Having a broker with zero fees on deposit and withdrawal can help you reduce your trading costs. Follow this article to find 7 brokers that get rid of deposit and withdrawal fees.
For forex traders, account funding is a crucial aspect to think about. This is mostly because deposit and withdrawal processes are directly related to the traders' funds. Besides, they can be an indicator to measure broker's reliability, considering how the majority of scam brokers tend to interfere with withdrawal processes and make it difficult for clients to get their money back.
In that case, each broker has different sets of policies regarding deposit and withdrawal services, one of them being the fees or commissions that will be charged to traders. Apart from convenience and safety, traders should pay attention to the fees in the deposit and withdrawal service. If the commission is too high, it will definitely cause a significant amount of cost.
That is why forex brokers with low deposit and withdrawal fees are preferable in the eyes of many. But even more than that, do you know that there are forex brokers that eliminate all the deposit and withdrawal commissions completely?
Here we have listed 5 top brokers that provide zero fees on deposits and withdrawals:
For more information about the zero fees condition on each broker, let's take a look at this article!
1. IC Markets
IC Markets is a well-known ASIC-regulated broker originating from Australia. All deposit and withdrawal methods from this broker are apparently free of charge. You can choose from quite a wide range of options including PayPal, Neteller, Skrill, FasaPay, wire transfer, and many others. All methods can also be processed instantly, except for wire transfer which usually takes around 12-48 hours. If you're not sure what method to use, the broker recommends its traders use credit cards or Paypal.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
XM broker is a global company that has long applied Zero Fees as a part of their service. Basically, the program emphasizes a 0% deposit and withdrawal fee for every transaction, whether the trader uses a wire transfer, credit card, or e-currency.
The only condition for this promo is the minimum deposit for the wire transfer. If you use the payment method, you must deposit at least $200 so that the fee can be covered by the broker. To enjoy this service, you only need to register on the broker's official website and open a trading account.
XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.
Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.
XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.
XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and Webinar feature that is accommodated in 19 different languages with 35 native instructors for each language.
In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Commodities, Equity Indices in CFDs, Precious Metals, Energies, to Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.
Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.
To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. The deposit starts from $5 in Micro and Standard Account, while Ultra-Low Account requires a minimum deposit of $5. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.
For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.
To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).
All in all, there is no doubt that XM has gone global with its deep commitment to providing trading services in more than 15 languages around the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.
For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.
Similar to the previous broker, Exness provides zero deposit and withdrawal fees for all types of payment methods. The broker itself offers quite a wide range of funding methods including wire transfers, credit cards, and a string of e-payment services. In certain regions, deposits and withdrawals can even be done via local banks.
Instead of offering zero fees as a promotion, Exness chooses to apply it as a permanent feature. However, it should be noted that for deposit and withdrawal activities via credit card, there is a minimum transaction limit. Also, for each transaction that is less than the minimum limit, Exness applies a relatively small commission for both deposits and withdrawals.
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
Compared to the previous brokers, the variety of deposit and withdrawal methods in OctaFX is quite limited. Nonetheless, all of them are free of charge and guarantee instant transfers. According to the OctaFX official website, all deposit and withdrawal methods are processed with instant speed, except for the local bank transfer which takes approximately 10 minutes. This is really convenient for traders who frequently deposit and withdraw from their accounts.
FxPro is a trusted broker with many clients from all over the world. The broker applies different rules and services in certain regions. For example, clients from the UK will receive services according to FxPro UK which is FCA-regulated. Meanwhile, traders from the Middle East will be facilitated by FxPro Global Markets MENA Ltd., which has been adjusted to the rules of the DFSA (Dubai Financial Services Authority). That is why the concept of deposit and withdrawal at FxPro varies depending on the region and the regulations. However, the region's regulation doesn't impact anything at FxPro's account opening process.
Among all areas, FxPro's policies according to CySEC rules are the most flexible. You can choose from 6 payment methods, which vary from wire transfers to popular e-payment like PayPal and Skrill. Five of the withdrawal and deposit methods are free of commission. Unless you make a withdrawal without opening any trading positions, any withdrawal via e-wallet and debit cards can be processed free of any commission. FxPro does not even introduce a penalty for refunds made via PayPal, as long as the transaction is processed within 6 months after depositing via the same method.
Ever since its establishment in 2006, FxPro has successfully expanded to serve retail and institutional clients in more than 170 countries. Their head office is in London, UK.
FxPro UK Limited is authorized and regulated by the FCA since 2010. Meanwhile, other subsidiaries such as FxPro Financial Services Limited is authorized and regulated by CySEC since 2007 and the FSCA since 2015. Because of that, traders do not need to worry again about their funds safety. As a strong proponent of transparency, it established the highest standards of safety for clients' funds, as the company chooses to keep the funds in major international banks, fully segregated from the company's funds.
They always try to provide transparent and ethical practices across the global trading industry. In 2018, 74.65% of market orders were executed at the requested price while 12.8% of the client's orders were executed with positive slippage. Also, only 1.4% of all instant orders received a requote with 0.72% of them receiving better price when executed.
The total number of trades in FxPro has increased from year to year. In 2018, the number of trades achieves 53.6 million. Based on trust from their clients, FxPro received awards as Most Trusted Forex Brand UK 2017 by Global Brands Magazine. Besides, they became the first broker to sponsor an F1 team in 2008. There are around 60 UK and International Awards which had been achieved by FxPro.
They are committed to create a dynamic environment that equips traders with all the necessary tools for their trading experience. Opening an account in FxPro grants access to more than 250 CFDs on 6 asset types, including forex, shares, spot indices, futures, spot metals, and spot energies. They want to provide their clients with access to top-tier liquidity and advanced trade execution with no dealing desk intervention. The average execution time is less than 11.06 millisecond with up to 7,000 orders executed per second. Those advantages enable traders to benefit from tight spreads and competitive pricing.
Furthermore, FxPro is recognized as an innovative broker. The company allows its clients to enjoy a wide range of trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge. Web-based versions and mobile applications are also available so that traders can access financial markets at any time and anywhere.
Traders can choose platforms according to their needs. Fans of MT4 is provided with instant execution and easy-to-use trading platform. In this account, leverage is up to 1:500 and spreads start from 1.6 pips without commissions.
If traders want to get experience with more modern technology, traders should choose FxPro MT5 Accounts. In this account, spreads start from 1.5 and leverage is up to 1:500 without commissions.
Another type of accounts is FxPro cTrader. It is suitable for traders who give priority to the speed of execution with the most restrictive spreads compared to other account types'. FxPro cTrader is a powerful trading platform offering the best available bid and ask prices, with orders filled in just milliseconds. The platform also provides Market Depth and trading analysis tools. In this account, spreads start only from 0.3 pips. But, traders have to pay commissions $45 per $1 million traded (upon opening and closing a position) in forex and metals.
The key difference between MetaTrader 4, MetaTrader 5, and cTrader lies in the range of the CFD products that are available. The MT4 platform gives traders a chance to open positions on all of the 6 asset classes, whereas the MT5 doesn't support shares, and cTrader doesn't support shares and futures.
Besides 3 types of platforms above, trading in FxPro also enables access to FxPro Edge. This platform offers clients a new way to trade the markets in the form of spreads betting.
Each broker has pros and cons, and FxPro is not an exception. Aside from the advantages as explained before, FxPro has a high minimum deposit. Also, there are not many types of payment and withdrawal methods available at FxPro. Some types of methods even require traders to pay fees. However, it is still important to note that clients can trade forex, shares, indices, metals, and energies, with limited risk account at no additional cost in Fxpro
Regardless of the advantages and disadvantages, FxPro can be traders' choice as one of the best brokers with sophisticated technology. The company is suitable for traders prepared to trade with funds starting from $500.
3 Things to Consider
Some brokers that provide third-party transfer methods can make the deposit and withdrawal activities free of charge because the transaction is basically transferring funds from one account to another.
With the wide options of services to choose from, it might be challenging for traders to decide which broker suits them the best. Indeed, choosing a broker is not an easy task even after thorough research and you manage to list the potential brokers to choose. To make it simple, there are at least three aspects that you must consider regarding deposit and withdrawal fees:
The Concept of the Service
First, find out if the zero deposit and withdrawal fee is a part of the broker's permanent policy or if is it only provided as a temporary promotion. This is important because if it's temporary, then the program can be taken down anytime they want. Though some brokers already have it for a long time and manage to implement it continuously like XM, there is always a chance that the program will be stopped.
Some brokers impose certain conditions that must be fulfilled to get the zero fees service. Thus, it is essential to know about these conditions. If the requirements are not met, you won't get a free commission on deposits and withdrawals. Checking the terms beforehand could also save you from unnecessary drama should you encounter any surprising problems that arise from this particular condition.
Transaction Type and Payment Method
Lastly, pay attention to the type of transactions and payment methods. This is due to the fact that it is possible that the broker does not apply this feature for all transactions but let's say for deposits only or debit card only. You should not be so quick to assume that the feature will be applied for all deposit and withdrawal transactions.
Zero deposit and withdrawal fees can be a very beneficial feature for traders since it can help them reduce trading costs and allocate funds for trading or other purposes. Many brokers provide this service either as a part of their permanent policy or seasonal promotion to attract more traders. Yet, as a trader, you should not only focus on this feature and ignore the rest. Keep in mind that each broker has its own pros and cons depending on its overall services.
For example, a broker may not be so attractive if it lacks quality in customer service despite offering zero fees on deposits and withdrawals. On the other side, you may find a good broker with no funding fees, but it doesn't support your trading strategy.