When looking for an online broker, it’s vital to compare a few different companies, to make sure your new broker meets all your needs, at a price you can afford. As an investor, you’ll have your own priorities, based on what’s important to you, but fees and charges are definitely something to consider.
Some brokers will have a few hidden fees that aren’t immediately obvious, which can include withdrawal fees. Many brokers allow you to withdraw your funds for free, but this is not always the case, so it’s worth double-checking. You’ll also want to look at the methods of withdrawal available, and the time it takes to process each withdrawal.
Today we’re looking at three popular online brokers: OctaFX, eToro and ATFX. We’ll examine their withdrawal fees, and the other conditions attached to withdrawing funds from your account.
OctaFX offers free withdrawal of your funds, and the firm also states that they will usually cover any withdrawal fees applied by third parties, such as Skrill and Neteller, although they cannot guarantee that there will never be any third party fees applied to your withdrawals.
eToro charges a flat fee of $5 for every withdrawal, with a minimum withdrawal amount of $30. It is possible that third party payment systems may also apply a fee, so check on this before choosing a payment method.
ATFX offers free withdrawals. Once again, it’s possible that third party payment systems will apply a fee.
OctaFX offers a range of withdrawal methods, which will partly depend on the region you are resident in. They allow withdrawals via bank transfer, Visa, Skrill and Neteller.
EToro offers withdrawals via bank transfer, Visa, Skrill, PayPal, WebMoney, China Union Pay and Neteller. Methods available may vary by region.
ATFX offers withdrawals via bank transfer, various credit and debit cards, or via e-wallet. All payment methods should be available in all regions where the broker operates.
OctaFX states that it takes around 1-3 hours to approve a withdrawal, and then a little longer for the funds to be transferred. The time the transfer takes will depend on the withdrawal method being used. It can be almost instant with some payment methods, but bank and credit card transfers take longer.
eToro takes one business day to process withdrawals and the transfer time depends on the payment method chosen. It can be as little as 1-2 working days with most payment methods, but both bank transfers and Visa payments can take up to 8 working days.
ATFX processes withdrawals within one working day, and the transfer time depends on the payment method chosen. All requests received before 2pm on a business day are processed that day.
By law all accounts must be verified before making a withdrawal, and withdrawals are, of course, only processed during normal working hours.
We hope you’ve found our comparison of withdrawal fees helpful in your quest to find the best online broker for you.