Wire Transfer FX Brokers
October 11, 2013 by Adam posted in Forex • No Comments
Depositing and Withdrawing Money Instantly from your Account
Wire transfer FX brokers are those forex brokers that allow their traders to deposit and withdraw funds using the bank wire transfer method.
The wire transfer method usually involves the trader giving his local bank an instruction to send a specified sum of money from the domiciliary account (for foreign currency transfers done by traders outside the country of origin of the forex broker) or from the local account (in countries that use one of the currencies of operation of the forex account) to the bank account of the broker, for onward transmission and crediting of the trader’s online forex trading account.
Wire transfers are used by every single broker in the forex marketplace as a means of transaction because it is probably the most secure and assured form of transaction.
Banks generally know their customers, so the issue of identification of a client and the source of funds is taken care of.
In addition, only the account holder can conduct transactions on a bank account, and all wire transfer instructions are usually handwritten or require some form of confirmation from the customer. This gives the trader and the broker peace of mind as far as safety of funds is concerned. So for traders who do not have access to other means of transaction, wire transfers are usually the last (and sometimes the only) resort.
The problem with bank transfers is that they take quite some time to complete.
Transactions can last anything from 2 business days to as long as 7 business days. They easily get caught up by weekends and public holidays to the frustration of many traders.
So which of the forex brokers can traders use for wire transfers for the best of the advantages and the least of disadvantages?
Which FX Brokers Accept Wire Transfers in 2014?
This section will identify bank wire transfer FX brokers that:
a) Have the quickest turnaround time when it comes to wire transfers, especially from the withdrawal angle.
b) Have a seamless way of processing transactions
c) Where applicable, brokers that can allow withdrawals in local currency to the trader’s account.
d) Do not charge any fees for withdrawal of funds.
The under-listed brokers satisfy these conditions to a very large extent:
a) Alpari UK
Alpari UK’s unique selling proposition as championed by the Financial Conduct Authority (formerly Financial Services Authority) has been that of safety of client funds via the provision of segregated accounts.
So any time a trader wires money to Alpari UK, the funds are sent to the segregated accounts.
This ensures that all money belonging to traders are protected.
FxPro has one of the fastest turnaround times for deposits and withdrawals. The writer’s personal experience has been a withdrawal time of 2 business days. So a withdrawal request placed on Friday can end up in the trader’s account on Friday, just in time for a weekend splash.
Introduction: What is a Wire Transfer?
The process of withdrawals has also been simplified by the creation of an advanced members’ area where traders can easily submit withdrawal requests for fulfillment. Withdrawals do not attract any cost.
Traders will also not get into any issues with withdrawing large profits. I know of a guy who traded a $3000 account and compounded it to more than $75,000 within a year, and when a withdrawal request was placed for the total sum, it was honoured without any stories.
The same cannot be said for many brokers.
With Iron FX, a wire transfer made from the trader’s bank to Iron FX’s bank can be processed as quickly as one working day, providing one of the fastest turnaround times for wire transfer deposits in the forex market. Iron FX does not charge fees on transactions, but if a correspondent bank is used, then fees may be incurred.
Withdrawals will take 3 to 5 business days to be credited to the trader’s local bank account.
Vantage FX is an Australian-based broker.
LMFX bank wire withdrawal January 2019
As such, it can handle local bank transfers made from the National Australia Bank (NAB). This permits transactions from Australian-based traders in Australian Dollars.
For traders located outside Australia, wire transfers are generally processed within 2 working days.
Wire transfers are the safest mode of depositing and withdrawing funds in forex. The snag has always been the speed of transactions.
At best, traders should stick with brokers that can handle their business within 2-3 working days.