X Open Hub Minimum Deposit

 

A X Open Hub minimum deposit Review

 

X Open Hub Minimum Deposit

 

A X Open Hub minimum deposit is not specified.

When depositing funds, traders need to ensure that they keep up to date with the exchange rate depending on their local currency and the base currency of the account, should they have to convert their local currency according to that of the account.

 

The deposit currencies supported are not indicated, but it is safe to assume that USD, EUR, and GBP will be one of the currencies supported as X Open Hub is a UK-based broker, and therefore guidance with regards to the conversion are as follows:

  • 1 USD is equivalent to ZAR56
  • 1 EUR is equivalent to ZAR19
  • 1 GBP is equivalent to ZAR46

 

Traders should now that these conversions were done at the current exchange rate between USD, EUR, and GBP, and the South African Rand on the day and at the time that this article was written.

X Open Hub is a UK-based broker and is authorized and regulated by one of the strictest and most demanding regulating entities namely 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 X Open Hub 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

 

X Open Hub does not charge any fees when deposits are made into the trader’s account. Traders can make use of Bank Wire Transfer when funding their trading account.

 

X Open Hub does not indicate the supported deposit currencies in which traders can fund their accounts, but it is safe to assume that the following currencies will be supported as they form part of major deposit currencies provided by the majority of brokers:

  • USD
  • GBP, and
  • EUR

 

Step by step guide to deposit the minimum amount

 

X Open Hub does not indicate the way in which deposits can be made into the trading account and traders who are interested in registering an account with X Open Hub will have to contact the broker to verify the steps to follow in order to make deposits.

The only information pertaining to deposits indicated is that Bank Wire Transfer is the supported payment method through which deposits and withdrawals can be made.

 

Pros and Cons

 

PROS CONS
1.      Bank Wire Transfer is a reliable method of payment 1.      Deposit currencies are not specified
  2.      Steps to deposit funds are not indicated

 

FAQ

 

What is the minimum deposit for X Open Hub?

Unsure, information is not specified on the website.

 

How do I make a deposit and withdrawal with X Open Hub?

You can make use of Bank Wire Transfer.

 

Does X Open Hub charge withdrawal fees?

No.

 

How long does it take to make a withdrawal?

Withdrawals made by using Bank Wire Transfer typically take between two to several days depending on when the request was made and processed. Requests made over weekends may only be processed during the next business day.

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