How to withdraw money from your broker

Making money is only half the job: you also need to get it out. With a regulated broker a withdrawal is routine and usually takes a few days. Knowing the rules in advance avoids most delays.

Before you request a withdrawal

1. Verification is complete. ID and proof of address must be approved. This is the number-one reason withdrawals get stuck.
2. Check your free margin. You can only withdraw money that isn't holding up open trades. Withdrawing too much while positions are open can push you towards a margin call. Simplest: close positions or withdraw only from free margin.
3. Check bonus conditions. If you accepted a bonus, a withdrawal may cancel it, or may not be allowed until a trading volume is reached.

Step by step

1. Log in to your broker's client area.
2. Go to Withdraw / Withdrawal.
3. Choose the trading account and the method. In most cases it must be the same method you deposited with.
4. Enter the amount and confirm (often with an email or SMS code).
5. Wait for processing. The broker approves it first (often within 1 working day), then the payment provider sends it.

How the "same method" rule works

Because of anti-money-laundering rules, brokers return money the way it came in:

• Card deposits: the amount you deposited by card goes back to that card (as a refund). Profits above that are usually sent by bank transfer to an account in your name.
• Several methods used: withdrawals are split back across them in proportion.
• Bank account must be yours. A transfer to someone else's account will be rejected.

Example: you deposited €500 by card and now have €800. Typically €500 goes back to the card and €300 by bank transfer.

How long does it take?

Withdrawals requested on Friday evening or before a holiday will take longer.

Fees and currency

Many brokers process withdrawals for free but some charge per transfer, and banks may charge for incoming SWIFT payments. If your trading account is in USD and your bank in EUR, you'll pay a conversion spread. Read the broker's fee page.

Taxes

Trading profits are taxable income in most countries, including Greece. Keep your broker statements and ask an accountant how to declare them.

Warning signs of a scam

A real broker never asks you to pay a fee, "tax" or "unlock deposit" by sending new money before you can withdraw. If you see any of these, stop and don't send anything:

• "Pay 20% tax first to release your profits."
• "Your account is frozen; deposit more to verify it."
• Withdrawals constantly "pending" with new excuses.
• An "account manager" who pushes you to trade bigger instead of withdrawing.

If it's happening to you, contact your bank and report it to the Hellenic Capital Market Commission or your national regulator.

Good habit: withdraw regularly

Make a small test withdrawal early, so you know the process works before you have a lot in the account. Then withdraw a share of profits regularly: money in your bank account can't be lost in a bad trade.

Haven't deposited yet? Start here: how to deposit into your trading account.