4 Reasons Why Withdrawal Takes Too Long

Forex withdrawals normally take up to 2 days. But it may also be longer. There are 4 reasons why withdrawal takes too long.

How long does it take to withdraw funds from a forex account? Bonafide brokers usually process any withdrawals immediately. However, the money may need anywhere from 1 minute up to 48 business hours to arrive in your bank account.

Any longer than that, your forex withdrawals may be pending or stuck somewhere along the way. How does it happen? Well, there are several reasons why withdrawal takes too long. Here are some of them.

Reasons Why Withdrawal Takes Too Long

1. Withdrawal Requests Outside Working Hours

Despite the fact that some brokers may advertise it, forex withdrawals are not automatic. Staff from the accounting or finance department have to approve your requests, then forward them to any payment method you choose. Obviously, your requests can only be processed during working hours.

No worries, though, because forex brokers have longer business hours than most businesses. At least, they ought to provide sufficient support for traders during forex market hours (which means 24 hours a day, from 5 p.m. EST on Sunday until 4 p.m. EST on Friday, except for bank holidays).

2. Unsuitable Payment Method for Your Jurisdiction

The time needed for funds to be transferred includes processing by your broker, your bank, and any other payment gateway you use. As such, your funds may wander somewhere along the way after your broker sends them out.

Forex brokers usually provide multiple choices for payment, including but not limited to bank wire/bank transfer, debit/credit card, crypto wallet, as well as PayPal and other digital payment gateways. Some offshore brokers may also allow payments through third parties.

See Also: Most Popular Withdrawal Methods in Forex Trading

If you reside in the same country as your broker's bank, then bank transfer is the best payment option—safe and swift. However, sending money across countries and continents is more difficult, time-consuming, and expensive. Two days at the fastest, up to two weeks at the latest.

Your country may also impose limits on cross-border transfers or prohibit fund transfers via certain payment gateways. In this case, you may have to answer some questions from authorities before receiving your bountiful profits.

3. Missing Details

Lots of forex brokers implement this policy: deposited funds must be returned to the originating source, while excess funds may be withdrawn via bank transfer or wire.

It seems straightforward but is actually quite tricky. For example, someone deposited $1000 through credit cards, and, sometime later, wanted to withdraw $1250. He then had to withdraw $1000 through his card, and $250 through a bank wire or bank transfer.

The problem here is that he has to fulfill all information separately, both for credit card and bank account details. Otherwise, the broker may suspend withdrawals until he meets all the requirements and uploads all the necessary documents. In this case, he may have to contact customer support or an account manager to clear the pending withdrawal.

In order to prevent such problems, make sure you understand your broker's withdrawal procedure before depositing any amount of funds. Understand that each broker may apply different terms and conditions.

4. Forex Scam

Forex fraud has long been the bane of traders' existence. Commonly disguised as unlicensed forex brokers, they attract clients with abundant bonuses and then steal their funds. One of their remarkable characteristics is easy deposits but elaborate withdrawals.

They may allow small amounts of withdrawals, but then turn their back on you once you try to remove more than a certain amount of funds. Therefore, you should not deposit large amounts of funds with unlicensed entities. Also, rather than withdrawing large sums all at once, try withdrawing small amounts regularly. You can also try other withdrawal strategies to optimize your transactions.

3 Comments

Yohan

Nov 29 2022

A common mistake that traders may not be aware of is withdrawing money outside working hours and days. There is a lot of criticism about some traders didn't receive their money after few days after withdrawal from their trading account. For some reason, brokers have the same working hours and days of the week as banks. This means that it does not operate on Saturdays and Sundays also Public Holidays. So for the example When I withdraw on Thursday or Friday. It can be processed on Monday and will take another 3-5 days to credited in my bank account. If there are minor details, such as incorrect bank account information, it may take longer, sometimes 3-5 days depending on the traders, when they correct their mistaken information. These 3-5 days are business days, excluding Saturdays, Sundays and holidays. Therefore, it may take up to 14 days for the money to credited in your bank account which I mean withdraw process completed. In fact, this brief article shows that withdrawals are not immediately credited to the bank. Sometimes we traders don't know it. Thank you very much for reminding us to not so fast to judge broker that we used!

Yasmine

Dec 17 2022

Thank you for a very easy to understand explanation. I have experience, guys, when I was still a beginner trader who had doubts about withdrawing funds, especially when the terms listed by the broker normally take up to 2 days, but the withdrawal of funds could not be withdrawn, I thought this was a Forex Fraud. So it turned out that the cause was because there were still open trading positions, because as long as the orders were still open or you could also call them floating, my trading balance went down. And yes, it turns out that my funds are not enough to withdrawal.... Maybe this can be a lesson too guys for you traders, don't panic. Make sure beforehand whether all floating positions are closed.

Steven

I want to ask, guys, in point four, the author gives advice if you want to make a withdrawal, it is suggested to make a small amount of withdrawals, which is important regularly. but if I want to withdraw a large amount of funds, for example because there is an urgent need, is there a limit for withdrawing. And when I made sure there were no problems like the 3 points described, but the funds turned out to be a really long process... could that be a forex scam? Or are there other possible obstacles apart from the 4 points that have been explained? Please, friends, explain...