In this video, we’ll walk through how you can deposit and withdraw from your Forex broker. Before we go on, please pause the video and read the short disclaimer. Depositing to your account. You can add funds at any time without letting us know, it won’t have any detrimental effect on the account. Add any amount that you want without letting us know as well, from the minimum amount the broker will allow to deposit. Simply login to the broker and fund your account with one of the funding sources that we’ll discuss in this video.
When withdrawing, if there are open trades and you make a large withdrawal, it can increase the risk on the account. So, it’s always best to let us know if you’re planning on withdrawing more than 10% of the balance and where you can, if you can give us 30 days notice in advance. It may increase the chance that we could close out the positions in a more favourable outcome for you. Our most successful clients take part of their monthly profits instead of saving it all up and taking a big sum out. For more information, watch our risk reduction video.
As you can see, there are a number of different ways that you can fund your account. This is an example of a broker that we work with. Your funding sources may vary slightly from broker to broker. Notice that they’re usually instantaneous deposits from most payment methods, and they all have low to zero transaction fees. This may vary from broker to broker. Also note that the method that you deposit with is going to be the same method as to when you withdraw where the funds go back to. So if you deposit with a MasterCard in Australian dollars, when you withdraw, it will be in Australian dollars back to the same MasterCard.
This is to comply with anti money laundering and counter-terrorism laws. You also have the option to open multiple accounts with the same broker using a different deposit currency. So you may want to set up a trading account with each one of these as your deposit currency. We can then trade using those currencies as margin. And when you withdraw, you withdraw in the same currency that you deposited. Keep in mind, each account must still meet our minimum requirements.