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withdrawal procedure? In need of tips

Discussion in 'Beginners Bootcamp' started by Joshua S., Mar 26, 2013.

  1. Joshua S.

    Joshua S. Recruit

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    I'm about to open an account with youtradefx. The problem is, my country does not have any moneybrooker or paypal service. I am therefore forced to deposit my account via credit card or debit card (although wire transfer is available, i refuse to use such service for depositing but have no problem with withdrawing).

    If i managed to make some profits and wanted to withdraw from my account via CC or DC, i can only withdraw using the same procedure as i deposited. This means i can only withdraw via CC or DC because i initially deposit my acount using DC or CC. But youtradefx can only withdraw the amount "up to it's initial deposited amount". This means if I inially deposit 10k, i can only withdraw 10K back to my CC and DC. "The remaining amounts will be withdrawed via wire trasfer" said youtradefx.

    Now my question is, if i deposited via DC or CC initially, can i choose to withdraw my account via wire transfer in just 1 procedure? Because I find it ridiculous if i have to fill in 2 procedures, DC and CC request and wire transfer request, if i have to withdraw my account.

    To those of you who have experienced depositing via DC or CC and wanted to withdraw, how did you guys actually withdraw? (please dont mention via money brokers or paypal as my country does not have such service)
     
  2. Pharaoh

    Pharaoh Colonel

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    Most brokers limit CC withdrawals to the initial deposit for one very good reason. They aren't sending money to you. They are refunding money to you. This greatly reduces any fees they might have to pay.

    Once you've gotten your deposits back, then they push you to alternate methods where you get to bear the cost of the transfer. In this case, it sounds like wire transfer. If you are pulling out $5000, wire transfer fees are an annoyance. If you are pulling out $50, those fees wipe out most of what you will get.
     
  3. Joshua S.

    Joshua S. Recruit

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    Well said. LOL.. I have always wondered why limiting CC withdrawals to the initial deposit amount.

    Anyway, any of you mind to share your experience of your VERY FIRST TIME withdrawing process via credit debit card?

    e.g.
    1. what happen if you withdraw more than your initial deposited amount?
    2. will i have to make 2 withdrawal request, via credit debit card and then wire transfer, if i withdraw more than the initial deposited amount?
    3. or will the wire transfer request be done automatically if i withdraw more than the initial deposited amount via credit debit card?
    4. can i just withdraw via wire transfer, even if i had made my initial deposit via debit credit card?
    5. what is the best withdrawing method you guys prefered/practice/are doing currently in your opinion?
     
  4. Pharaoh

    Pharaoh Colonel

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    I haven't personal done a credit card withdrawal, but have seen many reports.

    The usual story is that if you try to pull out more than the initial deposit via credit card, you're just begging for a delay while the highly trained monkeys in the accounting department try to figure out how to throw your withdrawal form around the room in the most entertaining fashion possible.

    It's always best to keep it simple. Withdraw that initial deposit back to the original source. Once you have the money back, then and only then try to secure some of your profits by whatever the best option is that your broker offers you.
     
  5. duderex

    duderex Private

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    Check on the broker that you trade. Do they provide DC from Payoneer? If they do, register from the broker, and when you got the DC, activate it. From then you can withdraw your earning with Payoneer.
     
  6. Red Herring

    Red Herring Corporal

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    Yes, Pioneer debit card is the best solution. However, we should check the withdrawal methods offered by a broker before depositing (or choosing a broker for starting the trade)!
     
  7. Romeo

    Romeo Sergeant

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    After reading the past few ratings of this Broker, I would be very careful in your place.... Many people seem to have very different problems withdrawing ANY money from this Broker....
     
  8. Joshua S.

    Joshua S. Recruit

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    Yes. I totally agree with you. And hence this thread, to research more (to look for more) info. I have not yet started trading with any brokers yet but I'm about to do so in a 3 days time.

    It's just a matter of time for me to choose a broker. Currently youtradefx is the choice for me. However after reading this case ( http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/21357-big-scam-youtradefx-13.html ), I have second thoughts on youtradefx. That case was quite disturbing and was left unanswered!.

    Wish me luck in choosing a broker in a 3 days time.
     
  9. Pharaoh

    Pharaoh Colonel

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    Don't be in a huge hurry. The worst case if you delay going from demo to live is that you lose a little profit. The worst case if you go live with the wrong broker is that you won't ever be able to withdraw one cent of your money.
     
  10. Joshua S.

    Joshua S. Recruit

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    Noted.

    Thanks pharoah. As a newbie in trading, this forum has helped me tremendously.
     

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