Posted by Blyca on July 13, 2020
It is obvious that the most attractive of the forex trading is that you can get your profits from forex brokers. So, it is very helpful and interesting to learn how to withdraw your money from forex. Imagine that you do trading in the forex market and earn some amount of profits and you want to use these profits for other purposes. Firstly, you need to take your money back from the forex market. It is easy to withdraw your money by following several steps.
Select your means of withdraw
A trader can get back his profits from forex brokers by some of the options such as credit cards, online transfers, PayPal, Neteller, Skrill, Western Union or in Bitcoins.
Online transfer is usually my choice, however there are some conditions required for this method. If your amount of profits is more than thousands your should use online transfers unless the transfer fees will be a considerable amount in comparison with your profits. Remember that your are charged twice when using online transfers, one time from broker’s bank and another time from your bank. The bank charge can be $50 or up to $100. The actual fees are up to broker’s bank and your bank.
My second answer to the question of how to withdraw money from forex is by credit card. Once again, there are some cautions, sometimes, traders are not allowed to take back the amount of money which is more than their deposits with some types of credit cards. For example, let’s say you deposit $1000 to your forex account by your credit cards, then, you can get your profits back up to the maximum of $1000 by this credit card. Therefore, this is the reason why I will give you the third option.
Other common option is online wallets such as Neteller, Skrill, PayPal. There is no fee form the forex brokers when you use online wallets. But the online wallets providers may charge a fee when you want to transfer money to your bank account.
How to submit your withdraw request
The second step to withdraw your money from forex is submit the request of withdrawal. Usually, you have to fill out the hard copy of withdrawal forms including your origin signature and send to forex brokers via post or email. However, nowadays, it is much more convenient for a trader to submit the request because many of forex brokers provide an online portal where you can sign in with your id name and security code and submit your request in seconds.
After logging in, access to withdrawal section, fill the forms and then, you are done.
Wait for the money come to your pocket
Normally, it takes one to three working days up to your forex brokers withdrawal means you used. Online transfer and using of credit card can be done in three days although there are times that I get my money on the same day after submitting withdraw request using bank transfer. There is no fixed cost for bank transfers because this transaction includes three banks and this is the reason why it is difficult to calculate all the fees. But based on my knowledge, it can be around $30 to $60
Different online wallets have different payment time and fees. The fees are applied for the first time when you want to get back your money from your wallets and are calculated based on the amount you want to withdraw (usually 2% to 3%). The transaction will be processing and done within seconds. The second time you need to pay fees is when money comes to your bank account. And again, it can be 2% or 3%
In conclusion, get your real money of profits in forex trading is the most interesting part of all. Therefore in this article I show you three steps to withdrawal money from forex. Know all the steps and decide which method suits you the most and enjoy your winning in forex trading.