Payout is highly essential in forex trading because it is your only way of receiving profits. If you accumulate thousands of pounds in your trading account but cannot withdraw them, you are left in the lurch.
That’s why it can be frustrating when you encounter withdrawal problems with your broker. IC Markets is one of those brokers that have recorded several withdrawal complaints from their customers. It seems to be a recurrent issue year to year as you can easily find their customer complaints on various forex forums and blogs online. However, suppose you are an IC Markets customer.
In that case, this is not to pressure you about the safety of your funds or to make you worried, as it is a general problem that other brokers also experience with their users. With that being said, IC Markets is a reputable forex broker and licensed by Australia’s chief regulator.
This tells you that the company can’t make a run with your money. Plus, there’ve been some good reviews about the company, as shown in the screenshots below.
However, we still have some withdrawal complaints from IC Markets users, as we’d see in the images below.
Now, from the various customer complaints above, we can see quite a number of customers who can’t wait to have their withdrawals regardless of whether they followed the appropriate guidelines for withdrawal on the platform or not.
This is not to say that the company doesn’t have its shortcomings, but the latter is more prevalent. It would help if you understood that every broker has specific withdrawal terms and conditions that they put in place to safeguard their users from fraudulent transactions.
The same applies with IC Markets, and most times, users of the platform fail to read through and understand these withdrawal conditions, which eventually leads to most of the withdrawal problems that we can see above.
This, therefore, means that you shouldn’t be worried about these complaints as it is a common problem. Moreover, as a credible company, IC Markets will always work towards satisfying its customers and ensure appropriate measures to minimize problems that customers encounter with withdrawal.
Read: IC Markets review
Common IC Markets Withdrawal Issues
The following are common IC Markets withdrawal problems:
1. Bank Card Payment Limitation
The total amount of money that you can withdraw will not exceed your first bank card deposit. So, for example, if you started trading with an initial deposit of $100 and made $50 earning, making your total balance $150.
In this scenario, you can only withdraw a maximum of $100 with your bank card, you will then have to use other withdrawal options such as Skrill or Neteller to withdraw the remaining $50.
2. Documents Submission For Approval Of Funds
IC Markets may ask for personal documentation for particular security reasons to show ownership of your account before the approval of your withdrawal.
Such documents could include account verification documents such as valid ID, account details, etc. This is also to prevent fraud and money laundering among its users. Therefore, users are expected to provide valid documents when requested.
3. Decline of Withdrawal Requests
Many forex traders use a Virtual Private Network (VPN) to access their accounts to maintain their privacy.
However, most brokers do not allow VPN use on their interface; this is the same with IC Markets, and the company will usually reject withdrawal requests made via private VPN to prevent fraud and provide optimal security of their user’s accounts.
4. Delayed Withdrawal Application
Based on IC Markets withdrawal standards, It is expected that withdrawal would usually take 3 to 5 days to process. However, withdrawals take up to ten days, depending on your bank.
Additionally, there is a daily deadline for withdrawal requests, i.e., withdrawal requests must be made before noon AEST/AEDT; all withdrawals after the stipulated period will then be processed on the following business day.
Also, IC Markets now require clients to make withdrawal requests via their secured client portal to ensure faster processing of funds.
What Should You Do?
Firstly, based on the circumstances mentioned above, be sure you read and grasp the terms and conditions of the organization and its withdrawal rules. Knowing how the company works will reduce a variety of withdrawal problems.
Secondly, every company faces technical issues, so expect no perfection from IC Markets. In other words, you should expect specific problems once in a while when using the platform. This will enable you to always be patient enough till your problem is solved.
What Other Resources Can You Use?
For instances where you are unable to get a solution to your complaint via IC Markets help center on the website, you can use any of the following options:
- You can contact an online agent via live chat with several options, including WhatsApp, Facebook, and Twitter. Thus, you can understand the situation throughout the chat session and receive an adequate response from the online official.
- Alternatively, you can fill in your details to request a call from an online representative under the ‘Call back’ section on the company’s website.
- Another resolution is to email the support staff direct mail on [email protected] and describe the issue in detail. Usually, IC Markets support team will respond to your mail in a few days to obtain further explanations if necessary and start an urgent investigation to remedy the problem. You will have to provide a proper identification method and additional documentation, for example, if you have problems with declining withdrawals due to VPN usage. In addition, they must verify you as the actual account owner.