How can I withdraw money from FXCM?
One of the most common fears about trading online is, can I get my money back? And even if that's a given, will I face any extra costs, delays or difficulties as I try to withdraw my uninvested funds?
FXCM is a trustworthy broker that honors all withdrawal requests, but the process is not the most convenient. Read on to learn about potential costs, waiting time or restrictions.
FXCM is one of many brokers I have tested throughout the years. I used my own money for trading - and then tried to get it back. Here's how it went:
- No worries - FXCM is a reliable broker that lets you access your funds any time.
- There are several ways to withdraw your money, including bank transfers.
- Withdrawal can be a bit slow, often taking 3 or more days.
- FXCM charges $0 for basic withdrawals, but some methods may cost more.
- Read our full review of FXCM for detailed funding and trading conditions.
First, let's see if FXCM is available in your country?
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73% of retail CFD accounts lose money
Disclaimer: 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
73% of retail CFD accounts lose money
You can withdraw funds from FXCM any time
Let me start with the good news: FXCM is considered a legit and trustworthy broker, where your money is in good hands, and you can withdraw it whenever you want to.
How to tell if a broker is trustworthy? In our view, a broker is considered legit if its operations are overseen by at least one top-tier regulator. At BrokerChooser, we only recommend such regulated brokers.
Unfortunately, the online trading industry is plagued by a large number of unregulated or scam brokers. Many of these simply refuse to return your money, or require outrageous percentage commissions before doing so. If you've heard about any broker that you're unsure about, check it against our scam broker list or discuss it in our Forum.
There are multiple ways to withdraw your money
So how to actually withdraw funds from FXCM? At FXCM, you have multiple options to choose from when you want to withdraw money. The most basic of these is bank transfer. This is a common option that is available at virtually all brokers, and FXCM is no exception.
In addition to bank transfer, FXCM also allows you to withdraw funds to a debit or credit card. Many brokers don't offer this option, so this is a definite plus for FXCM.
You can also withdraw money to certain types of electronic wallets. This is a nice feature that isn't available at all brokers. At FXCM, you can withdraw money to the following electronic wallets: Neteller, Skrill, Unionpay
| Broker | Bank transfer | Credit/debit card |
|---|---|---|
| FXCM | ||
| Forex.com | ||
| Pepperstone |
Whatever methods you use, you may only withdraw money to bank accounts, cards or wallets that are in your name.
Withdrawing money from FXCM - a step-by-step guide
How do you withdraw money from FXCM?
- Log in to your account through myfxcm.com
- Once logged in, click on 'Withdraw Funds'
- Select your preferred withdrawal method
- Specify the amount of funds you want to withdraw
- Re-enter your password for security reasons and review your withdrawal details
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73% of retail CFD accounts lose money
Withdrawal can be a bit slow, taking 3 or more days
Whatever method you use, withdrawals from a brokerage account are rarely instant. When withdrawing money from FXCM, it can often take three or more business days for the money to reach your bank account or card. This is a bit on the slow side compared with most other brokers, where withdrawal times can be as short as just one business day.
Strict withdrawal times are not the only factor to keep in mind when you need to retrieve money from your broker account. The most important thing is that you can only withdraw uninvested cash from your brokerage account. If all of your funds are invested, you need to close some or all of your positions first to make the necessary amount of cash available in your broker account.
Converting your assets to cash often takes additional time. For example, if you sell a stock, it will take another day (or most likely two) for the transaction to settle and for the cash proceeds to appear in your brokerage account.
So what I would normally do is think ahead depending on how urgently I needed the money. For example, if I needed $1,000 cash on Monday and it was still all tied down in stocks or some other assets at FXCM, I would probably
- log in to my FXCM account at least a week earlier, to sell stocks or other assets worth $1,000 (or maybe a bit more to cover any withdrawal fees; see next chapter).
- Then I would check back a day or two later (probably around Monday or Tuesday the week before I needed the money) to see if the asset sale has been completed and if the cash has appeared in my broker account.
- If yes, I would then initiate the withdrawal, so that the money arrives in my personal bank account or on my card (whichever applicable) by next Monday at the latest.
Basic withdrawals cost $0, but there may be exceptions
While depositing money to a brokerage account is free in most cases, this is not necessarily always true for withdrawals. But I have good news: basic withdrawal at FXCM is free of charge. See the table below for details and possible exceptions, and also how FXCM's fees compare to some of its immediate competitors.
| Broker | Withdrawal fee | Domestic bank withdrawal |
|---|---|---|
| FXCM | $0 | $25.0 |
| Forex.com | $0 | $0.0 |
| Pepperstone | $0 | $0.0 |
Bank withdrawal fees depend on the currency and the location of your bank account.
| Currency | Domestic | International |
|---|---|---|
| USD | $25 in the UK, France or US | $40 outside the UK, France or US |
| EUR (SEPA) | €0 for receiving accounts accepting SEPA | €0 for receiving accounts accepting SEPA |
| EUR (non-SEPA) | €15 in the UK, France, Germany or Italy | €30 outside the UK, France, Germany or Italy |
| GBP (BACS) | £0 for receiving accounts accepting SEPA | £0 for receiving accounts accepting SEPA |
| GBP (non-BACS) | £15 in the UK | £30 outside the UK |
| JPY | JPY 0 in Japan | JPY 3,000 outside Japan |
| CAD | CAD 25 in Canada | CAD 40 outside Canada |
| AUD | AUD 15 in Australia | AUD 30 outside Australia |
| NZD | NZD 15 in New Zealand | NZD 30 outside New Zealand |
| CHF | CHF 15 in Switzerland | CHF 30 outside Switzerland |
Conversion fees
In addition to any withdrawal fees, you should also be aware of potential conversion fees. These usually apply if your bank account or card is denominated in a different currency than the funds you are withdrawing from your broker.
At FXCM, the following account currencies are available: EUR, USD, GBP, CHF.
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73% of retail CFD accounts lose money
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