Fast and most profitable Forex withdrawals
We've written many times about how to fund a trader's account for trading on the Forex market or opening trades on the stock market.
But surprisingly, depositing funds and withdrawing money from Forex are not entirely different processes, and the difference lies not only in the fact that in the first case you give money and in the second you receive it.
In fact, everything differs – the speed of transfers, the size of the fees charged, and the sheer number of options available for transferring funds.
You may also encounter additional withdrawal conditions, such as a frequency limitation (for example, once a month) or a limit on the amount you can transfer at a time to a specific payment system.
The most profitable options for withdrawing money from Forex
Here, in most cases, everything depends on how much money you withdraw, since there is often a fixed commission amount.
Bank account:
For me, the most efficient way to withdraw funds from Forex is to use a bank account, with a commission of $13. This means that if you withdraw $1,000, it's only 1.3%; if you withdraw $2,000, it's even less: 0.65%, and so on.
Obviously, if you're working with small amounts, this method isn't suitable and you should use a fixed-rate option.
WebMoney
Wallets - my broker doesn't charge a withdrawal fee, and the system's commission is only 0.8%.
Afterwards, the funds can be withdrawn to a bank account, paying an additional 1.5% and an unspecified 2.5 euros. As a result, withdrawing money from Forex will cost 2.56% plus the previously paid 0.8%.
This applies to withdrawals in euros; if you use rubles, the commission is slightly lower.
Yandex Money
charges 1.5 to 2.5 percent for withdrawals, but you have to withdraw in Russian rubles, which isn't always advantageous. I tried transferring in dollars a couple of times because I have a multi-currency wallet, but the amount always ended up in rubles.
If you then withdraw to a card, you'll have to pay an additional 1% to 3%.
I try to use electronic payment systems for online payments for goods and services, as this allows me to save a little on subsequent withdrawals.
Bank Card:
When withdrawing to a bank card, brokers typically charge 1.5 to 2.5 percent, depending on the currency, the broker, and your bank's fees.
The payment currency also plays a role. For example, when using a Revolut card for a US dollar transfer, I was charged $50 due to the intermediary bank. However, when transferring to euros, the full amount was received minus the broker's fee.
The fastest way to withdraw money from a Forex account
Here, too, everything is individual and depends on the specific broker, but if we compare withdrawal speeds at the same brokerage company, we can say that:
• Money comes to the card almost instantly, but sometimes it is credited immediately, and sometimes it hangs in the "Pending" status for 5 days.
I don’t know what this is connected with, the situation takes place, at least for me.
• Payment systems - the 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 for you, the speed or the cost of withdrawing money from Forex, while it is necessary to take into account that some brokers require that the withdrawal be carried out through the same option as the account replenishment.
Personally, in my work, I most often use a bank account, sometimes WebMoney or Yandex money, when I need this currency 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 quite not difficult and not that expensive, the main thing is to have something to withdraw.
