Hopefully, you have just started trading with one of the best forex brokers in the world from our selection.
In that case, there may be a few questions you have as a new trader. One of the most important is how to withdraw money from forex broker accounts.
That is exactly what we will show you here with our simple step-by-step guide so you can get your money as quickly as you need to.
Let’s get started.
Table of contents
How to withdraw money from a Forex Broker (step-by-step guide)
Withdrawing money from your forex broker should be a convenient process. Here is a full walkthrough on how you can do it.
1. Login into your trading account
The very first thing you will need to do is get logged into your trading account. Head over to your forex broker’s website and make sure you have your login details to hand like your email address or username, and account password.
2. Verify the trading account
In the majority of cases, this step will already have been done when you first opened your trading account as verification is often required before you make a deposit. If that is not the case though, you can complete it now.
You will need to provide proof of your identity, a passport is best, and proof of your address with a bank statement or utility bill. These can be uploaded online and are usually verified very quickly. At most, it could take 2-3 business days.
3. Go to the withdrawals page
Your next stop will be the withdrawal page of your broker. This is usually the same or similar page that you use for deposits.
4. Choose the withdrawals method
In most cases, a forex broker will require you to withdraw money using the same method you used for a deposit. The reasons here are two-fold.
The first is to fight money laundering and any other illegal purpose. While the next is also to prevent any kind of theft or illegal purpose for making a withdrawal if your account has been compromised. Sometimes, withdrawals may be requested by email in an emergency.
5. Insert the amount of money
Often, there may be no minimum withdrawal amount, though you should make sure the amount is worthwhile if there are any fees or commissions to consider although most top brokers also offer fee-free withdrawals.
6. Wait for the withdrawal to be processed
The final step is to wait for your withdrawal to be processed. This usually takes 1-3 business days depending on the method you are using.
What are the fastest withdrawal methods with forex brokers?
You will usually find that the fastest withdrawal methods, perhaps even instant, can be credit cards and e-wallets.
In terms of cards, most forex brokers will usually accept Visa or Mastercard. Though e-wallets are less common, you may find PayPal, Neteller, and Skrill with a broker. Again, the processing time could be anything from a few seconds, to 30 minutes with these.
|Minimum Withdrawal||0 USD||0 USD||0 USD|
|Withdrawal Fees||0 USD||0 USD||0 USD|
|Visit IC Markets (74-89% of retail CFD accounts lose money)||Visit AvaTrade (79% of retail CFD accounts lose money)||Visit XTB (73% of retail CFD accounts lose money)|
Forex Brokers Withdrawals | FAQs
Can a forex broker steal my money?
No. Regulated forex brokers cannot do that. Your funds are most likely held in segregated bank accounts meaning the broker can’t touch your money for their own personal use at all, even in the event of bankruptcy.
With that said, you can learn how scam forex brokers cheat traders through our detailed guide and help yourself stay protected.
Is it easy to withdraw money from forex?
As you can see from the steps above, the process should be simple and straightforward. The time can take anywhere from a few seconds to 3 business days depending on the broker and methods used.
Can you transfer money from forex brokers to a bank account?
In the majority of cases, it is possible to withdraw money directly from your account back to your bank account.
Which forex broker has instant withdrawal?
Some brokers, including IC Markets, AvaTrade, and XTB have instant withdrawals available depending on the withdrawal method used.
About the Author
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.