| FXCM Minimum Deposit Summary | |
|---|---|
| FXCM Minimum Deposit | C$50 |
| Deposit Methods | Bank transfers, cards, E-wallets (Neteller, Skrill) |
| Account Types | Retail Account, Active Trader Account, Islamic Account |
| Deposit Fees | No Fee |
| Account Base Currencies | CAD, USD |
| Withdrawal Fees | C$40 (Bank Wire Transfer) |
| Visit FXCM | |
FXCM’s minimum deposit in Canada is C$50.
If you trade with FXCM in Canada, you should read this to learn about some important details of the minimum deposit requirement. We cover the available payment methods for deposits for deposits and withdrawals, the fees, the processing time for deposits/withdrawals and step-by-step guide to adding funds to your trading account.
What is the minimum deposit for FXCM?
The required minimum amount for deposit on FXCM is C$50. This applies to all payment methods accepted on the platform and to the Retail Account.
FXCM offers only one account type, which is the Retail Account, they also have Active Trader account for high volume and institutional traders. You can apply for this account if you meet some criteria.
Accepted Deposit Methods on FXCM Canada
FXCM offers a range of ways to deposit into your trading account:
1) Credit/Debit Cards (Visa, MasterCard): FXCM allows you to add funds to your account with bank cards, the minimum deposit amount when using cards is C$50, deposits via this method are credited instantly or within 2 hours.
FXCM also also allows you to withdraw funds to your cards, there is no fixed minimum amount for withdrawal, it usually takes about 5 business days for you to receive the funds in your card.
FXCM does not charge any fees for depositing or withdrawing with this method.
2) Bank Wire Transfers: Bank transfer are another accepted method to deposit funds to your account, the minimum amount is C$50, and it is usually credited in 1-2 business days.
You can also withdraw funds to the local bank account used in funding your FXCM trading account. There is no compulsory minimum withdrawal amount, and it takes about 1-2 business days for you the funds to arrive your bank account.
Typically, deposits via bank transfers on FXCM are free, but withdrawals incur a fee of C$40 per withdrawal.
Note: CFD trading is risky
FXCM Deposit Methods Table
Here is a summary of payment methods accepted by FXCM for deposits.
| Deposit Methods | Availability | Minimum Deposit | Charges | Processing time |
|---|---|---|---|---|
| Internet banking/bank transfers | Yes | C$50 | Free | Up to 2 business days |
| Cards | Yes | C$50 | Free | Instant |
FXCM Deposit Rules
1. Deposit Fees: FXCM does not impose any deposit fees when adding funds to your trading account, so the amount you deposit is what will be reflected in your account. However, you bank, payment processor or card issuer may charge an independent fee in the process.
2. Deposit Time: The it takes for your deposit to reflect in your FXCM trading account depends on the payment method used. Deposits via cards and e-wallets (Neteller, PayPal) are credited instantly while deposits via bank transfers take 1-2 business days to be credited.
3. Payment Source: Third party deposits are not allowed on FXCM, all deposits must come from bank accounts, cards, or e-wallets that belong to you, the trading account owner. You are usually required to provide ID to verify your account when you first sign up.
How do I deposit money into FXCM?
Step 1) Sign in to your account via www.myfxcm.com/fxma/login.
Step 2) Click on ‘Deposits’ on the account summary and choose your preferred deposit method.
Step 3) Enter the amount you want to deposit in the form and submit to complete the deposit.
Comparison Of FXCM Minimum Deposit With Other Brokers
Here is a comparison of FXCM minimum deposit with that of their competitors.
Note: CFD trading is risky
FXCM Minimum Deposit FAQs
Is FXCM allowed in Canada?
Yes, FXCM is regulated in Canada by the Canadian Investment Regulatory Orgnisation (CIRO) as Friedberg Mercantile Group Ltd. You can create an account on FXCM if you are based in Canada.
What is the minimum account for FXCM?
C$50 is the minimum amount you can deposit on FXCM platform. The same amount applies whether you are using cards, e-wallets or bank transfers to deposit funds.
Does FXCM have inactivity fees?
Yes, if your account is dormant for one year, that is you do not place any trade, FXCM will charge inactive account fee of C$50 per year. If you have no funds in your trading account, the fee will not be charged and you will not accrue any negative balance.
How much does FXCM charge for withdrawal?
C$40 is the withdrawal fee if you are withdrawing funds to your Canadian bank account. Withdrawals to cards are free of charge. Although your card issuer may still charge an independent fee.
How long does FXCM deposit take?
It can be instant or take up to 3 business days, depending on your payment method. If you deposit using cards the funds are credited instantly to your trading account or takes up to 2 hours. Deposits via bank transfers take 1-3 business days.
How long does it take to withdraw from FXCM?
1-5 business days is the typical time it takes for you receive funds after initiating a withdrawal on FXCM, depending on the payment method you use. Withdrawals to bank account are received within 2 business days. Card withdrawals are processed slower, and you can take up to 5 business days for you to receive the money.
Can you withdraw money from FXCM?
Yes, log in to your trading account, on the account summary page, click ‘Withdraw Funds’, fill out the withdrawal form with the payment method you want to use and the amount, then ‘Submit’ the withdrawal request.
What is the maximum deposit for FXCM?
C$10,000 is the maximum amount you can deposit per transaction via cards on FXCM. C$20,000 is the maximum amount you can deposit per month with cards on FXCM. Deposits via bank transfer has no maximum amount limit.
Can I use FXCM in Canada?
Yes, FXCM is available in Canada and you can create an account on the platform. FXCM is regulated in Canada by the Canadian Investment Regulatory Orgnisation (CIRO) as Friedberg Mercantile Group Ltd.. FXCM is also a member of the Canadian Investor Protection Fund (CIPF).
Note: Your capital is at risk