FXTM Minimum Deposit Editor’s Verdict
The FXTM minimum deposit is $10, but it takes $500 for the most competitive trading conditions. FXTM simplified its account structure and currently has three options.
The FXTM account types and minimum deposit requirements are:
- Micro (FXTM minimum deposit of $10, market maker account)
- Advantage (FXTM minimum deposit of $500, ECN account)
- Advantage Plus (FXTM minimum deposit of $500, market maker account)
Minimum Deposit for FXTM vs. Other Brokers
MinimumDeposit | FXTM | Axi | InstaForex | Tickmill | Admirals |
Commission-Free Account | $10 | $0 | $1 | $100 | $100 |
Commission-Based Account | $500 | $0 | $1 | $100 | $100 |
The FXTM minimum deposit depends on the account type. The Micro account at FXTM is available for $10, placing it in the mid-section of the market.
The commission based FXTM Advantage account is where FXTM shines. While the FXTM minimum deposit of $500 is higher than most competitors who offer ECN accounts, the trading costs rank among the lowest industry-wide, and most other brokers cannot match them, even with volume-based rebate programs.
Some brokers provide competing accounts but ask for minimum deposits exceeding $25,000. Therefore, the FXTM Advantage account ranks among the lowest and most competitive options. The FXTM minimum deposit of $500 is a reasonable request and an ideal amount to start Forex trading.
Pros & Cons of the FXTM Minimum Deposit
Pros of the FXTM minimum deposit | Cons of the FXTM minimum deposit |
Well-regulated and trusted Forex broker with a clean regulatory history | Cryptocurrency deposits are not supported |
Broad choice of deposit methods, including localized options | |
No internal deposit fees, only third-party payment processor costs | |
Many deposit methods have instant processing times |
FXTM Deposit Methods and Deposit Fees
FXTM does not levy internal deposit fees, meaning that if you deposit $500 into your FXTM trading account, you will see $500 in the account. Third-party payment processing fees may apply, which are out of the control of FXTM.
Therefore, Forex traders should check with their preferred payment processor and select the one with the lowest transaction costs. Since withdrawals must follow the deposit path, checking withdrawal fees to the payment processor and potent
ially to the bank is another essential step when checking for total financial transaction fees.
Various payment processors have minimum transaction amounts that differ from minimum deposit requirements at Forex brokers but are usually below them. Processing times and fees also vary between payment processors and sometimes the geographic location of Forex traders. Not every deposit method is available to every trader and supported currencies also differ, meaning Forex traders must consider potential currency conversion fees.
FXTM average transfer times for the different methods:
- Bank transfer: 2-3 days
- Credit card and E-wallets: instant or a few hours
FXTM deposit methods vs. similar brokers
DepositMethods | FXTM | Axi | InstaForex | Tickmill | Admirals |
Bank wires | Yes | Yes | Yes | Yes | Yes |
Credit/debitcards | Yes | Yes | Yes | Yes | Yes |
Skrill | Yes | Yes | Yes | Yes | Yes |
WebMoney | No | No | Yes | Yes | No |
ChinaUnionPay | No | Yes | No | Yes | No |
PerfectMoney | Yes | No | Yes | No | No |
OtherE-wallets | Yes | Yes | Yes | Yes | Yes |
LocalizedMethods | Yes | Yes | Yes | No | No |
Crypto-currencies | No | Yes | Yes | No | No |
Noteworthy:
- Processing times for most payment processors at FXTM are instant
- Bank wires can take between three to five business days
Deposit Currencies and the FXTM Minimum Deposit in ZAR
Forex brokers support different account currencies and deposit currencies. The former is the base currency of your forex trading account, and the latter are currencies available for deposits through the payment processors. A currency conversion fee may apply each time they differ, or your local currency differs from the supported deposit currencies.
FXTM Broker supports the following account base currencies:
- US Dollar
- Euro
- British Pound
- Nigerian Naira (only for Nigerian residents)
FXTM supports the following deposit currencies:
- US Dollar
- Euro
- British Pound
- Polish Zloty
- Czech Koruna
- Nigerian Naira
- Indian Rupee
- Kenyan Shilling
- Ghanaian Cedi
- South African Rand
- Rwandan Franc
- Tanzanian Shilling
- Ugandan Shilling
- Indonesian Rupiah
- United Arab Emirates Dirham
Noteworthy:
- The FXTM Minimum deposit in ZAR is ZAR 20, but traders must consider the minimum deposit at FXTM, which is notably higher at ZAR 8,000
- Follow-on deposits can be lower, but a ZAR 20 deposit makes little sense given payment processing costs
Since the US Dollar is part of over 85% of all daily Forex trading volume, it makes sense to have a US Dollar base currency account. It also limits currency conversions and boosts overall profitability. Another way to lower currency conversion fees is to have a multi-currency account with an online or brick-and-mortar bank. It allows transactions in the desired currency, and the transaction and conversion costs plus exchange rates are usually notably better versus online payment processors.
FXTM trading account currencies vs. similar brokers
AccountCurrencies | FXTM | Axi | InstaForex | Tickmill | Admirals |
US Dollar | Yes | Yes | Yes | Yes | Yes |
Euro | Yes | Yes | Yes | Yes | Yes |
British Pound | Yes | Yes | No | Yes | Yes |
Swiss Franc | No | Yes | No | No | Yes |
AustralianDollar | No | Yes | No | No | No |
Others | Yes | Yes | Yes | No | Yes |
Total | 4 | 10 | 3 | 3 | 10 |
A Step by step guide to deposit Money On FXTM Account
Sending the FXTM minimum deposit follows a convenient method, especially after Forex traders have opened their trading account and fully verified it. Account verification is mandatory to satisfy regulatory stipulated AML/KYC requirements. Only verified accounts may request withdrawals, and most Forex traders will pass verification after sending a copy of their government-issued ID and one proof of residency document.
Here is how Forex traders can send their FXTM minimum deposit:
1. Complete the online registration form to access the secure back office. FXTM does not collect unnecessary personal information or ask pointless questions. Traders must only provide their name, country of residence, valid mobile phone number, e-mail address, and desired password. FXTM will send a verification pin to the provided mobile number to complete the process.
2. Pass account verification by uploading a copy of a government-issued ID and one proof of residency document.
3. Log into your verified trading account, navigate to the deposit tab, and select your desired deposit method. FXTM supports bank wires, credit/debit cards, e-wallets, and localized payment options. Fill out the amount you wish to deposit and confirm the transaction. Some third-party payment processors will redirect you to their page to log into your account and complete the deposit.
4. Most online payment processors have instant processing times, while others can take several business days. FXTM will send a confirmation e-mail once it receives the deposit and credits it to your trading account. It will also show in the payment history of your payment processor or bank.
How Does the Minimum Deposit Work?
Each financial services institution and account have a minimum deposit requirement, and FXTM is no different. The differences in the FXTM minimum deposit grant two distinctively different account types.
The Micro account for an FXTM minimum deposit of $10 provides traders with a live trading account, but the higher fees make it challenging for committed traders. The Advantage account requires an FXTM minimum deposit of $500, but the highly competitive pricing environment warrants the higher capital requirements. It offers Forex traders one of the most competitive Forex trading accounts.
Lower minimum deposits usually provide the most basic trading services, while higher ones grant innovative features and lower trading costs. A minimum deposit also ensures that the Forex broker earns sufficient revenues to maintain services. Intense competition in the brokerage sector has lowered minimum deposit requirements. Some Forex brokers eliminated them, relying on their competitive trading environment to attract and retain clients with increasing trading volumes.
Headquarters Cyprus Regulators CMA, CySEC, FCA, FSC Mauritius, FSCA Owned by Public Company? Year Established 2011 Execution Type(s) ECN/STP, Market Maker Minimum Deposit $10 Negative Balance Protection Trading Platforms(s) MetaTrader 4, MetaTrader 5, Proprietary platform Average Trading Cost EUR/USD 0.1 pips Average Trading Cost GBP/USD 0.2 pips Average Trading Cost WTI Crude Oil $0.09 Average Trading Cost Gold $0.18 Retail Loss Rate 77.00% Minimum Raw Spreads 0.0 Pips Minimum Standard Spreads 1.5 pips Minimum Commission for Forex $0.80 - $4.00 per round lot Funding Methods 16 Islamic Account Signals US Persons Accepted? Managed Accounts
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