If you go through our expertly prepared FXCM Review you will find that FXCM makes a range of account types available to its clients.
An important factor to take into consideration for all the different account types is the minimum deposit allowed by each and how it could Impact you when trading. It is the reason we decided to conduct an in-depth review of the FXCM minimum deposit.
We will also look into how it is applied across a range of different account types and funding methods. The review will ensure that you pick the best deposit option and account type depending on the minimum trading amount supported.
Table of contents
What is the FXCM Minimum Deposit?
So, what is the FXCM minimum deposit required to open an account?
The FXCM minimum deposit is 50 USD for non-EU and UK clients. For South Africa, $50 means around 800 ZAR. The minimum deposit required may also vary depending on the payment method used.
$50 (for non-EU and UK clients)
EUR, USD, CHF, GBP, AUD
FXCM Deposit Bonus
If you open your account in South Africa*, FXCM offers a deposit bonus of $20. However, this forex broker promotion bonus amount cannot be withdrawn immediately. While you may not withdraw the amount immediately, you can use it for trading within the platform. If you’re interested in discovering more brokers offering deposit bonuses, you should read our article.
*Read FXCM deposit bonus T&C before applying
How to deposit funds into your FXCM account: Steps to follow
A major advantage of using the free demo account is that it allows you to understand and get to know how FXCM works without having to spend any money.
If you are new to forex trading, the free demo account is a great way to get to know more about trading forex as a beginner. As a more experienced trader, it allows you to test any strategies that you may have. The best part about the account is that it is unlimited. This means that even after you open your standard account, you can continue using the demo account to test your trading strategy.
For experienced traders, they can simply apply for the live account if you are ready to. Once FXCM verifies your account, you can deposit any amount they wish to trade with. You will though at least have to meet the stipulated minimum deposit amount. The payment will be processed according to the waiting period of the deposit method you use. Once your deposit has cleared into your account you can begin trading.
FXCM Funding Methods (+ Withdrawals)
As you would expect from a top broker, FXCM supports various deposit methods for you to take advantage of as a user. The main methods supported are wire transfers, credit/debit card deposits, and eWallets.
With FXCM, you can deposit via a wire transfer. Typically, you choose to fund the account using your local bank, but you could also use an overseas bank. Either way, you will want to double-check any fees that your bank may charge. There is typically no fee from the broker side for this type of deposit. The processing time for using a wire transfer is usually a couple of business days.
Funding your account using a debit or credit card is also possible with FXCM. You can use Mastercard, Visa, or UnionPay to fund your account. With this option, there are no fees charged. The funding process is usually instant but can take up to one business day on rare occasions.
With FXCM, you can also use an eWallet option to fund your account. The main supported options are Neteller and Skrill. Funding is fee-free, and the deposits are processed instantly. However, there is a possibility that it could take up to one business day on rare occasions.
FXCM Deposit Fees
Once you make a deposit, there is usually no fee charged. You can deposit the funds in various currencies including the USD, EUR, and GBP. If you choose to deposit your funds using a currency that is not supported by FXCM, you will incur a conversion fee.
After you deposit your funds, you are free to withdraw funds at any time. There is no fee charged, and in most cases, the processing period is just 48 hours. However, you will have to withdraw the funds yourself. You are not allowed to have someone withdraw the funds on your behalf.
FXCM accepted deposit currencies
Through FXCM, a wide range of base currencies is supported. These base currencies include the EUR, USD, CHF, GBP, and the AUD. An extensive list of base currencies is supported, and this caters to most people, no matter your location. You should get to know the supported currencies before you deposit since if you make a deposit using an unsupported currency, you will have to pay the conversion fee.
FXCM 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
* The listed features may change depending on the HF Markets entity you register with
** USD/ZAR Feb 1st 2021 exchange rate
FXCM Minimum Deposit Pros and cons
Here are a few of the key areas where we felt FXCM did well when it comes to their minimum deposit and some in which they could do better.
The minimum deposit amount is quite low at just $50 for most traders.
A wide array of base currencies is supported on the platform.
There is no fee charged for funding an account.
User benefit from a deposit bonus.
The supported deposit methods are limited.
The South African Rand is not supported as one of the base currencies.
FXCM Minimum Deposit FAQ
How do I deposit into FXCM?
Sign in; you’ll see a “deposit” button right away. Select your payment method. The steps are the same even if you’re depositing from the App.
What is the FXCM minimum deposit?
The FXCM minimum deposit is 50 USD for non-EU and UK traders. This is for any account type but it may vary depending on the payment method used.
What is the FXCM minimum deposit in ZAR?
The FXCM minimum deposit for South Africa is $50, which translates into around 756 ZAR at current rate (USD/ZAR February 1st, 2021 exchange rate). This is for any account type but it may vary depending on the payment method used.
InvestinGoal is acting in a capacity of a marketing affiliate of FXCM EU LTD.
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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