JFD Bank Minimum Deposit
JFD Bank Minimum Deposit
The JFD Bank minimum deposit amount that JFD Bank requires is $500.
The minimum deposit amount of $500 when registering a live account is equivalent to ZAR8,784.15 at the current exchange rate between US Dollar and South African Rand on the day that this article was written.
JFD Bank is a Cyprus-based broker which is authorized and regulated by some of the strictest and most demanding regulating entities namely CySEC, BaFIN and VFSC, and as a regulated broker, 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.
In addition to ensuring client fund security through segregated accounts, regulated brokers such as JFD Bank are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.
Deposit fees and deposit methods
JFD Bank charges the following deposit fees according to the payment method used:
- Bank Wire Transfer – zero deposit fees.
- Sofort (not available to some countries)– EUR – 1.8% plus 0.25 EUR, GBP is 1.8% plus an additional 0.22 GBP
- Skrill and Neteller – €0.29, $0.32, £0.26, ₣0.32 (fees only apply to these currencies indicated) and there is an additional 2.90% charged.
- SafeCharge transaction fees for JFD Group Ltd. – €0.25, $0.26, £0.22, ₣0.27 (fees only apply to these currencies indicated)
- SafeCharge transaction fees for JFD Overseas, Ltd. – €0.28, $0.29, £0.25, ₣0.30 (fees only apply to these currencies indicated)
- SafeCharge percentage fee – 95% on EUR and GBP, 2.95% on USD and CHF (fees only apply to these currencies indicated)
JFD Bank supports a variety of deposit currencies in which traders can fund their accounts including:
- EUR, and
Traders should take note that payments made in any other currency apart from the base currencies of the various accounts may be subjected to conversion rates charged by their payment provider. The base currencies are USD, GBP, EUR, and CHF.
Step by step guide to deposit the minimum amount
Once the trader has completed the process of registering on the website, the trader can make the initial minimum deposit by following these steps:
- Log into the Client Portal and select ‘Deposit’
- Select the deposit method along with the amount.
- After the trader has made their selection, they will be redirected to the payment processor page to confirm their deposit.
Pros and Cons
|1. Withdrawal fees are not charged||1. High minimum deposit amount|
|2. Quick and easy depositing of funds||2. Deposit fees are charged|
What is the minimum deposit for JFD Bank?
Interactive brokers does not have a specified minimum deposit.
Professional accounts, however, have certain minimum deposits depending on the account that the professional trader opens.
How do I make a deposit and withdrawal with JFD Bank?
You can make use of the following payment methods to deposit or withdraw funds:
- Bank Wire Transfer
- US Automated Clearing House (ACH) Transfer Initiated at Interactive Brokers
- Direct Debit/Electronic Money Transfer
- Canadian Electronic Funds Transfer, or EFT
- Single Euro Payment Area (SEPA)
Does JFD Bank charge withdrawal fees?
The first withdrawal is free, thereafter traders will be charged per withdrawal depending on the size of the withdrawal and the method of payment.
How long does it take to make a withdrawal?
- Bank Wire Transfer – can take from a day to several days.
- US Automated Clearing House (ACH) Transfer Initiated at Interactive Brokers – between one to two working days.
- Cheques – between one to two business days.
- Direct Debit/Electronic Money Transfer – can take from a day to several days.
- Canadian Electronic Funds Transfer, or EFT – between one to two business days.
- Single Euro Payment Area (SEPA) – between one to two business days.
- BACS/GIRO/ACH – between one to two business days.