1. Ensure All Trading Positions Are Close
The majority of forex brokers prohibit withdrawing funds from an account as long as there is still a floating trading position, regardless of whether it is floating positive or floating negative. This is because in the time between when you submit a withdrawal application and when it is approved, the amount of funds in the trading account is not necessarily the same, thus disturbing the broker's books.
Also read: Forex Trading Tips Using Android
Therefore, you should first close all your trading positions before withdrawing funds from your account (withdraw profit).
2. Make sure the account is verified
When you just opened an account and started forex trading, the broker may say that the verification by uploading a scan of your identity card can be postponed to another day. However, basically all forex brokers require account verification if a trader wants to withdraw funds from the account balance.
Also read: 5 Best Forex Brokers In Indonesia For Beginner Traders
Therefore, make sure your account has been verified, before withdrawing profit. If you feel that you have uploaded the necessary documents but the trading account has not been verified, there may be technical problems, so it is better if you contact Customer Service to speed up processing.
3. Withdraw Profit Using the Same Option as the Deposit
Did you deposit (deposit funds) via bank transfer? We recommend that you withdraw profit via transfer to the same bank account. Or is it actually a deposit using an online payment, for example ****pay? If so, withdraw profit using ****pay too.
Also read: Get to know Deposit and Withdrawal in Forex
The majority of brokers prioritize processing of withdrawals for traders who use the same payment method options as deposits. Conversely, if you use a different option, you may be asked to provide additional requirements for account verification. This is not intended to complicate the withdrawal of funds, but rather to ensure that the person withdrawing money from the account is really the right person. Surely you don't want just anyone to take your hard-earned profit, right !?
4. Do not deposit too much profit in the trading account
The process of withdrawing profits at a number of brokers can cost a lot of money, because of a discount on shipping fees from the bank or the online payment that you use. Therefore, you may think that you will only withdraw it when you have accumulated a profit of tens or hundreds of thousands of dollars. In fact, this is not wise.
Like banks, brokers need to maintain their liquidity. When traders withdraw large amounts of funds at once, it can interfere with their liquidity, so even the most honest brokers will find a way to avoid getting too much of their funds out at one time. For traders, this means that withdrawal of profit can be hampered, even though the money will still be in hand.
Also read: Tips to Make Forex Trading Always Profitable for Beginners
We recommend that you arrange to withdraw funds in certain denominations consistently. For example every 250 Dollars, 500 Dollars, 1000 Dollars, and the like.
5. Listen to the Broker Terms Carefully
When you register or open an account at a broker, there will definitely be words like "terms and conditions" or "Terms and Conditions". However, most traders ignore it; just click agree because you want to trade quickly. In fact, these rules include what you should not do and what must be fulfilled in order to withdraw profits smoothly.
So, if you haven't read these important documents when registering, but need to know the conditions for withdrawing funds from the broker, what should you do? Don't be shy, communicate with your Account Manager or Customer Service. Ask frankly, how is the process of withdrawing funds, how much will it cost, how long it will take for the funds to arrive in your account, and what are the conditions. Know this information before you send a withdrawal application.