TurboForex Minimum Deposit

Minimum Deposit

TurboForex has a minimum deposit requirement of only $ 10.

This minimum deposit amount is equivalent to ZAR 159.96 at the current exchange rate between the US Dollar and the South African Rand at the time of writing.

This minimum requirement applies to beginner traders that want to open a Mini Account. To open a Standard Account requires a minimum deposit of $ 100 and $ 1 000 is required to open a Premium Account.

The additional Fixed and Interbank account types that are mentioned in other sources require a minimum opening deposit of $ 1 000 and $ 5 000, respectively.

TurboForex is an offshore, self-regulated forex company and it is usually required that depending on the regulatory body it is registered to, that client funds are kept in accounts separate from the broker account.

It is not sure whether TurboForex abides by this regulation which makes the broker a risky one to trade with.

Deposit fees and deposit methods

When compared with other brokers, the minimum deposit that TurboForex requires when registering a live account is very low.

TurboForex offers several payment or deposit methods that can be used when making deposits. The broker accepts the following payment methods:

• Visa
• MasterCard
• Skrill
• Neteller
• Sofort
• WebMoney
• Bank Wire Transfer

It is not clear what deposit currencies are accepted and some sources state that any deposit currency is accepted and will be automatically converted to the currency originally chosen when the account was opened.

Traders must also ensure that they verify whether their financial institution waives its own fees as there may be additional fees payable. These often depend on the payment method used as well as the amount which is deposited into the trading account.

Step by step guide to depositing the minimum amount

When funding the trading account, traders can usually do it from their own bank account by sending the funds to one of the broker’s segregated client accounts.

Traders also have the option to log in to their personal area, select the option for deposits, and follow the instructions to deposit into their trading account. Traders must ensure that they select the correct deposit currency before they make a deposit.

Funds must be transferred in the same currency as the bank account to which they are sending them. Should this not be done, traders may be subjected to currency conversion fees.

The information on TurboForex does not indicate how traders should go about depositing funds into their accounts.

Pros and Cons

FAQ

What is the minimum deposit for TurboForex?

$ 10.

How do I make a deposit and withdrawal with TurboForex?

• Visa
• MasterCard
• Skrill
• Neteller
• Sofort
• WebMoney
• Bank Wire Transfer

Does TurboForex charge withdrawal fees?

No. However, traders should take note that fees from financial institutions may apply.

How long does it take to make a withdrawal?

Depending on the payment method it may take from 24 hours to several days.