FXCM Minimum Deposit And Payment Methods
To start Forex trading, most online brokers will offer a set of conditions that every customer has to follow to access the trading platform. One of those conditions offered by online brokers is making a minimum deposit. This would be the clients’ first-ever investment with the broker as it will allow them to gain access to the platform and strategize their further investments.
Unlike other brokers, FXCM allows customers to start trading with a minimum deposit. In this article, you will discover the whereabouts of the FXCM minimum deposit in 2023 and learn how to fund your account with quick and easy steps.
What is FXCM Minimum Deposit?
FXCM minimum deposit is a great way to start your trading journey with less investment. Unlike other forex brokers, FXCM allows its new customers to deposit an average sum of $100 when opening an account. Your minimum deposit would range between two to three digits, depending upon the broker you choose. If you want to try out the analytic tools and trading platforms a forex broker offers, then depositing a minimum sum would be the best option.
Fortunately, the range of FXCM minimum deposit is so economical that everyone can trade from their platform with a deposit of $50 for a standard account. However, if you are an active trader, you have to deposit a sum of $25,000 to create an account for trading in high volume.
For novice traders, it is recommended to start with a standard account and then slowly scale their trading once they are well-versed with this platform. So, here’s a comparison between FXCM minimum deposit and other competitors.
FXCM Minimum Deposit vs. Competitors
| FXCM | FXTM | Exness | |
|---|---|---|---|
| Minimum Deposit | $ 50 | $ 10 | $ 10 |
What is FXCM copy trading minimum deposit
The minimum deposit for copy trading on FXCM is $50. However, the minimum deposit will largely depend upon the margin size used by the trader. So, it will be more realistic to find a decent option for copying trades with a minimal deposit of $1,000.
FXCM Minimum Deposit by countries
Since FXCM accepts deposits in 4 major currencies (i.e., EUR, GBP, USD, etc.), you should know that the minimum deposit would vary from one country to another. So, here’s a comparison table that shows FXCM minimum deposit in South Africa, India, and the UK.
| UK (USD) | South Africa (ZAR) | India (INR) | |
|---|---|---|---|
| FXCM minimum deposit | 50 | 767 (Approx.) | 3734(Approx.) |
FXCM Deposit Methods and Fees
FXCM provides a range of funding methods to allow traders to deposit funds safely and quickly into their accounts. The trading platform accepts deposits from Debit & Credit cards, Bank wire, crypto, and payment apps like Neteller, Union Pay, and Skrill. Funding your trading account is pretty easy using different deposit methods. However, FXCM may rely on third parties to facilitate funds transfer and verification, as it does not have complete control over the funding process.
Therefore, a delay of one business day can occur, depending upon the deposit method used. It is better to read the terms and conditions provided on the official site of FXCM.
Here's a comparison between FXCM and other popular forex brokers providing a range of funding options to traders.
FXCM Deposit Methods vs. Competitors
| FXCM | FXTM | Exness | |
|---|---|---|---|
Bank Transfer |
Yes |
Yes |
Yes |
Debit/Credit Card |
Yes |
Yes |
Yes |
Payment Apps |
Yes |
Yes |
Yes |
Cryptocurrencies |
Yes |
No |
Yes |
FXCM Deposit Fees
FXCM trading platform does not charge any administrative fee for funding your accounts. Though it’s better to contact your bank / third-party payment provider regarding any charges they or their associated banks may deduct. This is a good thing, as the broker won’t charge anything from your deposits, and all you need to calculate is the fee deducted by the bank / third-party provider you send money with.
Even if FXCM does not charge any deposit fee, you can learn more about how much time it will take to get your deposited money visible into your trading account.
How long Does it Take to Deposit Money on FXCM?
All available funding options are fast and reliable, but sometimes deposit time frames can vary from one method to another. Since FXCM does not have complete control over the entire funding system, depositing time might vary using different payment methods. Here’s how.
Debit or Credit card
Money will be processed into your trading account in approximately one business day or even less.
Wire Transfer
A bank transfer may take 1-2 business days for domestic payments. While for international payments, it may process within 3-5 business days or even less. Please note that these time frames are approximate as delays could happen in some instances.
Debit & credit card
One of the fastest and easiest methods to transfer funds in your account is through debit & credit cards. You can make a minimum deposit of $50 using the online debit card or credit card system. However, when making a deposit of $30,000 or above, traders should consider using bank transfers as a reliable and fast method for funding their accounts.
There is a maximum deposit limit associated with credit or debit card transfers, and traders can’t use this method for depositing more than $30,000 per calendar month or $30,000 per transaction.
Payment apps
Neteller
Deposits will be credited into your account within the same working day.
Skrill
Funds will be visible in your trading account within one working day.
Deposit status
Go to “Account Report” on your MyFXCM page and check the “Account Activity” section for recent deposits. Once your funds are processed, a confirmation email will be sent to the respective email address, and an entry will be visible under the account activity section.
FXCM Account Currencies vs. Competitors
Almost every trading account works on a base currency, which means the broker will keep your deposits in that listed currency. Some brokers like FXCM also offer trading accounts with different base currencies, but the options are limited to major currencies such as EUR, GBP, USD, etc. While other brokers may offer a lot more than that.
Some might wonder, what difference does it make? A broker will charge a currency conversion fee if you decide to fund your account with a different currency compared to the base one. Even though it’s not a big deal, one should know that currency conversion can result in the loss of some money. So, be prepared for that. Here’s a comparison table that shows the number of account currencies offered by FXCM and other similar brokers.
| FXCM | FXTM | Exness | |
|---|---|---|---|
| Account Currencies | 4 | 3 | 6 |
If you fund your trading account using the listed major currency, then the broker won’t deduct any fee. However, if you deposit using a minor currency that the broker does not support, then FXCM will automatically convert the deposited amount and charge a currency conversion fee.
How to Deposit Funds Into My FXTM Account? Step by Step Guide
Depositing funds into your trading account is pretty simple. Make sure you open an account with an FXCM broker by providing personal details, like your email address, employment status, date of birth, residency, etc. Follow the prompts on the screen to complete the process and verify your identity. Remember, account creation may take 1-3 business days to process new applications. Once you have done that, make sure to follow the steps mentioned below to deposit funds into your account.
Visit MyFXCM.com and log in to your account.
Photo: Depositing funds into your trading account
After that, tap on the “Deposit” option featured under the “Account Summary” section.
Photo: Depositing funds into your trading account
Choose a payment method you’d like to use and follow the prompts to add money to your account.
Photo: Depositing funds into your trading account
From Mobile app
Download the official FXCM trading station mobile app from the respective app store.
Photo: Download FXCM App on Google Play
Android phone and tablet
Photo: Download FXCM App on the App Store
iPhone and iPad
Open the app and log into your account using your username and password.
Photo: Depositing funds into your trading account
Now, click on the top left menu and select the “Deposit Funds” option.
Photo: Depositing funds into your trading account
Select a payment method and follow the instructions on the screen. And you are good to go.
FAQs
On which trading platforms can I trade with FXCM?
Besides its proprietary trading station, FXCM also provides traders with ZuluTrade, NinjaTrader, and the MT4 trading platform to carry out their trades.
Is it safe to trade with FXCM?
FXCM is a safe broker for trading CFDs and Forex, as it is regulated in three different jurisdictions. Over 20 years of trading, FXCM has earned a reputation for its tools and platforms, algorithmic trading, professional trading, education, and social copy trading.
What is the maximum leverage traders get from FXCM?
FXCM offers maximum leverage of 1:30 to its traders.
Is there a minimum deposit required for earning interest?
No minimum deposits are required for earning internet, but you have to deposit a minimum sum of $50 to open an FXCM trading account.
Team that worked on the article
Jason Law is a freelance writer and journalist and a Traders Union website contributor. While his main areas of expertise are currently finance and investing, he’s also a generalist writer covering news, current events, and travel.
Jason’s experience includes being an editor for South24 News and writing for the Vietnam Times newspaper. He is also an avid investor and an active stock and cryptocurrency trader with several years of experience.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).