The fastest and most profitable withdrawal of money from Forex
It has been written more than once about how to top up a trader’s account for trading on the Forex currency exchange or opening transactions on the stock market.
But surprisingly, replenishing your account and withdrawing money from Forex are not completely different processes and their differences lie not only in the fact that in the first case you give money, and in the second you receive it.
In fact, everything is different - the speed of transferring money, the amount of commissions charged and the sheer number of options that can be used to transfer funds.
In addition, you may encounter additional conditions for withdrawal - limiting the frequency, for example, once a month, or limiting the transfer amount at a time to a certain payment system.
The most profitable options for withdrawing money from Forex
Here, in most cases, it all depends on how much money you withdraw, since there is often a fixed commission amount.
Bank Account
For me, the most effective withdrawal from forex is a bank account, the fee is 13 dollars.
That is, if you withdraw 1000 dollars, then only 1.3%, 2000 is even less than 0.65%, and so on. It is clear that if you work with small amounts, this method will not suit you and you need to use the option with a fixed percentage.
Payment system WebMoney
Wallets WebMoney - my broker does not charge a commission for withdrawal, and the system commission itself is only 0.8%.
Afterwards, the funds received can be withdrawn to a bank account, paying another 1.5% and an incomprehensible 2.5 euros.
As a result, withdrawing money from Forex will cost 2.56% + 0.8% previously paid. This is if you withdraw to a bank account in euros, when using rubles, the commission amount is slightly less.
Yandex money
For withdrawal they charge from 1.5 to 2.5 percent, but you will have to withdraw in Russian rubles, which is not always profitable.
I tried to make a transfer in dollars a couple of times, since I have a multi-currency wallet, but still the amount on it turned out to be in ruble equivalent. If you then withdraw to the card, you will additionally need to pay from 1% to 3%.
I myself try to use electronic payment systems for payments on the Internet, paying for goods and services, this way I can save a little on further withdrawals.
Bank card
If you withdraw to a bank card, then on average brokers charge from 1.5 to 2.5 percent, depending on the currency and the broker himself, as well as your bank’s commission.
The currency of payment also plays an important role, for example, when using a Revolut card, I was charged $50 from a transfer in US dollars; an intermediary bank acted. But when transferring to euros, the entire amount was received minus the commission specified by the broker.
The fastest withdrawal of money from a forex account
Everything here is also individual and depends on the specific broker, but if we compare the withdrawal speed in the same brokerage company, we can say that:
• Money arrives on the card almost instantly, but sometimes it is credited immediately, and sometimes it remains in the “Expected” status for 5 days.
I don’t know what this is connected with, the situation exists, at least for me.
• Payment systems – transfer takes only a couple of minutes, with rare exceptions, within an hour.
• Bank transfer is one of the longest options.
On weekdays, the transfer takes a day or two. And if it falls on a weekend, then all three or four days. Decide for yourself what is more important to you, the speed or price of withdrawing money from Forex, keeping in mind that some brokers require that withdrawals be made through the same option as depositing funds into your account.
In my work, I most often use a bank account, sometimes WebMoney or Yandex money, when this particular currency is needed for online payments.
If I need to withdraw a small amount, then I turn to the option with plastic cards. Withdrawing money earned on Forex is not difficult and not that expensive, the main thing is to have something to withdraw.