Intro
The minimum deposit requirement for clients in South Africa is $200 / ZAR 3,300.
| IC Markets | Pepperstone | Vantage | |
|---|---|---|---|
| Minimum deposit |
$200 / ZAR 3,300 |
$0 / ZAR 0 |
$200 / ZAR 3,300 |
IC Markets deposit fees and deposit methods
IC Markets does not charge a deposit fee for South African clients, which is again consistent with their global practice. 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 service provider you use to send the money. If you want to know more about IC Market's fees, check out the fee chapter in our IC Market review.
In addition to not charging a deposit fee, IC Markets offers a range of deposit methods to its clients. See how IC Market's deposit methods compare in South Africa with similar online brokers:
| IC Markets | Pepperstone | Vantage | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
In South Africa IC Markets offers the following deposit methods specifically:
- Bank transfer
- Credit/debit cards
- PayPal
- Neteller
- Skrill
- UnionPay
- Bpay
- FasaPay
- POLI
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
In our experience, depositing money to your IC Markets account is a user-friendly process compared to similar brokers. In our methodology, a user-friendly depositing process means that the interface is easy to use and figuring out where and how you have to make the transfer is straightforward.
Deposit currencies
ZAR is not available as an account base currency at IC Markets. The following account currencies are available at IC Markets vs its competitors.
| IC Markets | Pepperstone | Vantage | |
|---|---|---|---|
| Base currencies names | EUR, USD, GBP, AUD, SGD, NZD, JPY, CHF, HKD, CAD | AUD, USD, SGD, HKD, JPY, NZD, EUR, CHF, CAD and GBP | USD, EUR, AUD, SGD, CAD, GBP, NZD, HKD, JPY |
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. If you deposit in a major currency, the broker won't convert it. However, if you use a minor currency that is not supported, IC Markets will convert your deposits and you will be charged a currency conversion fee.
A convenient way to save on currency conversion fees is to open a multi-currency digital bank account. At digital banks, 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 at minimal costs.
Steps of sending the minimum deposit from South Africa
The specific process of sending your minimum deposit to IC Markets 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 place and date of birth and 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, 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
Log into your trading account and find the depositing interface. After this, 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. 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, enter the card details. You can only use a card that's in your name. With IC Markets, you'll also need to verify your card by scanning it and sending it to the broker. This is an anti-money laundering measure on their end. Card payment is usually the preferred and most convenient way of depositing. Some brokers define a cap for card deposits, so for a larger amount you might have to use the bank transfer.
- Online wallets (i.e. 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
Before confirming the transaction, review all the data you entered to avoid making a mistake.
Depending on the method you choose, it might take a couple of days for your deposit to show up on your brokerage account. When it happens, the broker usually sends you an email to confirm receipt of the deposit.
Further reading:
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.
