The Prestige Option minimum deposit is $100 for traders who already have an account and $500 for traders who are opening a new account. To avoid problems with your deposit, there are quite a few nuances you have to understand.
In this article, you will learn:
- Prestige Option’s minimum deposit requirement for each of their payment options,
- Prestige Option’s minimum deposit requirement for each of their account types, and
- What you have to know when making a deposit with Prestige Option.
With this knowledge, you will immediately be able to deposit money with Prestige Option without problems.
How to understand the Prestige Option minimum deposit
Prestige Option has two main minimum deposit requirements. One if you are just making a deposit, and one if you are opening a new account. Understandably, people who create a new account have to make a bigger deposit than those who just want to top their accounts.
But let’s take things one by one.
The Prestige Option minimum deposit if you want to make a deposit
Traders who only want to make a deposit can do so for as little as $100. This means, to deposit money into your account, you need to deposit an amount larger than $100, or your deposit will be refused. This minimum requirement applies to credit card, debit card, and Moneybookers / Skrill deposits.
For wire transfer, however, Prestige Option asks a minimum deposit of $500. Consequently, wire transfer is not only a complicated deposit method, it also has such a high minimum deposit that it makes little sense for most traders ever to use it.
In short, Prestige Option’s minimum deposit requirements are:
- Credit card / debit card: $100,
- Moneybookers / Skrill: $100, and
- Wire transfer: $500.
The Prestige Option minimum deposit if you want to open a new account
If you want to open a new account with Prestige Option, things are a little more complex. Like most brokers, Prestige Option uses an account model that allocates traders an account depending on how much money they deposit.
Accordingly, every account has its own minimum deposit requirement, and understanding these minimum requirements is essential to making a smart decision about which account to get.
Prestige Option offers these account types:
- Bronze account: From $500, 25% Bonus,
- Silver account: From $2,500, 50% Bonus,
- Gold account: From $10,000, 75% Bonus,
- VIP account: From $50,000, 100% Bonus, and
- Platinum account: From $100,000 (details only on contact).
As you can see, the lowest account type, the bronze account, starts at a minimum deposit of $500. That means, if you get a new account with Prestige Option, you have to deposit at least $500 to get the Bronze account.
With a credit card and Moneybookers / Skrill, you can, of course, make a smaller deposit, but this deposit would fail to get you a live trading account. To start trading, you would eventually have to top up your account balance to reach at least the $500 minimum requirement for the bronze account.
Which Prestige Option minimum deposit should I make?
If you already have an account with Prestige Option and just want to deposit some money into your account, you should deposit money via credit card. This way, you remain flexible and can withdraw your money in any way you want. Additionally, you can deposit for as little as $100 and do not need to fulfill wire transfer’s high minimum deposit requirement of $500.
If you are opening a new account, these consideration become irrelevant. Instead, you should focus on the steps in Prestige Option’s account system. The ideal amount to deposit is the amount that just gets you the highest account type that you can get.
If you have $2,200 in savings, for example, you should sell something to get to $2,500, which is the minimum deposit for the silver account. The difference in your final account balance will be worth it:
- If you deposit $2,200, you will get the bronze account, the 25 percent bonus, and a final account balance of $2,750.
- If you deposit $2,500, you will get the silver account, the 50 percent deposit, and a final account balance of $3,750.
This is a whopping $1,000 difference on a $300 deposit – a 333 percent on a risk-free investment.
All other account types offer a similarly significant profit around their minimum deposit. To maximize your return on investment, try to get to the highest minimum deposit requirement you can afford.
Prestige Option offers a fair minimum deposit requirement. To minimize problems with your deposits, use credit cards or debit cards, and deposit at least $500 on your first deposit and at least $100 on all deposits after that.