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.
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.
Why does it take up 10 days or more to receive withdrawn funds in Exness??? I usually withdraw via my debit card, but it’s always a nightmare.
They really need to work on it.
Is there a fee to open a withdrawal portal if u a beginner? Cz been asked to pay a certain amount so I can make a withdrawal plz help
There should not be any fee for withdrawal. You just pay the fee for your withdrawal method. If any broker asks for fee or tax for withdrawal, it is highly likely a scam. Stay away.
Hello I recently start trading with account manager by the name Elna i did make a payment of R2200 and within a week and couple day I a make a profit of R 141672.43 and now am try to make my withdarwal she is asking me to pay R24000 (fees) in order my withdrawal to be release the broker name is forexfly.trade and the the trading software that she using is ayrex
No reason to ask for any fee for withdrawing money. They can deduct it from your profit which is plenty for the fee.
I’ve been scammed by the name of david_wong and investment_with_lisa accounts on IG. Please be aware of these scammers. David Wong’s style is he will let you sign up with forex premium website, then let you transfer btc on his btc wallet. After that, he will ask you again to add up so he can finally start the trading for you. So, you already transferred btc to him, that part was already a scam. Next, for Lisa, this was dangerous. She will let you expect bigger. Then she will ask you to sign up on leadingfxpro.online website. As you already set-up your account, she then tell you to wait for 7days. From the days goes by, you’ll be really trusting her coz your profit goes higher and higher everyday as the website will email you regularly on how much you earn already. As your expectations goes higher, after 7days she’ll as you to pay her commission of 10% before you can withdraw your profit. These people will get what they deserve soon.
My broker want me to pay withdrawal fee for $830 before I can withdraw my profit is $7800 in my trade account he said there fees is for stamp he call himself John Williams forex manager, I need help I want my investment money back. I am into deep debts now
My broker said i have to pay 5300 dollar for international tax fee in order for my funds will reflect on my bank account. I dont have a good feeling about it can somebody give me advice
which broker?
Fxtradebuz please give me advice. They dont want to give me my profit if i dont pay the tax
Hello i invested money to this guy called forexgreat on Instagram….i put R1700 and after few days he tolf me to put R2000 for the tranferring fees i put that R2000…After two days he told me that i have to pay the withdrawal permit fee and the broker which in total is R8300…i think am being scammed please help me
I just invested $400 online with a company called uniqueoptionfx. In 3 days my balance was alleged $9790.00. I was then told by the trader I needed to submit the commission fee of 18% (of the balance) before I could withdraw my balance. This has scam written all over it. Could you please give me some advice on how to get my money back because I don’t think this is real.
It doesnt make any sense. You might be victim of a scam. Is the Broker regulated?
The same scenario happened to me. The gentlemen Wizlee Saleh of —.COM, presented ID online. I invested $500. I was told my profit was $6300-$950 (%15 fee), but I needed to pay my trader $950 via cash app to receive my profit.
Is he legit? because i also invested with him. But i have my doubts now because he is suddenly asking me to purchase signals.
And asking me to deposit € 2000 dollars for my profit to go up.
I don´t believe he is legit. I was scammed by a woman called Victoria Michelle, she wanted me to send her the 18% commission to get my profits. Of course I never paid the 18%.
She is a scammer !
online investing for me was a terrible experience, from forex to binary trading. i lost a lot of my savings and inheritance, i had to stop and request for my money back from plusoption and thats where i realized its all a scam and they have been manipulating me and my account. Now how do i get my money back? ill just say i got lucky coming in contact with someone who helped me get most of my money back. so now i have made up my mind not to try any of these
Oh mine too I’ve $2000 in 7days and now the broker asks me to put in $500 in order to withdraw please assist me and my broker is freedomcteditfx pls assist thank you.
Hi Dimitru kind help me with the number of a person who helped you hey your money cz i also have a problem with withdrawing my profit im being asked to pay $500in order to withdraw
How can I withdraw money from my account? The app is not showing a withdrawal platform
which forex broker are you using sir?
We have tracked down the whereabouts of various Binary Option companies and have been able to verify that 99% of Binary Options companies are primarily based in Israel or operated by Israeli nationals. This information is easy enough to obtain through media sources and internet searches, but knowing their location is just the first step
1.Contact The broker payment provider; This can be done if you’re fast enough to realize you’ve been scammed, by contacting the Company payment provider requesting for charge back of previous charges. It’s a very good step to get your money back, but the guarantee of you getting your money back from this method is low.
2.Recovery Company; This is a very good method to get your money back, with their skills and effectiveness they can give you high chance of getting your money back.
3.Contact necessary fraudulent police department; This might give you a chance to get your money back, but it is a low chance compare to recovery company with high guarantee of money back.
If your trading account wasn’t verified and since the last”visa” transaction hasn’t passed 540 days, you always can try chargeback. Correct that it is a hassle, long way to go with paperwork and not always guarantee success. But definitely worth a try.
Additional way to seek a legit firm/counselor, who will be able to go through the recovery process. AS usual, they are not cheap.
Good luck
How can I withdraw my money from forex since ive made a profit of $1450 bt the broker is asking for $500 in order to release the cash
The Broker is demanding money to let you withdraw your profit? It does not make any sense. Which broker?
Oh mine too I’ve $2000 in 7days and now the broker asks me to put in $500 in order to withdraw please assist me and my broker is freedomcteditfx pls assist thank you.
You can go and file a complaint with the regulator that oversees the broker.
come on it does not make sense.look for a real forex broker and trade with them.I mean companies and not individuals.
Hello, I recently started trading with a account manager named mary_crypto_trade on instagram(Mary Shawn Desmond). I invested $500. She put it to trade on a 24 hour trade on uniqueoptionfx.com. Within 24 hours my profit was $11,100. I had to pay commision of 18%. So I paid her that, after that she said I have to pay $2700 instead of $1800 because she hasn’t closed the trade and more profit came. So I paid her that. She asked my bank account number for the withdrawal. I received a mail from uniqueoptionfx with a code to confirm the withdrawal. So after doing that I waited for my money. A day later I recieved another mail from uniqueoptionfx. This is the mail: Hello ,your withdrawal of $14,700 from your
trade account is been withheld because of your pending Cost of transfer
fee(C.O.T) of $3600 which is charged once in a lifetime,kindly contact
your account manager on how to pay this,thank you. I contacted my account manaher about it and she said she will contact them about it. So now she said to me that they insist I pay that amount and I need to follow the procedure. I asked to provide me an screenshot on which my bank account number is visible where I can see the transaction with the status “withheld”. My account manager said that she will try talking to them about it. But I am really having my doubt now. I am beeing scamed? How can I get all my money back?
You are most probably scammed. I have never heard of cost of transfer fee. You can file a complaint to the regulator.
Credit cards are the fastey way to send money to forex brokers i think. But one of my bank doesnt send money to forex broker with card because they say it is consider gambling.
I have a question. I am beign asked to pay a fee to obtain an Anti-Money Laundering Clearance from the office of the Department of Treasury before my withdraw can be transferred to my bank account through a wire transfer. The Anti-Money Laundering Clearance is levied on 3% of the total amount being transferred. I already verified my personal and bank information the day prior to receiving the email. I just want to know if this is a normal thing, from broker account to ask when you do your first withdraw?