Forex.com Minimum Deposit

Forex.com minimum deposit is CAD 0.

If you’re venturing into the world of forex and CFD trading in Canada, Forex.com is a name you’re likely to encounter. The broker is regulated in Canada by CIRO (Canadian Investment Regulatory Organisation) and offers various account options. A crucial question pops up for all traders: “How much do I need to get started on Forex.com?”

Let’s dissect everything you need to know about Forex.com minimum deposits in Canada – payment options, timelines, restrictions, and how they compare with other online forex brokers.

What is the minimum deposit in forex.com?

Forex.com does not have a minimum deposit requirement for their Standard Account. This means that technically you can get your Forex.com account up and running with as little as a single Canadian dollar. That is good for beginners who want to dip their toes in the water without a sizable financial commitment.

However, to enable you enter bigger trades, Forex.com recommends a minimum deposit amount which varies based on the account type. Here is a summary.

1) Standard Account: The Forex.com Standard Account is designed for regular traders who have experience or are new to trading. It is the default account you get when you signup on to the platform. You can access the account via the Forex.com trading platform or MT5.

The recommended balance for the Standard Account on Forex.com is C$1,000.

2) Raw Pricing Account: The Forex.com Raw Pricing Account is designed for traders who want to pay low spreads on major forex pairs. You can also access the account via the Forex.com trading platform or MT5.

The recommended balance for the Raw Pricing Account on forex.com is also C$1,000.

3) MetaTrader Account: The Forex.com MetaTrader Account is designed for both beginners and experienced traders. You can only access this account via the MT5 trading platform.

The required minimum for the MetaTrader Account for forex.com is C$100.

Accepted Deposit Methods on Forex.com Canada

Forex.com offers a range of ways to deposit into your trading account:

1) Credit/Debit Cards (Visa, MasterCard): Forex.com allows you to use your credit or debit card for deposits. Forex.com doesn’t have a minimum deposit requirement for cards, so you can even start with a small amount to test the waters.

If you deposit via cards, your funds should be reflected in your trading account almost immediately, although it can take up to 24 hours in some cases.

Withdrawals on Forex.com are generally swift as well, the minimum withdrawal amount is C$100. Card withdrawals on Forex.com are processed immediately. However, it may take about 48 hours for your payment processor to credit the funds to your card.

While Forex.com offers free deposits and withdrawals, your card processor might charge fees for these transactions independently.

2) Bank Wire Transfers: If you are dealing with larger amounts, deposit via local bank wire transfer in Canada is an option on Forex.com. There is also no minimum deposit required by Forex.com. However, keep in mind that your bank likely has a minimum amount you can process.

Bank transfers typically take 1-2 business days to process and for the funds to reflect in your Forex.com trading account.

The minimum withdrawal amount on Forex.com for wire transfers is C$100. Wire transfers withdrawals are processed within 1-2 business days on Forex.com. However, it can take anywhere from 2-10 business days for withdrawn funds to reach your bank account, depending on your bank.

Don’t forget that while Forex.com charges no fees for deposits and withdrawals your bank may have fees associated with incoming and outgoing wire transfers.

Forex.com Deposit Methods Table

Here is a summary of payment methods accepted by Forex.com for deposits.

Forex.com Deposit Rules

1. Deposit Fees: Generally, Forex.com doesn’t charge deposit or withdrawal fees, but your bank or payment provider (card issuer) might have their own fees. Always verify with them to avoid surprises.

2. Deposit Time: You can initiate deposits and withdrawals from your trading account at any time, on any day. Card deposits are credited instantly while it takes 1-2 business days for bank transfer deposits to be credited.

3. Payment Source: You can only deposit funds that come from accounts under your own name. You can also only withdraw funds to the same bank account or card you have used to fund your Forex.com trading account. No third-party payments permitted on Forex.com.

Get ready to submit copies of your ID documents and proof of address for account verification before you can make deposits or withdrawals.

How do I deposit money into my Forex.com account?

Step 1) Go to www.forex.com/en-ca/account-login/ to sign in to your ‘MyForex’ client area.

Step 2) Find the “Deposit” or “Fund Account” section.

Step 3) Choose your preferred payment option.

Step 4) Provide the required information, such as your bank account or card details and enter the amount you want to deposit

Step 5) Double-check everything carefully and confirm your deposit.

Comparison Of Forex.com Minimum Deposit With Other Brokers

Here is a comparison of Forex.com minimum deposit with that of their competitors.

Forex.com Minimum Deposit FAQs Canada