For beginners, withdrawals from MetaTrader 4 can be a little confusing. The important thing to understand is that MT4 is just a trading platform.
So it’s just software. The broker actually holds your money, not MetaTrader. When trading, brokers can access the money in their broker accounts via MT4.
To withdraw money from MT4, go to the broker’s website and log in with your username and password. Once logged in, you will be taken to a page where you can request a withdrawal to your bank or other source of funds.
But it’s not always that simple. The instructions above assume that you have a legitimate broker like the one mentioned here.
However, there are many dubious “brokers” out there. That is why some beginners ask for help when it is difficult to withdraw money.
This tutorial covers both scenarios.
How to withdraw money from MetaTrader 4
Let’s start with a scenario that most traders encounter.
You have a legit broker and have made some money trading, but now you want to withdraw some of it.
Method is as follows.
- Go to your broker’s website and log in with your username and password.
- A page will appear where you can request a withdrawal.
- Fill out the form and tell us how much you want to withdraw.
- The money will be sent to the account of your choice. This is usually the account you’re sending money from, such as a bank account or credit card.
- The money will arrive in your account in a few days.
There is no withdrawal request from MT4. As I said at the beginning, MT4 is just a trading platform.
Withdrawals are processed by the broker.
If you have any questions, please contact your broker’s support staff.
Below are examples of the options Oanda allows its customers to withdraw.
What to do if withdrawal is difficult
If you have trouble withdrawing money from your broker, stop there.
Please do not send any more money until the withdrawal is successful.
Even if you manage to withdraw your money, you may want to reconsider trading with that broker in the future.
There are two possibilities as to why you are having trouble withdrawing money.
- Your broker is legit but has technical problems or is simply incompetent
- The person you are trading with is actually a scam, not a broker
For Scenario 1, you will probably be able to withdraw your money at some point. You have to bother them enough and you can make money in the end.
Withdraw all your money and find another broker.
Unfortunately, if you’re dealing with Scenario 2, you’re unlikely to get your money back.
What is broker fraud
There are many types of broker fraud.
I have no way of knowing all of them, but these are the ones I’ve heard.
Most scams are variations or combinations of these themes.
All these scenarios usually have one thing in common. Scammers send you messages on social media platforms.
Usually this is a random stranger who will talk to you and try to gain your trust.
So be wary of friendly strangers, even if they don’t start talking about the deal.
dating scenario
This is really heartbreaking, but it happens.
We heard firsthand the story of a woman who lost over $700,000 to a dating scam.
A man contacted her through a dating site and spent months earning her trust.
However, once he gained her trust, he encouraged her to start trading on a particular exchange.
She deposited her savings and the broker disappeared.
Tax payment scenario
Another common request is to ask for an additional remittance to prepay “taxes” on the profits earned on your trading account.
Taxes are usually paid at the end of the year, not at the time of withdrawal.
If in doubt, consult an accountant working with the trader.
They’re about to get their last payday when a shady broker demands significantly more money to withdraw your money.
Either way, they’re going to keep all your money, so stick with what you still have.
Withdrawal fee scenario
Legitimate brokers charge a small fee and can withdraw your money.
This is normal.
But if they charge you more than 2%, you should stop and check.
I have heard of scams charging 25% or more on withdrawals.
that’s not normal.
Profit without trading scenario
This breaks my heart.
Some people randomly send money to people on social media to trade with them.
If that wasn’t bad enough, they also believe these random “traders” turned $5,000 into $100,000 without losing a trade.
At that point, they usually ask the investor to make another deposit to make even more money.
Don’t give in to greed.
Always research someone first.
Small withdrawal scenario
Even if you are able to withdraw some money from your account now, it is not necessarily without problems.
Some scammers will allow you to withdraw small amounts of money in order to gain your trust.
You will then be advised to make more deposits as the ‘Big Opportunity’ will soon come up.
A legitimate broker will never encourage you to deposit more money.
We may offer incentives, but we do not endorse trading.
final thoughts
These are the answers to both reasons why beginners ask how to withdraw money from MT4.
The withdrawal process is easy if you research and research your broker before sending money.
But jumping in without doing any research can lead to unpleasant (and expensive) surprises.