Uk traders : which broker has good Withdrawals record

Broker Discussion Forex Brokers
1

I am confused in choosing the right broker

All are under FCA regulations for sure but on reading reviews many people complain about withdrawals delays.

So any UK based trader from their experience can name a broker who give you withdrawals on time instead of delaying for 10days, 1 month etc

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2

@Emi.s If you are trader from Uk do let me know

3

I am not from the UK, but using UK brokers. IG Markets and CMC Markets.

I can’t say anything negative about IG Markets. My withdrawal was executed within 3 working days.

I didn’t have a withdrawal at CMC Markets yet, but had contact with their (german speaking) customer service and had the impression that they are very unorganized. That doesn’t have to mean their UK office is unorganized as well.

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4

Most withdrawal issues are down to clients trying to withdraw capital into different accounts than the one they used to make their deposits. That is guaranteed to take time.

Some non-regulated brokers just don’t pay money out at all…

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5

I suspect also that brokers make more thorough checks when asked to pay money out than when clients want to pay it in. I guess every business would do the same. But after the first withdrawal, things should run more smoothly.

6

Thanks @tommor I am aware of this particular solution. But for many brokers I read in reviews withdrawal delays related issues therefore thought why not ask someone with experience :slight_smile:

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@Worker_Bee On CMC markets I cant even find dedicated customer support chat option also without login, that’s why I am not sure also how easy will be there it to communicate

8

Absolutely what babypips is all about.

Its worth bearing in mind that some people think its not a bad idea to mislead their broker about their details when they want to open an account. They of course then have trouble withdrawing capital: they’re sometimes angry enough to get on a forum and start whining about it. Which just gives us all a good laugh.

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@tommor Agree, I lost around 3000$ USD back in 2018 with Ava trade but that is due to my lack of knowledge. Cannot say they cheated me.

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I think live chat with customer support is only possible inside the trading platform.

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11

Would love to know why you choose 2 different brokers at a same time

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@flamingoproxy Can you give your point of view too

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I didn’t. I went with IG first to trade Turbo24-Certificates. They are Knock-Out-Certificates listed on an exchange (not OTC). But their Turbo24 trading platform doesn’t allow a TP and SL order at the same time. So i had to sit and watch when i want to take profit.

This is why i went with CMC Markets DPS-account, a special CFD account.

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14

I trade with FCA regulated HFM and all withdrawal processes are smooth and done in time, 24 Hrs max. If you trade fair (no arb, sniping etc.) there shouldn’t be a single issue with withdrawals.

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15

Thanks @ontario and @Worker_Bee

16

i agree with everything @tommor has said above, of course, and i think (hope) his observations will be helpful to you

personally, i don’t think it’s worth obsessing over: most withdrawal difficulties from FCA-regulated brokers are caused directly or indirectly by the customer, not by the brokerage, and in my opinion it’s so difficult to do better than Oanda that it’s not really worth thinking about in any detail

be aware that because of the KYC rules, there can sometimes be a delay with the first withdrawal through no fault of the broker

if you do a search for posts of mine in which i’ve mentioned Oanda by name, you’ll find all my reasons for thinking they’re far better than most, and about as good as you can get

it’s all only personal opinion, obviously

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17

@flamingoproxy thank you for sharing your views.

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18

Unfortunately, no. I’m from the US, but I think @tommor can provide the best suggestions and advices for you.

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19

Yes, the FCA regulations involve strict compliance with their rules, to be followed by their registered brokers. It’s mainly owing to prevent money laundering by dishonest humans.

And as above, the withdrawal must be made back to the named opening acount. Therefore, if any trader has a need to change their financial account details, however limited, advise the broker and submit any documentation required before attempting to withdraw funds.

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20

Not in the UK, but been using Oanda just fine in the US. Different regulations, different countries, I know. Thought I’d share my experience.

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