Once you have joined to FX United, you will want to fund your account and start making money!
deposit via introducing broker ("IB")
There are a number of ways that you can fund your account. Many people like to fund directly through an Introducing Broker. It is very simple and they do everything for you. You can transfer funds directly by EFT straight from your account - and the money will appear in your Wallet within 24 hours, and often on the same day (no waiting around for days). However, the IB is running a business, and has to make a profit to cover staff and overheads, so the IB charges for this convenience to you, and the exchange rate they use is not very good (about 10% worse than normal bank exchange rates).
Some people cannot be bothered with the mucking around for a Wire transfer, and figure that if they lose a week, then that costs them money anyway because of the interest they would be losing - so they go with the IB despite the poor exchange rate.
If you would like to fund using an IB, then please contact me, and I can arrange it for you.
My preferred funding method is by WIRE transfer (which is a secure transfer between banks). I like this because it is they way I am used to funding my US share trading account - and I get a better exchange rate than the IB offers. However, it is a bit fiddly, and if you prefer to keep things simple, then you might consider sticking to the an IB deposit.
Decide how much you want to fund. This will be USD 500 (to set up your WINST account) plus the amount that you want to put in your CGAT account (multiples of USD $1,000). Remember, minimum amount for a CGAT account is USD $1,000 and maximum is $10,000 for each of the 10 CGAT accounts. The first one is good because there is no establishment fee (3%) and no monthly administration fee (1% per month) - so consider making your first account a good one!
I started with $1,000 for my first account, but when we saw how well everything worked, we started with $10,000 for my son's first account.
How to fund your account for the first time by wire transfer
- Login to your FX United page. You will need to enter your Username, Password, and the unique 4 digit security code which is generated each time on the screen.
- Go to the " Account Section " (blue banner at the top of the page) and choose the button " Fund Deposit to Trader Wallet ".
- Select "Wire Transfer"
- Insert the amount that you want to transfer in US Dollars. This will be the amount to set up your WINST account (USD 500) plus the amount you have decided to deposit into your CGAT accounts
- Press "Print Invoice"
An invoice will be generated as a pdf document. For all CGAT investments after the first one, FX United will add a 3% Service Fee. This does not apply for the first account.
[NOTE: the invoice may be in USD or Euros. At the time of writing, FX United is clearing funds through a bank in Czechoslovakia - so funds are in Euros. However, the quoted fee is competitive - and equivalent to the USD amount).
- Print the invoice, and take it to your bank. Ask them to process the Wire Transfer in accordance with the printed invoice. However, before they do so, ask the Bank the exchange rate that they are charging, and check that this is fair by checking currency conversion on your phone. If you are investing a small amount, it probably does not matter - but if you are putting in a large amount (say $10,000) it pays to get a good exchange rate - and if your bank is not assisting with this, go to another bank. Go to my blog on 14 March 2016 to see my experience. On that date, my bank, the Commonwealth Bank of Australia was giving AUD:EUR at 0.64, which was a reasonable market rate on the day. CBA also charged me a flat service fee of $30 to carry out the WIRE transfer.
- Take the receipt that you receive from your bank and scan it, and save the scan to your computer. Then upload that scan to FX United as per the message you see when you first log in.
- Wait 4-5 days, then check in " My Wallet " under the " Account Section " of your FX United webpage - and if the money is not yet showing in your wallet, log an inquiry in the " Support Section " with the " Finance Department ".
You can practice before you make your first deposit
You can practice steps 1-6. There is no harm generating an investment invoice, even if you do not use it. The invoice alone will not transfer any funds.
Next step: set up your WINST account
When the money is showing in your wallet, it is time to set up your WINST account, and start making money!
You might like to read my news post from 14 March 2016, the day that I first funded my account