Deposit Methods

Planning to trade forex online? After you choose a broker and register an account, your very next step before you can trade will be to deposit funds. Most brokers offer a wide variety of deposit methods for your convenience. This article will help you understand deposit methods more fully so that you can choose the one which is best for your needs. This is an essential step to take if you want to keep your trading experience smooth, affordable and hassle-free.

What is a Deposit Method?

A deposit method is simply a means which is used to deposit money into your forex trading account. A related term is “withdrawal method,” which is the means used to withdraw money from your forex account. In many cases, the method you use for depositing money will also double as your withdrawal method.

Most forex brokers provide a list of deposit and withdrawal methods they accept on their banking pages. There you should also be able to view transfer times and fees.

Common Deposit Methods for Forex in 2018

In 2018, many different deposit methods are accepted for forex. Here are a few:

On our site, you may read through detailed articles on all of these deposit method categories, as well as popular providers in each.

Note that not all forex brokers offer the same list of deposit methods. Some may accept only a few different methods, while others may provide dozens of options. Fees, transfer times, and other details also may vary from one broker to the next. For that reason, it is very important to check out the banking information for any broker you are thinking of using before you sign up.

Top Rated And Most Trusted Forex Brokers In 2018

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hycm logo $ 100 $5000 ★★★★

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FP Markets Logo $ 100 10% ★★★★

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avatrade logo $ 100 40% ★★★★

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fbs logo $ 1 $50 ★★★★

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forexcom logo $ 50 Check Website ★★★★

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$ 25 $5000* ★★★★

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marketscom logo $ 100 N/A ★★★★

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octaFX logo $ 5 50% ★★★★

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fbs logo $ 1 $50 ★★★★

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avatrade logo $ 100 40% ★★★★

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octaFX logo $ 5 50% ★★★★

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FP Markets Logo $ 100 10% ★★★★

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instaforex logo $ 1 $20 ★★★

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Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

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hotforex logo $ 5 N/A ★★★★★

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xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

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marketscom logo $ 100 N/A ★★★★

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fbs logo $ 1 $50 ★★★★

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octaFX logo $ 5 50% ★★★★

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avatrade logo $ 100 40% ★★★★

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FP Markets Logo $ 100 10% ★★★★

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instaforex logo $ 1 $20 ★★★

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Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

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hotforex logo $ 5 N/A ★★★★★

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xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

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FP Markets Logo $ 100 10% ★★★★

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hycm logo $ 100 $5000 ★★★★

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avatrade logo $ 100 40% ★★★★

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fbs logo $ 1 $50 ★★★★

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instaforex logo $ 1 $20 ★★★

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plus500 logo $ 100 $20 ★★★

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Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

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hotforex logo $ 5 N/A ★★★★★

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xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

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avatrade logo $ 100 40% ★★★★

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24option logo $ 100 N/A ★★★★

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hycm logo $ 100 $5000 ★★★★

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FP Markets Logo $ 100 10% ★★★★

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etx capital logo $ 100 100% ★★★

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instaforex logo $ 1 $20 ★★★

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Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

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hotforex logo $ 5 N/A ★★★★★

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xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

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cmtrading logo $ 250 $100 ★★★

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24option logo $ 100 N/A ★★★★

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avatrade logo $ 100 40% ★★★★

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marketscom logo $ 100 N/A ★★★★

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hycm logo $ 100 $5000 ★★★★

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fbs logo $ 1 $50 ★★★★

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etx capital logo $ 100 100% ★★★

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FP Markets Logo $ 100 10% ★★★★

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Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

Review
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
hycm logo $ 100 $5000 ★★★★

Review
fbs logo $ 1 $50 ★★★★

Review
avatrade logo $ 100 40% ★★★★

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Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

Review
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
fbs logo $ 1 $50 ★★★★

Review
octaFX logo $ 5 50% ★★★★

Review
avatrade logo $ 100 40% ★★★★

Review
FP Markets Logo $ 100 10% ★★★★

Review
etx capital logo $ 100 100% ★★★

Review
Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

Review
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
fbs logo $ 1 $50 ★★★★

Review
hycm logo $ 100 $5000 ★★★★

Review
octaFX logo $ 5 50% ★★★★

Review
avatrade logo $ 100 40% ★★★★

Review
plus500 logo $ 100 $20 ★★★

Review
Broker Min Deposit Welcome Bonus Rating
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
avatrade logo $ 100 40% ★★★★

Review
fbs logo $ 1 $50 ★★★★

Review
octaFX logo $ 5 50% ★★★★

Review
instaforex logo $ 1 $20 ★★★

Review
Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

Review
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
hycm logo $ 100 $5000 ★★★★

Review
fbs logo $ 1 $50 ★★★★

Review
FP Markets Logo $ 100 10% ★★★★

Review
avatrade logo $ 100 40% ★★★★

Review
instaforex logo $ 1 $20 ★★★

Review
etx capital logo $ 100 100% ★★★

Review
Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

Review
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
avatrade logo $ 100 40% ★★★★

Review
hycm logo $ 100 $5000 ★★★★

Review
fbs logo $ 1 $50 ★★★★

Review
cmtrading logo $ 250 $100 ★★★

Review
instaforex logo $ 1 $20 ★★★

Review
FP Markets Logo $ 100 10% ★★★★

Review
etx capital logo $ 100 100% ★★★

Review
Broker Min Deposit Welcome Bonus Rating
fxtm logo $ 5 N/A ★★★★★

Review
hotforex logo $ 5 N/A ★★★★★

Review
xm logo $ 5 $30 Non-Deposit Bonus** ★★★★★

Review
cmtrading logo $ 250 $100 ★★★

Review
fbs logo $ 1 $50 ★★★★

Review
avatrade logo $ 100 40% ★★★★

Review
instaforex logo $ 1 $20 ★★★

Review
*not available for EU clients, **Clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd are not eligible for this bonus. This bonus will also depend on the client’s country of residence.

Important Features to Look for in a Forex Deposit Method

How can you decide which deposit method is right for you while trading forex? Below are some key considerations.

Convenience

In some cases, you may simply choose to go with the most convenient forex deposit method for you. Perhaps you have a FasaPay account, for example, and have a strong preference for using it for all online transactions. In that case, it would be as simple as picking a broker which offers FasaPay as a deposit method.

Reputation

If you are thinking about opening new e-wallet accounts or exploring prepaid card options, you will also need to think about reputation. You will want to pick a deposit method which has proven to be secure and reliable.

Anonymity

This criteria is not applicable at most broker sites, which will need to verify your identity in order to issue withdrawals. Some cryptocurrency sites may make an exception, however.

Privacy

Even though you will almost certainly need to provide proof of your identity to your FX broker, keep in mind that there are some personal details you may not have to disclose. For example, you may be able to keep your banking information private if you choose to deposit and withdraw using an e-wallet or cryptocurrency wallet.

Country

Not all e-wallets and prepaid cards are available to customers in all countries. If you want to use a particular deposit method, make sure that customers in your region are served. Also check to make sure that the broker is going to accept that payment method for customers in your country.

Forex Deposit Method Transfer Time

The next important consideration when it comes to choosing a deposit method for forex is the transfer time. To figure out what you can expect, you will need to head to the broker’s banking page and take a look at the information provided there for the various deposit methods.

Transfer times for some methods on certain sites may be instantaneous or may take up to a few minutes. In some cases, you may need to wait a few hours for a transfer to complete. E-wallets, prepaid cards, credit and debit cards, and cryptocurrencies are usually pretty fast to transfer.

On the other hand, bank or wire transfers may take a few business days. Checks and money orders are the slowest options. These may take one or more weeks to process.

Why are there variations from one forex site to another? This has to do with how the site processes deposit requests. What about variations from one transfer to the next? This usually comes down to the service provider. It is normal, for example, for cryptocurrency transfers to process within minutes sometimes and hours at other times. The forex trading site has no control over this. Different brokers may provide different transfer time estimates for the same method as a result.

FX Deposit Method Fees

Next, you will want to take a look at fees. In most cases, depositing into a forex account is going to be free—at least where the broker is concerned. This is generally true regardless of the method you use. Some brokers may charge fees for some deposit methods, however, so it is wise to check this before you proceed. You should also see if your payment service is going to charge you a fee.

Withdrawal fees are far more common, and you will need to look into those as well when choosing a deposit method. I will explain why further down in the article.

Minimum and Maximum Deposit Limits for FX

Next, there is the matter of limits. It is common for brokers to set a minimum deposit amount as well as a maximum cap for the various methods they accept. You will need to make sure that these limits are affordable and acceptable to you. There may be daily, weekly, and monthly deposit limits.

Do minimum and maximum caps always apply? No. You will discover that there are brokers which offer certain deposit methods without any minimums or maximums in place. You can deposit as much or as little as you want in any given time period, if you choose one of these payment methods. That makes them ideal for those with both very small and very large accounts.

Forex Withdrawal Methods Are Important Too

While there are exceptions, the general rule with forex brokers is that you need to withdraw your money using the same method you chose for your deposit.

That means you need to be looking at withdrawal fees, transfer times, and limits as well when you are selecting your deposit method. You do not want to lock yourself into a certain withdrawal method unintentionally without knowing what to expect.

As an example, imagine you use your credit card to deposit money at your broker because doing so is free and convenient. Only later, you discover that there is a 3% fee for all of your credit card withdrawals, whereas some other method would have been free. Think about how much money you could have saved if you had deposited via that other method.

Questions to Ask When Choosing a Forex Deposit Method

Given the considerations we have gone over above, we can come up with a checklist of questions to ask yourself when you are picking a deposit method for forex trading online.

If you are satisfied with the conditions for using a particular payment provider, then you can move forward with your initial deposit. Once the money appears in your trading account, you will be able to get started.

Conclusion

Now you know that most forex brokers these days accept a variety of deposit methods including credit or debit card, bank transfer, e-wallet, prepaid card, cryptocurrency and check. The majority require that you also withdraw using the same method you select for your deposit.

Because fees, transfer times and other details vary from method to method and from broker to broker, you should always read the banking page as well as the terms and conditions page before you make a deposit. Doing this will ultimately save you time and money. It should also spare you from unnecessary hassles. Remember, any time you have questions which are not answered by the banking page, FAQ or terms and conditions page, you can always contact customer service for more information.

Once you are familiar with all conditions and requirements, you will be able to pick the deposit method which is most suitable for your needs. You will then be ready to make your first deposit and place your first trade!

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Deposit Methods