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Firstrade Minimum Deposit

Firstrade Minimum Deposit

 

Overall Rating

4.7/5

Rated #74 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

SEC, FINRA

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Firstrade does not require any minimum deposit for first-time traders. The only requirement is that there are cleared funds in your account prior to placing your first order.

They are regulated by the Securities and Exchange Commission of the United States. It is made up out of three main organizations, namely The Securities and Exchange Commission (SEC), Securities Investor Protection Corporation (SIPC) and Financial Industry Regulatory Authority (FINRA).

All companies listed in the US is obliged to register with the Commission and one of the requirements is that client funds be kept in segregated accounts.

In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.

 

Deposit fees and deposit methods

They offer traders three payment methods that can be used when making deposits, namely ACH (electronic fund transfer), cheques and bank wire transfers.

They do not accept any transactions done with credit, debit cards or electronic wallets. There is no minimum requirement for deposits, and it does not charge any deposit fees.

There is no charge when withdrawals are done through ACH. However, domestic US wire transfers cost $30, while international withdrawals cost $50.

US clients who have a US-based bank account can link their account to their Firstrade account. This is convenient as you will be able to transfer funds electronically without any fees involved.

The only deposit currency accepted in USD.

 

Step by step guide to depositing the minimum amount

No minimum amount is required to fund an account and the ACH Transfer System allows you to electronically transfer money from your bank account to your Firstrade account.

You can select to make periodic deposits into your account or transfer money on demand without a set transfer schedule.

To set up your ACH Profile you need to login to your account and go to My Accounts > Deposit/Transfer > Bank Profile.

Complete the ACH form and download the Electronic Funds Transfer Agreement and complete it with your personal information and sign the form.

Attach a voided check or the most recent bank statement. All the documents can be uploaded, emailed, faxed or mailed to them

The setup process takes approximately 2-3 business days. You will receive two small deposits in your bank account from them. Review your bank account activity and enter the two small deposit values in the Bank Profile Setting within 10 calendar days.

 

Overall Rating

4.7/5

Rated #74 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

SEC, FINRA

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Pros and Cons

✔️PROS ❌CONS
No minimum deposit requirement Account base currencies are limited to USD
No deposit or withdrawal fees charged when using ACH Limited payment methods offered
Currency conversion fees may apply

 

You might also like: Firstrade Sign up bonus

You might also like: Firstrade Demo account

You might also like: Firstrade Fees and Spreads

You might also like: Firstrade Account Types

 

FAQ’s

What is the minimum deposit for Firstrade?

There is no minimum deposit required.

How do I make a deposit and withdrawal with Firstrade?

  • ACH (electronic fund transfer)
  • Cheques
  • Bank Wire Transfers

Does Firstrade charge withdrawal fees?

There is no charge when withdrawals are done through ACH. Domestic US wire transfers cost $30, while international withdrawals cost $50.

How long does it take to make a withdrawal?

It usually takes about two business days.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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