The foreign exchange market deals with currencies worldwide, and the market runs 24 hours a day, five days a week. Forex requires strategies and calculations that could be hard to comprehend and drain all your free time. So, how do you get your money once your work pays off?
There are a few different trading platforms from which you can withdraw from a Forex account. While each platform is different, the process of withdrawing funds from them is similar. Click ‘Withdraw Funds’ from the headers and fill out the accompanying forms. Choose the means of withdrawal and where the money will go, and you are set.
The time and effort spent trading in the Forex market are only worth it if you know how to withdraw your money correctly. Don’t let it get you down! Stick around and check out the steps in the article below to learn all you need to know about withdrawing your money from your Forex account.
How to Withdraw Money from Forex.com
Forex.com is going to be the first return you get when you search for the market. It is an advanced trading platform that takes some getting used to. It has a slow turnaround rate when it comes to repayment, but the site and its information are all you will need to get into the Forex market.
To withdraw Forex funds from Forex.com, follow these steps:
- Click on ‘Add Funds’ in the drop-down menu and select ‘Withdraw Funds.’ You must transfer your funds to the bank account that is associated with the username.
- Input the amount you want to take out and choose the related account. Large brokerage companies will not allow the user to have less than $100 in the platform. Depending on your broker, the funds could be available immediately. However, because of how the market functions, there could be price holds that won’t allow you to get an immediate pay-out without a long history of consistent business.
- Submit the request for funds on the platform. Once the request is made, the company will freeze the currency’s price to keep both parties from losing profits. As often and quickly as the prices on the currencies change, it is imperative to keep records of the transaction. Losing money compiles over time if not corrected.
- Record the transaction in your journal for later research. Knowing when and why currency was on the rise fits in well with strategies for optimizing profit. While the transactional platforms can help with this, your trading history could be removed from the platform after specified periods.
How to Withdraw Money from TD Ameritrade FX
TD Ameritrade FX is one of the most advertised and used brokerage firms in the United States. Their trading platform is extremely user friendly. The menus and drop-downs are labeled so that a novice can use them just as well as a broker from the firm. TD Ameritrade FX also has a great tracking program that is available in the app store.
To withdraw Forex funds from TD Ameritrade FX, follow these steps:
- Click on the tab label ‘My Account’ on the top, left-hand side of the page, and another menu will appear. The windows can also be accessed by moving the mouse pointer over the area.
- Scan this menu for ‘Deposits & Transfers.’ There are going to be several money options here to choose from. Here you can choose to swap money between accounts or withdraw the funds towards a strategy.
- In this menu, select ‘Withdraw.’ Once you have gotten to this page, it is time to choose what kind of transfer you want to make. Bank accounts must be open, and often the firm will require that an account have a history of successful trades. Your choices for withdrawal are:
- Electronic Withdrawal (ACH) – It takes between one and three business days for this transaction to complete. These types of transfers are the most used at Ameritrade. An active bank account connected to TD Ameritrade is required to use the ACH.
- Wire Transfer – The fastest way to get paid is with a wire transfer. It takes about one business day and goes directly to your bank. Wire transfers can also be sent to outside financial sources, but the wait times increase to weeks.
- Check Withdrawal – It takes about three to five business days to get a check. If your bank places a hold on the funds, it could be an additional one to three days.
(Source: The Investor Show)
How to Withdraw Money from XTB
The XTB xStation gives you an in-depth look at your currencies and strategies from jump street. The platform is color-coded with the site so that nothing can be changed. It is easy to use and has tons of options for following your investments. There isn’t a way to follow your xStation on your phone.
To withdraw Forex funds from XTB xStation, follow these steps:
- After you have logged in to your trading platform, look on the left-hand side for the ‘Withdraw’ tab. XTB is a platform that doesn’t have many bells and whistles. It is straightforward and easy to use.
- Once you have chosen the account and amount, hit ‘OK’ and you are done. If you have different accounts, it could be a hassle to swap between them. Ensure the money you want to move is going to the right account to avoid freezes and fees on the currency.
- XTB doesn’t offer an alternative to ACH transfers. XTB isn’t the platform for people who like to work with wire transfers.
How to Withdraw Money from FXTM
FXTM is one of the best options for people who want several different withdrawal options. They have an option that allows for immediate withdrawal, which is uncommon in the Forex trading world. Their trading platform is one of the best. It gives you places to work on your strategies and create a winning record of profit.
To withdraw Forex funds from FXTM, follow these steps:
- Go to the ‘My Money’ section of MyFXTM.
- With FXTM, you must submit a reason for withdrawal. Once an explanation is entered, input your PIN and hit submit. While the profit made on the Forex market is yours, it can be subject to limitations.
- Like with TD Ameritrade, there are various options for withdrawal. The options for taking out your money with FXTM are:
- Bank Wire Transfer – A bank wire transfer will take about three to five business days and requires an active bank account. FXTM provides a few extra wiring options, as well.
- Credit/Debit Card – A transfer to your card can be completed in three to ten business days. The card option is something that makes FXTD a great choice. Other platforms don’t have this option, and while it is slow, it creates a barrier of protection between your account and hackers.
- E-Wallet – The E-Wallet is the main reason to choose FXTD. They allow you to start an e-wallet that can transfer money in and out the same day. This option is excellent for the day trader looking to make a profit and roll it into something else.
(Source: Forex Time)
The time and hard work that you place into learning how to trade the forex market is not worth it if you can’t get to your profit. Working with the trading platforms above will be your best bet to make those profit strategy research sessions pay off. While there are several Forex trading platforms, the most prominent ones will require active bank accounts to trade.
Choose a platform that fits your needs as a trader. Some won’t allow the user to acquire their money until several days or after it has cleared a holding phase. If shifting money from different accounts is part of your strategy, choosing a platform that doesn’t allow short trades could mean the end of your profits.