How to Withdraw Funds
Withdrawal Priority Procedure
Withdrawal of funds is only available to clients who have uploaded their supporting documents and had their trading account validated with up to date KYC documents. Clients log in to the secure Phoenix Area to upload their supporting documents (proof of identity and proof of address) and once the clients’ trading account has been validated they will be able to withdraw funds from their trading account.
In order to protect all parties against fraud and minimise the possibility of money laundering and/or terrorist financing, Phoenix will only process withdrawal/refunds back to the source of the original deposit according to the Withdrawal Priority Procedure below:
- Credit/debit card withdrawals. Withdrawal requests submitted, regardless of the withdrawal method chosen, will be processed via this channel up to the total amount deposited by this method.
- E-wallet withdrawals. E-wallet refunds/withdrawals will be processed once all Credit/Debit card deposits have been completely refunded.
- Other Methods. All other methods such as bank wire withdrawals shall be used once deposits made with the above two methods have been completely exhausted.
All withdrawal requests will be begin their process within 24 working hours; however all withdrawal requests submitted will be instantly reflected in the clients’ trading account as pending withdrawals. In case a client selects an incorrect withdrawal method, the clients’ request will be paused. All client withdrawal requests shall be processed in the currency in which the deposit was originally made. Should the deposit currency differ from the transfer currency, the transfer amount will be converted by Phoenix into the transfer currency at the prevailing exchange rate.