My account was recently transferred from IBFX and I am not pleased with the $40 wire cost for withdrawals. The no-fee debit card option can only be used to withdraw funds deposited. Any amount beyond that has to be withdrawn by wire.
IBFX previously had the global debit card facility to withdraw funds into and it costs $3.00. Does FXCM have any plans to have its own debit card or planning to review the withdrawal policies? If not, I will be checking out other brokers to lower my costs.
Paying $160 per month for 4 withdrawals is expensive and mind-blowing.
While we don’t have our own debit card, as you mentioned, funds that you deposit in your FXCM trading account using your own debit card or credit card can be withdrawn back to those same cards for free. In addition, we offer other free withdrawal options such as ACH or EFT which are available if your bank account is based in certain regions including the US, the EU and Australia. Where is your bank account located?
Our Operations department may have a solution for you in that case. Please email me at <[email protected]> with your full name and account number, and I’ll be happy to look into this further for you.