Forex withdrawals

I usually go with wire transfer when withdrawing my profit. Nevertheless it comes with some caveats.

Huge forex bonuses

Forex Brokers With Best Money Withdrawal Options in 2021, forex withdrawals.

Wire transfer is recommended if only you are going to withdraw an amount over a thousand. Otherwise the bank transfer fees are going to eat up your hard earned profit. Bear in mind that when you choose to get your money back through wire transfer, you are going to get double charged (once by the bank in where your forex broker is located and again by your local bank). The fees could range from $50 to $100 in total. The certain amount completely depends on the bank the broker is working with and your local bank. International wire transfer fees charged by some US banks are explained in this article. Though I haven’t used so far, other popular methods are digital wallets like neteller, skrill, paypal. Forex brokers don’t charge extra fees to withdraw money by digital wallets however those services apply their own fees when you want to transfer money from the wallet to your bank account.

Forex brokers with best money withdrawal options in 2021

The best and most exciting thing about forex trading is, of course, to withdraw your profit from the forex broker. Say you have been trading, made a considerable amount of profit and now you want to spend your profit. In order to be able to do it, first you have to get your money back from the broker. To withdraw money from your forex account is very straightforward in general but does require you to take few steps.

Forex brokers with best money withdrawal options

Forex.Com

Forex.Com is owned and operated by an industry giant; GAIN capital holdings who has been around for more than 20 years. Forex.Com is registered and regulated by CFTC, NFA and CIMA. The broker accepts clients from the US. Investors can deposit and withdraw funds by credit card, bank card and wire transfer. Digital wallets are going to be available soon.

Money withdrawal options: credit card, bank card, wire transfer

XM

XM puts more than ten methods of deposit and withdrawal under disposal of its clients. In addition to international bank transfer and credit card which has become industry standards as deposit and withdrawal methods, XM clients can use various other methods. Those methods include neteller, skrill, unionpay, web money, ideal, moneybookers, moneygram, sofort and western union. One important detail which makes XM even more favorable is that the broker covers international wire transfer commission of its own part which considerably reduces the withdrawal cost.

Money withdrawal options: wire transfer, credit card, neteller, skrill, unionpay, web money, ideal, moneybookers, moneygram, sofort, western union

Fxpro

Regulated by FCA,cysec and SCB, fxpro is headquarted in london and one of the most prominent forex brokers in the industry. Traders who open an account at fxpro can withdraw and deposit funds through credit card, international bank transfer (SWIFT), paypal, skrill, neteller and china unionpay.

Money withdrawal options: wire transfer, credit card, paypal, skrill, neteller, unionpay

Hotforex

Established in 2010 and headquartered in cyprus, hotforex is an award winning forex broker that offers a wide range of account types and trading instruments. The broker is pursuing a policy of providing the most convenient and advantageous trading conditions for the traders. You can deposit money in hotforex using credit or debit cards and bank wire transfers. Apart from that hotforex also accepts skrill, neteller, fasapay, sofort, mybitwallet, ideal and webmoney.

Money withdrawal options: wire transfer, credit card, skrill, neteller, fasapay, sofort, ideal, webmoney, bitcoin

Exness

Exness was founded in 2008 in russia and has grown into one of the most popular forex brokers in europe since then. The company is regulated by cysec in cyprus and FCA in UK. Having a wide array of payment methods, transacting money on this brokerage platform is pretty easy and quick.

Money withdrawal options: wire transfer, credit card, skrill, neteller, webmoney, perfect money, sticpay, jeton wallet

Choose the withdrawal option

When it comes to withdraw your profit from forex brokers, the methods are not scarce including credit card, wire transfer, paypal, neteller, skrill, western union, bitcoin to name a few.

I usually go with wire transfer when withdrawing my profit. Nevertheless it comes with some caveats. Wire transfer is recommended if only you are going to withdraw an amount over a thousand. Otherwise the bank transfer fees are going to eat up your hard earned profit. Bear in mind that when you choose to get your money back through wire transfer, you are going to get double charged (once by the bank in where your forex broker is located and again by your local bank). The fees could range from $50 to $100 in total. The certain amount completely depends on the bank the broker is working with and your local bank. International wire transfer fees charged by some US banks are explained in this article.

How to Withdraw Money From Forex Broker - Withdrawal Options

My second favorite option to withdraw funds from forex account is credit card. Again there are some caveats. Some forex brokers don’t allow you to withdraw more than what you deposited with the same credit card. When you deposit $1000 to your forex account using credit card, you can only withdraw an amount up to $1000 by the same card. So you will have to choose another withdrawal method to transfer your profit.

Though I haven’t used so far, other popular methods are digital wallets like neteller, skrill, paypal. Forex brokers don’t charge extra fees to withdraw money by digital wallets however those services apply their own fees when you want to transfer money from the wallet to your bank account.

Submit your withdrawal request

After you decided the best transfer option for you, you have to submit your withdrawal request. Forex brokers used to demand clients to print out a withdrawal form then fill, sign and forward it to the broker by mail or e-mail.

However nowadays you don’t have to go through this cumbersome process. Majority of the forex brokers provide clients with a username and password for the client portal where they can submit their money withdrawal request in just seconds.

Just log in to the client portal, navigate to the money withdrawal section, fill the online form and click the submit button. Congratulations!

An important caveat is that some forex brokers do not require clients to verify their account till to the point they wish to withdraw funds from their account. If this is the case for the broker that you are trading with, you will need to verify your forex trading account by loading proof documents for ID and address. However, you will have always the chance to verify your account upon registration in case you do not want to worry about the last minute rush.

Wait until your fund is transferred to your bank account / credit card / digital wallet

It ranges between one to three business days depending on the forex broker and withdrawal option you used. Wire transfer and credit card transfers could take up to three business days. Though I remember several times that I received the funds same day when I used wire transfer as the transfer option. The commission and fees are not fixed for wire transfer. Since there are three banks involved at a wire transfer transaction, it is hard to know the exact amount that is going to be charged as commission. However, based on my experience, I can say that it should range between $30 and $100.

Digital wallets such as skrill and neteller has a different commission and time schedule. First time you incur any commission is the moment you withdraw funds from your trading account. The rate changes between %3 and %2 of the amount you like to withdraw. It takes fews days between the time that money leaves your trading account and arrives at your digital wallet. Second time you will get charged is the moment you transfer the money from your skrill account to your bank account. That is another %3 – %2 commission.

Wire transfer is my preferred withdrawal and deposit method. I use digital wallets only if wire transfer is not among the methods offered by the forex broker. Credit card is fast and more reasonable than any other withdrawal and deposit method. Nevertheless, I shall kindly point out that in the case you choosed credit card as a withdrawal method, you can only withdraw the amount you deposited by the same credit card. Therefore, you will have to use another method in order to be able to withdraw your profit.

Funding and withdrawals

How do I fund my account?

You can easily fund your account via credit card, debit card, or wire transfer by logging in to myaccount and visiting the funding page.

Credit or debit card

Min per transaction*	max per transaction	accepted currencies	type	typical processing time	fees**
$100 or currency equivalent	$10,000 or currency equivalent	USD, EUR, GBP	visa	immediate	none

Wire transfer

min per transaction*	max per transaction	accepted currencies	typical processing time	fees**
none	none	USD, EUR, GBP	up to 1-2 business days	none

*the minimum initial deposit is $100 or currency equivalent. We recommend that you maintain an adequate excess margin balance above your required margin. Maintaining low excess margin levels in your account may prohibit you from trading certain products or lead to undesired liquidations resulting from an adverse market move.

**FOREX.Com does not charge incoming deposit fees. However, your bank may charge a service fee.

Can I fund with a personal check or business check?

No, FOREX.Com does not accept checks as a funding method at this time.

How is my money protected?

We understand that the safety of their funds is of utmost importance to all our clients, so we make funds security a top priority.

Please note that in accordance with CIMA regulation in cayman, FOREX.Com strictly adheres to CIMA client money rules requiring that all client funds be segregated and separately accounted for to protect our client’s assets. As such, FOREX.Com has trust letters in place with all depositories that hold client assets and we perform a daily client segregated funds calculation to ensure all client assets are adequately segregated.

In the unlikely event of a default, all client assets would be protected and the segregated clients would have creditor priority over any and all claims. In addition, FOREX.Com maintains significant excess capital in excess of regulatory requirements, actively reviews and monitors counterparty risk and is governed by a risk committee comprised of senior management members.

What is third-party funding?

A third party is considered to be anyone who is not an owner of the account.

For the purposes of a funding or withdrawal transaction, the name(s) on the FOREX.Com trading account must be an exact match with the name(s) on the account of the other financial institution.

Can I use more than one card to fund my account?

Yes, you may use multiple cards to fund your account. Keep in mind that withdrawals are processed to the original funding methods. Therefore, a single withdrawal request may be processed via multiple cards.

What should I do if the card I used to fund my account is closed, lost, stolen or not available for withdrawal?

In accordance with our anti-money-laundering policy, we are legally obligated to verify the status of the original funding account before we can process a withdrawal of funds to another source.

In the event that the original funding account is no longer available, you will need to provide us with evidence of its status, such as an account statement or relative document issued by your bank. Documentation must include the following:

Name of the account holder (must match name on FOREX.Com account)

Last four digits of account number and/or payment to FOREX.Com

Language noting the change of the status of your account

Does FOREX.Com accept western union or paypal?

No, we do not accept payments through western union or paypal.

How will a card deposit appear on my bank statement?

When you deposit funds into your FOREX.Com via a card, it will appear as a purchase.

Why is the amount posted in my account less than the amount I wired?

Your deposit may be reduced by a service fee charged by your bank. FOREX.Com does not charge incoming wire fees.

How do I withdraw funds from my account?

You can request a withdrawal of funds via myaccount.

The minimum withdrawal amount is 100 of your account's base currency, or the remaining amount if less than 100.

How will my withdrawal be processed?

Deposited funds must be returned to the originating funding source in the following order:

Credit/debit cards

Wire transfer

Excess funds may be withdrawn via bank transfer.

Withdrawals

Credit/debit card

processing time*	max withdrawal amount	fees
up to 24 hours	$50K or transaction up to the amount funded	none

Wire transfer

processing time*	max withdrawal amount	fees
up to 48 hours	unlimited, once cards deposits are refunded	additional fees may be applied by receiving bank.

*processing time only reflects the time it takes FOREX.Com to complete the withdrawal during normal business hours. Your bank may take additional time to credit the funds to your account.

How do I transfer funds between my existing accounts?

Please contact client services to initiate this request.

What if I have open positions when I submit a withdrawal or transfer request?

A withdrawal of funds will result in a reduction of funds available to be used for margin to maintain open positions. This may result in the liquidation of any or all of my open positions. It is your responsibility to ensure that the account holds enough margin to maintain open positions.

Funding & withdrawals

How do I fund my account?

You can easily fund your account by logging in to myaccount and visiting the funding page.

We accept funds by credit card, debit card, paypal and bank transfer. You can add your debit and/or credit cards and easily fund via paypal through myaccount. You can also see the currency-specific bank transfer details in myaccount.

Credit/debit card

Min per transaction**	max per transaction	accepted currencies	type	typical processing time	fees
£100 or currency equivalent	$99,999 or currency equivalent	USD, EUR, CAD, JPY, CHF, AUD, GBP

Paypal

min per transaction**	max per transaction	accepted currencies	typical processing time	fees
£100 (or currency equivalent)	£50,000 (or currency equivalent)	EUR, GBP, USD (all paypal transactions are converted to your account's base currency)	typically immediate, but can extend up to 48 hours	FOREX.Com does not charge for incoming paypal deposits

Wire transfer

Min per transaction**	max per transaction	accepted currencies	typical processing time	fees
none	none	USD, EUR, CAD, JPY, CHF, AUD, GBP	up to 1-2 business days	FOREX.Com does not charge incoming wire fees.

**the minimum initial deposit is £100 or currency equivalent. We recommend that you maintain an adequate excess margin balance above your required margin. Maintaining low excess margin levels in your account may prohibit you from trading certain products or lead to undesired liquidations resulting from an adverse market move.

Can I fund with a personal cheque or business cheque?

No, FOREX.Com UK does not accept cheques as a funding method at this time.

How is my money protected?

In accordance with the financial conduct authority (FCA) rules regarding client monies, all retail client money is held in segregated client money accounts.

We hold all client money with top-tier banks, and have trust letters in place with each of these banks to ensure that our client money remains segregated from the assets of the bank. We use our own funds for hedging client trades, and we never engage in any proprietary trading.

Clients may also be eligible for the financial services compensation scheme, which offers cover up to £50,000 in the event a firm becomes insolvent or ceases trading.

FOREX.Com is part of GAIN capital holdings, a NYSE listed company with a strong balance sheet and experienced management team, serving clients in 140 countries worldwide.

What is third-party funding?

A third party is considered to be anyone who is not an owner of the account.

For the purposes of a funding or withdrawal transaction, the name(s) on the FOREX.Com trading account must be an exact match with the name(s) on the account of the other financial institution.

Can I use more than one card to fund my account?

What should I do if the card I used to fund my account is closed, lost, stolen or not available for withdrawal?

In accordance with our anti-money-laundering policy, we are legally obligated to verify the status of the original funding account before we can process a withdrawal of funds to another source.

In the event that the original funding card account is no longer available, you will need to provide us with evidence of its status, such as an account statement or relative document issued by your bank. Documentation must include the following:

Name of the account holder (must match name on FOREX.Com account)

Last four digits of account number and/or payment to FOREX.Com

Language noting the change of the status of your account

My deposit has been declined. What should I do?

Your bank may decline your transaction for a number of reasons, but we are not told why. These may include:

Insufficient funds

Incorrect expiry date

Incorrect CVC number (the 3-digit security code on the back of your card)

Invalid card number

Out-of-date address details

Incorrect 3DS details

Suspected fraudulent transaction

To resolve this, you will need to contact your card issuer.

Does FOREX.Com accept western union?

No, we do not accept payments through western union.

How will a card deposit appear on my bank statement?

When you deposit funds into your FOREX.Com via a card, it will appear as a purchase.

Why is the amount posted in my account less than the amount I wired?

Your deposit may be reduced by a service fee charged by your bank. FOREX.Com does not charge incoming wire fees.

How do I withdraw funds from my account?

You can request a withdrawal of funds via myaccount.

How will my withdrawal be processed?

Withdrawal requests can be submitted through myaccount and are processed in the order the requests were received.

Funds are returned to the originating account in the following order:

Credit/debit card

Paypal

Wire transfer

Withdrawals

Credit/debit card

processing time	max withdrawal amount	fees
typically within 48 hours	up to £100,000 (or currency equivalent) in 24 hours or the amount funded, whichever is lower	none

Paypal

Processing time	max withdrawal amount	fees
typically within 48 hours	up to £20,000 (or currency equivalent) per transaction or the amount funded, whichever is lower	none

Wire transfer

Processing time	max withdrawal amount	fees
typically within 48 hours	unlimited, once card deposits are refunded	none

*processing time only reflects the time it takes FOREX.Com to complete the withdrawal during normal business hours. Your bank may take additional time to credit the funds to your account.

How do I transfer funds between my existing accounts?

Please contact client services to initiate this request.

What if I have open positions when I submit a withdrawal or transfer request?

A withdrawal of funds will result in a reduction of funds available to be used for margin to maintain open positions. This may result in the liquidation of any or all of your open positions. It is your responsibility to ensure that the account holds enough margin to maintain open positions.

Which currencies can I deposit via paypal?

You can make a deposit if you have a paypal account in EUR, GBP or USD. The money will then be converted to your FOREX.Com account base currency.

Are there any charges for making paypal deposits into my FOREX.Com account?

Funding your trading account via paypal is completely free if depositing in same the base currency.

If the base currency of your trading account is not the same as the funds being deposited via paypal, you will be charged as a conversion fee. You will see this amount before completing the deposit. In some cases, where applicable, your bank may handle this conversion fee, rather than paypal. This conversion charge will be applied by your bank.

Can I make my first deposit via paypal?

Yes, you can make your first deposit via paypal.

Is there a minimum or maximum amount I can deposit via paypal?

The minimum paypal deposit amount is £100. The maximum you can deposit via paypal per transaction is £50,000.

How much can I withdraw in one time?

You can only withdraw up to the same amount deposited via paypal. You cannot withdraw any higher amount than has been deposited via paypal.

The minimum withdrawal amount is £100 or the balance of your account (whichever is less).

The maximum you can withdraw via paypal is £20,000 per transaction, or up to the amount deposited with paypal, whichever is lower.

How long do paypal deposits take?

Please allow up to 48 hours for any paypal deposits. However, this process is usually instant.

How long do paypal withdrawals take?

Please allow up to 48 hours for any paypal withdrawals. However, this process is usually instant.

Can I deposit via multiple paypal accounts?

No. You may only fund your account with one paypal account. Please note the name on your paypal account must exactly match the name on your trading account, otherwise the payment could be rejected.

I would like to learn about

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

CFD and forex trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.Com is a trading name of GAIN capital UK limited. GAIN capital UK ltd is a company incorporated in england and wales with UK companies house number 1761813 and with its registered office at devon house, 58 st katharine’s way, london, E1W 1JP. GAIN capital UK ltd is authorised and regulated by the financial conduct authority in the UK, with FCA register number 113942. GAIN capital UK ltd is a wholly-owned subsidiary of stonex group inc.

FOREX.Com is a trademark of GAIN capital UK ltd.

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FOREX.Com products and services are not intended for belgium residents.

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Withdrawals

How do I withdraw funds from my account?

To withdraw funds, log into the trading platform and click “add funds” and then select the “withdraw funds” option. Funds must be withdrawn to the originating source of deposit.

Excess funds may be withdrawn by bank transfer or wire transfer. In the event you added a new bank account to withdraw excess funds, FOREX.Com will require evidence of the account by uploading a bank statement.

How will my withdrawal be processed?

Deposited funds must be returned to the originating source. If you have deposited funds using multiple methods, you must exhaust the total deposit amounts based in the following order:

Bank transfer

Debit card

Wire

Excess funds may be withdrawn via bank transfer or wire. In the event you add a new bank account to withdraw excess funds, FOREX.Com will require evidence of the account by uploading a bank statement.

How much can I withdraw in one time?

The minimum withdrawal amount is $100, or all your available account balance (whichever is lower).

You can withdraw a maximum of $25,000 per transaction if you are funding by bank transfer, and $50,000 with debit card. Wire transfers have no restriction on transaction size.

How do I withdraw excess funds to a new bank?

In order to facilitate a withdraw of excess funds to a new bank, we’ll need to confirm your bank account information. To do this, you will need to provide us with a bank statement that clearly shows the full name on the account. You can upload a copy of the statement by logging into the platform and accessing myaccount.

How will bank transfer withdrawals be processed?

Bank transfer withdrawals may be up to the amount of total deposits plus any excess funds. There is a $25,000 per transaction limit on bank transfers. Bank transfer may take up to 24 hours to process. No fee.

How will debit card withdrawals be processed?

Debit card withdrawals is limited to the amount of total deposits. There is a $50,000 per transaction limit on debit card transfers. Bank transfer may take up to 24 hours to process. No fee.

How will wire withdrawals be processed?

Wire withdrawals may be up to the amount of total deposits plus any excess funds.

Wire transfer may take up to two business with the US and five business days. A $25 fee is charged within the US, $40 for international wires (including canada). There are no fees for withdrawals greater than $10,000. Processing time only reflects the time it takes FOREX.Com to complete the withdrawal during normal business hours. Your bank may take additional time to credit the funds to your account.

Please be aware that fees may be applied by the receiving bank that involve a bank outside of the US and require an intermediary US bank. Intermediary banks may charge an additional transaction fee.

How will paper check withdrawal be processed?

Currently, we are not processing personal or business checks.

I funded my account by bank transfer. Why don't I see this amount available for withdrawal or transfer?

Funds deposited by bank transfer are not available for withdrawal for 5 business days after the deposit date.

What if I have open positions when I submit a withdrawal or transfer request?

Why is my card withdrawal request being processed partially or in installments?

Because we are required to return deposited funds to their source, this is typically due to the requested amount being larger than your previous deposit(s). For example: let’s say you deposited $100 and then $200 using your card, and then requested a $300 withdrawal. In most cases, our system will automatically refund the two transactions you had made, therefore you will not see a single transaction of $300, but instead two transactions totaling $300 ($100 and $200). Keep in mind that once this is completed on our side, your card-issuing bank and processor (visa or mastercard) may not necessarily process and post all transactions at the same time.

Brokers with fast withdrawals

Are there brokers with fast withdrawal an experiment, for the fastest withdrawals, read our review.

What distinguish a reliable broker from the "kitchen"? Right, a quick withdrawal. You did a good job and deserve to your money received into a bank account as soon as possible. When a broker starts to hinder the withdrawal of your funds, offering to send additional documents or scan of credit card, this is direct evidence that there is "kitchen". Of course, you need to keep in mind that verification of your documents is a prerequisite for any reliable broker. But when the verification has already been passed, and the broker requires all new and new documents, then it is just an excuse for you not to pay your hard-earned money.

Forex brokers with fast money withdrawal 2021

We have prepared for you TOP brokers with fast withdrawal. For the purity of the experiment, we took brokers with withdrawal to online payment systems. The withdrawal was carried out three times at the same time on all brokers participating in the experiment at different hours and days of the week, excluding weekends. We do not recommend you to order a withdrawal on weekends and holidays, as finance departments of the brokers and banks through which payments are made, only work on weekdays. As a result, we obtained the following results:

Roboforex. First place in our ranking of brokers with fast withdrawal is roboforex ( reviews ) – on if you took about 1-3 minutes, and as representatives of a broker, applications for withdrawals are processed, even at night and on weekends. In addition, roboforex offers two days per month to withdraw funds without a fee. Also, roboforex in 2021 supports withdrawals through bitcoin and ETH, the withdrawal speed is few hours;

Freshforex. In second place freshforex – withdrawal is carried out within 5-10 minutes without commissions;

Forex4you. Withdrawal with the broker forex4you takes about 20-30 minutes;

Amarkets. Another broker amarkets with fast money withdrawal – from a few minutes to an hour;

Alpari. The average withdrawal time in alpari takes from several minutes to 6 hours. The first withdrawal will call you on the cell phone to clarify the amount of output, then processing of applications will be faster.

Funding and withdrawals

How do I fund my account?

You can easily fund your account via credit card, debit card, or wire transfer by logging in to myaccount and visiting the funding page.

Credit or debit card

Min per transaction*	max per transaction	accepted currencies	type	typical processing time	fees**
$100 or currency equivalent	$10,000 or currency equivalent	USD, EUR, GBP	visa	immediate	none

Wire transfer

min per transaction*	max per transaction	accepted currencies	typical processing time	fees**
none	none	USD, EUR, GBP	up to 1-2 business days	none

**FOREX.Com does not charge incoming deposit fees. However, your bank may charge a service fee.

Can I fund with a personal check or business check?

No, FOREX.Com does not accept checks as a funding method at this time.

How is my money protected?

We understand that the safety of their funds is of utmost importance to all our clients, so we make funds security a top priority.

What is third-party funding?

A third party is considered to be anyone who is not an owner of the account.

For the purposes of a funding or withdrawal transaction, the name(s) on the FOREX.Com trading account must be an exact match with the name(s) on the account of the other financial institution.

Can I use more than one card to fund my account?

What should I do if the card I used to fund my account is closed, lost, stolen or not available for withdrawal?

In accordance with our anti-money-laundering policy, we are legally obligated to verify the status of the original funding account before we can process a withdrawal of funds to another source.

Name of the account holder (must match name on FOREX.Com account)

Last four digits of account number and/or payment to FOREX.Com

Language noting the change of the status of your account

Does FOREX.Com accept western union or paypal?

No, we do not accept payments through western union or paypal.

How will a card deposit appear on my bank statement?

When you deposit funds into your FOREX.Com via a card, it will appear as a purchase.

Why is the amount posted in my account less than the amount I wired?

Your deposit may be reduced by a service fee charged by your bank. FOREX.Com does not charge incoming wire fees.

How do I withdraw funds from my account?

You can request a withdrawal of funds via myaccount.

The minimum withdrawal amount is 100 of your account's base currency, or the remaining amount if less than 100.

How will my withdrawal be processed?

Deposited funds must be returned to the originating funding source in the following order:

Credit/debit cards

Wire transfer

Excess funds may be withdrawn via bank transfer.

Withdrawals

Credit/debit card

processing time*	max withdrawal amount	fees
up to 24 hours	$50K or transaction up to the amount funded	none

Wire transfer

processing time*	max withdrawal amount	fees
up to 48 hours	unlimited, once cards deposits are refunded	additional fees may be applied by receiving bank.

*processing time only reflects the time it takes FOREX.Com to complete the withdrawal during normal business hours. Your bank may take additional time to credit the funds to your account.

How do I transfer funds between my existing accounts?

Please contact client services to initiate this request.

What if I have open positions when I submit a withdrawal or transfer request?

Having problems with your withdrawal request? You are not alone…

Published: 24th september, 2019.

Trading in the retail forex market is high risk. Yes, we have all been told that sobering fact hundreds of times on every broker’s website, but the true appreciation of the risk and the fear, we might add, may only happen when we make a withdrawal request, follow all of the rules, and then wait forever for something to happen. Does the following complaint on a forex complaint blog website ring true:

“I have been dealing with this broker for a long time. They are good for trading and for making other investments, too. In the past, I have always been able to get a withdrawal request processed quickly, but now, for some reason, I have been waiting over two months for my money. I tried contacting the company, but they are not replying to my calls or emails. I hope they make my payments soon, but I cannot help but think the worse. Is my broker in trouble or have I been completely scammed?”

At forexfraud.Com, we receive many complaints like the one above, but answering either of the last two questions at the end of the complaint requires a great deal more information to arrive at truthful answers. In this case, no one replied from the broker. A failure to communicate is indicative of a host of other issues, which could range from poor customer service to financial insolvency to being outright fraud. In many of our investigations, there is typically a lengthy litany of emails going back and forth that describe several misunderstandings or blatant excuses for why a withdrawal is being delayed or why an account has been frozen.

At the end of the day, all any trader wants is a return of his own money. If there is a bonus involved, then the broker can keep that amount, but the client’s money should not be held up for ransom… but it typically is. Many customers fail to read the fine print in the legal obligations that you accept the moment any promotional monies are added to your account. You may think the broker is giving you money, but he actually wants you to overtrade, thereby giving him an ample period of time to recover the bonus and more. For traditional forex brokers, the extra trading brings more fees. Binary option brokers, however, need you to lose to support their operation and pay winners.

Failure to fulfill bonus trade commitments may tie up your funds

There are a few legitimate reasons that could delay your withdrawal request. Your open positions may have margin requirements that will put a hold on a portion of your funds. Be sure to check how these calculations are made. If your anti-money laundering (AML) documentation is not current and in order, then you will have a problem. Brokers must follow international regulations on this issue or risk penalties and business interruptions laid down by their local regulator. The plus500 fiasco of last year demonstrated how crazy this kind of situation can get when the broker does not follow these rules.

These same rules also require that your funds follow a similar path, as when they were deposited, both in the same method of payment, as well as to the same person’s name on the account. If you try to change the how and where funds will flow, then you can also expect more delays. We wrote about these particular problems back in january of this year. As we wrote, “this type of problem is typically an early indicator that something may not be quite right with your broker. Your broker could be having financial problems, dealing with regulatory issues behind the scenes, trying to work down a large backlog of requests, or is resorting to outright fraud to stay alive.”

The vast preponderance of complaints these days, however, have to do with living up to rules set down by your broker for promotional bonuses. The broker determines the nature of these requirements, how he expects you to trade, and the discretion he has to disallow a withdrawal of his monies, if and when he suspects foul play. What is this “foul play” you ask? A highly publicized case involving ironfx and a group of chinese traders a few years back resulted in hefty fines and recriminations from all parties. The broker accused a number of traders of outright fraud and theft, while the traders accused the broker of fraud and theft, as well.

We will discuss the details of this nasty episode later in this article, but for now, let’s review the type of bonus promotions that you might encounter and the associated rules of the road, if you ever expect to withdraw any of these funds, or your own funds for that matter. Keep in mind that these rules have become more expansive and inclusive after the ironfx debacle, and that each broker is responsible for developing its own set of rules. There may be some similarities, as to form, but the formulas for deriving how much of your account balance is available for withdrawal can be complex.

What kinds of bonus programs are prevalent today?

Retail forex trading, especially the binary options sector of it, is high risk. Casualty rates run high, over 65% by some estimates and may be even higher in the digital space. For this reason alone, brokers are under intense pressure to acquire new customers. Many have resorted to aggressive marketing campaigns that include a variety of promotional bonus schemes. Brokers will advertise many of these promotions on their home page to entice you. You may have to apply for them, enter a special code, discuss the trading requirements with a customer service rep, or sign off on specific terms and conditions. Be wary of the broker that offers exorbitant bonuses or automatically credits them to your account. He may be setting an unscrupulous trap for you, a scam in progress.

Bonuses come in a variety of forms, each with specific conditions. Here are a few:

Registration bonus: upon registration, a specific amount will be credited to your account, no deposit required:

Welcome bonus: A specific amount or percentage of your initial deposit is added to your account;

Deposit bonus: there may be a special incentive for increasing your balance to a higher level after you have been active for a period of time:

Loyalty bonus: this type of bonus rewards you for your patronage;

Refer a friend: if you solicit new business for the broker, you may earn another bonus for your effort;

Risk free trades: in this case, the broker covers your early losses to encourage you to stick around and risk more money.

You should have a choice in the matter. You do not have to accept a bonus and the stringent conditions attached to them. Be suspicious, if this is not the case.

What types of trading requirements are prevalent today?

Traditional forex brokers tend to be more lenient in their bonus trading requirements. There may be very complicated formulas that apply a percentage, based on your account value before and after the bonus has been added, to determine what amount of your account balance can be subject to withdrawal. Other brokers may segregate the bonus in separate account and allow you to do whatever you want with your deposited monies, independent of the bonus amount.

Due to increased competition and high casualty rates, this issue has become very murky of late within the binary options space. The business model for these “all-or-nothing” options does not help either. Remember that binary options are very similar to online gambling – the house sets the odds and then uses funds from losing trades to pay winners and fund the house. There is no market that can create a “win-win”, as in traditional retail forex trading. In this case, the house always wins and must market aggressively for new clients.

As you might expect, binary option bonuses are heftier and come with heftier trading requirements. Your entire balance may be locked down until you trade anywhere from 20 to over 50 times your bonus amount. If your bonus was $1,000, could you afford to trade $50,000 worth of trades, before requesting a withdrawal? The odds are in favor of the house that you would lose both your bonus and your deposit long before you ever met this requirement. Many traders come to this realization after a string of losing trades and rush to request their money back. “no can do,” says the broker.

What happened to ironfx and its bonus programs?

Ironfx was one of the innovators for using aggressive bonus programs to grow its global customer base, and it was highly successful. Its business model drew both scorn and competition, but it was only a matter of time before a group of “malicious” traders developed a clever way to “game the system”, as the management of ironfx contended in legal proceedings.

The issues came to a head when accounts were frozen for 160 chinese clients and others, due to rule violations. The firm’s shanghai office was stormed and ransacked. Legal briefs were filed in cyprus, and, as was reported, “cysec went so far as to fine the firm €335,000, its largest fine to date, and ASIC ordered the firm to correct its disclosure documents.”

The ironfx CEO, markos kashiouris, noted in press interviews that, “indeed this claim is related to the recently identified group of abusive traders that employ an abusive trading strategy to manipulate our promotions. This group has been placed under investigation for breach of our trading terms and pending this investigation we have put a limitation on all promotions-related withdrawals from this abusive trading strategy as we are entitled to do. We are not doing anything different from other companies in the industry in china.”

The abusive trading strategy was not divulged. It is not that difficult to surmise that two duplicitous individuals could set up separate accounts and receive two bonuses. One account would buy a “high” option, while the other, a “low” option for the same asset. Over time, this hedging approach might result in bonus money being left on the table for withdrawal – maliciously “free money” from the prospective of ironfx management.

Concluding remarks

The moral of this promotional bonus story is to be very wary of the terms and conditions attached to any bonus program. By accepting these terms, you may have dug a hole so deep that you would never be able to climb out of it. Bonus programs can often be today’s version of a trojan horse.

Funding and withdrawals

It is simple and straightforward to deposit and withdraw funds to and from your OANDA trading account. Funds can be deposited using debit card (backed by mastercard, visa or discover), bank transfer, check (USD) and automated clearing house (ACH). You can withdraw funds using debit card and bank wire transfer.

Funding

To initiate your first deposit into your OANDA trading account, simply log in to 'manage funds' using your OANDA account details.

Debit card

We accept debit cards backed by mastercard, visa and discover. There is a USD$20,000 maximum limit per calendar month.

Bank wire transfer

It takes one to three business days to deposit funds via domestic wire transfer and up to five business days for international wire transfers. There is no minimum or maximum deposit limit. You may be charged a service fee by your bank and intermediary bank for transferring funds into your OANDA trading account.

Check (USD)

To deposit funds, checks must be drawn in USD and from a US bank. We don’t charge a fee when you deposit funds via check. It typically takes between 4 and 6 business days for funds to be deposited into your account.

Automated clearing house (ACH)

For ACH deposits, there is a maximum limit of USD50,000 per deposit. It can take up to six days for funds to be processed into your account. There is no fee or minimum limit for ACH deposits. We do not accept payments from third parties. Please ensure that the name on the originating account matches the name on your OANDA account.

Third-party deposits: to receive funds from a third party, you will first need to set up a joint account with that party. Select the “instantly add” option to expedite deposits via wire transfer and ACH.

Withdrawals

You can withdraw funds from your OANDA account via debit card and bank wire transfer. Funds can be withdrawn by logging in to ‘manage funds’ using your OANDA trade account details. Remember: withdrawals are subject to our hierarchy rule. If you have deposited funds using multiple methods, you must exhaust the total deposit amounts first by debit card, and then followed by bank wire transfer.

Debit card

It takes up to three business days for funds to be processed into your account. The total amount you can withdraw into your debit card(s) cannot be more than the amount you originally deposited using your debit card(s). Any funds remaining in your account after the original amount has been withdrawn can be taken out using an alternative method, such as a bank wire transfer.

Bank wire transfer

To withdraw funds via bank transfer, your bank account must be in the same name as your OANDA trading account. It takes between one and two business days to withdraw funds via bank wire transfer within the US and up to five business days for international withdrawals. You must confirm that you are the owner of the bank account to which you wish to withdraw funds. You can do this in the form of a wire transfer deposit from the bank account (not all bank transfers can provide required bank details to confirm account ownership), or by submitting documentation. If you send funds via ACH, the fee attached to your withdrawal request will be removed during processing and funds will be sent at no charge.

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Frequently asked questions

Withdrawing funds by debit card?

The total amount you can withdraw to your debit card(s) cannot be more than the total amount you deposited using those cards. Any funds remaining in your account after you have withdrawn the full amount you had originally deposited by debit card (e.G. Trading profits) may instead be withdrawn by an alternative method, such as a bank wire transfer.

It takes between one and three business days for you to get your money back (USD only). We do our best to process your request as quickly as possible, but please consider that the following may also affect processing times:

Withdrawals to debit cards are only processed after all your debit card deposits have cleared. This on average takes around 1-3 business days from the date of your deposit

Your debit card provider may take additional time to complete your withdrawal

There are no fees for debit card withdrawals.

Withdrawing funds by bank transfer?

If you had deposited funds via check, you could submit a bank transfer withdrawal request for the original amount. We will waive all applicable withdrawal fees. Funds can be withdrawn using the same method and to the same account from which they were deposited. If the bank account from which you deposited funds is no longer active, you can withdraw to an alternate bank account which is currently active. You will need to create a bank account profile for your new bank account. In the account management portal, click on manage funds and then click on bank accounts. Click on ‘+ add bank account’ to add a new bank account to your OANDA account.

Click on ‘OANDA trade accounts’ and select the account from which you wish to withdraw. Click ‘withdraw’ and select bank transfers as the withdrawal method, and then select the bank account to which you would like to withdraw funds. Enter the amount and select 'continue'. You may be charged a fee for withdrawing funds. Find out more about our fees and charges.

Funds can be withdrawn up to the value of the balance of your account, minus the amount of margin used. When requesting a withdrawal, you should ensure that there are sufficient funds remaining in your OANDA account to prevent margin calls on your existing trades.

Note: the above information reflects typical processing times for OANDA and its financial institution or card processing provider to complete your withdrawal. Your financial institution or debit card provider may take additional time to complete your withdrawal.

Benefits and risks of trading forex with bitcoin

The forex market is the largest and most liquid market in the world. It's a truly global currency market, open 24 hours a day, seven days a week, everywhere.

As if forex was not dynamic enough, cryptocurrencies like bitcoin have added a fascinating new dimension to currency trading. In recent years, many forex brokers have begun to accept bitcoins for currency trading, with some accepting a variety of other digital currencies as well.

Should you jump in and begin using your hard-mined bitcoins in the forex markets? Find out the risks and benefits first.

Key takeaways

The forex market is dedicated to trading in the world's currencies.

Many forex brokers now accept bitcoin and other cryptocurrencies.

Bitcoin trades benefit from the anonymity and decentralized valuation system the currency represents.

They add a new layer of risk to forex trading, exacerbated by the extreme volatility of crypto-currencies.

A standard forex trade

Before you consider whether to trade forex using bitcoin, it's helpful to understand how a conventional forex trade works.

A forex trade is simply an exchange of one currency for another at its current rate. Unlike tourists who exchange their home currency for local spending money, forex traders are trying to make money off the continual fluctuations in the real value of one currency against another.

Trading a 'pair'

Imagine you are an american trader betting that the british pound will lose value compared to the U.S. Dollar. This is called trading on the british pound/U.S. Dollar currency pair (GBP/USD).

You deposit $100 with a forex broker. Assuming the rate of $1 = £0.5, you will receive £50 for your $100. If the GBP/USD rate changes to 0.45, you close the position to 50/0.45 = $111.11. That is, you make an 11.11% profit over your initial $100 deposit.

Most forex trading is conducted in a decentralized fashion via over-the-counter markets. However, the fact that the forex market is decentralized and that bitcoin is considered to be a decentralized digital currency does not mean that the two are equivalent.

The impact of decentralization

The key distinction is that, though forex exchanges might be decentralized, the currencies themselves are backed by central banks in the countries that issue them. It's the job of those banks to stabilize the value of their currencies and keep them stable.

Bitcoin and most other cryptocurrencies do not have that support.

A forex trade using bitcoin

Now consider an example of a forex trade using bitcoin. First, you open a forex trading account with a broker who accepts bitcoins. These include avatrade, etoro, and liteforex. you then transfer 2 bitcoins from your digital wallet to the forex broker’s digital wallet.

If you want to trade using bitcoin, use only a locally regulated forex brokerage. And avoid using leverage until you know what you're doing.

Assuming the current bitcoin to U.S. Dollar rate is 1 bitcoin = $7,500, your deposit of 2 bitcoins is worth $15,000. Now, assume that you want to take a position in british pounds. If the exchange rate is £0.5 = $1, you will receive £7,500. After some time, the GBP/USD rate changes to 0.45, and you square off your position to get $1,666.65 in your trading account. You have made a tidy 11.11% profit and you are ready to cash out.

The bitcoin effect

However, suppose that the bitcoin to U.S. Dollar rate has changed during this period of time to 1 bitcoin = $8,500. When you withdraw your money in bitcoins, you receive ($16,666.65/$8,500) = 1.961 bitcoins.

$5,332-$11,982

The range in value of a bitcoin over the year ending in july 2020.

Despite the fact that your bet on british pounds earned you an 11.11% profit (from $15,000 to $16,666.65), the fluctuation in the bitcoin to U.S. Dollar rate means that you sustain a loss of 0.039 bitcoin or about -2.%. (initial deposit of 2 bitcoins — 1.961 bitcoins = .039 bitcoin).

However, had the bitcoin to U.S. Dollar exchange rate changed to 1 bitcoin = $7,000, you would realize a profit from both the forex trade and the bitcoin exchange. You would have received ($16,666.65/$7,000) = 2.381 bitcoins, a profit of 19.1%.

Increased unpredictability

This hypothetical example illustrates the big reason to exercise caution when using digital currencies for forex trading. Even the most popular and widely used cryptocurrency, the bitcoin, is highly volatile compared to most traditional currencies.

In the year ending july 24, 2020, the value of a bitcoin ranged from $5,532 to $11,982.

This unpredictability means that the risks associated with trading forex using bitcoin are that much greater.

Beyond the exchange rate fluctuations impacting profit and loss, there are other benefits and risks to consider before trading forex with bitcoin.

Benefits of trading forex with bitcoin

Decentralized valuations: A major advantage of trading forex with the bitcoin is that the bitcoin is not tied to a central bank. Digital currencies are free from central geopolitical influence and from macroeconomic issues like country-specific inflation or interest rates.

High leverage: many forex brokers offer leverage for bitcoin trades. Experienced traders can use this to their benefit. However, such high margins should also be approached with great caution as they magnify the potential for losses.

Low deposit amount: A trader can start with as little as $25 with some bitcoin forex trading firms. A few forex trading firms have even offered promotions like a matching deposit amount. Traders should check that the broker is legitimate and appropriately regulated.

Low cost of trading: most forex brokers that accept cryptocurrency are keeping brokerage costs very low to attract new clients.

Security: you don’t need to reveal your bank account or credit card details to make a bitcoin transaction. This is a big advantage in terms of cost and financial security.

No global boundaries: bitcoin transactions have no global boundaries. A trader based in south africa can trade forex through a broker based in the united kingdom. Regulatory challenges may remain a concern, but if both traders and brokers are willing to transact, there are no geographical boundaries.

Risks of trading forex with bitcoin

Different exchange rates: bitcoin trades on multiple exchanges and exchange rates vary. Traders must ensure they understand which bitcoin exchange rates the forex broker will be using.

U.S. Dollar rate risk: while receiving bitcoin deposits from clients, almost all brokers instantly sell the bitcoins and hold the amount in U.S. Dollars. Even if a trader does not take a forex trade position immediately after the deposit, he or she is still exposed to the bitcoin-to-U.S. Dollar rate risk from deposit to withdrawal.

Danger of volatility: historically, bitcoin prices have exhibited high volatility. In the absence of regulations, volatility can be used by unregulated brokers to their advantage and a trader’s disadvantage. For example, assume the intraday bitcoin rate fluctuates from $5,000 to $5,300 U.S. Dollars per bitcoin. For an incoming deposit of 2 bitcoins, the unregulated broker may apply the lowest rates to credit the trader $10,000 (2 bitcoins * $5,000 = $10,000). However, once the trader is ready to make a withdrawal, the broker may use the lowest exchange rate. Instead of the original 2 bitcoins deposited, the trader receives only 1.88679 bitcoins ($10,000/$5,300 = 1.88679 bitcoins). The unregulated broker may be exchanging bitcoins and dollars at, say, $5,150, and pocketing the difference at the expense of the client.

Security risks inherent to bitcoin: deposited bitcoins are prone to theft by hacking, even from a broker’s digital wallet. To reduce this risk, look for a broker who has insurance protection against theft.

Risk of leverage: using leverage is risky for new traders who may not understand the exposure. This risk is not unique to cryptocurrency forex trading and comes into play in traditional forex transactions as well.

Asset class mixing: cryptocurrency is a different asset class altogether and has its own valuation mechanism. Trading forex with bitcoins essentially introduces a new intermediate currency which can impact profit and loss in unexpected ways. Any money that is not locked down in a trader’s base currency is a risk.

The bottom line

Although cryptocurrencies like bitcoin are gaining popularity, there are still many associated risks. In forex trading, dealing in a decentralized currency that offers global transactions with no fees is an advantage. But the tradeoff is essentially adding a third currency to what was a trading pair.

Traders who want to take on that risk should use only a locally regulated forex brokerage.

So, let's see, what we have: to withdraw money from your forex account in 2021 is very straightforward in general but does require you to take few steps. I am explaining the process. At forex withdrawals