ChoiceTrade minimum deposit amount
The minimum deposit at ChoiceTrade is $100.
Check the following comparison table to see how ChoiceTrade stacks up against similar brokers when it comes to minimum deposits:
Besides the ChoiceTrade minimum deposit for cash accounts, there is a $2,000 minimum deposit for margin accounts. The margin account means that you trade with borrowed money, also known as leverage.
The minimum deposit means that you will first need to transfer this amount to your brokerage account from your bank account in order to start trading. It is sometimes called an initial deposit or funding.
Beyond the required minimum deposit, there are a couple of other factors to consider when you are about to open an account at ChoiceTrade. Here are the main pros and cons when it comes to depositing at ChoiceTrade:
- No deposit fee
- Credit/Debit card deposit is not possible
- Only one account base currency
- Depositing is not user-friendly
Why does ChoiceTrade require a minimum deposit?
Online brokers sometimes require a minimum deposit in order to cover their initial costs associated with creating a new account and to ensure their profitability. The higher the amount you deposited, the higher the chance for you to trade more and generate bigger profits for the broker.
In some cases, the very high minimum deposit (like the £1 million amount at the VIP account of Saxo Bank) is there to differentiate the level of services they offer you.
ChoiceTrade minimum deposit
ChoiceTrade deposit fees and deposit methods
ChoiceTrade does not charge a deposit fee. This is great because the broker won't deduct anything from your deposits and you only have to calculate with the costs charged by the bank / third-party you send the money with. If you want to know more about ChoiceTrade fees, check out the fee chapter of our ChoiceTrade review.
While there is no deposit fee at ChoiceTrade, the available deposit methods are also important for you. See how ChoiceTrade deposit methods compare with similar online brokers:
The average transfer times for the different methods are:
- Wire transfer: 2-3 days
- Credit / debit card and online wallets: instant or a few hours
The good thing about depositing to ChoiceTrade is that it's user-friendly. The interface is easy to use and the depositing process is simple.
Find out more about depositing to ChoiceTrade on their official website:
ChoiceTrade minimum deposit
Each trading account has a base currency, which means that the broker will hold your deposited money in that currency. At some brokers, you can also have more trading accounts with different base currencies. For example, at IG, it is possible to have both EUR and USD-based accounts.
Why does this matter? A currency conversion fee will be charged if you deposit in a different currency than the base currency of the target trading account. It's likely not a big deal but something you should be aware of.
Some online brokers offer trading accounts only in the major currencies (i.e. USD, GBP, EUR and sometimes JPY) and some support a lot more than that.
|Number of base currencies||1||9||21|
Unfortunately, ChoiceTrade supports only one currency, which is USD. This means that if you send your minimum deposit in a currency other than this, ChoiceTrade will convert it and charge a currency conversion fee. This is not an issue for you if you would deposit in USD anyway, but it's not ideal if you use any other currency.
A convenient way to save on the currency conversion fee can be to open a multi-currency bank account. Revolut or Transferwise both offer digital bank accounts in USD. The account opening only takes a few minutes after which you can upload your existing currency into your new account, exchange it in-app at great rates, then deposit it into your brokerage account for free or cheap.
ChoiceTrade minimum deposit
Steps of sending the minimum deposit
The specific process of sending your minimum deposit to ChoiceTrade might vary slightly from the following, but generally the process involves the following steps:
Step 1: Open your broker account
At most brokers, you can open your trading account online. To open an account, you have to provide your personal details, like your date of birth or employment status, and there is also usually a test about your financial knowledge. The last step of the account opening is the verification of your identity and residency. For this verification you usually have to upload a copy of your ID card and a document that validates your proof of residence, for example, a bank statement.
If you don't know which broker is suitable for you, use our broker selector tool.
Step 2: Make the deposit
First you have to sign in to your already opened trading account and find the depositing interface. After this, you select one of the deposit methods the broker supports, enter the deposit amount and make the deposit.
The deposit methods can be one or more of the following:
- Bank transfer (sometimes called wire transfer): you have to add your bank account number in the deposit interface. The bank account has to be in your name. After this, you need to start a bank transfer from your bank. The broker will give you a reference number that you'll have to enter as a comment in your transaction. This will allow them to identify your deposit.
- Credit or debit cards: just as with a normal online purchase, you are required to enter the regular card details. However, unlike any other online purchase, it's required to use a card that's in your name. In some cases, like with IC Markets, you'll also need to verify your card by scanning it and sending it to the broker. This is yet another anti-money laundering measure on their end. Card payment is usually the preferred and most convenient way of depositing. On the other hand, some brokers define a cap for card deposits, so for a larger amount you might have to use the bank transfer.
- Online wallets like Paypal, Skrill, Neteller, etc.: it works just like any other online purchase. The interface of the wallet will pop up where you'll have to enter your credentials (username and password) and carry out your transaction.
Step 3: Review your transaction
Depending on the method you chose, it might take a couple of days for your deposit to show up on your brokerage account. When it happens, the brokers usually send you an email to confirm the receipt of the deposit.