So, you have decided to get into forex trading or look at a new forex broker that may fit your trading needs? Of course you can take a look at our full Forex.com review, but here you can get more in-depth information on an important aspect of this and other brokers, the Forex.com minimum deposit.
Here we will focus a lot on the minimum deposit and the different ways in which you can fund your Forex.com account to start trading.
Table of contents
What is the Forex.com Minimum Deposit?
The Forex.com minimum deposit is $100 (or equivalent in your deposit currency) for any type of account. However, depending on the account type chosen, you may want to deposit a higher amount in order to have enough trading margin and flexibility.
|Base Currencies||EUR, GBP, USD|
Forex.com Demo Account
Forex.com features a completely free demo account that is perfect if you are new to trading. This demo account allows the freedom of being able to trade without any risk. Like all of the best forex demo account choices you will be trading risk-free with virtual currency and no obligation to make a real money deposit once the demo account expires.
The Forex.com demo account lasts for 30 days, which should be plenty of time for you to get to grips with how things work. It is also an ideal place to test new trading strategies or simply get to know a new broker if you are a more experienced trader.
Forex.com Live Account minimum deposit
No matter what account type you choose to open with Forex.com the minimum deposit required will be $100. This applies to the Forex.com Retail, and Forex.com Commission accounts which are both popular choices for new and more experienced traders alike.
This is exactly the same $100 minimum deposit if you are in need of a swap-free forex account and choose to open a Forex.com Islamic account which is available and fully compliant with Sharia Law.
Even as a more advanced trader you can open a Forex direct market access brokerage account with a minimum deposit of only $100. This account as the name suggests, can offer you direct market access to the very best prices and lightning-fast order execution speeds. Though the Forex.com DMA account only requires a $100 minimum deposit, they do recommend you start with at least $2,500 to enjoy the full benefits of DMA order execution.
To learn about the different accounts, you can check out our Forex.com account types guide that goes into more detail.
How to deposit money in Forex.com: Steps to follow
Making your first deposit with Forex.com is really not a difficult process. There are just a few simple steps to follow that will help you get started in the best way for you.
First of all, if you are a new trader the best thing you could do would be apply for a Forex.com demo account in order to get a feel for both the broker and forex trading in general. This is a great first step as a new trader with Forex.com or any other top forex broker you may choose.
Once you have opened the demo account and explored all its features that we have discussed in our Forex.com demo account review, and you feel experienced enough, you can apply for a live account in order to start trading with real money.
Once you have decided to open a new live trading account, you will need to verify a couple of details. This includes your identity, and residence. The process is typically fast and hassle-free and one that you can quickly complete by having your passport and a recent utility bill or bank statement to hand. These will help you upload and complete the Forex.com verification process quickly.
As soon as your account has been verified you can go ahead and make your first deposit while respecting the minimum deposit requirements that are in place. Once this deposit has been processed, you are ready to start live trading.
Forex.com Funding Methods (+ Withdrawals)
As mentioned, before you can start trading on Forex.com, you first need to fund your account. Again this process with the best forex brokers including Forex.com is typically quite fast and easy to get started with.
First let’s take a closer look at some of the funding methods offered by Forex.com.
You will be able to fund your Forex.com live account through all of the most popular and trusted methods you would expect to find with any broker in the industry. This includes making a bank wire transfer or making a deposit with any major credit or debit card, all of which are accepted.
There are also some more region-specific funding options that you can take advantage of. These include in the US where you can deposit either an eCheck, personal or business check.
When it comes to deposit processing times you may find that bank transfers or deposits by check tend to take a little longer than a credit or debit card deposit which can often be completed almost instantly to have your funds available for trading.
Forex.com Funding Fees
Forex.com won’t charge any fees for depositing money into your trading account. However, your bank may charge fees from their side particularly on wire transfers. This is something you will need to verify with them first.
Forex.com allows you to withdraw their funds at no cost, as well as allowing you to withdraw money from their account whenever you want. It should be noted that you can only withdraw funds from your own account. You cannot have someone else withdraw funds on your behalf or withdraw to an account in a name other than your own.
Forex.com Account Base Currency
The base currency for brokers is the currency that you will be trading with. Most brokers accept major currencies like USD, GBP and the EUR and it makes sense to choose a base currency that matches the currency on the bank account or funding method you are using. This will mean you avoid any currency conversion fees.
Forex.com supports you to make your deposit in a number of global currencies depending on your location. These include the USD, EUR, GBP, CAD, and more. They do differ slightly though from the supported base currencies which you should note.
When it comes to base currencies supported by Forex.com you have three options. They are the USD, EUR, and GBP. If you deposit a currency that is not one of these three then you will have to pay a conversion fee.
Forex.com Deposit Bonus
A Forex.com deposit bonus is available. This however is only available under the CIMA regulated entity of the broker. This means traders in the EU, UK, US, and China are all not allowed to participate in the bonus offering.
The minimum you will need to deposit to have access is $1,250 while you must also satisfy some other criteria in terms of your trading amount and qualifying trades to get a bonus. The amount of the bonus is 20% of your total deposits within 14-days of your first deposit so it does have the potential to be a sizable bonus up to a maximum of $5,000.
You should of course ensure that you read all the terms and conditions of the bonus in full prior to signing up, and if you want more information and a full overview on this topic, you can take a look here at our forex brokers bonus promotions top ten for all the best brokers and offers around
Forex.com Minimum Deposit vs Other Brokers
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money
*Depends on the IG Markets entity you subscribe with.
|Number of dep. methods||8||6||6|
|Account currencies||EUR, GBP, USD||USD||EUR, GBP, USD|
*Depends on the IG Markets entity you subscribe with.
Forex.com Minimum Deposit Pros and Cons
Rounding up, here are some of the key pros and cons when it comes to the Forex.com minimum deposit and funding methods available:
- Forex.com is an extremely well-regulated and highly trusted broker around the world.
- The low $100 minimum deposit makes it very easy to get started trading with the broker.
- They have a good range of all the most popular deposit methods and accepted currencies in place.
- The suggested minimum deposit for a DMA account may be a little high at $2,500.
Forex.com Minimum Deposit FAQs
How much does it cost to start trading with Forex.com?
Opening a Forex.com account is free. The only thing you have to take into consideration is the Forex.com minimum deposit of $100. Forex.com suggests depositing $2,500 or more though, to fully take advantage of the services they offer.
What is the Forex.com minimum deposit?
The forex.com minimum deposit is $100 for all account types. Forex.com’s suggestion is to deposit at least $2,500, though, just to have better risk management and to fully enjoy the services offered.
How do I start trading with Forex.com?
You should follow these steps: first of all open a demo account; when you feel ready to trade, choose an account type and open a live account; then, after verifying your account, make your first deposit (minimum $100). You can then start live trading.
About the Author
Always full of different interests, Luca started to get interested in the field of personal finance in 2014.
His self-taught studies led him year by year to become increasingly interested in the investment field.
To date, Luca actively invests in the stock market and cryptocurrencies, focusing on rising markets and the industries of the future.
His main role at InvestinGoal.com is to analyze and study in the smallest detail the brokers and their platforms, while checking carefully that the information shown by them is genuine.
In this way, he provides readers with a complete and truthful overview of the broker they might be interested in.