The MEX Exchange minimum deposit amount to open a real trading account is 0 (zero) US Dollar. The Minimum Deposit for 1st-time traders might vary based on the trading account type selected. Deposit activation can be up to 72 hours
Although traders can fund their trading account with any amount that they prefer, traders are advised to ensure the amount is enough to meet the margin requirement when opening trades.
As a guide, when funding the trading account, traders can keep the following exchange rates in mind when depositing funds based on the supported deposit currencies about the South African Rand:
- 1 AUD is equivalent to 11.60 ZAR
- 1 EUR is equivalent to 19.33 ZAR
- 1 GBP is equivalent to 21.61 ZAR
- 1 USD is equivalent to 19.33 ZAR
These conversions were done at the current exchange rate on the day that this article was written, traders need to ensure that they verify exchange rates before funding their trading account.
They are an Australian-based broker which is authorized and regulated by one of the strictest and most demanding regulating entities namely ASIC, 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 MEX Exchange 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
They do not charge any fees when deposits are made into the trader’s account, but traders need to ensure that when using international banks that the fees waived are verified with them as well as the banking institution they use.
To fund the trading account, traders can make use of the following payment methods:
- Credit/Debit Cards
- Bank Wire Transfer
They accept the following deposit currencies in which traders can fund their accounts including:
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, AUD, EUR, and GBP.
Step by step guide to depositing the minimum amount
They do not require a minimum deposit to open a live account. Should traders wish to fund their trading account, they can follow these steps:
- Log in to 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.
Traders should take note that with making deposits by using Bank Wire Transfer, the transactions may take a certain amount of time depending on the method, time of the day, any day of the week.
Bank Wire Transfers take anything from a day to a few business days depending on the time the payment was made during the day along with the day of the week.
Pros and Cons
|Deposit fees and withdrawal fees are not charged||Only four base deposit currencies supported|
|Variety of reliable payment methods|
|Quick and easy depositing of funds|
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What is the minimum deposit for MEX Exchange?
US Dollar 0.
They do not require a minimum deposit, but the account should be funded with enough to meet margin requirements for positions the trader wants to open.
How do I make a deposit and withdrawal with MEX Exchange?
You can make use of the following payment methods to deposit or withdraw funds:
- Credit/Debit Cards
- Bank Wire Transfer
- Skrill, and
Does MEX Exchange charge withdrawal fees?
How long does it take to make a withdrawal?
- Credit/Debit Cards – instant but may take a few hours up until one business day.
- Bank Wire Transfer – between one business day and several.
- Skrill – within an hour up to a few hours.
- Neteller – within an hour up to a few hours.