One of the greatest things about the onset of the digital age is how it makes a person’s physical location obsolete. News in China is reported in America within minutes. Canadian businesses draw up contracts with clients in Sweden.
The online age has changed the financial world, as well. The onset of online trading means that all you need to do to start forex trading is own a computer and have some capital to invest. So let’s say you’ve invested some capital and seen some good returns, and you’re ready to withdraw some cash. Thanks to the internet, there’s no bank teller to see or an ATM to visit. So how do you withdraw funds from your online investments?
It’s pretty simple, really. Here’s how you do it.
Determine Your Original Method of Payment
Most brokers who trade forex online will transfer money back to your original account. Many traders use Moneybookers, a Paypal-like site that allows people to easily and safely transfer money online. All money you requested will be sent to Moneybookers, which can then be used for other online purchases or be transferred back to your bank account. If you paid with a credit card, the money must go into a bank account (unless it’s equal to your initial investment). Note that most traders cannot send money via Western Union; you’ll have to provide a bank account with your name on it.
Submit Your Required Documentation
It’s preferable if you can submit this information ahead of time so you won’t have to wait come withdrawal time. Most companies request a photocopied ID, proof of address, or voided check.