Are you preparing to make your first deposit with Vantage but still feel there are a few more points to clarify before funding your Vantage account?
In this guide, we will explore the Vantage minimum deposit required to open a new trading account. This guide also explores other essential things you need to know related to Vantage funding methods. You should visit the Vantage homepage in order to get a first hand look at everything the broker has to offer for yourself.
If you’re still not convinced that Vantage is the right broker for you, check our Vantage review. This looks at all aspects of the broker from a bird’s eye view.
What is the Vantage Minimum Deposit?
The Vantage minimum deposit required is 200 USD to open a STP Account. However, it depends which account type you want to use for trading. $500 is the minimum deposit amount needed to open the ECN Account while $20,000 is the minimum deposit required to open the Pro ECN Account, which is tailored to experienced traders.
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Vantage Deposit Bonus
Forex bonuses are not all that common currently. Luckily, Vantage is one of the few remaining forex brokers with bonus and promotions available to clients. Unless you’re a UK or EU trader, then you sadly can’t take advantage of this promotion. To learn more about bonuses and brokers who offer the best ones, you can read our forex brokers with bonus and promotions article.
For everyone else, you can enjoy a 50% Deposit Bonus. If you deposit at least $200, then you get a bonus of $100 to trade with. The maximum amount of bonus credit provided by Vantage is $250. Therefore, if your deposit is greater than $500, the amount of bonus credited to your trading account will still be limited to $250..
One great feature of the Vantage Deposit Bonus is that you can convert the bonus credits into a cash balance. This means you can withdraw once the necessary conditions have been met. It is important that you check the terms & conditions to ensure you understand the rules of this bonus prior to using it.
How to Deposit Funds to your Vantage Account
If you’re ready to start trading and want to know how to add funds to your Vantage trading account, just follow this helpful checklist to avoid common mistakes.
1. Try a Demo Account
If you’re new to forex trading or you are new to some of the trading tools provided, open a free Vantage demo account. The Vantage demo account is unlimited, so you can use it for as long as you need to. If you have any doubt about the opening process of the demo account with the broker, we have also put together a detailed Vantage demo account tutorial.
2. Apply for a Live Account
If you’re an experienced forex trader go right ahead and apply for a live account. You will need to provide your personal information, proof of identity, proof of address and in some cases a Tax Identification Number. Before you can add funds to your trading account, you’ll need to wait for it to be verified by Vantage. This process is usually very fast and hassle-free.
3. Deposit Funds
Once your trading account is verified, you can deposit with Vantage using the available payment methods and bearing in mind the broker’s minimum deposit requirement according to the account you’re applying for. For example, if you’re opening a Vantage ECN Account and funding via wire transfer, make sure to send the necessary amount to avoid any delay.
4. Start Trading
Once the payment has been processed, you have successfully funded your Vantage account and you can start trading. Payment processing times always depend on the method used. Digital payment solutions like e-wallets and credit/debit cards are processed very quickly (usually instant); however, wire transfers can take a little longer up to a few business days depending on your bank.
Vantage Funding Methods
Vantage offers an assortment of reputable and convenient account funding methods, and you probably already use one of the supported methods. The wide range of methods is excellent for ensuring that everyone can deposit and withdraw their money. Here is a closer look at all of the available funding methods and what you can expect from each when it comes to any fees and processing times:
Vantage Primary Payment Methods
You can deposit via bank wire transfer and popular credit and debit cards. Vantage supports Visa, MasterCard, JCB and China Union Pay.
Vantage also accepts e-wallets Skrill and Neteller, which are both very popular in the forex industry. As a side note, these payment methods are not available in Australia.
Alternative Payment Methods
The alternative payment methods Vantage provide are very convenient for traders in certain regions. In Australia, traders can also make a deposit to their Vantage account via Bpay and POLi. FasaPay is also generally available in most countries. Traders from Thailand can take advantage of local internet bank transfer methods too. Another deposit method available to you depending on location, is China Union Pay.
Vantage Deposit Fees
Generally speaking, it is free to deposit with Vantage; however, there are a few exceptions to that statement. Some deposit methods with the broker may incur fees up to 2.5% on the amount you deposit. Besides this, some providers also charge fees for making deposits which are not influenced by Vantage. This is particularly the case when making wire transfers and is something you should check with your bank first.
Another point to keep in mind is that if your deposit is made using a currency which isn’t the same as the base currency you select for your trading account, you may incur conversion fees. With that said, Vantage offers several base currencies for you to choose from including USD, EUR, AUD, SGD, CAD, GBP, NZD, HKD, and JPY.
You will be pleased to know that you can withdraw your funds at any time, providing you have enough equity in your trading account when you submit your withdrawal request to Vantage. It is always best to close any open positions before you make a withdrawal from your account.
Vantage withdrawals are quickly processed by the company within one business day, and it should take you no longer than three to five business days to receive a withdrawal depending on the method you use. Withdrawals made to e-wallets are normally processed and received immediately once you have requested the withdrawal.
Keep in mind that due to anti-money laundering regulations, you cannot withdraw money from your account to someone else’s bank account. If you deposit via a bank transfer, you can only withdraw money back to your bank. Financial institutions take AML very seriously these days. Therefore, it’s recommended to check the Vantage withdrawal terms before making your withdrawal.
Vantage Accepted Deposit Currencies
Vantage gives the option to deposit with several different currencies. The available currencies are AUD, USD, EUR, GBP, NZD, SGD, JPY, HKD and CAD. These funding currencies can also all be used as your Vantage base currency.
It’s necessary to keep in mind what currency is used to denominate your trading account balance. For example, if you open a USD trading account by default, but you are funding with AUD, you may be subject to conversion fees on your deposits and withdrawals. It would be better to set your Vantage account balance to be in AUD to avoid this.