Forex is a lucrative business that involves large sums of money and customers should always make a thorough research on all aspects of the Forex trading, especially when it comes to deposits and withdrawals.
As an investor, you should look for reliable Forex brokers who actually provide what they advertise. As an investor, you should choose your broker carefully, since frauds and scams are part of the industry, and you could end up losing your money to crooked brokers.
Make detailed inquiries on the deposit requirements, withdrawal requirements, fees charged, and bonus conditions. Ask specifically about transferring large (£10k+) amounts and if the fees are capped etc.
Fees and Costs
Many Forex brokers just charge the spread, while others require a commission when depositing and withdrawing. Sometimes, just one commission is charged, either when depositing or when withdrawing. Every broker has its own policy in handling finances and transactions. Your task is to look for a broker who meets your needs.
Money is always a sensitive topic, but yet one has to be sure who is taking care of your finances. Some broker companies have excellent advertisement making it look like a piece of cake, luring you in with offers of fast payouts, low minimum deposits, attractive bonuses, and tiny fees.
However, when the time comes to deposit, you face a lot of controversies and requirements by the broker. The same goes for withdrawals where you find out about some enormous commission out of the blue, even if they did not mention it at the beginning. Always look for a broker who can and is willing to explain what you can expect. If an advertisement sounds too good to be true, it probably is.
Finding Reliable Forex Brokers
Your first step should be to look for a prominent broker who is regulated by an even more prominent broker regulatory agency or organization. Most of them offer reasonable conditions of trade and keep their word when it comes to paying you out.
Usually, the deposit methods are the least problems since many Forex brokers developed a wide net of payment methods. Most probably, your favorite payment method is already available by most brokers.
The most popular payment methods are Bank Transfer, Credit Card payments (like Visa, Visa Electron, MasterCard, etc.), Neteller, PayPal, Skrill, WebMoney, eProtections, Netbanks and many more.
Types of currencies are also numerous, including the most popular ones like the USD, EUR, GBP, YPY, CHF, etc. Basically, you can use almost any currency and the broker will take care of the conversion if necessary.
Dealing with Deposit and Withdrawal Issues
To attract customers, many broker companies (not all of them) omit to mention the controversial steps that are sometimes part of the deposit or withdrawal policy. Namely, you could end up being over-charged when you want to withdraw your profit to your bank account, or you can be faced with many delays in the process.
The interface of your account probably looks and is easy to use and suggests that every transaction is smooth due to the online payment system. Once you click the desired option, it can entail a long list of further requirements and conditions you have to fulfill to be able to either deposit or withdraw, especially when withdrawing a large sum in excess of £10,000.
The same is true for bonuses. When you try to secure your bonus you might be asked to deposit more or to pay a fee, etc.
Many investors and traders who were successful and made a large amount of money were faced with a closed account. Simply, many broker companies close customer accounts if they are too profitable. This usually refers to brokers that are not regulated by governmental or self-regulatory agencies.
Another thing is that requests for large amounts of money are dragged out, and many brokers avoid paying their clients until they can find an excuse to not pay them at all. The Forex trading business is risky by itself and brokers rarely guarantee that the customer’s funds are risk-secured so they wait for the perfect opportunity to let you know that your money is lost.
If you belong to the successful traders and notice a significant rise in your profit do not hesitate and ask for withdrawal immediately. Profits over 10k should not be left to linger too long. Many investors even advise to gradually request your money, e.g. 20% each time.
How to Withdraw: Steps and Procedures
Many Forex traders require validation of the trading account before you are allowed to withdraw. This includes uploading identification documents like ID, passport, driving license, and a document that proves your address of residency (a utility bill can be used). Usually, it is followed by the approval from the company which lets you know that you can request a withdrawal. Some Forex brokers emphasize that your withdrawal can only be sent to the initial deposit source.
The transaction process depends on the broker, the country of your residency, and your bank. Usually, the majority of brokers process withdrawal requests within one day, but the actual transfer takes from 2 to 5 or 7 days on average. Be aware that, even if the broker does not charge fees, your bank might charge their own fees.
Always look for a Forex broker who offers fair conditions. Maybe you have acquaintances in the business you can ask for advice, or you can research the online fora where traders discuss advantages and disadvantages of specific Forex brokerage companies.
No matter how good and trustworthy your brokerage company is, you are the safest if you withdraw your funds and profits within a reasonable time. Especially if the profits are high, make sure to withdraw as fast as you can.