How to Easily Withdraw Money From a Trading Account

Withdrawal of profit or initial investment is a procedure that includes the trading account owner requesting and then successfully receiving their funds via some of the available transaction channels. This is, undoubtedly, one of the most vital subjects in the whole of Forex trading.

Investors often find themselves facing various issues related to this concept, some of which are intentionally purported by the broker, some of which could be just a technical obstacle.

In order to establish full control of the funds deposited to your trading account as well as the profit you wish to withdraw, please read this guide on how to withdraw money from a trading account. It will help you learn to manage your funds to your preference and obtain perfect control over your financial account.

What is a Trading Account? Types and Purpose

Once you register with a broker you picked, you can attain a trading account you wish. The package that you purchase includes a range of services, tools and benefits that come at a certain price, depending on the broker.

All of these features are your allies on the global markets that the trading account gives you access to. Thanks to the feature bundles, you can navigate the markets, place trades and also gain access to the trading software that is crucial in the profit-making process.

Common Account Types

Brokerage platform you decide to register with may offer fewer or more account types, depending on the richness of their offer. Regulated and popular online trading firms tend to develop a wider range of accounts, as they have a bigger and more diverse clientele to tend to.

According to what type of trading the accounts are designed for, we could differ:

• Live trading accounts
• Demo trading accounts

The first group demands real money to be deposited in order for the features to unlock, whereas Demo accounts allow users to test the trading environment and software beforehand.

Now, depending on who wishes to open an account or who will have access to a particular trading account we can also differ:

• Individual accounts
• Joint accounts
• Corporate accounts

If a trader wishes to trade smaller lots and invest small sums, there’s usually brokers that also allow their clients to open one of these packages:

• Nano – 100 units per lot
• Micro – 1.000 units per lot
• Mini – 10.000 units per lot
• Standard – 100.000 units per lot

Besides these most commonly found account choices, there’s often a possibility to choose a managed account. In this case the users themselves are the account owners, but their investments are allocated and managed by a professional.

How Payouts are Performed? Step-by-step Guide

The exact steps of the withdrawal procedure are not necessarily the same with every brokerage portal around. However, there’s a certain course of events that make for a standard procedure and we’ll describe them for you shortly.

Please also note that you have to constantly be monitoring your account and your total balance, in order to have your withdrawals turn out successful. Here’s the most commonly found steps of the procedure itself:

• Logging into your brokerage account – the first part of the way to go through is logging in. Your login credentials are only yours and should not be shared with other individuals unless it’s a joint account.
• Navigating the user panel – after getting into the client area, you can navigate through the dashboard and select the option you wish to access. In this case, that would be the withdrawal feature.
• Method of transaction – examining the available transfer channels can help you decide what way you’d like to receive your funds. Amongst those are usually credit cards, bank wire and various e-wallets, as well as cryptocurrencies.
• Deciding the sum – after careful planning and inspecting your available balance you can decide on what amount of cash you’d like to withdraw. Sometimes there could be additional requirements set by brokers, like the minimum withdrawal amount, so keep an eye on that.
• Confirming your identity – sometimes the brokers tend to ask their clients to verify their identity through the copies of their ID or passport. If not done upon account creation, it has to be done upon funding or payouts.
• Make sure you got everything right – it’s important to always go through this sensitive information twice. Before you can confirm your request, you should make sure you’ve done everything correctly to avoid mistakes.
• Processing time – your submitted request is now received by the company staff and is being reviewed until its approval. Every firm has different equipment, staff and policies, so you have to wait for a certain period to pass. It shouldn’t, however, take longer than a few business days.
• Receiving funds – usual processing time as well as the method you could decide on, can affect the time your funds take to arrive.

E-wallets can often take just a couple of hours, and bank transfers could take up to several days. However, during the wait, you should keep checking notifications and email for a potential notice from the company.

Fastest withdrawal Forex broker currently seems to be eToro because of their instant withdrawal option – eToro Wallet.

If you’re trying to perform this operation and withdraw money from MetaTrader 5 or MT4, you’ll first have to start the desktop app, or whichever version you’re using.

Since cash cannot be deposited and withdrawn directly from the software, you’ll have to contact the broker on whose server you’ve been trading on. The process slightly differs, but is, in essence, what we already talked about.

Common Withdrawal Issues

Apart from knowing how to exactly conduct a withdrawal, you should also be aware of the potential problems that could arise in the process. It’s of key importance to also understand them and deal with them accordingly.

For example, you might have overlooked the fact that the broker allows withdrawals only through the same payment channel the deposit was made.

Also, you should make sure you’ve uploaded the correct required documentation. Unverified accounts are not usually permitted payouts until they’re confirmed.

If you’ve done everything required from your part and the broker is still making it an issue, you should report the problem to the institutions in charge.

Summary

The dynamic world of online trading always has something new in store for us. It’s our duty to always stay vigilant and protect our financial interests. Please be highly cautious when it comes to monetary transactions, as your financial future heavily depends on it.

If you think, however, that your withdrawals are purposely being prolonged, blocked or completely denied by the broker, you can always count on us for help. For more info contact our chat agents.