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FXTM is a unique CFD and FX broker with a low minimum deposit of $50 on its micro account. But with Advantage and advantage plus accounts, FXTM minimum deposit raises to $500.
To open a Cent account, traders must deposit a minimum of $50. According to the South African Rand exchange rate reported recently, the minimum deposit is 149.32 ZAR. Throughout this article, we will discuss all deposit methods, fees, currencies, and steps for depositing funds into your broker account, along with its pros and cons.
About FXTM
FXTM is a globally recognized CFD and Fx broker founded in 2011. Many financial authorities regulate it, including the UK Financial Conduct Authority (FCA) and the Cyrus Securities and Exchange Commission (CySEC). Hence, a top-tier regulator like FCA ensures the safety of FXTM.
FXTM provides a reliable trading platform built upon MetaTrader 4 and 5, allowing users to trade Forex, CFDs on Indices, commodities, spot metals and shares. It is ForexTime’s speciality to offer excellent trading terms. Fast execution and micro/mini lots are also available while trading with FXTM.
In addition to offering strong interbank liquidity, FXTM offers expert advisors as well as Logarithmic Trading.
What is the FXTM minimum deposit?
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Depending upon the account type, the FXTM minimum deposit varies. For example, there is a minimum deposit of $500 for Advantage and Advantage Plus ECN accounts. While with a standard account, your minimum deposit will be $50 for the micro account.
FXTM offers the following types of accounts, each with a different minimum deposit requirement:
- Stocks Account: $100 in EUR, GBP, or 200,000 NGN
- Standard account: $/€/£100, or 40,000NGN
- Cent account: $/€/£50 or 2000 NGN
- ECN account: $/€/£500 or 80,000 NGN
- ECN zero account: $/€/£200 or 80,000 NGN
- Stock CFDs Account: $/€/£100 or 40,000 NGN
- FXTM Pro Account: $/€/£25,000 or 5,000,000 NGN
To start trading, you must transfer this minimum deposit amount from your bank to a brokerage account. Deposits and funding are also called initial deposits. As part of the FXTM account opening process, there is more to consider than the minimum deposit. FXTM’s deposit options include the following pros and cons
Pros
- Credit/Debit card deposit
- No deposit fees
- Variety of deposit currencies supported
- Variety of flexible payment methods offered
Cons
- Residents of Nigeria can only open NGN accounts
- The interface is not user friendly as compared to other brokers.
Fees and methods of deposit at FXTM
There are no deposit fees associated with FXTM. In this case, you won’t have to worry about the broker deducting fees from your deposits; you only have to think about the bank fees/third party fees you incur when you deposit money.
- Based on the different transfer methods, the average time is as follow;
- Wire transfer: it can take up to 2-3 business days
- Credit/ debit card or online wallets: it is an instant transaction or may take a few hours.
The only problem with depositing money in the FXTM broker account is that it isn’t as user friendly as other FX brokers. In other words, either the interface is difficult to use, or you have trouble figuring out what to do to make the transfer.
Deposit currencies
Trading accounts are created in a base currency, which means your money will be held in that currency. You can also have three or more trading accounts at some brokers. The major currencies supported by FXTM are
- USD
- EUR
- GBP
- IDR
- MYR
- NGN
- ZAR, and more.
Online brokers don’t need to convert currency if you would have deposited in a major currency anyway. However, you must be aware that FXTM will convert your deposits and charge currency conversion fees if your minor currency isn’t supported.
Open a multi-currency digital bank account if you wish to transfer from a less common currency to deposit funds into your brokerage account. Opening an account at digital banks is quick and easy. Also, you will be able to upload your existing currency into your new account, exchange it in the app for great rates and transfer it to your brokerage account for almost free.
How to make the minimum deposit?
Sending your minimum deposit to FXTM might require slightly different steps, but in general, here’s what you need to do:
Step 1: Open an account with the broker
At most brokers, you can open an online account. When opening an account, you are usually required to provide personal information such as your date of birth and employment status. A financial aptitude test is usually included as well.
Account opening includes verifying your identity and residency. You will be required to upload a picture of your ID card and a document proving your address, such as a bank statement, as part of this verification process.
Step 2: Make a deposit
Log into your open trading account first before making a deposit. Once you have chosen a deposit method and entered the desired amount, you are ready to deposit.
Among the methods of deposit are:
Bank wire transfer
If you want to deposit funds, you must provide your bank account number. First, you need a bank account. Your bank account should then be used to initiate the transfer. Once you receive a broker’s reference number, you’ll need to write a comment about the transaction. By doing so, your deposit can be identified.
Credit/debit cards
When making an online purchase, the same card information needs to be entered. Your card must be used, however. As with IC Markets, your broker will also require that you scan and send your card for verification.
Online Wallets like PayPal, Skrill, and Neteller
It works similarly to any other online purchase. Your transaction will be completed once the wallet interface loads with your login credentials (username and password).
Step 3: Review your transaction
Depending on the method you use, FXTM can take up to two days to post your deposit to your brokerage account. A confirmation email is sent in such cases by FXTM brokers.
Bottom line
The FXTM minimum deposit can vary with the account type, and the least amount you have to pay is in the Cent account, i.e. $50. Moreover, with FXTM, you can access a wide range of deposit methods and currencies, making trading easier for clients. Also, no deposit fees can save the traders from paying hidden and unknown payments to the broker.
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