I’m considering opening an account on ICMarkets, but first, I want to understand their withdrawal rules. I’ve seen people online complaining about having issues or being unable to withdraw money from them. On ICMarkets’ Fund Withdrawal page, I found the following note:
Should you wish to withdraw an amount in excess of the sum deposited by Verified by Visa /MasterCard Secure Credit / Debit Card, you will be required to utilize another deposit method used earlier or a bank wire option.
I have the following questions:
Let’s say I deposit $200 into ICMarkets via credit card and later grow it to $500. According to this rule, I will only be able to withdraw $200 (the amount I initially deposited) back to my credit card.
Will I be able to withdraw the remaining $300 to PayPal?
If I make the initial $200 deposit via PayPal instead of a credit card, will I be able to withdraw the full $500 to the same PayPal account?
Yes - I think that’s pretty common. More importantly (to some people) is that if you deposited $200 by CC, then the first $200 you withdraw can only normally be to the same CC (and if that CC no longer exists, or has expired, or whatever it can be a real pain in the neck to make alternative arrangements, and it can require a lot of documents, and so on).
All of this isn’t usually the broker’s fault: it’s because of anti-money-laundering regulations.
The answer to that varies from broker to broker, and you need to check it out with IC Markets rather than relying on forum “information”, however well-intentioned such “information” might be.
My guess is “yes” but it’s only a guess, and again you rely on forum comments (including mine!) at your peril, in such situations.
Sorry not to be more helpful.
But I’m not sure anyone can be. Because even if someone’s been in the exact situation you’re asking about, and with the same broker, there are still various possible complications and unforeseen eventualities that can make your outcome different from theirs!
I’m not criticizing you, at all, for asking in a forum. Just offering you a friendly warning that it’s actually very easy, and very common, to end up being inadvertently misled by well-meaning people who are trying to help! So be careful!
Good luck and good wishes, and welcome to Babypips!
I appreciate your concern about being cautious with online information. I was hoping someone might have deposited and withdrawn larger amounts of money so they could share their experience. But you’re probably right, it’s best for me to contact IC Markets directly. Thanks!
Exactly right. For example, IC Markets (Australia-regulated accounts) is actually a different company from IC Markets (Seychelles-regulated accounts) and although they’re both called “IC Markets”, the two are subject to different laws and regulations, which can also change.
And in this, specific case, online customer feedback about the two companies is certainly significantly different!
Definitely right. And check that the information you get from them is applicable to wherever your account will be regulated. They do apparently have a reputation for misleading people over this. Take care!
Just posting an update. This is the response I’ve got from the customer support:
Me: I have the following questions: Let’s say I deposit $200 into ICMarkets via credit card and later grow it to $500. According to this rule, I will only be able to withdraw $200 (the amount I initially deposited) back to my credit card. Will I be able to withdraw the remaining $300 to PayPal? If I make the initial $200 deposit via PayPal instead of a credit card, will I be able to withdraw the full $500 to the same PayPal account? Customer Support: Hi there. Unfortunately your profits can be withdraw via bank wire or Visa direct methods. Me: What about PayPal? Customer Support: Unfortunately not. Me: If my profits exceed the amount I deposited via credit card. For example I deposited $200 and now I have $500. Will I be able to withdraw the full amount $500 via credit card? Customer Support: You can withdraw your initial deposits first and your profits after. Me: So it would be possible to withdraw one right after another? I just saw people were complaining on the internet that’s why I’m asking Customer Support: If you are using different methods. Customer Support: You are able to make 1 request per day per method.
