Scammed by a scammer on the Internet? Don't waste your time, leave a request for a refund, and our experts will help you get your money back

    Withdrawing Funds from Brokerage Accounts

    img/jpg

    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. 

    Best Brokers 2024

    All brokers

    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.

    Order a consultation on the service "Withdrawal of money from brokers' accounts"

      Latest Reviews

      All reviews