All you need to know about withdrawal on FXTM
Reading time: 4 minutes
Being able to access your money is one of the top priorities when it comes to choosing a broker. Here, we will show you the withdrawal options, possible fees, how fast you can access your funds, and why FXTM is a reliable broker, where you can withdraw your money without safety concerns.
Withdrawal at FXTM is simple and straightforward, according to our analysis. However, there are some issues, such as currency and closing positions, you have to pay attention to.
To give you a brief summary: FXTM is an international CFD and forex broker, regulated by the UK FCA, CySEC of Cyprus and the Mauritian FSC. It is licensed by South Africa's FSCA.
THE ESSENCE:
- FXTM charges $3 for withdrawal
- The withdrawal process is usually executed within 1 day
- FXTM is a reliable broker, regulated by at least one top-tier regulator
- You can only withdraw funds to accounts in your name
First, let's see if FXTM is available in your country?
Disclaimer: 80% 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.
How to withdraw money from FXTM
Is FXTM safe?
To trust your money with a broker, you need to be sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers, meaning the broker's operations are overseen by a trusted body.
FXTM can be considered a legit broker as it is overseen by at least one top-tier regulator, which is a great sign for reliability.
For you, this means that your money is in good hands and you will be able to withdraw your funds.
How to withdraw money from FXTM
What withdrawal methods are available at FXTM?
At FXTM, you have multiple options to choose from when you would like to withdraw money. These options are the following: Bank transfer, Credit/debit cards, Skrill/Moneybookers, Neteller, Western Union Quick Pay, Dotpay, Bitcoin via Skrill, PayPal.
Remember, you can only withdraw funds to accounts that are in your name.
| Withdrawal options | FXTM |
|---|---|
| Bank transfer | Yes |
| Credit/Debit card | Yes |
| Electronic wallet | Yes |
How to withdraw money from FXTM
How long does it take to withdraw from FXTM?
Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.
Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.
At FXTM, the withdrawal process is usually executed within 1 day.
How to withdraw money from FXTM
What are the withdrawal fees at FXTM?
FXTM has a $3 withdrawal fee.
| Withdrawal option | Withdrawal fees |
|---|---|
| Credit/Debit card | $3 |
| Domestic bank withdrawal | $19.8 |
| International bank withdrawal | $19.8 |
| Electronic wallet | Free for Skrill and Neteller, other electronic wallets may have fee |
Conversion fees
Pay attention that if your FXTM account's base currency and bank account's currency differ, you might be charged a conversion fee depending on your personal bank.
At FXTM, the following base currencies are available: EUR, GBP, USD, NGN.
To avoid high conversion fees, consider opening a multi-currency account at a digital bank.
How to withdraw money from FXTM
What to keep in mind when withdrawing from FXTM?
Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.
Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.
How to withdraw money from FXTM
Wrap-up
You are awesome for having read through this article! Making sure you can access your funds might seem overwhelming at first, but the best time to start dealing with your finances is always right now.
You're doing great! Navigating through the world of brokerages is hard, and we want to help you along the way. If you are stuck somewhere, have a question, or a suggestion, please drop us an email.
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