Depositing Funds
FAQs
Paper Check
To whom should the check be made payable?
Checks should be made payable to: Forex Capital Markets.
What needs to be on the check?
Please indicate your account # on the check (or "NEW" for new accounts). This will help expedite processing and avoid unnecessary errors or delays.
May I fund my trading account using a personal check?
FXCM accepts personal checks in the amount of $2,000 or more.
May I send cash?
No, we cannot accept cash. In addition, FXCM can neither guarantee the receipt, nor the return of such payments.
May I send a check drawn on someone elses account?
No. FXCM may not make nor receive any payment via a third party. We can neither guarantee the receipt, nor the return of such payments.
May I send a check from any bank?
Only USD checks are accepted drawn on a US banking institution. Foreign checks will not be accepted. Only checks with ABA routing #s will be accepted (i.e. check must have a US affiliate or corresponding bank).
May I send checks in foreign currency, such as Canadian dollars?
No. Checks in US dollars only will be accepted. If you wish to send any other currency, please do so via wire transfer. You may contact us for wire instructions.
How long will it take for a check deposit to appear in my trading account?
After receipt, personal checks take 10 business days to clear as they must clear both the clients bank account as well as FXCMs bank account. A common misconception amongst clients is that a check, once having cleared the clients bank, should have automatically cleared our bank as well. This is, however, not the case. Personal checks and checks drawn on brokerage accounts, depending on the bank and state from which they are drawn, usually take up to 10 business days to clear our bank.
Like wire transfers, all official checks, such as certified, cashier's, or bank checks will be deposited into your trading account upon receipt.
May I send a check from another brokerage firm, such as E-Trade or Fidelity?
Forex Capital Markets, LLC does accept personal and brokerage checks for regular FX accounts (not for mini FX accounts) as long as they are being sent from an account in the client's name. In other words, funds sent from a reputable brokerage firm, such as E-Trade, are acceptable since the funds are coming from your personal trading account at that firm. However, Forex Capital Markets, LLC must wait for such checks to clear our bank.
Can I make a check or cash deposit by going to the nearest Bank of America or HSBC branch?
No. ATM or Bank Branch Deposits are typically received by FXCM without any information as regards to the account or individual from whom the payment originated. If such deposits are received FXCM will require additional documents for proof of ownership and the funds will be returned. Please note that FXCM can neither guarantee the receipt, nor the return of such payments.
May I send in money orders or travelers checks?
Any cash equivalent payments such as Money Orders and Travelers Checks will be returned to you via UPS as we are unable to verify the origin of these funds. |
