In summary this article talks about the cheapest way to fund your IC Markets account and my funding experience using this cheapest method (Paypal). It is free if you fund via your Paypal balance.
Below, I walk you through how to fund your IC Markets account using your Paypal Balance.
In Summary, two steps in total.
Step 1: Fund your Paypal account via local funds transfer (Free)
Step 2: Fund your IC Markets account using your Paypal Balance (Free, and no credit card fees)
This is cheaper compared to funding via Bank wire. Although IC Markets will waive off any bank wire fees on their end, your bank will still charge you $20 bank wire fee on your end. (see image #1 below)
I was inspired to write this after my previous popular article: Cheapest way to withdraw from IC Markets is using Paypal
Login to your Paypal account and click Top Up
You will see this page. Remember your Paypal Consumer reference number, as you will add it to the fund transfer comments when you transfer the funds to Paypal via internet banking. This is how they identify that the funds belong to you.
If you have a US bank account, Paypal also allows transfers from your US bank to them.
Local Fund transfer to Paypal(Free).
If you have a DBS/POSB bank account, Go to ‘Pay Bills‘ in the top bar your ibanking portal, then –> Add Paypal as your billing organisation (Right side of screen)
Type to search Paypal and add your consumer reference number (Found in your Paypal login page, under Top-Up)
If you are not from Singapore, follow Paypal’s instructions on how to do a local fund transfer from your bank to Paypal.
Once you have added Paypal, just transfer your funds to them for free and they will appear in your Paypal balance in 2-4 working days.
Final step (Step 2)
Simply fund your IC Markets account using your Paypal balance. (Free)
So in summary:
- Do a local fund transfer into Paypal
- Fund your IC Markets account using your Paypal Balance
There you go, hope you learnt the cheapest way to fund your IC markets account!
If you are trading Forex and you want a cash rebate on every trade whether you win or lose, sign up for our IC Markets rebates here. There is a $1.50 per lot real-time rebate (rebate paid instantly to your trading account) on every lot you trade.
If you like to have the same for other brokers, we have over 30 brokers rebate deals on our homepage, sign up for them!