IQ Broker: Withdrawal Process
The method of withdrawing funds from your IQ Broker account must necessarily be the same that you used for depositing the funds. For example, if you added funds to your IQ Broker account via your bank account, then withdrawals can only be made to that particular bank account.
For withdrawing funds out of your IQ Broker account, navigate to the IQ Broker withdrawal page and choose a preferred method of withdrawal:
Once you initiate a withdrawal on IQ Broker, it may take up to three days for the funds to reflect in your account. If you have requested a withdrawal to your bank card, the processing time may be slightly more.
Your location may also have bearing on the time required to process a withdrawal. For further assistance, get in touch with the IQ Broker Support team.
IQ Broker: Withdrawal Process Time
IQ Broker claims that the funds shall reach your chosen withdrawal account within 3 business days or less. While some methods will result in funds being received earlier, other methods may utilize the full 3 business days.
IQ Broker: Maximum and Minimum Withdrawable Amounts
There is no cap on the amount you can withdraw from your IQ Broker account, but withdrawals cannot be less than 2 USD.
In case your withdrawal amount is $1.99 or less, speak with the IQ Broker support team to discuss your options.
IQ Broker has put in an additional blanket of security that disallows users to make withdrawals in excess of the amount originally deposited, except for withdrawals made to an e-wallet. If you wish to make withdrawals to a bank card, you must initiate the withdrawal process before the expiration of 90 days from the date of the previous deposit.
IQ Broker Withdrawal: Do I Need to Verify my ID First?
Yes. IQ Broker requires that you submit a set of documents for verifying your identity so they can shield your IQ Broker account against unauthorized transactions. The following documents are required to be submitted:
- An ID issued by your country’s government (passport, driver’s license, national ID card, residence permit, voter ID, refugee identity certificate, refugee travel passport). You are required to upload an image of your ID on the IQ Broker website’s Verification page.
- Users who deposited money into the IQ Broker account using a bank card are required to upload an image of the front and back sides of the bank card. While taking an image of the card’s back side, ensure that you cover the CVV. While taking an image of the card’s front side, you’re required to only keep the card’s first 6 and last 4 digits visible. The bank card must be signed by the user.
Requirement 2 applies only to those users who deposited funds with a bank card. Users that deposited funds to the IQ Broker account via an e-wallet will need to only add a government-issued ID. The verification may take up to 3 business days after the user initiates a withdrawal request and submits the documents.
Withdrawal Samples
- A user deposits $100 via a bank card. Over the course of the next 3 months, the user’s accumulated balance rises to $150. However, the user may only withdraw a maximum of $100 to the bank card, and the remaining $50 must be withdrawn to an e-wallet of preference from among the ones available (Neteller, Skrill, etc.). Another option is a wire transfer. Wire transfers, though, are charged at $50 per transaction so it is a feasible option only if a user has a large balance to withdraw.
- A user deposits $100 in the IQ Broker account using a bank card. 3 months on, the user has the same balance, i.e. $100, in the IQ Broker account. Since 90 days have elapsed after the previous deposit, this amount cannot be withdrawn to the bank card. The user then has two withdrawal options: e-wallet or wire transfer. Remember, though, that wire transfers are charged at $50 per withdrawal.
- Let’s say a user deposits $75 using a bank card and $25 through an e-wallet. The user now wants to withdraw all the funds available in the account to an e-wallet. However, this is not possible. IQ Broker has prescribed a withdrawal hierarchy wherein a user must first withdraw using a bank card and only then use other withdrawal methods. Therefore, the user must make the first withdrawal of $75 to the bank card, and the remaining $25 may be withdrawn using any of the following available options:
IQ Broker Withdrawals from Trading Account to a Bank Card
The following image explains the process of withdrawals to a bank card:
Head over to the withdrawal page on the IQ Broker website. Next, choose Bank Transfer as a method for withdrawal. The amount you input for withdrawal here must not be more than the amount you initially deposited using the particular bank card. When the amount has been inserted, click “Withdraw Funds.”
IQ Broker aims to conclude all withdrawals within 3 business days. Nevertheless, interbank transfers could take slightly more than 3 business days to process.
Documents required for making withdrawals from IQ Broker
Before being able to make withdrawals, users must complete the process of ID verification. Following documents are required for verification of ID:
- An ID issued by a user’s country’s government such as a voter ID, driver’s license, national ID card, residence permit, refugee identity certificate, or refugee travel passport.
- An image of the front and back side of the user’s bank card with which the user deposited funds to the IQ Broker account. Users must conceal the CVV written on the card’s back side. The image of the card’s front side is only required to show the first 6 and last 4 digits of the bank card number. Finally, users must ensure that the bank card has been signed.
IQ Broker Status of Withdrawal
- Requested: Once the user initiates a withdrawal, the status of the withdrawal will change to “Requested.”
- In-process: Once the withdrawal request begins processing on IQ Broker’s end and the amount is debited from the user’s IQ Broker account, the status will appear as “In-process.”
- Hold: Users that are yet to verify their ID will see the status of withdrawal as “Hold” until they complete the verification process.
- Canceled: If a user’s withdrawal request status reads “Canceled,” it indicates that the withdrawal has failed for some reason.
- Funds sent: The withdrawal status will read “Funds sent” when the IQ Broker has completed processing the request for withdrawal and the funds have exited from their system.
Once the withdrawal request status turns to “Funds sent,” users should expect to see the funds in their e-wallets within 1 day, or within 15 calendar days if the withdrawal has been made to a card. Users can check the withdrawal request’s status on IQ Broker’s Transactions History page.
ARN: Meaning
ARN is an abbreviation for Acquirer Reference Number. The ARN works as a code that helps the issuing bank track a particular transaction with the acquiring or merchant bank.
The acquiring bank assigns an ARN and transmits it to the IPS (MasterCard or Visa International). Users can track their transactions by referencing a transaction’s ARN at the respective IPS or to their bank’s officers who are in charge of card-processing operations.