Forex4you does not have a minimum deposit requirement.
Despite this, traders are urged to deposit enough funds to ensure that the margin requirement can be met when opening positions.
In addition, traders must also ensure that they keep up to date with the exchange rates when transferring funds in ZAR as the base account currencies are USD and EUR.
The current exchange rate between the US Dollar and the South African rand is R14.53/$, at the time of writing.
They are a broker which is regulated by BVI FSC 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 do not require a minimum deposit amount when traders register a live trading account. However, traders must ensure that they deposit adequate funds to be able to execute trades. This is due to the margin requirements which must be met before positions can be opened.
The deposit methods, and their corresponding currencies, supported by them include:
- Neteller – USD
- Skrill – USD and EUR
- WebMoney – USD and EUR
- Credit/Debit Cards – USD and EUR
- Local Deposits – not indicated
- Bank Wire transfer – not indicated
They support the following deposit currencies:
- USD, and
Step by step guide to deposit the minimum amount
Traders can deposit funds into their trading account by visiting their personal area on the Forex4you website. From here, traders can select their deposit method, currency, and the amount that they wish to deposit.
Traders must note that certain payment methods support certain currencies. In addition, traders must verify whether they will be charged conversion fees should they deposit in a currency that is different from their base account currency.
In addition, when making deposits, traders must ensure that the account that they make deposits from match the account that they registered their trading account in. Forex4you does not allow third-party deposits. Any deposits that are made from unknown accounts will be returned.
Pros and Cons
|No minimum deposit required||Limited deposit currencies|
|Reliable payment methods offered||Deposit currencies tied to the payment methods offered|
|Variety of payment methods offered|
|Deposit fees not charged|
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What is the minimum deposit for Forex4you?
How do I make a deposit and withdrawal with Forex4you?
- Credit/Debit Cards
- Local Deposits
- Bank Wire transfer
Does Forex4you charge withdrawal fees?
Yes. Withdrawal fees are charged according to the payment method that the trader uses.
- Neteller – service fee of 2$.
- Skrill – service fee of 1%.
- WebMoney – service fee of 0.8%.
- Credit/Debit Cards – 2.5 EUR/USD along with 2.5%.
How long does it take to make a withdrawal?
This will depend on the payment method used. Payments can reflect instantaneously or take up to several days.