Forex.com allows a minimum deposit of $100 or currency equivalent to start trading. Depending on the deposit method, it can take anywhere from 10mins to 7 business days for a deposit. The broker offers the fastest transactions 24/5 during working hours. The company does not charge any fees for deposits.
Read: Forex.com review
You can choose your account’s base currency from six currencies: EUR, GBP, USD, AUD, CHF, and JPY. Once it’s set, any deposit you make from anywhere in the world will be converted to the account’s default currency.
For example, if you live in the UAE, your account’s default currency is USD. When you deposit any dirhams from your desired payment method, you get a converted amount of USD. Keep in mind that the current conversion rate on currencies is applied while depositing.
So checking the conversion rate from your local currency to the account’s currency before making a deposit may be a good idea.
The broker offers three types of accounts:
- Standard Account
- Commission Account
- Direct Market Access Account
- STP Pro Account
|Account Type||Min. Deposit||Recommended Balance|
|Direct Market Access Account||$100||$25,000|
|STP Pro Account||$100||$25,000|
The broker offers a wide range of payment options. So clients from all over the world can choose from various payment options and make deposits. However, the minimum deposit requirement also varies for different payment options.
1: Bank Transfers
You can deposit funds via wire transfers from all over the world. This is the most reliable payment method as there is no minimum deposit requirement for wire transfers.
2: Debit Cards
You can use one of these debit cards to deposit funds:
- Master Card
- Visa Card
3: Alternatives (E-wallets)
You can choose from the following two E-wallets to deposit funds into your account:
For payment options, minimum deposit, their fees and processing time, please see the table:
|Payment Option||Min. Deposit||Fees||Processing Time|
|Wire Transfers||None||No Fees||1-2 business days|
|Master Card||$100||No Fees||Immediate|
|Visa Card||$100||No Fees||Immediate|
How to Deposit Funds
Before you deposit funds, you need to activate your trading account by verifying your identity and address.
1: Proof of Identity
As proof of identity, you can use either of the following documents:
- Valid passport (national or international).
- Valid driver’s License.
- Valid national ID Card.
- Other types of government-issued photo ID may be acceptable after review on a case by case basis.
Birth Certificates, Marriage Licenses and Insurance cards are not accepted.
2: Proof of Address (POA)
As a proof of address, you can use either of the following documents:
- Utility bill
- Bank, building society, credit or debit card statement
- Council tax bill
- Local government address registration certificates
- Valid driving license if issued within the last six months.
The document must be dated within the last six months – the issuing date must be visible. Your name and home address, as indicated on your FOREX.com application, must also be visible.
To deposit funds into your account, you need to follow these steps:
- Log in to your account and go to the funding page.
- Go to “Deposit.”
- Select the amount you want to deposit and click Continue.
- Select the payment method you want to use for payment.
- Fill in the details by following the instructions.
- Click Deposit Funds.
Your funds appear in the defined time for each payment method. If not, you can contact support.
Sign up Bonuses
The broker offers a 20% welcome bonus on your first deposit up to $5000. The minimum deposit required to qualify for a 20% welcome bonus is $1250. Your bonus will be credited to your account on a Wednesday after you satisfy the trading requirements for the amount you funded.
The amount of qualifying trades you need to place will be the equivalent of 1/25th of the bonus you are due to receive.
|Deposit Amount||20% Bonus||Qualifying trades (1/25 of the bonus amount)|
A qualifying trade is defined as a round trip standard (100K) lot or equivalent. Any combination of opening and closing trades in any market can be used to meet qualifying trade requirements. For example, opening and closing a standard lot FX Trade equals 200,000 in volume.
Please read the terms & conditions of a welcome bonus before applying.