Deposits and withdrawals in forex trading can be quite concerning for some traders. Apart from convenience, deposit and withdrawal commissions are also the subject of traders' considerations. If the commission is too high, traders will clearly be at a disadvantage because it would take a huge part of their funds.
So, it's not surprising that brokers with low deposit and withdrawal commissions tend to attract more traders. But more than just a small fee, did you know that now there are forex brokers who can waive deposit and withdrawal commissions?
Here are 5 examples of forex brokers that offer free deposits and withdrawals:
1. XM
XM Broker covers all deposit and withdrawal transfer fees for payments made via Neteller, Skrill, and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro, and China UnionPay). Additionally, all deposits and withdrawals via bank transfers above 200 USD also fall under the no-fee policy.
2. Exness
Exness does not charge fees for deposits or withdrawals. However, certain Electronic Payment Systems (EPS) have their own transaction fees, so you should read more about Exness payment systems carefully. Always confirm possible charges for your chosen payment method in the Personal Area. You can also look for information on the official site of your payment method.
3. Octa
Octa does not charge any fees to clients for their deposits or withdrawals. Additionally, this forex broker covers ees that may be charged by third parties (such as Skrill, Neteller, and others). However, please be aware that some payment systems may impose additional fees for operations on their platforms. So, check your payment method's terms carefully to avoid any misunderstanding during transactions.
4. IC Markets
IC Markets Global does not charge additional fees for deposits and/or withdrawals. However, you should be aware that additional fees may occur at some banking institutions, one of which is brokerage fees. IC Markets Global is not responsible for such bank fees.
5. RoboForex
RoboForex applies commission-free deposits, so the commission charged to clients when depositing funds into their accounts via any deposit method is 0%.
If any commission is deducted during the transaction process, the fee will be fully compensated by the RoboForex broker and transferred back to the client's account. Details of commission payments and their compensations can be reviewed in the payment history.
Tips for Choosing a Forex Broker that Provides Free Deposit Withdrawals
From the review above, it can be seen that free deposits and withdrawals can take various forms. There are brokers who waive transaction fees but do not cover commissions from payment methods, but there are also brokers who are willing to compensate deposit fees.
Therefore, here are 3 things you need to pay attention to when assessing forex brokers based on their free deposits and withdrawals:
1. How the condition is served
Pay attention to whether the free deposit withdrawal is only provided as a promotion or has become a permanent policy at the broker. This is important because promotions are temporary. Even though the free commission has been provided continuously like at the XM broker, there is always the possibility for the broker to end the promotion. You can recognize the concept of free deposits and withdrawals by exploring the promotions menu on the broker website. If it is available there, it means that the free deposits and withdrawals is only offered as a promotion.
2. Transaction limits
Some forex brokers only offer free deposits and withdrawals over a certain amount of transactions. To avoid miscalculations in the future, pay close attention to this point. If a broker, for example, includes an article that says "free commissions for deposits above $100", then you cannot complain if you are charged a commission for a $50 top-up.
3. Transaction type and payment method
Believe it or not, there are many forex brokers like RoboForex that charge free commissions for deposits only. Therefore, don't be quick to assume that free commissions always apply to all types of transactions. Pay attention to whether there are further differences in conditions for deposits and withdrawals. In addition, free commissions do not always apply to all payment methods.
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Conclusion
It should be noted that free deposits and withdrawals are only one of many considerations when choosing a broker. So, it's best not to use this as your main reference when selecting the most ideal forex broker. What's the point of making a free deposit when your broker's spreads are not to your liking?
As such, free commissions for deposit and withdrawal should only be made as a complement. The main priority in choosing a broker should remain on the broker's credibility and trading specifications.