The honesty of a particular broker directly affects the result of trading. Indeed, sometimes it is not enough just to earn money on a personal account opened with a brokerage company. It is important to properly process the withdrawal of money from Forex, because many brokers simply delay payments, introduce numerous restrictions, charge a large commission, or simply refuse.
Basic withdrawal conditions
Before you understand how to withdraw money from trading account and do it, you need to make sure that all the basic conditions for this have been met:
- signed in to your personal Forex account;
- the account must be real (no money can be withdrawn with a demo account);
- there should be no restrictions related to accrued Forex bonuses;
- the account must be fully active (all the established conditions of the brokerage company regarding verification, data confirmation are met).
It is these factors that are most often encountered by those who do not know for sure how to withdraw money from Forex.
Mandatory verification conditions
Withdrawal of Forex funds from most brokerage companies is possible only after identification of the person. All data provided to the broker is protected and confidential. This means that they will not be used for other purposes or passed on to third parties. According to the legislation and the requirements of most financial regulators, before withdrawing money from Forex, the user must go through the verification process. Without this procedure, withdrawal requests may be rejected.
Most brokers charge a withdrawal fee. The amount of the commission depends on the withdrawal method. You can withdraw money to a bank card, transfer to a bank branch or through an electronic payment system. Some brokers provide the opportunity to withdraw funds using any of the above methods. Others offer a limited number of options, such as withdrawing money only to a card.
What is the best way to withdraw money from Forex?
Traditionally, there are several ways to withdraw:
- electronic payment systems;
- bank cards of VISA and MasterCard systems;
- bank account.
The first two types of output are the most popular. But often the broker does not describe in detail and informatively what Forex commission will be charged from the total withdrawn amount when transferring funds. You should be prepared for the fact that the withdrawal of money from the Forex broker will be free of charge on the part of the financial company, but the electronic system or the issuing bank will charge its own commission already upon receipt of funds.
The fastest way to withdraw is to make electronic payments. But most financial companies have restrictions, according to which the withdrawal details must match the details of the Forex account replenishment. This is due to the fact that brokers are actively fighting money laundering and possible fraudulent activities of third parties.
However, possible limitations need to be explored. This should be done especially before the very first transactions, when a person wants to immediately receive all his earnings.