How to withdraw money on InstaForex – Withdrawal tutorial

Are you new to Forex trading? Learning the methods to trade seamlessly can test your patience in the beginning. To simplify it, we have provided a straightforward guide to withdrawing money on InstaForex and related facts on the same.

How to withdraw money from the InstaForex trading account?

When it comes to withdrawing money from trading accounts, you cannot skip the stages involved—specifically selecting the type of withdrawal procedure and putting the requested account information are unavoidable. After the withdrawal request form has been filled out, the amount of money is deducted from the account and transferred to the services you have requested. 

However, InstaForex advises traders withdrawing funds via payment system to remember the following rule: 

  • The payment methods and the currency of depositing and withdrawal must be the same. 
  • All the deposits and withdrawals get processed during the work period of the Finance Department from Monday to Friday, 10 AM to 7 PM. (UTC+3). 

Given below is a step-by-step guide for transferring funds from your Forex trading account in India to your bank account:

  • Log in to your trading account linked to your Demat account by providing a username and password. Navigate to the ‘Funds’ or ‘Accounts’ section and click on it. 
  • You will get two options: “Add Funds” or “Withdraw Funds.”
  • Click on ‘Withdraw Funds’ to transfer money from the Demat account to your bank account. 
  • You will quickly see the total balance on your Demat account after the funds’ transfer. However, one can only transfer the funds once it is earned after selling the securities in the Demat account. 
  • When it comes to withdrawing funds, brokerage houses can put a particular fund cap depending on the trading leverage it offers. Remember that the amount one can pass is not equivalent to the trader’s fund cap. It is also based on the amount of money available in the trading account and the person’s shares in their Demat account. 
  • When transferring funds, type in the amount of money and the bank account to which the funds will be transferred. The sum is credited to the bank account based on the kind of account selected. Once you enter the password and press ‘enter’, the fund transfer will begin. 

Methods of payment

The platform permits a wide range of payment methods to deposit or withdraw funds in your trading account. However, each of these deposit options is slightly different.

MasterCard or Visa
The amount is processed between 1-6 days
A system fee is applicable
Net Banking
It might take 1-3 days to process the payment.
The fee is 2% + 0.3 EUR
PayCo
It guarantees payment within 2 days.
Paying through PayCo requires a minimum fee of $0.5
AstroPayl
The payment might take up to 48 hours.
A commission fee of $0.5 is required to complete the withdrawal
Bank Transfer
It usually takes 1-2 days to complete the withdrawal.
The bank fees for the transaction often vary
Cryptocurrency
The payment can be completed within 1-7 hours
You need to pay a commission of 0.5% for the transaction.

How long will my withdrawal be pending on InstaForex?

The time required for the processing of the withdrawal request depends on the mode of transfer and the financial institution. Given below is the list withdrawal duration of different transfers made in InstaForex

Using banks

Local transfer in India
Here withdrawal process gets completed within 1-2 days
Banks fees may vary. 
Money transfer to a bank card
The withdrawal gets processed within 1-6 business days. 
There is a system fee, and
PayCo transfer
The withdrawal process takes about 48 hours to get completed.
There is a system fee
Skrill transfer
The withdrawal process gets completed within 1-7 working hours.
You need to pay a transaction fee of 1.39%
Transfer between accounts
The transfer gets processed within 1-7 working hours.
There are no fees involved
Southeast Asia Bank transfers
The withdrawal process gets processed within 1-7 working hours. 
The fee is 2% + 0.3 EUR
NETELLER transfer
Here the withdrawal process gets completed within 1-7 working hours. 
You need to pay a transaction fee of 2%
Micro Bank Transfer
Here, withdrawals get processed within 1-2 days.
There are no fees involved
AstroPay Transfer
The withdrawal gets processed within 48 working hours.
You have to pay a transaction fee of 0.5%
Online Banking in the Philippines (PHP)
The withdrawal process gets completed within 1-7 working hours.
You need to pay a fee of 1.75%
Africa Online Transfers
The withdrawal process gets completed within 1-7 working hours.
You need to pay a fee of 3/3.5% + 0.5 EUR
Withdrawal via Tether (USDT)
The withdrawal gets processed within 1-7 working hours.
You have to pay a fee of 1%

Using cryptocurrency

Withdrawal via Binance Coin
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via Dogecoin
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via Bitcoin Cash
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via Ethereum
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via EOS
The withdrawal process gets completed within 1-7 hours.
You have to pay a fee of 1%
Withdrawal via Cardano
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via DASH
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via Ripple
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via NEO
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 1%
Withdrawal via Litecoin
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 0.5%
Withdrawal via Bitcoin
The withdrawal process gets completed within 1-7 working hours.
You have to pay a fee of 0.5%

Local transfers

Local transfer in Malaysia
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Thailand
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Africa
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in China
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Bangladesh
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Korea
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Singapore
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Pakistan
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Indonesia
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in UAE
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Bahrain
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Qatar
The withdrawal process gets completed within 1-2 days.
Banks charges can vary
Local transfer in Saudi Arabia
The withdrawal process gets completed within 1-2 days.
Banks charges can vary

What are the limitations on deposits and withdrawals? 

The primary restraint in withdrawals is to withdraw funds through the same payment system utilized while making a deposit and to the same wallet or account. When replenishing the trading account with various currencies and utilizing many payment systems, money must be withdrawn through the same payment systems and correspondingly to the deposit amount. 

For instance, a trader has topped up $500 to the trading account through wire transfer and $300 by NETEFELLER wallet. In terms of percentage, $500 by a wire transfer amounts to 62.5%, and $300 through NETELLER wallet equals 37.5%. Once the deposit is doubled, the trader’s free margin in the trading account totals $1,600. Regarding the doubled deposit, it’s a percentage that is divided in the following manner: the trader can withdraw $1000 by wire transfer to the US dollar account and $600 to a NETELLER wallet

When there is a loss of free margin – for instance, once a Stop-out order triggers as well as the account balance is put to zero – the amounts of earlier deposits from various wallets and payments systems are no more valid. Previously, replenishing the account was done in two ways. However, it was essential to check the proportion when withdrawing funds. On the other hand, topping up an account with zero balance is unnecessary nowadays. 

As stated in the first example, the trader has replenished the account, suffered losses, and again funded the account with $500 via a NETEFELLER wallet. The trader can draw out all profits to a NETEFELLER wallet in such scenarios. 

Problems one can counter when withdrawing funds from a forex trading account 

Not providing enough information regarding yourself 

When you’re signing up with InstaForex and withdrawing money from your trading account, you should be ready to provide all the requested information in detail. The main reason for asking for customer information is that they have KYC policies that make it essential to possess enough personal data of the trader. 

Nevertheless, all personal data turn out to be helpful in the end. The broker saves the personal information for your account authentication and safety. The broker also guarantees the safety of these details that are registered under your name.

Purchasing with a different credit card

InstaForex takes significant measures to prevent money laundering on the websites. That is why they ask traders to deposit and withdraw money utilizing the same card or form. If you’re a new trader making your first deposit, use a form that you’ll be able to use in the upcoming days. Simultaneously, when using a credit card to make deposit funds into a trading account, remember to use the same credit card when withdrawing funds from the account. Without the same card, you cannot withdraw funds from the account. 

Conclusion

Transferring funds from InstaForex is now easier than ever. InstaForex never restricts the amount of money to be withdrawn from the trader’s account at all. One can withdraw the free margin at any time easily. However, make sure that withdrawal requests get processed within the Finance Department’s working hours 08:00 to 17:00 GMT+00 Monday through Friday. Also, funds can be withdrawn promptly once the request is filed for withdrawal in the Withdrawals section.

How much time is needed to withdraw from a trading account?

With MoneyBookers/Skrill and other online payment systems, withdrawing funds from a trading account takes 1-7 hours. On the other hand, it takes 2-4 days, and funds can be withdrawn from Visa cards in 1-6 banking days. 

How much time does it take to top up a trading account?

With Neteller, depositing funds to a trading account happens instantly. Nonetheless, a commission is charged on the transaction amount by the bank or payment system that debits or credits your account. 

What is the minimum withdrawal amount?

There is no limitation on funds withdrawal from a trading account. Traders have the privilege to request withdrawal of any left amount on the trading account. However, in the case of bank wire, the minimum amount for withdrawal is 300$. In the case of electronic payments and bank cards, the minimum amount for withdrawal is 1 USD, including commission. Also, consider the commission that a bank can impose up to 30 dollars for operation. 

How is the currency conversion system for replenishment and withdrawal at InstaForex different from other Forex brokers?

When a trader deposits funds in a currency that are different from the account’s base currency, InstaForex uses the present market rate. Besides, the present conversion rate is given both in Client Cabinet and on the InstaForex website. 
Suppose a trader withdraws funds in a currency that is different from the account’s base currency. In that case, InstaForex uses a weighted average exchange rate. Deciding the rate, the broker considers the present rate and the deposit amount. 
The weighted average exchange rate of InstaForex offers more benefits than the system of internal rates utilized by other Forex brokers. Internal rates comprise big internal spreads. On the other hand, the replenishment is imposed on one rate and the withdrawal at another. The range of difference between withdrawal and replenishment rate can go up to 10%, which means if you deposit INR 10,000 to your account, you can lose up to INR 1,000 even if the withdrawal is done within one day. 
Utilizing the weighted average concept to calculate rates provides the trader a chance to replenish RUB 10,000 and receive the same RUB 10,000 in the same amount of US dollars. 
For instance, a trader deposited RUB 10,000 to his dollar account at RUB 66.57 per 1 USD. Simultaneously, crediting this sum to an account, the amount equaled $150.22. After that, the trader made additional replenishment of RUB 5000 at the rate of 63.81 per 1 USD. Hence, during the time of crediting the amount to the account, it equaled $78.36.
A few days later, the trader decided to withdraw the earned profit of $300. The weighted average exchange rate is determined based on the formula of weighted average arithmetic, and hence it amounts to:
10,000/15,000*66.57+5,000/15,000*63.81=65.65.
Hence, the given withdrawal amount is RUB 19,695.  

What measures should a trader take if they lose some information and cannot use it for withdrawal and deposit?

To change the details in a payment system, one should fill out the F1 form and send the scanned copy of the person’s ID to [email protected]



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Last Updated on April 14, 2022 by Andre Witzel