How to Withdraw Funds Step by Step
South Africans who want to withdraw funds from their Scope Markets One Account can follow these few steps:
- Before requesting a withdrawal, traders must confirm that their trading account has been validated by completing the Know Your Customer (KYC) procedure during the account application process. This requires the presentation of identification and evidence of residency.
- Scope Markets’ staff will analyse the information on the application and compare it to the supporting documentation before approving the account.
- Once South African traders receive confirmation that their account has been authorized, they may log in to their Client Area on the website using their login credentials.
- Traders can access their withdrawals by clicking on the “My Wallet” page and then selecting “Withdrawals.”
- Traders must note that they are only allowed to withdraw free margin and they must check that the amount they want to withdraw is correct, especially if they have open positions.
- Next, South African traders must select the same payment method they used to fund their account, and the funds should be available within 24 hours or up to 8 days, depending on the payment method used to finance the account.
- If traders cannot use the same payment method that they chose during funding, they must contact Scope Markets for further assistance. Changing the withdrawal method might involve providing proof of account ownership as Scope Markets prohibits third-party payments.
Detailed Withdrawal Information for South Africans
The withdrawal process indicated in this article is for the individual account. When South Africans register a joint or a corporate account, each will have a unique process. In addition, there is a minimum withdrawal amount for all withdrawal methods.
While traders can submit a withdrawal request at any given time, all withdrawal requests submitted after 2 am GMT will only be processed on the next business day. The withdrawal methods, minimum amount, processing time, and withdrawal fees can be viewed below.
| Payment Method | Minimum Withdrawal | Processing Time | Fees |
| Credit Card | 50 USD, EUR, GBP | 3 to 5 days | None |
| Debit Card | 50 USD, EUR, GBP | 3 to 5 days | None |
| Mobile Money | 50 USD, EUR, GBP | 1 to 2 days | None |
| Skrill | 50 USD, EUR, GBP | 1 to 2 days | None |
| Neteller | 50 USD, EUR, GBP | 1 to 2 days | None |
| Bank Transfers | 50 USD, EUR, GBP | 3 to 5 days | None |
| Telegraphic Transfers | 50 USD, EUR, GBP | 3 to 8 days | None |
Fund Withdrawal Terms and Conditions
The withdrawal process with Scope Markets involves the following considerations:
- Traders must exercise caution when selecting their deposit method since it serves as the default payment method for withdrawals. If this is not feasible, traders may contact Scope Markets’ customer service to seek a change in their withdrawal method. Additionally, this must be supported by confirmation of account ownership.
- Traders with open positions may continue to request withdrawals from their Wallet if the account balance is adequate. The trader’s free margin must be more than the withdrawal request
- Furthermore, each trader is restricted to one free request every day. While Scope Markets does not charge withdrawal fees, traders who request several withdrawals in a single day will be charged 35 currency units for each consecutive withdrawal in USD, EUR, or GBP after the first one.
Pros and Cons
| PROS | CONS |
| Scope Markets offers electronic and conventional payment methods | There is a limited choice between withdrawal methods |
| Client fund security is guaranteed as funds are kept in segregated accounts | The overall withdrawal process for some payment options can be extremely lengthy |
| There are no withdrawal fees applied if traders do not exceed their daily withdrawals | |
| The minimum withdrawal amount is very low | |
| Traders who have open positions can still request withdrawals if they have enough free margin |
FAQ
What are the withdrawal methods available on my Scope Markets One Account?
The following withdrawal methods are supported by Scope Markets:
- Credit Card
- Debit Card
- Mobile Money
- Skrill
- Neteller
- Bank Transfers
- Telegraphic Transfers (TT)
Will I be charged withdrawal fees when I withdraw from my One Account?
If you keep to the one free withdrawal per day, you will not be charged any withdrawal fees. If you withdraw more than once per day you will be charged 540 ZAR ($35) for every additional withdrawal.
What is the withdrawal processing time with Scope Markets?
It can range from 24 hours up to 8 working days, or more, depending on your preferred withdrawal method.
Are my funds safe with Scope Markets?
Yes, Scope Markets is well-regulated and ensures client fund security by keeping funds separate from its own account in bank accounts with top banks.
Can I withdraw funds in ZAR?
No, funds can only be withdrawn in USD, EUR, or GBP. Once your withdrawal request is processed and funds are returned to your bank account, it will automatically be converted to ZAR.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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