FXCM Deposit and Withdrawal In Detail | No Deposit Fees

Pros

Cons

  • Various base currencies
  • Various deposit and withdrawal options
  • Free deposits
  • Free withdrawals on some options
  • Withdrawal fees on bank transfers

Introduction

FXCM is a forex and CFD broker that was originally founded in the US. in 1999. After about 10 years, there was an acquisition in 2010 and its headquarters moved from NYC to London in the UK. FXCM has over 200,000 traders worldwide and is regulated by top-tier financial authorities like FCA, the Financial Conduct Authority and CySEC, the Cyprus Securities and Commission Exchange. FXCM has no commissions on shares and low trading fees as well as non-trading fees.

Account Currencies

The FXCM account has 7 main base currencies which are:

  • EUR
  • USD
  • GBP
  • CHF
  • NZD
  • CAD
  • JPY

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

FXCM supports depositing using different methods such that:

  • Credit/ Debit cards
  • Bank transfers
  • Neteller
  • UnionPay
  • Skrill

FXCM Deposit Methods

 

FXCM

Credit cards

Yes

Bank Transfers

Yes

Electronic wallet

Yes

Fees

All the deposit options are fee-free although your bank may charge you with additional fees that are deducted from the deposit amount.

Time

The time required to receive your money into your FXCM trading account varies from a deposit method to another as the following table shows.

FXCM Deposit Options and Time

Method

Time

Credit/ Debit Cards

within 1 business day

Bank Transfers

(Domestic)

1 to 2 business days

Bank Transfers

(International)

3 to 5 business days

Skrill/ Neteller

Within 1 business day

 

How to deposit in your account?

  1. Open the FXCM mobile app.
  2. Login to your trading account.
  3. Open the left menu.
  4. Select ‘Deposit Funds.’

Withdrawal

FXCM provides the same options of depositing for withdrawals which are:

  • Credit/ Debit cards
  • Bank transfers
  • Neteller
  • UnionPay
  • Skrill

FXCM withdrawal methods and fees

 

FXCM

Bank Transfers

Yes

Credit cards

Yes

Electronic wallet

Yes

Fee

$0

Fees

FXCM withdrawals are free of charge for all options except for the bank transfers that have a $25 fee if the beneficiary account is located in the UK and a fee of $40 for international banks.

Time

It takes 1 to 2 business days for credit/ debit cards and electronic wallets. Bank transfers may take from 3 to 5 business days to proceed.

How to withdraw your money from FXCM?

  1. Go to the FXCM website.
  2. Login to your account.
  3. Click on the ‘Funds’ tab.
  4. Click ‘Withdraw Funds.’

Note:

For security reasons, you may have to verify your identity with the payment department for the first time through the registered email or the phone number.

FAQs

  1. Does FXCM give a bonus?
  • Yes. FXCM gives a $20 Welcome Bonus.
  1. What happens to my funds if the bank which holds my funds goes insolvent?
  • All retail client funds are housed in segregated accounts at top global banks.
  1. When trading forex, will you lose more than your initial deposit?
  • Both our MetaTrader 4 and Trade Station platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Does FXCM accept payments from third parties?
  • No, payments should be from an account under your name.
  1. Can I transfer money from an FXCM account to another?
  • Yes, by logging in using the login credentials from the account you’re transferring funds from.
  1. Is there a maximum deposit applied to my FXCM account?
  • Yes. The maximum deposit on a credit or debit card is 20,000 (base currency) per month. If you would like to deposit 20,000, this needs to be broken up into two 10K.
  1. The amount deposited in my trading account is less than the amount I sent. Why?
  • If the amount that is credited to your FXCM trading account is less than the bank wire you initiated, your bank may have used a “send-through” bank in order to send the funds. These banks are also referred to as intermediary banks and usually charge an additional fee for their service.
  • For more information regarding the use of Intermediary banks, please contact your personal bank.
  1. How much can I withdraw via debit or credit card?
  • Debit or Credit card withdrawal amounts are limited to the amount originally deposited using that card(s).
  • For example, if you have deposited a total of $500 using your credit or debit card, the maximum amount you can withdraw to your credit or debit card is $500. Once the principal amount (deposit amount) has gone back to your card, the remaining funds may go back to a bank account in your name.
  1. What’s the minimum amount I can withdraw from my FXCM account?
  • You may withdraw any amount. Please keep in mind that your bank or card issuer may charge additional fees to receive the funds. So, check with your bank to confirm before withdrawing smaller amounts.

 



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