When selecting a broker, one crucial aspect to consider is their approach to withdrawals. One of the brokers we have had our eye on is FXNovus, a broker offering CFDs in stocks, commodities, forex, indices, and cryptocurrencies. Our team has tested their withdrawal process and this article will give you the information you need.
Withdrawing funds from your FXNovus trading account plays a vital role in effectively managing your finances as a forex trader. In this guide, we will provide you with a detailed walkthrough of the process involved in withdrawing funds from your FXNovus account.
Keep reading to get all the details!
Minimum Amount for Withdrawal:
The minimum withdrawal amount from your FXNovus account is 250 EUR/USD.
Keep in mind that if you’re using e-wallets, you can withdraw any amount, as long as this amount covers the fees.
The Procedure for Withdrawing Funds:
Image Source: FXNovus Payment Methods
Initiating a withdrawal from your FXNovus account begins with logging in. After successful login, proceed to the withdrawal page. On this page, you will find straightforward instructions to guide you through the process. Ensure the accurate provision of required details, including the withdrawal amount and your preferred payment method. Check out the process on the FXNovus website, so you are aware of the steps to be taken and the necessary documents.
Processing Duration:
Once you have submitted your withdrawal request, FXNovus typically takes approximately 8 to 10 business days to process and finalize the transaction. Nevertheless, please bear in mind that the processing time might vary depending on your local bank’s internal procedures and practices.
Frequently Asked Questions:
➡️Can I still withdraw if I have open positions?
As long as you maintain an ample amount of available margin in your account to cover the withdrawal sum and any potential additional charges, you are eligible to initiate a withdrawal.
➡️What Are the Withdrawal Fees at FXNovus?
Clients who have fully verified accounts and engage in trading activities have the privilege of being exempt from withdrawal fees. However, for all other withdrawal requests, a fee will be charged, subject to the Company’s right to impose a withdrawal fee equivalent to 10 EUR/USD. If your account has not been verified in accordance with the company’s terms, you will receive instructions on the verification process you need to undergo. Failure to comply with the verification requirements may result in the withdrawal request being cancelled after 7 days. Once you have completed the necessary verification procedures, your Account Manager will contact you to verify the withdrawal request. The funds will be released no later than the 8th day following the request unless any unusual circumstances are observed. It may take up to 10 business days (depending on your bank) for the funds to be returned to the account from which you made the initial deposit, in adherence to strict principles ensuring funds are returned to their original source.
For more information, you can check out the FXNovus Legal Page where you can find all the information you need regarding withdrawals.
Image Source: FXNovus Legal Page
The Key Takeaway
📌Withdrawing funds from your FXNovus trading account is a simple process involving logging in, following the instructions on the withdrawal page, and accurately providing the necessary details. Remember to be mindful of the minimum withdrawal amounts and any potential withdrawal fees that may apply. Additionally, it is important to note that the processing time for your withdrawal may differ based on your local bank.
Would you consider choosing FXNovus as your broker?