One of my friends just told me how a broker (I shall not name before I get branded as a hater or affiliated with some other broker) is taking 3 weeks to give him his money.
This broker is a reputable one with the proper licenses and registrations.
Just wanted to ask, for those who have experience withdrawing their earnings, how long did that process take? Thank you! ![:blush: :blush:](https://forums.babypips.com/images/emoji/twitter/blush.png?v=5)
Mine takes only a few hours. Never had any problems. I only trade with a regulated true ECN ECN broker. Never had any problems whatsoever. Even when I recently changed the card I used to deposit, their customer service dept were very helpful.
Iām with IG and they take 48hours roughly.
I wonder if it has to do with the fact that my friend is trying to withdraw his entire account balance? Is that something youāve done with IG also?
Wow a few hours thatās really good.
Wowā¦ this is really badš. Sometimes it takes less than 24hr, for the good ones though and some might just take like forever unless something really quick is done. I always find it very disheartening that these regulatory bodies issue warnings against alleged brokers denying withdrawals, but the brokers continue their operations as if nothing happened. It often takes a long time for authorities to find them and arrest them, thatās if it happens at all. A step has to be taken ASAP real quick to get them out.
No never withdrawn it all. I guess it depends in how much youāre trying to withdraw. The most Iāve withdrawn is Ā£8k otherwise itās Ā£1k at a time.
Hopefully he gets it soon. I thought it was normal for it to take that long. ![:sob: :sob:](https://forums.babypips.com/images/emoji/twitter/sob.png?v=5)
Yeah I think his is in the Ā£1k-Ā£1.5k range thatās why I thought maybe theyāre holding it. But Ā£8k is a lot bigger than that and if you were fine withdrawing thatā¦ somethingās going on with this brokerā¦
Tell your friend to start looking for a lawyer! 3 weeks is simply too long. If there is no reasonable explanation for this delay your friend should start preparing for battle.
Looks like theyāre giving some ābank-relatedā excuse. Not buying it though!
He can try withdrawing smaller amounts at a time so he flies under the radar.
I think the account is probably āflaggedā now. Havenāt asked what the status is yet though.
Looks like he was finally able to get his money! I heard back from him and it looks like he finally received a check last week. Sheesh, didnāt know it could take that long to withdraw money.
Might have to try and withdraw what little profits I have just to see how long/short the process is. ![:sweat_smile: :sweat_smile:](https://forums.babypips.com/images/emoji/twitter/sweat_smile.png?v=5)
It varies from broker to broker but allow up to five working days depending on your method of payment. Any longer than that should start raising red flags and ringing warning bells in harmonic chorus!!!
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The three weeks was definitely way too long that Iām even shocked he still got his money. Thinking maybe there were other issues at play from my friendās end.
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Agreed.
In fact, I think most good brokers or prop firms should be able to process payments within 24-48 hours of request.
Any longer than this sets my spider senses off . . .
I remember asking him about this, I think there was some confusion over his address. Still weird IMO but I suppose the important thing is that he did end up getting his money despite the long wait.
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a check?! that sounds very unusual, these days - thereās obviously been some strange complication, there (unless he specifically wanted a check, for some reason?)
that would be a complication over the KYC regulations, then: proof of address is one of the things a properly regulated broker is obliged to inspect
iām glad it was all resolved, anyway
as very recently observed by a few people in another thread, delays in withdrawing from a properly regulated brokerage are almost always caused (however unintentionally!) by the customer rather than by the brokerage: they have rules to comply with, but those are of course also part of what gives the customers the protection we need and deserve
Thatās a good question. I donāt know why he asked for a check and I canāt remember if it was the only thing offered or he specifically asked for it. I just know it was a pain for him having it sent to some address. But yeah glad it was all sorted out, I was starting to doubt that broker itās one of the big ones here in the US.