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Does Davy Select have a minimum deposit requirement?
Are you looking to open an account at Davy Select, but have only limited funds to invest? Wondering whether Davy Select requires a minimum deposit to start trading?
Davy Select requires a minimum deposit of $540 before you can start trading. Compared to other brokers, this is considered fairly high. Check our Compare Broker tool to find the best alternatives.
Together with my brokerage analyst colleagues, I have thoroughly tested the services of Davy Select by opening a real-money account. Here's what you need to know about depositing if you want to start investing with Davy Select:
- Davy Select has a high minimum deposit of $540 so it's worth checking alternatives.
- You can choose from multiple base currencies.
- You can only deposit your funds via bank transfer but there's no deposit fee.
- Depositing money is an easy process.
- Use our Compare Broker tool to find the best alternative broker.
What is the minimum deposit at Davy Select?
Once you have decided to open an account at Davy Select and completed both the registration and verification process, you need to fund your account to be able to begin trading.
At Davy Select, the required minimum deposit is $540. This means that you have to put at least $540 in your broker account to be able to start trading.
Is that more than you're willing to commit at this point? See if you can start trading with less at other brokers.
So what if you made a deposit but decide later that you want to switch brokers and invest your money elsewhere? No worries - you can always opt out and withdraw your funds. All you need to keep in mind are applicable withdrawal fees and withdrawal times.
At Davy Select, there are no withdrawal fees and it usually takes >3 days to receive your funds; though sometimes withdrawal might take a bit longer, depending on the method you use.
What base currencies are available at Davy Select?
At Davy Select, the following base currencies are available: EUR, USD, GBP. If possible, try to deposit money to your brokerage account in your account's base currency.
Why is that important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if the bank account or card you're using for depositing is denominated in a different currency than your brokerage account.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
What deposit methods are available at Davy Select and do they cost anything?
At Davy Select, the only available option to deposit money to your account is via bank transfer.
| Broker | Bank transfer |
|---|---|
| Davy Select | |
| DEGIRO | |
| Interactive Brokers |
Davy Select charges no deposit fees for bank transfers. This is great because the broker won't deduct anything from your deposits, and you only have to calculate with the costs charged by your bank or other third-party financial service you send the money with.
There is also a difference in typical transfer times for various deposit methods. Credit/debit card and e-wallet transfers are usually instant, but bank transfers may take 2-3 business days to arrive.
Imagine you're closely monitoring financial markets and spot a good trading opportunity you want to act upon right away. But what if there's not enough money in your broker account? In such cases, instant deposit methods like debit/credit card or electronic wallet transfers can come in handy. These can help you replenish your broker account immediately and react to market movements quickly and effectively. If this is important to you, consider opening an account with a broker that accepts instant deposit methods such as cards or e-wallets.
It's easy to deposit money to your Davy Select account
Making an initial deposit to your brokerage account can sound like a difficult task, but actually it's fairly easy. Just follow our step-by-step guide for depositing money and shortly you'll be ready to start trading:
- Log in to Davy Select's client area
- Look for the 'Deposit' or 'Funding' menu
- Choose your funding method
- Enter the amount to be deposited and other necessary details for the transaction
- Double-check if payment details are correct
- If all looks OK, click to submit your deposit request
If you get stuck during the process, you can always reach out to Davy Select's customer support. At Davy Select, customer support can be reached via phone and email. Alternatively, you can drop a message on our Forum.
Get to know Davy Select and its best alternatives
For comprehensive insights into trading conditions, costs and overall service quality at Davy Select, turn to BrokerChooser's Davy Select review for 2024. Our analysis is based on nearly 600 individual data points as well as first-hand experience. We analyze brokers by opening a live account and executing trades on their platforms using real money, which helps us understand and evaluate the full spectrum of their services.
If you want to explore the best alternatives for Davy Select in your country, head over to our Compare Broker tool, where you can compare brokers by filtering for various criteria including minimum deposits, fees, tradable products and more.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
