Not getting paid on time or not getting paid at all are unfortunately things that every forex trader has to experience once in a while. It is a very stressful issue especially if your withdrawal request is for several thousands of dollars. So here is the question - what can you do to protect yourself from withdrawal issues?
What To Do When Forex Broker Doesn’t Pay?
Not getting paid is unacceptable and instead of feeling completely powerless there are several things I would suggest doing in order to avoid the undesirable money-stress.
Withdrawal requests are reviewed and processed within 5 business days
First of all, in case your forex broker is well-known, trusted and respected, you are definitely not the only client. Chances are your withdrawal request gets into a big “to-be-paid” pile of the financial department. Depending on how organized your broker’s accounting division is, your withdrawal request will be handled accordingly.
Did you forget to request the payment?
Sometimes forex traders are the ones to blame. Every forex broker has its own withdrawal requirement and you have to follow each step in order to ensure the successful transaction. Make sure that your documents, faxed, emailed or filled online, include all the necessary information. This way your broker accountant in front of the “to-be-paid” pile will have no excuse to put your payment request in the “incomplete” basket, or folder or trashcan. In case your request ends up in the less unfortunate pile, it is almost certain that your payment will not be on time and you will most likely have to wait until next month. Of course, by then you will end up loosing millions of brain cells due to stress, lack of sleep and endless disappointment.
Does your Forex Broker have Fixed Payment Date?
Some forex brokers make payouts once or twice a month at a certain date. You might want to find out the tricky schedule in order to file for withdrawal regularity at the same time. Not only your forex broker gets to expect your request at a fixed time of the month but also it gives you a chance to be more organized, which is quite difficult while working from home!
You might also want to ask your broker which payment is the fastest. Wire Transfer can take weeks while the alternative payment method such as Paypal may process your transaction within minutes.
Since most forex brokers charge some kind of a fee for every payment transaction, you might think that not withdrawing for a while is a better deal. In my opinion, smaller amounts are less frightening than larger chunks. Meaning that, maybe it is not so wise to save up your profits until you become a millionaire. I say, submit withdrawal requests regularly. That should save you the trouble.
Communicate with your Broker to Fix Problems and Minimize Misunderstanding
Last but not least is communication. Getting all grumpy at your dog or complaining to your neighbor will not get you closer to the payout. Sometimes an official but strict email or even a phone call will do the trick. Yes, forex trading does not completely isolate you from the society and social skills. You have to talk to people making the payment in case there is some kind of misunderstanding or delay. Start with a friendly reminder and see how things go. In case friendliness isn’t working out, you can always threaten to publish a bad review all over the internet. That usually puts brokers on their toes.
In case your forex broker really has gone bad, spread the word in forums and forex portals such as this. Your posts will not only be noticed by the forex broker in question, but will also warn other traders about no-payment dangers.