In addition to the skill and experience of the trader, the choice of a broker can also determine the success of the trade. Among the many factors to consider when choosing a forex broker, deposits and withdrawals are some of the most important. Therefore, the best Forex broker for withdrawal is more crucial. Remember that in forex trading you are essentially entrusting your money to the broker.
In this case, deposits and withdrawals are directly related to how you store and withdraw your funds. Therefore, you need to make sure that the broker is secure and offers a wide range of payment options at an affordable fee.
Many traders often rank pullbacks as one of the easiest indicators to spot a rogue broker. Many scammers end up taking customers’ funds and preventing merchants from withdrawing. That is why it is wise to check that the broker has no problems with withdrawals before opening a trading account there.
Even better, the best forex broker for withdrawal will allow you to withdraw in a relatively short time. In this article, we have compiled the best forex broker for withdrawal by testimonials from traders.
How to choose the best forex broker for withdrawal
Choosing a broker to trade on the stock exchange should begin with gathering information about successful trades and being open to working with clients. A reliable broker has a portfolio of offers and a large number of customer reviews.
The easiest way is to check the published list of traders, which changes and is constantly updated. The trader with the most reviews offers some of the safest working conditions. We also recommend that you pay attention to how the registration and deposit process with a particular broker goes.
Forex Broker License
The presence of a broker’s license makes it possible to judge how serious and honest their approach to trading is. A licensed broker is more likely to complete all trades and completes them with benefits not only for themselves but also for the clients.
But in order to get a license from global communities or famous government agencies, a broker must do their best and gain a positive reputation. If you find that an unknown office on a remote island has issued a license, you should avoid working with that broker.
Reviews of Forex brokers
On the Internet, you can find several independent reviews of popular brokers. You can sort them by the number and quality of reviews, business hours, and other essential parameters. We recommend paying attention to the number of trades executed, the regularity of payments to clients, and not the leverage or the promised interest rate.
The List of Best Forex Broker For Withdrawal
Here is the list of the best forex broker for withdrawal or fastest withdrawal forex broker:
1. OCTAFX
- Min Deposit: $5
- Spread: From 0.2 Pips
- Leverage: 500:1
2. FBS Markets inc
- Min Deposit: $1
- Spread: From 0 Pips
- Leverage: 3000:1
3. XM
- Min Deposit: $5
- Spread: From 0 Pips
- Leverage: 888:1
4. Exness Forex
- Min Deposit: $1
- Spread: From 0 Pips
- Leverage: 2000:1
5. Forex.com
- Min Deposit: $100
- Spread: Starting 0 Pips
- Leverage: up to 400:1
6. FXOpen
- Min Deposit: $300
- Spread: floating, from 0 pips
- Leverage: 500:1
7. Pepperstone
- Min Deposit: $200
- Spread: Starting 0 Pips
- Leverage: 500:1
8. OANDA
- Min Deposit: no minimum forex deposit
- Spread: 1.2 pips
- Leverage: 50:1
9. eToro
- Min Deposit: $200
- Spread: From 3 Pips
- Leverage: 400:1
10. City Index
- Min Deposit: $100
- Spread: Starting 0 Pips
- Leverage: up to 500:1
Most popular withdrawal methods
The methods of withdrawing profits, as well as the duration of this procedure, are different for each forex broker. For example, large companies only withdraw money to bank accounts. Naturally, everything goes official, including personal income taxes.
Trading centers and brokers not only limit their services in this way but also offer many other ways to get your profits – from electronic payment systems to cryptocurrencies. This is why you need to choose the best forex broker for withdrawal that uses the most convenient withdrawal method for you.
Electronic payment systems
Most companies allow you to withdraw profits to the electronic wallets of the most popular payment systems. The leaders are PayPal, Skrill, and Neteller. When choosing a payment system, remember to check how much you will lose when withdrawing your profits. For example, Neteller has a commission of 1% (no more than 11.41 USD or 10 EUR) and a fee of 1.39% of the withdrawal amount.
Also, pay attention to the timing. Withdrawals can take anywhere from a few business hours to several business days – this will be clearly stated on the broker’s website and in the contract.
Withdraw money from your bank account
This method isn’t so popular among ordinary traders. The commission charged in this case is slightly higher than when withdrawing to the same card using a chain transaction account – electronic payment system – bank card. This is especially true if the trader’s country of residence and the broker’s country are different. In some cases, for citizens of other states, this method is not usually available.
The withdrawal time also reduces the popularity of this method. Unlike electronic payment systems, this process can take 1 to 7 business days with the bank. However, many traders with substantial profits (several thousand dollars) use this system. For these traders, the issue is not the waiting time but its maximum reliability.
Forex broker card
The trend of issuing payment cards through brokerage companies is increasingly popular. Each company names them differently, but they are all the same – international MasterCard cards. This method has many advantages. Using a MasterCard, you can withdraw money at any ATM, pay in stores, make purchases on eBay or Amazon.
However, the most important benefits are different. Brokers open their charts in the offshore area. And the laws of their state do not regulate them. Therefore, if your profit from forex trading has reached a large scale, this method will be the most profitable. But there are some limitations. Issuing such a card is not free, and the broker also charges a fee to maintain the card. Therefore, if your profit is not too large there is no reason to use it.
Conclusion
Choosing the best forex broker for withdrawal is important, but often underestimated. Being able to withdraw your funds quickly and securely is something you don’t always get from a broker. If we take a look at the brokers mentioned above, we can see that they are all regulated and experienced to have a high reputation among traders.
Ultimately, you’ll want to choose a broker that works best for you, whether it’s capital, trading conditions, payment methods, and more. It is very helpful to check the reviews of other traders so that you can see if the broker is really acting on what they claim. Trying out a demo account can also be helpful as you can use their platform and try out their service before making a deposit.
Read Also: Top Forex Companies in The World