The online brokerage firm FXCM requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with FXCM is $200, which can be deposited via various methods, including wire transfer, debit card, credit card and eWallet. It should be noted that the minimum deposit with FXCM may vary depending on the type of trading account chosen, and the country of residence of the trader.
FXCM generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the FXCM minimum deposit?
The FXCM minimum deposit is $50.
European and British traders are required to deposit at least $300 to open a real account. In South Africa, FXCM does not require a minimum deposit.
It is important to highlight that the most famous payment methods are offered with no fees charged from FXCM’s part.
The FXCM deposit features are listed in this table below:
| FXCM DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| FXCM CFD Standard Account | $50 minimum deposit |
| FXCM Spread Betting Account | £300 minimum deposit |
| FXCM Active Trader Account | $25,000 minimum deposit |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | EUR, USD, GBP, AUD, CAD, SGD, CHF, HKD, JPY, NZD |
66% of retail CFD accounts lose money
Click here to go deeper on the FXCM account types guide in case you want to find more on the topic.
What are the FXCM account base currencies?
The FXCM account base currencies include USD, EUR, GBP, AUD, CHF.
The list may vary depending on the account type and the FXCM Group entity you are trading with.
Using another currency may incur a conversion fee.
What are the FXCM funding and deposit methods?
The FXCM deposit methods features and fees are listed below.
- Wire Transfer: 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.
- Credit/Debit Cards: 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.
- eWallets: 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.
What are the FXCM deposit fees?
At FXCM 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.
What are the steps to fund your FXCM account?
The steps to fund your FXCM account are listed below:
- Create a FXCM account:
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.
- Login into the FXCM client area:
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.
If you want to discover other brokers offering a demo account, check out our top 10 of unlimited demo accounts. If you’re a beginner, we recommend checking out this top 10 of the best brokers for beginners first. For experienced traders, they can simply apply for the live account if you are ready to.
- Fund your FXCM account:
Once FXCM verifies your account, you can deposit any amount you wish to trade with. You will though at least have to meet the stipulated minimum deposit amount.
- Wait for the FXCM approval:
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.
How does the FXCM minimum deposit compare with other major brokers?
The comparison between FXCM’s minimum deposit and those of other brokers can be found in this table below:
| FEATURES | FXCM | HF MARKETS* | FXTM |
|---|---|---|---|
| Minimum Deposit | $50 | $5 | $10 |
| Minimum Deposit (ZA) | $0 | $5 | $10, €10, £10 |
| Minimum Deposit (UK and EU) | $300 | $100 | $10, €10, £10 |
| Wire Transfer | Yes | Yes | Yes |
| Credit Card | Yes | Yes | Yes |
| PayPal | No | Yes | No |
| Number of deposit methods | 3 | 9 | 11 |
| Account currencies | USD, EUR, GBP, AUD, CHF | USD, EUR, GBP, NGN, ZAR, AED | USD, EUR, GBP, NGN |
* The listed features may change depending on the HF Markets entity you register with
Warning
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.
Does FXCM offer deposit bonuses?
FXCM offers a deposit bonus of $20 in South Africa. However, this Forex broker promotion bonus amount cannot be withdrawn immediately. Terms and conditions may apply.
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.
To learn more, read our FXCM review.