Stocks Wide withdrawal review: Q&AJohannes Röll 29 / October / 22 Visitors: 460
Organizing the withdrawal of profits when trading in a global market like Forex differs from the financial transactions that many people are used to, such as transferring a salary or receiving a fee to an account. Experienced traders are familiar with the nuances, but novice users encounter difficulties. Prepared Stocks Wide money withdrawal overview in questions and answers should help new clients of the broker to overcome and keep them from making the wrong moves.
Stocks Wide withdrawal issue is not detected.
How do I start to withdraw funds from my Stocks Wide account?
Stocks Wide provides for an application to withdraw money. Once the application is received, the payment department checks it for legality, compliance with banking procedures and for cybersecurity. The fact is that the number of account data thefts has increased significantly over the past three years. The company's management has decided to increase security measures to prevent customers' money from being stolen. Therefore, it is not possible to withdraw money in one click.
Can an application be refused?
Yes. There can be two main reasons. First, the Stocks Wide broker withdrawal application can be stopped if the trader tries to withdraw money to another beneficiary's account. This is a protective measure against possible theft, but not only that. The financial authorities block the use of brokerage accounts as transit accounts to send money and a legitimate broker cannot violate these requirements. The second possible reason for rejection is a lack of customer identification and incomplete or irrelevant personal data. As in the first case, this is used as a fraud protection. In addition, anti-money laundering laws do not allow large sums of money to be transferred among anonymous users. This is not specific to Forex or to Stocks Wide's individual withdrawal problem. Such restrictions apply to all financial markets almost all over the globe.
How quickly does the money from Stocks Wide arrive in the client's account?
The Stocks Wide application usually takes 2 working days to be processed. The rest depends on how the banking system works. With favorable circumstances and the banks' smooth running, the money can arrive as soon as the second day, i.e. immediately after the application has been confirmed. Sometimes, due to delays in cross-border payments, the money may reach the client's account 3-5 days after the application has been received.
Statistically, this time frame is less than average for Forex brokers. Usually, applications are processed within 3-4 days and up to 7-10 days for amounts over USD or EUR 5000. Stocks Wide cooperates with banks and the SWIFT system in order to speed up the flow of funds.
What might be the problem with withdrawing money from Stocks Wide?
In the event of major technical failures in the banking system or ddos attacks on Stocks Wide's servers, the execution of applications and the transfer of funds may be delayed. For security reasons, financial institutions suspend transactions during such times. But it doesn't happen often and delays are not long. Stocks Wide broker has never blocked withdrawals for more than 1 day in its more than ten-year history.
What should I do if I have difficulty making an application or withdrawing money?
As with all difficulties, you should contact the Stocks Wide Customer Service Department. They will help to correct any problems and speed up the process if possible. They can also clarify all additional questions, which depend on the individual conditions of each trader, such as the minimum withdrawal amount Stocks Wide, how much to leave on the deposit to keep access to specific instruments and others.
What are the withdrawal fees for Stocks Wide?
Commissions depend on the type of trader's account. You should also remember that transaction fees are charged not only by the trader, but also by your bank to which you withdraw your profits. Conditions at different banks can vary drastically. It is very important to investigate what terms and conditions local banks can offer you for your brokerage and cross-border payments. You should also choose the most suitable type of account for you at Stocks Wide.
Johannes Röll was born 1978 in Brilon,Germany. Graduated RWTH Aachen University. Over the past ten years he worked as Head of the plastic card team, where he was mainly responsible for the development of the distribution, Head of sales Department and Financial Analyst,where he got experience in planning and support sales figures for branches. For the present he works as freelancer