The minimum deposit for EURUSD

[Sam191920]

Hi All,

I started trading on a demo account on IG, and I decreased my deposit from 100000 to less than 300 to simulate a live account. Howover, I found that I need at least £ 3000 to start a deal for EURUSD. Could you please tell me what is the minimum deposit to start a deal for EURUSD on a live account ? 

Thank you 

 

 

[OfentseIG]

1 hour ago, Sam191920 said:

T hank you for the explanation. Could you please let me know where can I change the option from standard contracts to mini contracts?

Thank you

Hi @Sam191920

On the web platform, click on 'Spot' next to the market name. You will see a drop down option to select the mini contract. On the mobile app, search EUR/USD and the platform will give you the standard and mini contracts.  Thanks, OfentseIG

[OfentseIG]

7 hours ago, Sam191920 said:

Hi All,

I started trading on a demo account on IG, and I decreased my deposit from 100000 to less than 300 to simulate a live account. Howover, I found that I need at least £ 3000 to start a deal for EURUSD. Could you please tell me what is the minimum deposit to start a deal for EURUSD on a live account ? 

Thank you 

 

 

Hi @Sam191920

Thanks for reaching out. On CFD accounts, you have the option to trade mini contracts or standard contracts. What you have on your screenshot is a standard contract.  1 contract size per point is equivalent to 100,000 EUR. That is exposure of 100,000 of first currency EUR, denominated in second currency USD. 

If the price is at 1.06468, the notional value you are trading is 1.06468 x 100000 contract size = 106468

To calculate the margin, we would multiply the notional value by the margin rate

106468 x 3.33% = USD 3545.38 as it is denominated in the second currency

 

All the best, OfentseIG

[Sam191920]

2 hours ago, OfentseIG said:

Hi @Sam191920

Thanks for reaching out. On CFD accounts, you have the option to trade mini contracts or standard contracts. What you have on your screenshot is a standard contract.  1 contract size per point is equivalent to 100,000 EUR. That is exposure of 100,000 of first currency EUR, denominated in second currency USD. 

If the price is at 1.06468, the notional value you are trading is 1.06468 x 100000 contract size = 106468

To calculate the margin, we would multiply the notional value by the margin rate

106468 x 3.33% = USD 3545.38 as it is denominated in the second currency

 

All the best, OfentseIG

T hank you for the explanation. Could you please let me know where can I change the option from standard contracts to mini contracts?

Thank you