The minimum deposit required by the trading platform FxPro is just USD 100. Despite its name, the broker welcomes novices, hence the low minimum. However, they recommend you deposit at least USD 500 depending on the account subtype. This is only a recommendation and not the least bit compulsory. Generally, the minimum deposits recommended are 500 or 1,000 denominated in the respective currency. The recommended minimums are listed in full at the end of this short post.
Processing Time by Deposit Method
FxPro has several deposit methods: bank transfer, credit card, Union Pay, PayPal, Skrill, and Neteller. The slowest method is the first, taking deposits and withdrawals four days on average to show up on your account with the broker. In comparison, it takes just an hour to process a deposit by credit card. Withdrawals take two business days to process. The practice for deposits to take shorter than withdrawals to process is maintained with each method: 10 minutes vs. one day for Union Pay and Neteller and an hour vs. one day for PayPal. In addition, PayPal charges a fee of 2.7% of the deposit amount. None of the processors charge fees on withdrawals.
FxPro offers a wide variety of educational contents, trading tools, and a few trading platforms, including the industry standard and hallmark MetaTrader 4. Due to the wide range of features and tools it integrates, most investment brokers have adopted MetaTrader 4. FxPro’s own proprietary wallet, which was introduced recently, makes depositing and withdrawing funds very easy. Users can carry these transactions out at any time they wish.
FxPro has a demo account, a standard account, and a premium account. Budding investors who want to learn the ropes before making a financial commitment can try the demo version. The demo account gives access to MetaTrader 4, MetaTrader 5, and cTrader. You get virtual credit in the amount of half a million dollars to use on this version.
The minimum deposit mentioned above applies to the standard account. The premium one comes with the rather hefty minimum deposit of $50,000 – in real, not virtual funds. Obviously, standard account holders have far fewer benefits. For example, premium account holders enjoy lower spreads, which add up when trading large volumes.
There are four standard account types, which differ based on recommended trading amounts, leverage, the instruments available for trading, and more. MetaTrader 4, MetaTrader 5, and FxPro Markets come with a recommendation of $500, leverage of 1:500, and products such as futures, metals, indices, energies, and forex, among others. cTrader has the same leverage, but the recommended minimum is $1,000.
Here are the recommended minimum deposits in currencies different from the US dollar:
- GBP 1,000
- EUR 1,000
- CHF 1,000
- AUD 1,000
- PLN 4,000
- ZAR 17,000