FXTM, an industry-leading broker, delivers well on withdrawals, by offering dozens of payment processors, supporting numerous currencies, and providing several localized options for its core growth markets. The FXTM minimum withdrawal amount depends on the payment processor but is as low as $1, or the currency equivalent.
Read on to find out the details of the FXTM withdrawal methods in addition to the FXTM updated broker review, and processes below and learn why this broker ranks among the most competitive industry wide.
FXTM Withdrawal at a Glance
Withdrawing funds from your broker sounds simple, and it should follow the same hassle-free approach as making a deposit, but essential differences exist between brokers. The most notable is the choice of payment processors. Every broker supports bank wires. They are the most expensive and slowest options available to all clients. Credit/debit card deposits are usually available, but some brokers restrict withdrawals by this method. Other options include e-wallets and cryptocurrencies.
One essential area traders should focus on is the speed at which the broker processes withdrawals internally, where FXTM maintains a speedy 24-hour processing period. Other positive aspects of the FXTM withdrawal procedure are no internal fees, except for bank wires and credit/debit cards, and a low FXTM minimum withdrawal amount of $1 or the currency equivalent. This ensures traders have flexibility and swift access to their deposits and profits.
Regardless of the deposit method, traders in the retail Forex / CFD industry can usually only withdraw the deposit amount to their payment processor, with the excess capital processed via bank wire. For example, if you deposit $2,000 via credit card and make a $5,000 profit, you can only withdraw $2,000 to your credit card, and the broker will wire any excess. FXTM remains more flexible and allows excess withdrawals to any available payment processor, making it one of the most user-friendly withdrawal brokers.
FXTM Withdrawal Option
Internal withdrawal fees
€30 bank wires, €2 credit/debit cards, all other payment processors are free of internal fees
FXTM Withdrawal Options
The available withdrawal options depend on the geographic location of traders and are visible in the back office. All FXTM clients have access to bank wires, but they take the longest and cost the most. FXTM also allows credit/debit card withdrawals, which are not available at all brokers, who often let traders deposit using credit/debit cards but not withdraw.
Most traders prefer the speed and low costs of e-wallets, and FXTM maintains a broad choice, including localized methods for their core growth markets.
Here is an overview of the FXTM withdrawal options:
- Bank wires
- Credit/debit cards (Visa, Mastercard, and Maestro)
- Perfect Money
- Local Indian payment methods (UPI and Netbanking)
- Local Nigerian instant bank transfers
- Equity bank transfer (Kenya)
- Ghanaian local bank transfer
- African local solutions (Nigerian Naira accounts)
- M-Pesa (Kenya)
- FasaPay (Indonesia)
- TC Pay Wallet (connects to Neteller, Perfect Money, QIWI, WebMoney, Yandex, PaySafe Card, and Western Union)
FXTM usually processes withdrawal requests within 24 hours, and payment processing times for most withdrawal options are instant. The FXTM minimum withdrawal can be as low as $1 or the currency equivalent, but this depends on the payment processor.
FXTM Withdrawal Fees
Deposits are generally free of charge, but many withdrawal methods face costs. Bank wires cost the most, followed by credit/debit cards, and FXTM levies an internal fee on those withdrawal methods. Currency conversion fees apply, which FXTM updates daily to reflect Forex changes, and they are published inside the secure back office.
Six withdrawal options are free of internal charges, but traders should also consider third-party costs, which depend on the payment processors and are beyond the control of FXTM. Traders should also check the processing costs from their e-wallet to their bank account, unless they plan to use the funds from their e-wallet, and consider currency conversion fees, if applicable, to compute the lowest available cost for withdrawals.
Below are details about the withdrawal fees for each FXTM withdrawal method:
- Bank wires - €30
- Credit/debit cards - €2
- GlobePay - Commission-free
- Skrill - Commission-free
- PayRedeem - Commission-free
- Perfect Money - 0.50%
- Neteller - Commission-free
- Local Indian payment methods - Commission-free
- Local Nigerian instant bank transfers - Commission-free
- Equity bank transfer - Undisclosed
- Ghanaian local bank transfer - Undisclosed
- African local solutions - $1
- M-Pesa - Undisclosed
- FasaPay - 0.50%
- TC Pay Wallet - Undisclosed
The average withdrawal time for the FXTM withdrawal methods:
- Bank transfer - 24 hours
- Credit/debit cards - 24 hours
- GlobePay - 24 hours
- Skrill - 24 hours
- PayRedeem - 24 hours
- Perfect Money - 24 hours
- Neteller - 24 hours
- Local Indian payment methods - 24 hours
- Local Nigerian instant bank transfers - Instant
- Equity bank transfer - One to two business days
- Ghanaian local bank transfer - 24 hours
- African local solutions - 48 hours
- M-Pesa - Instant
- FasaPay - 24 hours
- TC Pay Wallet - 24 hours
FXTM supports the following withdrawal currencies:
- Bank wires - EUR
- Credit/debit cards - USD, EUR, GBP
- GlobePay - USD, EUR, GBP, PLN, CZK
- Skrill - USD, EUR, GBP, PLN, CZK
- PayRedeem - USD, EUR
- Perfect Money - USD, EUR
- Neteller - USD, EUR, GBP, NGN, INR
- Local Indian payment methods - INR
- Local Nigerian instant bank transfers - NGN
- Equity bank transfer - KES, USD, EUR
- Ghanaian local bank transfer - GHS
- African local solutions - KES, RWF, TZS, UGX
- M-Pesa - KES
- FasaPay - USD, IDR
- TC Pay Wallet - USD, EUR, AED
Steps for Sending the FXTM Minimum Withdrawal
Withdrawing funds from FXTM is fast but only available to fully verified accounts, and the secure back office handles all financial transactions. FXTM does not support third-party withdrawals in compliance with regulatory AML stipulations. Therefore, each withdrawal method must match the name of the FXTM account.
You can withdraw money from FXTM by following these steps:
1. Log into your secure back office.
2. Navigate to Withdrawals.
3. Select the withdrawal method (if you have more than one account, choose the one you wish to withdraw from).
4. Enter the withdrawal amount (make sure you have the sufficient free margin to cover your withdrawal).
5. Confirm and submit your FXTM withdrawal request.
6. You will receive an e-mail once you enter your request and another once FXM has processed the withdrawal. Your payment processor will inform you once the funds arrive.
FXTM supports many withdrawal methods, and six remain free of internal fees. Traders should check third-party payment processing costs and consider potential currency conversion fees. FXTM processes most withdrawals within 24 hours, but it can take additional time for traders to receive funds, dependent on the payment processor. The FXTM minimum withdrawal amount can be as low as $1 or the currency equivalent.
What are FXTM's withdrawal methods?
How long does FXTM withdrawal take?
How much does FXTM charge for withdrawal?
How do I withdraw money from FXTM?
How much is the minimum withdrawal at FXTM?