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The online trading industry is very competitive and brokers are always trying to find ways in which they can win over customers from their rivals. One of the most commonly used methods for doing so is by offering attractive minimum deposits, or in some cases no minimum at all.
In this article, we will take a look at what the FXTM Minimum Deposit is and we will also discuss the various account types that you can open with the Forex broker.
It should be noted that FXTM has a global presence with offices in multiple countries and therefore there are differences related to minimum deposits depending on where you are based.
What is the minimum deposit with FXTM?
The minimum deposit with FXTM depends on the type of account that you sign up for. If you open a Standard Account, then the minimum deposit is $/€/£100, but if you open a Cent Account, then the minimum deposit is just $/€/£10. The Cent Account can be opened in USD Cent and EUR Cent only, so there is no GBP equivalent.
FXTM’s ECN MT5 accounts have set minimum deposits of $1,000 or €1,000, depending on which base currency you select. For ECN MT4 accounts, there are no set minimum deposits; however, clients can only trade in lots of 0.01 or higher, so any deposits should be at least $100 or €100 to allow for trading in that lot size.
The Importance of Minimum Deposits
The minimum amount required to open an account with fxtm varies according to the account type selected (Standard, Cent, Shares or ECN Zero) and base currency (USD/EUR/GBP). But, why does it matter?
Well, our minimum deposits are significantly lower than others in the industry, which means that less of your money is at stake from the offset, so you can truly benefit.
Deposit and Withdrawal Options at FXTM
At FXTM, we understand that our clients like to have a choice of payment methods to fund their trading accounts. We support a wide range of payment options, including credit/debit cards, bank wire transfers, local bank transfers and e-wallets.
Credit or debit card deposits are usually process instantly. Using this method to fund your account will allow you to start trading immediately. FXTM offers VISA, MasterCard, Maestro and UnionPay cards for your convenience.
Bank wire transfer is another convenient way to deposit funds into your FXTM account. Bank transfers are made via your personal online banking page, or by visiting your local branch. This is an excellent option if you want to make large deposits into your account and it is also ideal for traders who want to keep a record of all their transactions within their personal bank statements.
E-wallets are a fast and easy way to deposit and withdraw funds into your trading account. At FXTM, we support Skrill, Neteller and FasaPay e-wallet payments.
FXTM Account Currencies
When opening an FXTM account, you are ask to choose a base currency. This is the currency in which your trading account will denominate. The base currency cannot be changed once the account has been opened.
The base currency will affect the following things:
Currency pairs you have access to. Choosing USD as your base account currency will give you access to USD-denominated accounts only while choosing EUR as your base account currency will give you access to EUR-denominated accounts only.
The leverage available for different instruments (FXTM’s leverage is dynamic). For example, if your base account currency is USD and you are trading with a standard MT5 account, you will have up to 1:1000 leverage on FX pairs (except for exotic pairs), metals and indices. Whereas if you choose EUR as your base account currency, the maximum available leverage will be 1:30 on FX pairs (except for exotic pairs), metals and indices.
Conclusion
When it comes to FX trading, the minimum deposit requirements will generally depend on the currency pair applicable to your preferred strategy. For example, if you are trading the EUR/USD most brokers require you to deposit anywhere between 10 and 15k to get start. As always, we recommend that you read the terms and conditions in detail before agreeing to any specific offer and each broker will have their own set of fees associated with trading forex so ensure that you are aware of any charges that may apply before opening an account.
To sum it up, FXTM charges a more than reasonable $10 to open an account and with no subsequent charges. FXTM’s simplicity in mind and its appeal to both rookies and seasoned Forex traders make it easy for anyone to sign up and trade in the fast-paced and exciting FX markets worldwide.
