to trading firms, with the CRMs branded to them, all hosted by us in the cloud, managed by each firm and built to scale across clustered servers as our clients grow. Everything is encrypted, and each firm is the only one with access to its data and its clients' data.