The FinoTrade minimum deposit amount to open a real trading account is 1 (one) US Dollar (get the correct answer in the content). The Minimum Deposit for 1st-time traders might vary based on the trading account type selected. Deposit activation can be up to 72 hours*
Finding a reputable list about FinoTrade minimum deposit local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth Minimum Deposit Review regarding this regulated Forex company, which will assist traders to make an informed decision, when it comes to funding your trading account.
There are four account types available at Finotrade: Classic, Gold, Platinum, and VIP. The Classic starter account requires a minimum deposit amount of $1,000, which is high in comparison to other brokers.
The Gold account requires a $10,000 minimum deposit, the Platinum, $25,000, and the VIP, $100,000.
As such, this represents an exceedingly high minimum deposit requirement to open a broker account, which would be broadly inaccessible to most beginner traders.
This high minimum deposit makes it that the broker is positioned more towards advanced and institutional traders.
Deposit fees and deposit methods
Finotrade processes deposits and withdrawals via local wire transfers, SafeCharge, and UnionPay. Deposit fees are charged, which start from 2.95% for SafeCharge deposits up to $500,000 and 3.5% plus $0.35 for Union Pay.
Local bank charges may also apply for those using wire transfers, and these fees are beyond the broker’s control.
Deposit currencies consist of EUR, USD, and GBP. Traders depositing in other currencies, such as ZAR (Rand), will incur conversion fees.
Client money is held entirely separate from FinoTrade’s own money, ensuring that in the unlikely event of default by Finotrade, client funds will be returned to the clients rather than being treated as a recoverable asset by general creditors of Finotrade.
The money is ‘ring-fenced in separate bank accounts which are held in trust with the clients as the beneficiaries and are not held with FinoTrade’s own funds.
When a client opens an account with Finotrade, they will be categorized as either: a retail client, a professional client, or an eligible counterparty – and Finotrade will inform them of this categorization.
All client funds will be segregated in separate accounts with the broker’s bankers, as per the Financial Conduct Authority (FCA) rules concerning client money.
Step by step guide to depositing the minimum amount
FinoTrade does not provide much information with regards to the steps needed to deposit funds, however, these consist of the following:
- Navigate to the account’s portal on your broker’s website
- Log into your account by providing your username and password
- Select ‘Deposit funds’
- Choose your preferred deposit method. In many cases, you will be able to save your deposit history, and so will be directed to your previous deposit method.
- You can also choose to change this method, if you wish, however it is important to keep in mind that withdrawals can typically only be made using the same method as the deposit.
- Select the amount you wish to deposit
- Confirm your deposit
Pros and Cons
|✔️ PROS||❌ CONS|
|Well-regulated broker||Deposit fees are charged|
|High deposit security||Withdrawal fees are charged|
|High minimum deposit|
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What is the minimum deposit for FinoTrade?
FinoTrade has a minimum deposit amount of $1000, which is high compared to most other brokers.
How do I make a deposit and withdrawal from FinoTrade?
FinoTrade processes deposits and withdrawals via local wire transfers, SafeCharge, and UnionPay.
Does FinoTrade charge withdrawal fees?
Yes, and these depend on the withdrawal method and the amount you wish to withdraw.
How long does it take to make a withdrawal?
Processing times may vary depending on the payment method; details of these can be provided by the customer support team.