How to Withdraw Money From MT4

Withdrawing money from MetaTrader 4 can be a bit confusing if you are a newbie. 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 real holder of your money, not MetaTrader. When you trade, your broker gives you access to the money in their brokerage account through MT4.

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, as I mentioned here.

However, there are many shady “brokers” out there. That’s why some beginners want help when they’re having trouble withdrawing money.

I will cover both scenarios in this tutorial.

How to Withdraw Money from MetaTrader 4

Let’s start with a scenario that most entrepreneurs encounter.

You have a legitimate broker, you have made some money trading, and now you want to withdraw some of it.

Here’s how to do it:

1. Go to the broker’s website and login with your username and password.
2. There is a page where you can request a withdrawal.
3. Fill out the form and tell them how much you want to withdraw.
4. The money will be sent to the account of your choice. This is usually the account you sent the money to, such as a bank account or credit card.
5. Your money will reach your account in a few days.

You do not request to withdraw from MT4. As I mentioned at the beginning, MT4 is just a trading platform.

Withdrawal is handled by your broker.

If you have any questions, contact your broker’s support staff and they will help you.

Here is an example of the options Oanda allows customers to withdraw.

What to do if you are having trouble withdrawing your money

If you have problems withdrawing money from a broker, stop there.

DO NOT send them more money until you have a successful withdrawal.

Even if you can withdraw your money, you may reconsider trading with that broker in the future.

There are 2 possibilities why you are having trouble withdrawing your money.

1. Your broker is legit, but they have technical difficulties or they are incompetent
2. The person you are dealing with is not a broker at all and it is a scam

If this is a case of scenario #1, then you can get your money back at some point. You just have to hassle them and you will get your money in the end.

Withdraw all your money and find another broker.

Now if you are faced with scenario #2, then unfortunately, it is very unlikely that you will get your money back.

What does a Broker Scam look like

Broker scams come in different flavors.

There is no way to know them all, but this is what I have heard.

Most scams are 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 it’s a random stranger and they’ll chat with you and try to gain your trust.

So beware of friendly strangers, even if they don’t start talking trading.

The Dating Scenario

It’s a real heartbreaker, but it happens.

I heard a first hand account of a woman who lost over $700,000 to a dating scam.

A man contacted her through a dating site, then gained her trust over several months. He did not discuss trade at this time.

But once he gained her trust, he encouraged her to start trading on a particular exchange.

He deposited his life savings and the broker disappeared.

The Tax Payment Scenario

Another common request is to send you more money to prepay your “taxes” on the profits you made in your trading account.

Taxes are usually paid at the end of the year, not upon withdrawal.

If you have doubts, consult an accountant who works with entrepreneurs.

When shady brokers demand a lot of money to withdraw your money, they are trying to get one last payday.

They will keep all your money, so stick with what you have.

The Withdrawal Fee Scenario

A legitimate broker may charge you a small fee to withdraw your money.

This is normal.

But if they charge you more than 2%, you need to stop and check things.

I have heard stories of some scams charging 25% or more for a withdrawal.

That’s not normal.

The Profit Without Sales Scenario

This boggles my mind.

Some people send random people on social media money to trade for them.

If that is not bad enough, then they also believe that these random “traders” have made their $5,000 to $100,000, without losing trades.

At that point, they usually ask the investor for another deposit to make more money.

Don’t let your selfishness get the better of you.

Always research someone first.

The Little Retreat Scenario

Now even if you can withdraw money from your account, that doesn’t always mean 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 is a “great opportunity” coming soon.

A legitimate broker will never encourage you to deposit more money.

They may offer incentives, but they do not make trading recommendations.

Final Thoughts

So those are the answers to the two reasons why a newbie would ask how to withdraw money from MT4.

If you do your research and check out a broker before you send money, the withdrawal process should be easy.

But if you jump in without doing any research, you could be in for a nasty (and expensive) surprise.