FXCM Minimum Deposit: Key Information & Guide (2023)
The FXCM minimum deposit is $50, while 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.
Keep reading for an in-depth review of the FXCM minimum deposit.
Round-Up
| Features | FXCM Minimum Deposit |
|---|---|
| FXCM CFD Standard Account | $50 ($300 in UK and EU) |
| FXCM Spread Betting Account | £300 (only for UK clients) |
| FXCM Active Trader Account | $25.000 (depending on your location) |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | EUR, USD, GBP, AUD, CAD, SGD, CHF, HKD, JPY, and NZD |
Click here to go deeper on the FXCM account types guide in case you want to find more on the topic.
Visit FXCM (70% of retail CFD accounts lose money).
FXCM accepted deposit currencies
Through FXCM, a good range of base currencies is supported. These base currencies include:
- EUR
- USD
- CHF
- GBP
- 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 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.
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 Card
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.
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.
FXCM Withdrawals
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.
How to deposit funds into your FXCM account: Steps to follow
- A major advantage of using the free demo account (70% of retail CFD accounts lose money) 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.
- 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. 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.
- 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 Minimum Deposit vs Other Brokers
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.
| 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
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
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.
Pros
- 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.
Cons
- The supported deposit methods are limited.
- The South African Rand is not supported as one of the base currencies.
To learn more, read our FXCM review.
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