Run through FXCM deposit and withdrawal methods

Payment transactions also play a greater role in foreign exchange trading. After all, all traders who want to actively trade CFDs or foreign currencies must not only open a corresponding trading account with a broker beforehand but of course also deposit capital into this account before the first trade.

FXCM Awards
FXCM Awards

Of course, all Forex and CFD brokers, such as FXCM, are happy to give their clients the opportunity to make transactions using certain deposit and withdrawal methods. However, what the brokers differ from each other significantly in some cases is how many and which payment methods are available for deposits and withdrawals and whether the respective transaction involves costs for the customer.

Therefore, we would first like to go into more detail in our guide about what payment methods are available and how the various Forex brokers handle the costs. In the second part, we will give you detailed information about deposits and withdrawals at the broker FXCM.

Available Deposit and withdrawal options

If you are still busy comparing forex brokers, you should, among other things, take the available payment methods into account in your evaluation. In particular, there are sometimes major differences between the brokers with regard to the number and thus the selection of payment methods. For example, some brokers, such as FXCM, offer less than six payment methods. On the other hand, there are also numerous brokers who offer a much larger selection.

Almost all Forex and CFD brokers offer at least two payment methods, namely credit card, and bank transfer. As a rule, you can use these two payment methods, which are still among the most commonly used ones, for both deposits and withdrawals. However, many brokers stipulate that when withdrawals are made by credit card, only those amounts can be paid out to the credit card that has previously been deposited with the same credit card.

FXCM Payment methods
FXCM Payment methods

In addition to the two payment methods, bank transfer and credit card, there has been an increasing number of so-called eWallets in recent years. These eWallets are electronic purses or online payment systems that can also frequently be used for both deposits and withdrawals. Among the most well-known eWallets offered by numerous Forex and CFD brokers are

  • Bank Transfer
  • Debit Card
  • Neteller
  • Skrill
  • Klarna
  • Rapid Transfer

A great advantage of almost all the above-mentioned online payment methods is the fact that an immediate entry can be made to the trading account when deposits are made and withdrawals can also be made relatively quickly. In contrast, especially with the classic payment method bank transfer, it often takes between two and five working days for the credit or payment to be posted to the current account.

Do costs arise when transferring money at FXCM?

There are major differences between brokers not only in the number and type of payment methods offered but also in the costs. For example, there are various Forex and CFD brokers who offer all payment methods free of charge and without any limitation in terms of freedom from charges. On the other hand, there are also a large number of brokers who, for example, only accept a limited number of transactions per month as deposits or withdrawals free of charge. FXCM is one of these brokers, by the way, as only two withdrawals per month are free of charge if the client chooses to make a wire transfer.

FXCM zero commission

Should such costs be incurred by a broker, it is advisable that you choose an alternative payment method. Most of the time, almost every Forex and CFD broker has at least one payment method that does not incur any deposit or withdrawal costs.

Currencies available for depositing and withdrawing money

As mentioned in the first part of our guide, FXCM is one of the brokers who limit the payment methods available to them to the two classic options of credit card and bank transfer. In particular, the client will also find modern eWallets with this provider. Whether this fact will actually deter many traders from choosing FXCM as a broker in practice, we do not wish to judge in this form.

FXCM Bitcoin

In our opinion, payment methods are not necessarily among the points of comparison that carry too much weight. Nevertheless, the broker FXCM points out on its website that when depositing by credit card, some crediting is possible in real-time. Those who choose this method can make their credit card deposit via FXCM’s own service portal, MyFXCM.com. Both VISA and Mastercard credit cards are accepted. The credit card is also the fastest method of deposit provided by the broker.

If you do not wish to make deposits by credit card for any reason, the only alternative for FXCM brokers is to deposit by bank transfer. According to the broker, this usually takes one to two business days if it is a domestic wire transfer. If the deposit is made as a foreign bank transfer, however, the transaction can take up to five business days. There are a total of the following four account currencies in which deposits can generally be made to the broker FXCM’s trading account, namely

  • Euro
  • US Dollar
  • Swiss franc
  • GBP

In a direct comparison, credit card deposits with broker FXCM certainly outperform bank wire transfers as a transaction method. The advantage of the credit card is clearly the fact that deposits made are usually immediately available and can be used for trading immediately. Delays rarely occur, but then they are not the responsibility of the broker. By the way, it is important to note that the broker does not accept deposits from third parties. If the “sender account” is therefore in a name other than that of the customer, it would be a third-party deposit, which is not permitted in this form.

Are fees charged?

There is not much information on costs on the broker’s website, but according to our research, at least deposits made by bank transfer and a credit card are free of charge. For withdrawals, on the other hand, it is necessary to differentiate which payment method the customer chooses. The advantage of a requested payout to the customer’s credit card is that it is completely free of charge. In the case of a payout by bank transfer, however, it depends on how many payouts the customer makes. Two SEPA withdrawals per month are free of charge, so a fee is charged from the third withdrawal onwards.

As a tip, we can therefore advise you to either limit yourself to a maximum of two payments per month by bank transfer or simply make the payment by credit card. To do this, however, you must first deposit at least the amount you wish to withdraw by credit card into your trading account.

FXCM Debit card
FXCM Debit card

Conclusion: Different payment options are available

FXCM offers ewalltets as well as traditional payment options which makes the variation of payment options very high.

On the positive side, both credit card deposits and withdrawals are completely free of charge and the credit is very prompt. With bank transfers, only deposits are free of charge, while withdrawals are charged with fees from the third SEPA transfer onwards. At least the broker provides at least one completely free payment method that the customer can choose.

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