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Here is an all-in-one explanation for everything you need to know about FXCM withdrawal methods and fees, also how to solve FXCM withdrawal problems.
FXCM is one of the best online forex brokers in the world. Although it has lost much in the aftermath of the 2015 SNB Black Thursday incident, FXCM still reigns supreme as traders' favorite due to many reasons. Small initial deposit requirements, popular Trading Station, and many others.
Are you interested to join FXCM broker? One of the more important steps in online trading is getting to know every process needed to get your money back, a.k.a. how to withdraw your fund from your broker.
You have to make sure that your broker's withdrawal method could be accessed from your country. You also have to know how to handle any glitches that may happen in the future. So, here's an all-in-one explanation for everything you need to know about FXCM withdrawal methods, fees, and more.
How do I withdraw money from FXCM?
FXCM offers a range of funding and withdrawal methods for their clients, but it may differ for each domain. FXCM.com offers withdrawal through debit card and bank wire. While FXCM EU provides more options, including:
- Credit or Debit Card
- Bank Wires
- SEPA (only for EUR-denominated account and EU-resident bank account)
- BACS (only for GBP-denominated account and UK-resident bank account)
A variety of withdrawal options via Neteller and other online payment processors may also available through each client's MyFXCM. See your client area after you registered.
FXCM (Forex Capital Markets) is a brand name of a retail broker for trading on the financial market, especially the foreign exchange market. The broker was founded in 1999 and was originally headquartered in the United States. After a series of lawsuits from customers and case settlements by the US regulator (CFTC), FXCM moved from the US and became a UK-based broker, authorized and regulated by the Financial Conduct Authority (registration number 217689).
Trading with FXCM is supported by enhanced execution with the Liquidity providers' stream pricing through the FastMatch Electronic Communication Network.
FXCM works with several global banks, financial institutions, and other market makers as their Liquidity providers including Barclays Bank, Citadel Securities, Citibank, Deutsche Bank, FASTMATCH, XTX Markets Limited, UBS, Morgan Stanley, Commerzbank, and Jefferies Financial Services.
This, in turn, enables FXCM to present its clients with fast trade execution, competitive spreads, low negative slippage, no re-quotes, no stop/limit restrictions, and up to 89% of orders are executed at the requested price or better.
For the trading platform, FXCM is remarkably known for its proprietary product called Trading Station. The latest version of this platform's web display is claimed to be built in Mac Friendly HTML5. It features a range of trading appliances such as integrated news, economic calendar, FXCM's top trading tools, social trading functionalities through FXCM Cloud, customized trading analytics, automated strategies, and advanced charting for better analysis. For flexible traders who prefer trading on-the-go, FXCM has also provided Trading Station in mobile version, both for iOS and Android users.
However, the company's in-house platform is not the only option presented for clients. FXCM also gives the choice to use MetaTrader 4 for clients who are more familiar with MetaQuote's product. Also, ZuluTrade access is enabled for clients with keen interests in copy trading schemes that transcend across brokers.
Instead of classifying account types based on minimum deposits, FXCM chooses to offer trading accounts based on the instruments traded. For FX traders, this broker provides Active Trader and Institutional accounts.
Active Trader is the ultimate account type for retail traders with two-tier pricing. Tier 1 applies a minimum deposit of $25,000 with a $30 commission for 1 million volumes traded, while Tier 2 has no detail on deposit requirement but gives better fee conditions. Spreads in both tiers start from 0.2 pips.
Institutional account, also known as FXCM Pro, is marketed as a wholesale execution and liquidity solution for retail brokers, hedge funds, and emerging market banks. The account presents trading spreads from 0.1 pips and other competitive benefits like API solutions as well as prime brokerage services.
For non-FX traders, FXCM provides a CFD trading account with low spread costs from 0.37 pips (in XAU/USD) and a wide range of class assets from precious metals, soft commodities, and indices.
Last but not least, a collection of in-depth articles is provided to help traders' knowledge and insights on the forex market. Trading tools like FXCM Plus, Market Scanner, Trading Signals, and Technical Levels are also developed to support traders who open accounts in FXCM .
In conclusion, FXCM is an experienced retail broker with a lot of "ammunition" to help traders with its best version of execution, pricing, and tools. It is a well-regulated broker backed with a long history in the financial market, even though it has a dark history in the United States' brokerage industry.
Still, the relatively high standard on minimum deposit ($25,000) puts FXCM as a broker suitable for experienced traders with good money management. It is not recommended for new traders with limited capital.
It is important to note that not all FXCM withdrawal methods may be available for you. Accounts funded via credit or debit card will be required to receive withdrawals via the exact same credit or debit card.
To withdraw your money from FXCM, first log into MyFXCM. Click on "Withdraw Funds", then create your withdrawal request by filling in the online form. You have to your preferred withdrawal method, provide details of your bank account and other requirements depending on your preferred method, then submit it.
How long will it take for FXCM to process my withdrawal?
FXCM broker will process withdrawal requests within 3-4 business days. However, it could take several more days for the funds to arrive at your bank account. Your chosen payment method may determine how fast your money arrives.
Withdrawal through debit/credit card could be instantaneous. But it may also take up to one billing cycle to post back the principal amount (deposit amount) to the debit/credit card used for funding.
Domestic bank wires take about one to two business days, while international bank wires take about three to five business days. You can track the status of your online withdrawal through MyFXCM.
How much does FXCM charge for withdrawal fees?
FXCM withdrawal fees via debit/credit cards are zero dollars. However, other payment methods may charge you a certain amount of fees. The fees may also change from time to time.
According to the latest FXCM EU rate card, bank wire fees vary for each region. For example, domestic bank wire fees within France are USD25 while international bank wire fees (for receiving accounts outside France) are USD40.
How to solve FXCM withdrawal problems?
If you experience any unusual, contact FXCM support desk as soon as possible. Make use of live web chat, email, or international free phone numbers as shown on FXCM's official website. There are many possible reasons why your withdrawal ised, and you may be able to solve it just as soon as you know why it happens.
If you fail to communicate with FXCM and your problem extends for weeks, then you may consider contacting the regulator who supposed to oversee the company in your region. Read more about FXCM review and regulation here.
10 Comments
Theo
Apr 2 2021
I'm a newbie here, and I've never put money into many brokers, especially FXCM. I'm curious about credit card deposits. FXCM says there are no fees for credit card deposits, but I know some stores charge fees for credit card transactions.
So, the question is, do you get charged for using a credit card? I know that credit card transactions are usually billed the following month, but what about broker deposits? If I deposit $100 using my credit card, will I be charged $105 the next month?
Grendy
Apr 4 2021
Theo: Yes, credit card transactions with a broker's deposit may be subject to a fee. This is because credit card companies often charge a transaction processing fee, which is usually passed on to the merchant (in this case, the broker) accepting the payment. But some sellers, like in your example, may be free as the merchant will accept the fees charged. So there's also a chance you won't get the fare.
The specific rate charged for credit card transactions may vary depending on the credit card issuer and broker. Some brokers may choose to collect these fees themselves, while others may pass them on to their clients as processing fees or commission rates.
Gozhali
Apr 6 2021
Eh, I've been having trouble withdrawing funds on Fridays. I get that brokers' services might be down since the forex market is closed on weekends, and customer service can be real slow too. But why do brokers gotta shut down the withdrawal process altogether, eh? Some traders need their money fast, maybe they're in a real bind and need the cash. Not being able to withdraw on weekends can put traders at a real disadvantage!
I understand that brokers need to settle transactions and stuff, but couldn't they have a system in place where withdrawals are processed even if the market is closed? Or at least let traders know in advance when withdrawals won't be possible. It's just not fair to leave traders hanging, eh?
Torima
Apr 7 2021
Gozhali: Why the brokers dont provide withdrawn during weekend?, that's because banks and financial institutions that process withdrawals often have limited opening hours on weekends, which can causes in processing withdrawal requests. . Therefore, you will not be able to withdraw funds from any broker in the world. I mean, the withdrawn process definitely connected to the bank.
For example, banks won't offer bank wire transfers to another country on weekends although it is true that we can still make a transaction if we transfer from a local bank to a local bank
Kenz
May 3 2021
As the article mentioned, there was a significant event known as Black Thursday in 2015 that caused FXCM to suffer substantial financial losses. Despite being an established broker with a strong reputation and decades of experience, this event had a profound impact on the company. This suggests that the Black Thursday event was indeed a major occurrence. While I have read about this news in the link provided, I still lack clarity regarding the specifics of what transpired and how it affected FXCM's finances, as well as those of other brokers. Could someone kindly elaborate on this matter and provide further details?
mina55trader88
May 7 2021
Black Thursday happened in the foreign exchange (forex) market. Basically, the Swiss National Bank (SNB) made a surprise move by removing the currency peg that had kept the Swiss franc (CHF) fixed at a certain rate to the euro (EUR) for over three years. This caused the CHF to suddenly become a lot stronger than other currencies, like the US dollar and euro.
This sudden shift in currency caught a lot of people off guard, including brokers who provide leverage for traders. One of these brokers was FXCM, which lost a lot of money because it couldn't cover the negative balances resulting from its clients' trades. As I know, to stay afloat, FXCM had to get a $300 million loan from another company called Leucadia National Corporation.
This event had a huge impact on the forex market, causing several other brokers to suffer significant financial losses or even go bankrupt. It's a reminder that trading foreign currencies, especially with leverage, can be risky business.
Kenz
May 7 2021
Really? So, does that mean FXCM was almost bankrupt, but fortunately they received fresh cash from other investors? I also learned that even though the broker has negative balance protection, a major event like Black Thursday can still cause traders and brokers to go bankrupt. However, I assume that such events are rare, and experienced brokers like FXCM can learn from past events and be better prepared for the future. As traders, we also need to be cautious with leverage and prepared for unexpected events. Thanks for the information!
Peter
May 29 2021
I want to thank the author for explaining the FXCM withdrawal process in detail, including the fees and processing times for each method.
I found the step-by-step instructions you provided for each withdrawal method very helpful, as it helped me understand what to expect during the withdrawal process.
Now, I know that depositing with a debit/credit card through FXCM is free, and that's the best option for me to choose for both deposits and withdrawals with FXCM.
Oya, if you're looking for a reliable and affordable way to deposit and withdraw funds with FXCM, look no further than the debit/credit card method. You won't be disappointed!
Olaf
Jul 16 2021
Oi mate, I've got a question about FXCM's payment methods. Do they have a rule that you can only use the same method for both deposits and withdrawals? For instance, some brokers only let you deposit and withdraw using wire transfers if that's how you made your first deposit. So, the question is, does FXCM have a similar policy? And what about payment cards? If I deposit using a credit card from Bank A, do I have to withdraw using the same credit card? Can you break it down for me?
Lili
Jul 20 2021
Sure thing dude! So, to answer your question, FXCM offers various payment methods for depositing and withdrawing funds, such as credit/debit cards, wire transfers, and e-wallets like Skrill and Neteller. What's cool about FXCM is that unlike some other brokers, they don't require you to use the same method for both deposits and withdrawals.
When it comes to payment cards, FXCM does require that you withdraw funds to the same card you used for your initial deposit, as long as it's within the amount you deposited. If you deposited with multiple cards, FXCM will prioritize withdrawals to the card you used most recently. Just keep in mind that if you're withdrawing more than what you deposited, FXCM will process the excess amount via wire transfer.