This is the last in the series of three articles in which we show you how the XM broker works . This time we are going to see how to withdraw money , what are the payment methods that the broker allows and the particularities that you must take into account.
As in the previous two articles, we want to show you the process through our real experience . First we have opened an account at XM , we have deposited real funds and now we have carried out a couple of operations and request to withdraw the money from our account. In this way you will be able to check in a graphic and step-by-step way how these operations are carried out with the XM online broker.
How to withdraw money at the XM broker?
In the previous article (Real Experience: How to make a Deposit in the XM Broker) we have seen the steps that must be followed to make a deposit in XM and we have deposited € 100 in our trading account.
Then we have carried out 2 operations , both on the EUR / USD currency pair that have generated a profit of € 0.48 and then we will see how to request the withdrawal of our funds (the deposit of € 100 plus those 0.48 € profit).
1 – We access our user area on the XM website and in the top menu click on the “ Withdrawal ” option . The ways to withdraw money available will be presented .
At this point, the following should be highlighted: XM’s policy of withdrawing funds (as is the case with other online brokers) is to refund the money of its clients by the same means of payment by which the funds have been deposited. .
For example, if you deposited your funds by card, they will always try to refund your money to that same card, if you did it by bank transfer, they will try to do it to the same bank account, if you did it like us by Skrill, they will try to return it to the same Skrill account, … This is a requirement set by regulatory agencies to brokers , mainly for the safety of funds and to prevent money laundering .
For this reason, as we discussed in the article on the deposit of funds in XM , it is very important that you choose the way in which you enter the money well to avoid problems when you want to withdraw it .
Remember that you must be the cardholder, bank account, Skrill account, Neteller, WebMoney, … from which you have made the deposit. In addition, that form of payment through which you made the deposit must remain valid , that is, it must not have expired, … when you go to request the withdrawal of money.
There is also a minimum withdrawal amount which is generally $ 5, € 5 or equivalent currency except for bank transfer whose minimum amount is $ 200, € 200 or equivalent currency.
To avoid additional procedures, we recommend, whenever possible, that you select the same form of payment for the withdrawal that you used in the deposit and click on the corresponding “ Withdraw ” button (it means “Withdraw”). If the form of deposit and withdrawal coincide, the process is generally much faster and XM does not usually ask for any additional validation, such as showing the ownership of the form of payment requested (something that it can ask you if they do not coincide).
2 – We continue with the process . We have selected Skrill (MoneyBookers) as a way to withdraw the funds since it is the same account with which we made the deposit. When selecting this payment method, you ask us for the following:
– The email that identifies our Skrill (MoneyBookers) account.
– The amount we want to withdraw. In our case we mark € 100.48.
Then we read and check the box for accepting the withdrawal conditions and press the “Request” button .
We receive the following message:
If you have any questions about the withdrawal of your funds or about the peculiarities of each payment method, you can contact XM’s customer support department . We recommend that, if you need to contact XM, you do so through Online Chat , since they serve you during business hours and are quick to answer any questions.
3 – Finally, you just have to wait to receive the money . In our case, we consulted the balance of the Skrill account the day after making the withdrawal request in XM and the money was already deposited, so the process was completed in less than 24 hours . Keep in mind that this period is variable since it depends on the day and time you request the withdrawal of money (it is not the same to do it on a working day than on the weekend, …) and it also depends largely on the form of payment for which the withdrawal of funds is carried out since, for example, it is much faster by an electronic means of payment such as Skrill than for example by bank transfer (it is an international bank transfer that can take between 2 and 6 working days ).
In the previous image that shows the movements of our Skrill account, you can see the payment sent to Trading Point of Financial Instruments Limited (XM.com), which is the deposit of € 100 that we made initially and later a movement of refund of those 100 €, a refund to the Visa card from which we load those € 100 in Skrill to make the deposit and the € 0.48 remaining in the Skrill account that correspond to the benefits generated in the 2 trading operations that we have made.
We hope that this series of three articles that form our real experience with account opening, funds deposit and withdrawal operations will help you see how the XM broker works . We would appreciate it if you could help us share this information on social networks with your Tweets, Likes or + 1s. You can also send us your comments or opinions.