How to withdraw money from FXTM

Whether you are using an online broker for short-term trading or for longer-term investments, there will come a point when you may want to enjoy the fruits of your trading activity if you've been making profitable transactions, or you just need access to your funds for any reason. To do that, first you have to withdraw money from your broker account.

That doesn't sound very complicated, but brokers differ considerably in what withdrawal options they offer (such as bank transfer or credit/debit cards), as well as in the speed and convenience of withdrawal. And while withdrawal at many brokers is free in most cases, some brokers and some types of withdrawals may involve a fee.

So how does FXTM fare in this regard? Before we dive into the details, let us show you at a glance how you can withdraw money from FXTM and how FXTM's withdrawal fees and options compare to some of its close competitors.

Withdrawal via bank transfer is by far the most common option. It is available at basically all brokers, and FXTM is no exception.

In addition to bank transfer, FXTM 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 FXTM.

You can also withdraw money to electronic wallets. This is a nice feature that isn't available at all brokers. At FXTM, you can withdraw money to the following electronic wallets: Skrill/Moneybookers, Neteller, Western Union Quick Pay, Dotpay, Bitcoin via Skrill, PayPal.

Speed also matters. Unlike some deposit options, withdrawal is rarely instant. It usually takes at least 1 business day, but often several business days for your money to arrive.

We tested withdrawal at FXTM and it took us 1 business day. It doesn't really get any better than this!

To withdraw money from FXTM, you need to go through the following steps:

• Log in to your account
• Select 'Withdrawal' or 'Withdraw funds' from the appropriate menu
• Select the withdrawal method and/or the account to withdraw to (if more than one option is available)
• Enter the amount to be withdrawn, and, if prompted, a short reason or description
• Submit your request

Whatever method you use, you may only withdraw money to accounts or cards that are in your name.

While depositing money to a brokerage account is free in most cases, this is not necessarily always true for withdrawals. International bank transfers and wire transfers in particular can sometimes incur high fees, so always check carefully if this is something that would apply to your transactions.

Unfortunately, FXTM has no free withdrawal options. See the table below for details, and also how FXTM's fees compare with some of its immediate competitors.

FXTM has multiple withdrawal options, though unfortunately none of them are free. This is a disadvantage, especially if you want to withdraw smaller amounts frequently.

To see how FXTM's withdrawal fees and options stack up against the rest of the brokerage market, check out our broker comparison tool.