EVFX Minimum Deposit

EVFX - Minimum Deposit

 

EVFX Minimum Deposit

 

The EVFX minimum deposit required is $500.

The minimum deposit amount of $500 when registering a live account is equivalent to ZAR9221.75 at the current exchange rate between US Dollar and South African Rand on the day that this article was written.

EVFX is an UK-based broker which is authorized and regulated by one of the strictest and most demanding regulating entities namely the FCA, and as a regulated broker, one of the requirements is that client funds be kept in segregated accounts.

In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.

In addition to ensuring client fund security through segregated accounts, regulated brokers such as EVFX are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.

 

Deposit fees and deposit methods

 

EVFX does mention whether deposit fees are charged when traders fund their trading account and the methods that can be used when making the minimum deposit includes:

  • Bank Wire
  • Visa, or
  • Skrill

 

There is no indication which deposit currencies EVFX supports.

 

Step by step guide to deposit the minimum amount

 

Once the trader has completed the process of registering on the website, the trader can make the initial minimum deposit by making use of Bank Wire Transfer, Visa or Skrill.

Instructions on how deposits can be made after registering a live account is not provided on the EVFX website.

The EVFX website does not provide any guidelines as to how funds can be deposited or withdrawn from a trading account and there is no FAQ section that may more adequately address any queries regarding deposit and withdrawals.

Traders should take note that with making deposits by using Bank Wire Transfer, the transactions may take a certain amount of time depending on the method, time of the day, and day of the week.

Bank Wire Transfers take anything from a day to a few business days depending on the time the payment was made during the day along with the day of the week.

 

Pros and Cons

 

PROS CONS
1.      Bank Wire Transfer, Visa and Skrill are trusted methods of payment 1.      No mention of supported deposit currencies
2.      High minimum deposit amount
3.      No information on how deposits can be made

 

FAQ

 

What is the minimum deposit for EVFX?

$500.

 

How do I make a deposit and withdrawal with EVFX?

EVFX only offers traders with the option of using the following payment methods:

  • Bank Wire Transfer
  • Visa, or
  • Skrill

EVFX prohibits third party payments. Deposits and withdrawals must be to and from the same account that the trader registers when opening a live account.

 

Does EVFX charge withdrawal fees?

Unsure.

The EVFX website does not indicate whether withdrawal fees are charged.

 

How long does it take to make a withdrawal?

Bank Wire Transfer can take anything from 1 to 7 business days.

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