How To Withdraw Money From Metatrader 4 App

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MetaTrader 4: Withdrawing Money
from MT4 Account

MetaTrader 4:
Withdrawing
Money from MT4
Account

If you are like many traders, your biggest trading goal is probably to become consistently profitable, making enough winning trades to offset the losses. While generating profits is a top goal, you are most likely also interested in knowing how to withdraw those profits once you have made them.

MetaTrader 4 (MT4) is perhaps the most popular trading platform in the world and you can download MT4 on desktop and mobile. As such, it's essential to know how to withdraw money from the platform as you will probably use it at some point in your trading journey. When using a demo account you don't trade with real money so it is important you are aware about withdrawals from the MT4 trading platform before you start trading on a live account.

The MT4 platform doesn't have an in-built deposit or withdraw function and your forex or CFD broker has to facilitate the withdrawal of your money from your MT4 account. This article explains how to withdraw your money, the different factors involved in the process, and what you need to keep in mind when you start trading before sending that withdrawal request.

How to Withdraw Money
from Your Account

How to Withdraw
Money from Your
Account

Withdrawing money from your MT4 account happens through the real trading account you have with your broker. The withdrawal process involves several stages including inputting your account information and choosing the type of withdrawal method. In many cases, the 'Withdraw" function is found under your account funding option and once you have completed your withdrawal request, your broker should begin processing your money. Some brokers also provide a function to help you monitor the status and progress of your withdrawal request. For example, you may receive information to show when a request is pending, when it's being processed, when the withdrawal is complete, or when the broker cancels or rejects a request.

When your broker approves your withdrawal request, the amount you are withdrawing is deducted from your account and transferred to the withdrawal method you have requested.

What are the Available Withdrawal
Methods in MT4?

What are the
Available Withdrawal
Methods in MT4?

The withdrawal methods available to you will depend on your broker. Some brokers offer a limited range of methods while others have several options available. The common withdrawal methods include wire transfers, credit and debit cards, and online payment solutions such as Skrill, PayPal, Neteller, and WebMoney.

The emergence and growth of cryptocurrency has also led to brokers offering the digital asset as a withdrawal method. Common cryptocurrencies offered by brokers as withdrawal methods include bitcoin, ethereum, and litecoin.

When choosing a withdrawal method, it's important to know which currencies are supported for each method and if they match with your needs. For example, wire transfers, credit/debit cards, and Skrill tend to support more payout currencies compared to other payment options. The available payout currencies may also depend on your country of residence and you need to know this beforehand.

What are the Minimum
Withdrawal Amounts?

What are the
Minimum Withdrawal
Amounts?

In order to avoid delays in the withdrawal process you must ensure that your requested amount is in line with the minimum withdrawal requirement for your chosen payout method. Each method has its own requirements with bank transfers usually attracting a higher minimum withdrawal amount compared to other methods.

For instance, you may find that the minimum withdrawal is $100 for a wire transfer but only $5 for credit cards. This means if you want to withdraw your money via bank transfer, you will need to have more funds available in your account. In most cases, the minimum withdrawal amount will exclude any transaction fees which you also need to account for.

What are the Withdrawal Fees
for My Account?

What are the
Withdrawal Fees for
My Account?

Depending on your broker, your withdrawals may attract transaction processing and handling fees. Just like with the minimum withdrawal requirement, wire transfers tend to incur higher fees compared to other payment methods.

While some brokers don't charge any additional fees for withdrawals, you should, however, be aware that you may incur fees on payouts to some banking institutions. For example, when the bank receiving your money uses an intermediary bank to receive funds, you may incur additional fees charged by the intermediary bank. Your broker will, in most cases, not have any control over these additional fees and you will have to deal directly with your bank if you have any issues with the fees.

Additionally, when you withdraw your money using alternative payment methods that you don't normally use, additional charges and restrictions may apply. All fees charged for withdrawing funds are normally deducted from the withdrawn funds.

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How Long Does it Take to Withdraw
Money from Your Account?

How Long Does it
Take to Withdraw
Money from Your
Account?

The time it takes for your broker to process your withdrawal request and for you to receive your funds is usually one to five business days. Although the broker will typically settle your funds within five business days, it may take longer depending on things such as the banking processes in your country, additional security procedures, or a request that coincides with public holidays. For instance, if your bank has additional control measures, it may take up to seven days to settle wire transfers.

Any inaccuracies or errors in your withdrawal request may also delay the processing of your money, therefore, it's important to review your information carefully before submitting the request. Also, while most brokers have systems to ensure the timely release of your funds, they are not responsible, for example, for credit card companies or banks' internal procedures. Any delay queries after the broker has finished processing your withdrawal will have to be directed to the respective banking institution independently.

What to Know When Withdrawing Money
from Your MT4 Account

What to Know When
Withdrawing Money
from Your MT4

1. Margin requirements

1. Margin requirements

If you use margin when trading CFDs, it's important to monitor your account regularly and ensure that it has sufficient margin before you submit a withdrawal request. A withdrawal request may have an impact on any existing open trades and you may have to decrease the amount of your request if it affects the minimum margin requirement.

2. Verification

2. Verification

Unless your broker is not regulated (which is a big red flag in CFD & forex trading), you will have to provide personal information to verify your account. Without verification, you will be unable to withdraw your money. The verification process is essential for brokers to comply with regulation and for them to meet anti-terrorist financing and anti-money-laundering requirements.

Some of the information you need to provide for verification includes:

Your full name
Date of birth
Address (brokers often require a home or business address, not a P.O Box)
Tax Identification number

In addition to providing the information, you will also have to provide documentation to support the information. This allows the broker to verify your identity and detect cases of identity theft or any connection to terrorist threats. If you do not provide the required information, your broker reserves the right to deny your withdrawal request at their discretion.

3. Bank transfers

3. Bank transfers

Some of the ways used to search for people who may potentially launder money using bank accounts, include reluctance to provide information that makes it easy to trace identity, or providing minimal or fictitious information. To comply with generally accepted anti-money-laundering rules and regulations, your broker can only allow you to withdraw money to a bank account in the same name as your MT4 trading account.

4. Withdrawal currency

4. Withdrawal currency

Always ensure that you know the currency in which you will receive your money. For example, unless otherwise agreed, some brokers stipulate that withdrawals can only be made in the same currency in which a trader made the respective deposit and not a foreign currency.

5. Know all the terms and conditions

5. Know all the terms and
conditions

Each broker will have their unique requirements and so it's important to read and fully understand your broker's terms and conditions. For example:

Some brokers reserve the right to send funds to the same payment method used by the trader when they made their first or any other previous deposits regardless of the withdrawal method chosen or preferred by the trader.
For some brokers, withdrawal by credit card is only possible for amounts totalling all the deposits made by the card. This is because the broker will process the withdrawal as a refund and so it can only be up to the amount deposited. The broker will send any profits exceeding this total credit card amount via other payment methods.
Your broker may only return all funds to their source. If for instance, you deposited funds using a bank transfer, you may need to withdraw funds back to the same bank account and not another one, even if it's in your name.

Some brokers subject withdrawals to hierarchy rules. This means if you have deposited money using multiple payment methods, you must withdraw the total sum deposited by each method in a set order specified by the broker, i.e. you can only use an alternative method if you have already used one that is higher up in the hierarchy.

For example, a broker may stipulate that you first withdraw money by debit or credit card, then online payment methods such as Skrill or PayPal, and finally by wire transfer.

Without knowing your broker's terms and conditions, you may end up having to use a withdrawal method that inconveniences you. For instance, credit and debit cards normally attract minimal fees, however, you may have to pay higher fees if your withdrawal amount exceeds the total allowed for your credit card and your broker ends up paying out the rest of your funds via wire transfer. It's important to know how your broker works so that there are no surprises when it comes to withdrawing your money.

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6. Security

6. Security

The safety of your personal information and funds is an important aspect of withdrawing money and you must always be fully aware of how much security your broker provides. Your broker should ensure that the security of your money and valuable data are never compromised. This security includes both cybersecurity and the security of the broker's day-to-day operations, and it is one of the reasons why choosing a reliable broker with robust security systems is a must. Some top things to look out for when it comes to your broker include:

Regulation and compliance. Your broker should ensure that all the required information is detailed and transparent.

Segregated accounts. When a broker offers segregated accounts it means clients' money is kept in a different account to the account used to run the broker's day-to-day business. This means your money will be safe in case something happens to the company.
Firewalls and data encryption capabilities
SSL security on the broker's site

Choosing a broker with poor security systems could cost you serious money or even ruin your chances of succeeding in the financial markets.

7. Cut-off times

7. Cut-off times

You must always be aware of your broker's cut-off times for accepting withdrawal requests. If you submit your withdrawal request before the cut-off time, it will likely be processed on the day of receipt. If you submit the request after the stipulated time, it will likely be processed on the following business day.

For example, if you submit your request on a Friday after the cut-off time, your broker will probably only process your request after the weekend. Knowing the cut-off time will help you avoid any delays between the time your broker processes your request and when you receive your money.

8. Erroneous or incorrect withdrawal requests

8. Erroneous or incorrect
withdrawal requests

You should check your withdrawal request for any inaccuracies before submitting it. In most cases, your broker will not be obligated to reclaim the withdrawal when you have made an incorrect or inaccurate request. Furthermore, the broker will likely not reimburse any fees or expenses incurred to process an incorrect request and you may end up having to compensate your broker for any damages or costs incurred as a result of your inaccurate or erroneous request.

Withdrawing Money from an
MT4 Account Successfully

Withdrawing Money
from an MT4 Account
Successfully

The process of withdrawing money from your MT4 account is different for each broker but as long as you have a verified account and you understand your broker's conditions and requirements, accessing your money should be relatively straightforward. Once you have undergone the process several times and your broker is reliable, the process should become easier, allowing you to focus your time and energy on refining your trading skill and on actual trading.

Your broker may only return all funds to their source. If for instance, you deposit funds using a bank transfer, you may need to withdraw funds back to the same bank account and not another one, even if it's in your name.

Some brokers subject withdrawals to hierarchy rules. This means if you have deposited money using multiple payment methods, you must withdraw the total sum deposited by each method in a set order specified by the broker, i.e. you can only use an alternative method if you have already used one that is higher up in the hierarchy. For example, a broker may stipulate that you first withdraw money by debit or credit card, then online payment methods such as Skrill or PayPal, and finally by wire transfer.

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