Withdraw methods

Online trading can be very profitable, fun and exciting. Once you start, it may be hard to stop. Although, there comes a time when a trader must withdraw some or all of their funds. While some traders may choose to make small withdrawals frequently as they trade, there are some who want to withdrawal everything at once. Depending on how much and how frequently a trader withdrawals funds will depend heavily on the type of withdrawal method being used and the fees involved. Most brokers offer traders a variety of methods to suit various withdrawal needs. Let’s check out some of the most popular methods among brokers below.

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Popular Withdrawal Methods
While there are various withdrawal methods used among traders from all over the world, there tends to be a few top withdrawal methods used among most traders. One of these common methods are e-wallets. In recent years e-wallets have become more popular than credit and debit cards due to their feasibility with trading platforms and security. E-wallet withdrawals are very fast, secure, and of low cost, usually traders are only required to withdraw a minimum amount, such as $10. Some of the most popular e-wallets include; PayPal, Skrill, Neteller, WebMoney, and Qiwi.

Another popular method among modern online traders are credit or debit cards (Visa, Mastercard, Maestro). These options are quite popular due to their convenience among traders, withdrawal times, low fees involved, and world-wide use. Many traders prefer these methods compared to bank wire transfers because of the fees involved. Bank wires can take days and cost up to $50 per withdrawal request, while credit and debit cards are take 3-5 days and only charge a small percentage fee of 1-3%.

Finally, the last most popular withdrawal method among traders is bank wire transfer. While this method isn’t the most popular, it is still widely used among online traders- particularly traders who are set in their ways, or those who are transferring large amounts of funds. This method of withdrawal requires the most documentation and preparation. It can take quite long to complete (usually several days), and can cost up to $50 per withdrawal request. The fees are especially high for international bank wire transfers, which is why this method is the least popular.

Things To Keep In Mind

Before making any withdrawals from your account, you need to be sure your account and ID have been verified by the broker. For this, usually you will be required to upload a copy of your government issued ID, proof of address, and have your preferred withdrawal method setup.

As well, make sure to read and agree to the withdrawal terms and conditions. If the amount you are withdrawing is below the minimum withdrawal amount, you could incur an unnecessary fee. Another thing, depending on the broker, you might receive a bonus for your initial deposit. If that’s the case, you must be sure to read the bonus terms and conditions as well, as it will likely restrict when and how much you can withdrawal.

Fees & Time
Two of the most important factors when choosing a withdrawal method is the time it takes to reach your account, and how much each withdrawal is going to cost. Below we will go over the general fees and time it takes for withdrawals.

• Credit/Debit
o Time- 3-5 business days
o Fees- usually a small percentage charged by the debit or credit card
• E-Wallets
o Time- Instant once verified or up to 2 days
o Fees- Very low if any at all
• Bank-Wire
o Time- 2-7 days
o Fees- $20-$50