Withdrawing money from MetaTrader 4 can be a little confusing when you’re a beginner. The important thing to understand is that MT4 is just a trading platform.
In other words, it’s just a piece of software. Your broker is the one who actually holds your money, not MetaTrader. When you trade, your broker gives you access to the money in their brokerage account via MT4.
In order to withdraw money from MT4, go to your broker’s website and login with your username and password. Once you are logged in, there will be a page that will allow you to request a withdrawal to your bank or other funding source.
But it’s not always that simple. The instructions above assume that you have a legitimate broker, like the ones I mention here.
However, there are many shady “brokers” out there. So some beginners want help if they are having difficulty withdrawing money.
I’ll cover both scenarios in this tutorial.
How to Withdraw Money from MetaTrader 4
Let’s start with the scenario that most traders will encounter.
You have a legit broker, you made some money trading, and now you want to withdraw some of it.
Here’s how to do it:
- Go to the broker’s website and login with your username and password.
- There will be a page where you can request a withdrawal.
- Fill out the form and tell them how much money you want to withdraw.
- The money will be sent to the account you select. This will usually be the account that you sent the money from, such as a bank account or credit card.
- Your money will arrive in your account in a few days.
You don’t request the withdrawal from MT4. Like I mentioned in the beginning, MT4 is just a trading platform.
The withdrawal is handled by your broker.
If you have any questions, contact your broker’s support staff and they can help you.
Here’s an example of the options that Oanda allows customers to withdraw to.
What to do When You Have Difficulties Withdrawing Your Money
If you’re having problems withdrawing money from a broker, stop right there.
Do NOT send them any more money until you have a successful withdrawal.
Even if you are able to withdraw your money, you might want to reconsider trading with that broker in the future.
There are 2 possibilities as to why you’re having trouble withdrawing your money.
- Your broker is legit, but they are having technical difficulties or they are just incompetent
- The person you’re dealing with is not really a broker and it’s a scam
If it’s a case of scenario #1, then you’ll probably be able to get your money out at some point. You just have to hassle them enough and you’ll get your money out eventually.
Withdraw all your money and look for another broker.
Now if you’re dealing with scenario #2, then unfortunately, it’s very unlikely that you’ll get your money back.
What a Broker Scam Looks Like
Broker scams come in different flavors.
There’s no way to know all of them, but these are the ones I’ve heard of.
Most scams will be variations or combinations of these themes.
All of these scenarios usually have one thing in common. The scammer will message you on a social media platform.
Usually this is a random stranger and they will chat you up and try to earn your trust.
So beware of friendly strangers, even if they don’t start talking trading.
The Dating Scenario
This one is really heartbreaking, but it happens.
I heard a first hand account of a woman who lost over $700,000 in a dating scam.
A guy contacted her via a dating site, then proceeded to gain her trust over several months. He never mentioned trading during this time.
But once he had her trust, he encouraged her to start trading with a particular exchange.
She deposited her life savings and the broker disappeared.
The Tax Payment Scenario
Another common request is for you to send additional money to prepay your “tax” on the profits you made in your trading account.
Taxes are usually paid at the end of the year, not on the withdrawal.
If you have any doubts, consult an accountant who works with traders.
When shady brokers request significantly more money to withdraw your money, they are trying to get one last payday.
They are going to keep all of your money anyway, so hang on to what you still have.
The Withdrawal Fee Scenario
A legit broker can charge you a small fee to withdraw your money.
This is normal.
But if they are charging you more than 2%, then you have to stop and check things out.
I’ve heard of stories of some scams charging 25% or more for a withdrawal.
That’s not normal.
The Profit Without Trading Scenario
This one boggles my mind.
Some people send random people on social media money to trade for them.
If that’s not bad enough, then they also believe that these random “traders” turned their $5,000 into $100,000, without any losing trades.
At that point, they usually ask the investor for another deposit to make even more money.
Don’t let your greed get the better of you.
Always research someone first.
The Small Withdrawal Scenario
Now even if you are able to withdraw some money from your account, that does not always mean that you’re in the clear.
Some scammers will allow you to withdraw a small amount of money, to gain your trust.
Then they will encourage you to deposit more because there will be a “big opportunity” coming soon.
A legitimate broker will never encourage you to deposit more money.
The might offer incentives, but they won’t make trading recommendations.
So those are the answers to both reasons why a beginner will ask how to withdraw money from MT4.
If you do your research and check out a broker before you send them money, the withdrawal process should be easy.
But if you jump in without doing any research, then you could be in for an unpleasant (and expensive) surprise.