Bets forex brokers with free withdrawal in 2023

Popularity of the forex brokers with free withdrawal

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Popularity

TD Ameritrade

9,337

Oanda

8,643

IG

12,570

Forex.com

6,630

Interactive Brokers

151,919

Brokers charge various fees not directly related to trading. The most common among these are deposit/withdrawal fees, the inactivity fee and the account maintenance fee.

Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 20,000 brokers and trading platforms that we don't recommend. To be sure that a broker is reputable and reliable, use Scam Broker Shield tool.

Key criteria determining a broker's trustworthiness are: regulation, availability of investor protection, as well as a long and spotless track record. Explore the interactive table below, encompassing this array of vital data.

Account funding and withdrawal are key considerations for forex traders. Finding a broker where deposit and withdrawal are free of charge can considerably reduce trading costs.

Withdrawal carries a specific importance as the majority of forex scams involves the withdrawal process and clients are often unable to get their money back.

You can rest assured that all the brokers featured in our top list are reliable and reputable entities, regulated by top-notch authorities and tested with live accounts by BrokerChooser experts.

While most forex brokers will not charge a fee for depositing funds, this is not true for withdrawals. You will find that a good number of brokers will charge a fee for retrieving your funds.

As forex traders use withdrawal more often than say a long-term stock investor, being able to access your funds free of charge is an important feature.

The most common withdrawal methods offered by brokers are:

1. Bank transfer
2. Transfer to your credit/debit card
3. Transfer to an electronic wallet such as PayPal or Skrill

You may find that certain withdrawal methods and the associated fees will only be available in certain countries/regions at a broker. Log into your account and go to the fund withdrawal interface to check the available options.

Not all brokers will display the fees charged for the various withdrawal methods on the withdrawal interface, you may need to do some more digging on their website.

Note that some brokers do not allow their clients to withdraw the profit they made to a credit/debit card, saying that only the amount of money that was deposited using the card can be withdrawn.

You will need to use another method, most often bank transfer, to withdraw your profits. Bank transfer may have a fee, typically between $10-$25 per withdrawal.

TD Ameritrade is one of the biggest stockbrokers in the US with a wide range of asset classes and commission-free stock trading.

Its trading platform - Thinkorswim - is exceptional, account opening is user-friendly, and no minimum deposit is required.

Be aware, though, that TD Ameritrade is only available in a few countries outside the US, and you can only trade on US markets.

TD Ameritrade has been acquired by US peer Charles Schwab. Existing TD clients are being migrated to Charles Schwab, with the process scheduled to be fully completed in 2024. Until then, you can still open a new account at TD, for example if you wish to use the Thinkorswim platform, as it is not yet available for Schwab clients. Read our Charles Schwab review.

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

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Oanda is a US broker that offers mainly forex trading, with EU clients also able to trade US stocks.

Oanda offers high-quality and easy-to-use trading platforms, and its research tools are also powerful, with numerous technical indicators and a great API offer. The account opening process is user-friendly and quick. It is a good choice for beginner investors.

On the downside, Oanda has a limited product portfolio, as US clients can trade only forex and CFDs, with stock trading available only to EU customers. It is not listed on a stock exchange and doesn't have a banking background, two factors that could boost its safety qualification. In addition, customer support is only available 24/5.

BrokerChooser gave Oanda a 4.6/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex traders who value a user-friendly platform and great research tools

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78.3% of retail CFD accounts lose money

IG is a CFD and forex broker. It has a well-designed and user-friendly trading platform, many useful educational tools, and great funding and withdrawal options.

On the other hand, IG's trading fees are high for stock CFDs. The product portfolio is limited, as in most countries IG offers only CFD and options trading. Customer support could also be better.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Note that CFDs are banned in the US. US-based clients can only trade forex on IG.

Recommended for traders of any experience level looking for an easy-to-use trading platform

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68% of retail CFD accounts lose money

Forex.com is a global forex and CFD broker, regulated by many financial authorities, including the top-tier FCA in the UK.

Forex.com provides everything you need for forex trading: low forex fees, many currency pairs and lots of technical research tools.

At the same time, it lacks some popular asset classes, such as real stocks or bonds. Stock CFD fees are high, and the desktop trading platform is not user-friendly.

Recommended for forex traders looking for low fees and great research tools

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68% of retail CFD accounts lose money

Interactive Brokers (IBKR) is highly recommended for those seeking a broker with all-round great services at low fees.

It has an unrivaled selection of all asset types from exchanges across the globe, and offers many trading platforms with great functionality and advanced research.

The IBKR Global Trader app is a great way, even for beginners, to start trading stocks, ETFs, options and cryptos. Meanwhile, more experienced users can enjoy the complex capabilities of Trader Workstation at the other end of the spectrum.

Among the broker's drawbacks, account opening is long and tedious, some platforms may be too complex for beginner traders, and customer service can be busy.

In all, IBKR tops our list of brokerages: it is the highest-rated broker at BrokerChooser.

Recommended for traders looking for broad market access and a professional trading environment

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• We checked whether the broker is regulated by a trusted regulator,
• Analyzed forex fees with a special emphasis on withdrawal fees,
• Checked the number of currency pairs available,
• Opened an account and tested the platform (charting, features, usability) with real money.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 500 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 50,000 data points overall.

Is there a withdrawal fee for forex?

There is no general rule governing withdrawal practices among forex brokers. Some brokers will offer withdrawal options that are free of charge while others will always charge a fee regardless of the method you use.

It is also common practice among brokers to offer a limited number of free transactions (i.e. 2 bank transfers per month).

What is a zero-fee broker?

Zero-fee brokers are brokerages that do not charge a commission for executing certain trades. There is an increasing number of brokers, especially in the US, that are scrapping commissions as the race to zero fees intensifies.

Even though they advertise themselves as zero-fee or zero-commission brokers, most apply some sort of limit, either on the assets that can be traded for free (i.e. stocks only) or the number of free trades per month. Many also charge fees for withdrawal and other services.