Withdrawing Funds from Brokerage Accounts
Traders choose brokers and open specialized accounts for various asset types, like futures, stocks, or currencies.
To withdraw from a Forex broker, follow specific steps based on the destination for funds and assets.
Withdraw Money from a Brokerage Account to a Bank
Submit a withdrawal request by phone or trading terminal. Specify the destination: broker-associated bank or another entity. Note:
- Not all brokers support unaffiliated transfers.
- Transactions may incur fees.
How to Transfer Money from a Brokerage Account to a Card? Direct withdrawal through a broker is impossible. Use a card linked to a bank account for processing.
Rating Forex Tip: Ensure withdrawals go to your account, not third parties.
To refund, timing depends on request submission. Business hours yield 15-60 minute transfers. Non-business hours require waiting until the broker’s office opens. Weekend withdrawals aren’t practical.
Closing a brokerage account may not return the full amount. If profit earned, a 13-15% income tax (NDFL) is deducted; brokers handle it. They can refund excess.
Withdraw Money from a Brokerage Account with Depository Assets
Closing an account with assets means waiting. Brokers sell assets before transferring funds.
Note: Exchanges operate on T+2; transactions are instant, but settlements take two days. Sell assets before withdrawing.
Rating Forex warns of canceled withdrawals due to capital shortfalls, often from unsold assets. Wait and retry later.
Transfer Funds between Brokerage Accounts
Transferring within one broker:
- Takes minutes.
- Via terminal or phone, often free.
Switching brokers depends on the transfer type:
- Funds only.
- Funds with assets.
For cash transfers, both brokers need service agreements. Submit two orders:
- Withdrawal from the current broker.
- Deposit with the new broker; taxes apply if profit earned.
Transferring assets complicates:
- Prepare purchase reports.
- Collect contracts.
- Issue orders for funds and securities.
For Individual Investment Accounts (IIA), obtain a certificate to close the old and open a new one, provided to the Federal Tax Service (FNS) and the new broker.
Missing Shares from Your Brokerage Account: Solution
Honest brokers likely face software glitches. Contact support or a manager.
Missing shares might be due to stop orders selling them. Check for incoming funds. If shares disappeared and money appeared, a stop order executed, unrecoverable.
Withdraw Money from a Scam Broker
If funded via card and fraudulent broker has documents, initiate a chargeback. For no documentation, report to police, bank, and regulators. File a civil lawsuit for damages and harm.
Recovery depends on finding the fraudster and available funds; otherwise, they evade punishment.
Evgeniy Shestakov
I started trading with them with a minimum amount. They assigned me a manager who helped me with trading. My stock has already doubled in one day. The mentor began to say that I could earn even more, but I needed to increase the amount on deposit. I wanted to try to get the part out first, and told my mentor about it. After that I was unable to log into my account.
Read moreArthur
I tried to trade here. Nothing worked out; for some reason, promising deals went into the red as soon as we tried to close them. The terminal could ignore orders for several minutes until the price of the asset changed for the worse.
Read moreArthur
I really didn’t like that they called me several times a day after I registered my account. I didn’t even have time to top up the deposit when calls started coming in asking me to deposit as much money as possible and invest it all in an incredibly profitable deal. Such recommendations contradict any rules of money management. And that's why I refused to work with them. And then for another two weeks I blocked the left numbers from which they called.
Read moreMax
I met on VK girl from somewhere in the EU and corresponded with her for a couple of weeks and evenby videocommunicated. And then she started asking about my work and said that she herself is engaged in trading and lives well on the income from it and offered to introduce me to a person who has a good broker. Like a fool, I agreed and gave my contacts, and within a day they called me and started telling me tales about huge incomes and pointing out some graphs and reports. A day later I transferred money to the account to scrape $300 according to mystockpiles and tried it at the merchant. My trading almost immediately went negative. I realized that it was not mine and wanted to withdraw the money, but I was thrown out of my personal account and was not allowed back.
Read moreEgor
Rakuten Trade clearly does not look like a normal broker. Too many jambs. It is very difficult to open an account with him; it is impossible to trade normally. Any transaction becomes unprofitable due to direct and hidden commissions.
Read moreMatvey
I fell for the promises of the bitprojectinvests manager like a horse. And now I can’t even withdraw my money.
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