You may consider cryptocurrency and e-wallets that usually provide instant withdrawals. Yet, there are certain conditions that you need to consider.
One of the greatest things about forex trading is that you get to choose when you want to withdraw funds from your trading account. I mean, who would want to be stuck in a regular job that forces you to fixed and scheduled payouts? But what you should know is that not every withdrawal method is lightning-fast. Here is everything you need to know about fast withdrawals in forex trading and the fastest way to get your money in your hands.
How to Make a Fast Withdrawal in Forex?
There is no doubt that forex trading allows you to withdraw funds way faster than any other mode of income. However, there are certain ways or options you can choose that could perhaps speed up the process even further. Here are the different things to keep in mind if you want to make a fast withdrawal from your forex trading account:
There are many different withdrawal methods in forex trading. These include cryptocurrencies, e-wallets, and bank transfers. Depending on where you live, one method may be faster for you than another. Cryptocurrencies are generally the fastest way to get your money withdrawn from anywhere around the world, especially where this type of currency can be used legally.
Consider the Broker
Did you know that your broker also plays a role in the time it takes for you to make a withdrawal? You see, in order for the withdrawal to occur, it has to first be processed from the side of the broker. If your broker is stalling the withdrawal request, it is going to make it even slower for you to receive your funds. For better choices, it would be better to pick a broker that promotes instant withdrawals.
Certain trading accounts have restrictions that make it harder for them to accept fast withdrawals. For instance, if your floating position is moving against the price movement, withdrawing funds may cause your entire account to collapse. You may even have restrictions because your trading account might be new and hasn't unlocked all the withdrawal methods yet.
Top Fast Ways to Withdraw
Now that we've figured out how to make a fast withdrawal, let's dive into which withdrawal methods actually give you the most lightning speeds in this situation. You should know that the results may vary depending on restrictions in your country of residence. Here are the top fast ways to withdraw from forex:
There is no doubt that cryptocurrencies are one of the fastest ways to withdraw funds from your forex trading account. This digital currency has quickly taken over the globe for eliminating any third parties and intermediaries involved in international transactions, thus simplifying the process and shortening the duration. Although many countries are still skeptical of this currency, it is still a reliable and fast method. On average, forex withdrawals via cryptocurrencies only take hours and can be processed within the same day.
E-wallets refer to digital wallets like PayPal and Skrill. These digital payment methods are often used for everyday small transactions and are known to both receive and send money faster than traditional banking systems. E-wallets may not be as lightning as cryptocurrencies, but they still guarantee fast transactions that allow same-day withdrawals.
Account to Account
If you've got more than one trading account, you probably know that you can withdraw funds from one account and transfer it to another. However, this is only possible for trading accounts that are under the same broker. If you are planning on performing such a transaction, you should know that it occurs almost instantly as it comes at no expense of the broker itself.
Are Fast Withdrawals More Expensive?
Now, while you may have the option of fast withdrawals from your forex trading account, you may not want to use this option. You see, depending on different circumstances, it may cost you more to withdraw money faster than the regular time periods. For instance, some brokers may charge you an additional 1% on withdrawal fees if you choose to withdraw using a faster method. They know that traders who are desperate will actually not mind paying the additional amount, which is why they are able to get away with it very easily.
How to Check Withdrawal Times in Forex?
If you want to make a fast withdrawal from your forex account, you must first know which withdrawal method is the fastest. There are a couple of different ways to check withdrawal times in forex trading. One of the most popular ways of doing so is by simply going to the withdrawal page and checking to see the withdrawal time, which should be mentioned next to each withdrawal method.
This is an example from HF Markets' withdrawal page:
However, just for your peace of mind, you could also go ahead and message the broker's customer support team and let them tell you how long it will take to withdraw funds from your account in the region you are currently located.
Why is My Withdrawal Taking So Long?
Now let's say you chose a withdrawal method that said that it would be almost instantaneous. You were supposed to receive your funds within the day or even within the hour. However, that didn't happen. A day or two goes by, and you still haven't received your funds. What do you do? Why is your withdrawal taking so long?
There can be a number of reasons that caused this to take place. For instance, you may have entered the wrong address to send the funds. There could also be an issue on the side of the receiver, like the bank. The bank may think the funds are coming from a suspicious source which is why they are taking a while longer to confirm the transaction.
So, what is the fastest way to withdraw from forex? It has definitely got to be cryptocurrencies. If you choose to withdraw your balance into a crypto account, you are bound to get it almost instantaneously as there's no interference from other parties and additional steps to confirm the data.
When processing forex withdrawals, duration is not the only concern. Some traders prefer transactions with low or even zero fees to alleviate them from expensive transactions. If that lines up with your priorities, check out these Brokers with Zero Fees on Deposit and Withdrawal.