Benchmark Finance does not have a minimum deposit requirement.
Despite this, traders must ensure that they fund their account with enough to cover the margin requirements before opening positions.
Traders must ensure that they keep up to date with the current exchange rate between the US Dollar and the South African rand, which is 14.60 ZAR/USD, at the time of writing.
They are a broker which is strictly regulated by the reputable FCA, CNMV, BaFIN and AMF and, as a regulated broker, it is required for client funds to be kept in segregated accounts.
The purpose of keeping funds separate from the broker account is that it ensures that these funds are used by traders to conduct trading activities. It also means that these funds are withdrawable at any given time.
Deposit fees and deposit methods
They allow traders to register a live trading account without having to pay a minimum deposit to activate the account before they can trade. Although an advantage, traders are urged to deposit enough funds to start trading.
They offer the use of reliable payment methods when making deposits, namely:
The deposit methods supported by them include:
- Bank Cards
- Bank Wire Transfer
- Funds Transfer
They support the following deposit currencies:
Step by step guide to depositing the minimum amount
After having registered a live trading account, traders can log into their members’ area on their website. Traders can then navigate to the relevant section dedicated to deposits, select their deposit method, currency, and the amount that they wish to deposit.
Traders can then follow further instructions and/or prompts to complete the deposit. Depending on the method of payment, deposits may reflect instantly, or take a few days to reflect in the trading account.
When traders deposit any funds into their account, despite the payment method used, they must ensure that the name on the account from where they are depositing corresponds with that in which they registered their live trading account.
They prohibit third-party payments. Any funds received from an unknown source will be rejected and returned to the source. There is no mention of whether traders are liable for any costs, but it can be assumed that transaction fees may be charged by the payment provider.
Pros and Cons
|No required minimum deposit amount||Limited deposit currencies|
|Reliable payment methods offered||Limited payment methods supported|
|Deposit fees not charged||More modern payment methods not offered|
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What is the minimum deposit for Benchmark Finance?
How do I make a deposit and withdrawal with Benchmark Finance?
Does Benchmark Finance charge withdrawal fees?
No. They do not charge withdrawal fees.
How long does it take to make a withdrawal?
They indicate that all withdrawals, despite the payment method, takes up to 30 minutes to process.