An Experiment In Broker Fees - Deposits & Withdrawals
Forex Brokers come in all shapes and sizes, but not all are created equal. We decided to put a number of forex brokers to the test by checking their deposit and withdrawal processes, not making any trades, just recording their charges depositing and withdrawing and the results were shocking with some brokers!
The Experiment
First, we would like to thank Super Choice Forex for helping us conduct this experiment, you can also see the article on their website.
To conduct this experiment we selected the following brokers:
- FP Markets
- BD swiss
- Tickmill
- IFSMarkets
- Axiory
- Tradeview
Depositing
Depositing with forex brokers is typically seamless and quite quick, however both BD Swiss and Tradeview had frustrating processes requiring the situation to be chased up, and additional bank charges were incurred with these brokers. I had to provide these 2 brokers with proof of deposit which is quite unusual.
Withdrawing
Withdrawing from Forex Brokers is seldom easy and our results are testimony to that. Some brokers were very helpful once messaged, such as FP Markets, Tickmill and IFS Markets who messaged me first. BD Swiss was the worst as I had to take 3 attempts for the transaction before they finally approved it, taking over a month to withdraw. Tradeview and Axory also charged extremely high bank charges; by the time I had deposited and withdrawn nearly half of my initial deposit was taken in bank fees.
Forex Traders Beware!
Traders should take this as a warning to ALWAYS look into a forex broker's hidden fees and charges before deciding to partner with them. There are forex brokers that participate in shady practices, making it difficult and frustrating to withdraw your own money. Always exercise caution with any broker, read reviews and the Product Disclosure Statement (PDS) of any broker first before making deposits.
Check out Super Choice Forex for more insights into different forex brokers!