Free method for regular cash outs from your (reputable!) broker?

bankroll

Junior member
35 0
It is very important for me -psychologically- to be able to cash out easily and regularly from my brokerage account. And I read it somewhere and agree. Heck, we are operating a business ind it is supposed to be our salary, right?

The only method I know of if you have a US broker and a US bank account; free checks or free ACH transfer. Or to a Payoneer card with selected US brokers such as E-Trade. But it's not that trivial to get a US bank account for a European. Wire transfers initiated by brokers use to be super expensive. And most brokers make it super complicated like you have to fax in a form. Or you can use e-currencies with some of them but I don't like e-currencies and they are most likely the bucket shops.

Besides the US route what is available for Europeans? Let's consider forex, stocks and CFD brokers as well. What is available?
 

lucas_king

Member
96 3
It is very important for me -psychologically- to be able to cash out easily and regularly from my brokerage account. And I read it somewhere and agree. Heck, we are operating a business ind it is supposed to be our salary, right?

The only method I know of if you have a US broker and a US bank account; free checks or free ACH transfer. Or to a Payoneer card with selected US brokers such as E-Trade. But it's not that trivial to get a US bank account for a European. Wire transfers initiated by brokers use to be super expensive. And most brokers make it super complicated like you have to fax in a form. Or you can use e-currencies with some of them but I don't like e-currencies and they are most likely the bucket shops.

Besides the US route what is available for Europeans? Let's consider forex, stocks and CFD brokers as well. What is available?

I trade on a spread bet account and on occasions use CFD’s and I have no problem in adding funds to my account nor do I have any problems taking funds back. I do this all online and can free add and remove funds at my discretion. I’m pretty sure this will be the case for the majority of online spread bet and CFD providers.
 

bankroll

Junior member
35 0
I trade on a spread bet account and on occasions use CFD’s and I have no problem in adding funds to my account nor do I have any problems taking funds back. I do this all online and can free add and remove funds at my discretion. I’m pretty sure this will be the case for the majority of online spread bet and CFD providers.

Yeah, online. 'Online' is a way to view a web page for example an online banking page but 'online' is not a banking method like bank wire (which is not free; I am looking for free ways), or perhaps withdrawing by other means which might be free.

Could you elaborate on 'online' more? Would you mind to tell us the name of your broker? Thank you.
 

bankroll

Junior member
35 0
A lot of people use Interactive Brokers so this is not a problem.

Is it OK if I open an account with Interactive Brokers with 10,000 then soon withdraw 9500 and start trading with just 500 as a beginner? I heard it is OK.
 

Trader333

Moderator
8,655 981
It will depend on what the margin requirement is for the instrument you wish to trade. If it is above $500 then you wont be able to trade.

Why would you want to open an account with $10K and withdraw $9500 ?
 
 
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