The online brokerage firm FXTM 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 FXTM is $10, which can be deposited via various methods, including wire transfer, debit/credit card, cryptocurrency and eWallet. It should be noted that the minimum deposit with FXTM may vary depending on the type of trading account chosen.
FXTM 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 FXTM minimum deposit?
The FXTM minimum deposit is:
- $10 to open a Micro Account;
- $100 to open an Invest Account;
- $200 to open an Advantage Account;
- $200 to open an Advantage Plus Account.
The minimum deposit requested by FXTM depends on the account type chosen.
FXTM does not charge any deposit or withdrawal fee.
The FXTM minimum deposit features are listed in this table below:
| FXTM DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| FXTM Micro Account | $10 minimum deposit |
| FXTM Advantage Account | $200 minimum deposit |
| FXTM Advantage Plus Account | $200 minimum deposit |
| FXTM Invest Account | $100 minimum deposit |
| FXTM Islamic Account | $10 minimum deposit |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | USD, EUR, GBP, NGN |
81% of retail CFD accounts lose money
Here’s a detailed guide about FXTM account types for you to give a look should you want to find more about the offer of the broker.
What are the FXTM account base currencies?
The FXTM account base currencies include USD, EUR, GBP, NGN.
The list may vary depending on the account type and the FXTM Group entity you are trading with.
Using another currency may incur a conversion fee.
What are the FXTM funding and deposit methods?
The FXTM deposit methods features and fees are listed below.
- Wire Transfers: FXTM allows bank transfer deposits. In Italy and Europe, wire transfers are available in USD, EUR and GBP, with no fees charged by FXTM. Anyway, you should contact and check with your bank in any case, as they may charge you a fee. The processing time requested by FXTM for bank transfer deposits takes from 3 to 5 business days.
- Credit/Debit Cards: FXTM credit card deposits are widely accepted and available all over the globe. Payments in the form of Visa, Mastercard, and Maestro are all accepted. The minimum deposit with FXTM in these cases is 5 $/€/£ depending on your location and choice of base currency. When it comes to the processing time, this is usually instant in most parts of the world. It can take up to 2 hours within Europe, and there are no FXTM commission charges to worry about at all.
- eWallets: FXTM offers Skrill as a widely utilized global deposit method, accepting USD, EUR, GBP, PLN, and CZK, with no minimum deposit. Processing times are 2 hours in Europe and 1-2 days in South America for USD deposits. Neteller, another popular eWallet option, supports deposits worldwide in USD, EUR, GBP, INR, PLN, and NGN, with a minimum FXTM deposit of $5 (or equivalent). Processing times are 2 hours in Europe and instant elsewhere.
- Cryptocurrency: FXTM cryptocurrency deposits are available though this applies outside Europe only. Deposit can be made with Bitcoin, Litecoin, Dash, or Ethereum and there are no FXTM commission fees. The process can take up to 24-hours to complete.
- Other Methods: FXTM offers various localized deposit methods depending on your location, with local bank transfers being prominent in Asian and Eastern countries like Nigeria, Indonesia, Thailand, Malaysia, and Pakistan. These transfers are completed within 1 business day, and no FXTM commission is applied. Additionally, Perfect Money is another major method with no minimum deposit, providing instant processing in USD and EUR. Numerous minor methods are also available, catering to diverse locations.
What are the steps to fund your FXTM account?
Here’s the following steps to follow when opening and funding an account with FXTM:
- Create a FXTM account:
Visit the FXTM’s website. From here you can choose between a demo and a live account. The demo is a better fit for beginners, while the live account is a better fit for traders who have at least a basic knowledge of trading. Many brokers offer top demo accounts, as we pointed out in the best forex demo account top ten.
- Verify the FXTM account:
When opening a live account, you need to upload your passport or ID to prove your identity, and a utility bill or bank statement to prove your residence. In this way FXTM can verify your account. Depending on your location, the broker may also request you a questionnaire to check your trading knowledge.
- Fund your FXTM account:
Wait for your account to be verified, then make the deposit. As mentioned, the minimum deposit depends on the account type you choose.
- Wait for the FXTM approval:
After FXTM processes your deposit, you can engage in trading. You can also withdraw anytime you want.
How does the FXTM minimum deposit compare with other major brokers?
The comparison between FXTM’s minimum deposit and those of other brokers can be found in this table below:
| FEATURES | FXTM | XM | PEPPERSTONE |
|---|---|---|---|
| Minimum Deposit | $100 | $5 | $0 ($200 recommended) |
| Wire Transfer | Yes | Yes | Yes |
| Credit Card | Yes | Yes | Yes |
| PayPal | No | No | Yes |
| Skrill | Yes | Yes | Yes |
| Neteller | Yes | Yes | Yes |
| Number of deposit methods | 20+ | 6 | 9 |
| Account currencies | USD, GBP, EUR, NGN | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD |
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 FXTM offer deposit bonuses?
Unfortunately, within Europe, due to ESMA regulations, no FXTM bonus is made available to Europe based or EU regulated traders.
Under the global entity, you may find bonuses and promotions from time to time, as well as a FXTM loyalty cashback, where clients will get $5 back in cash every time they trade, and have the possibility to earn up to $10,000.
To learn more, read our FXTM review.