VG Markets Review: Withdrawal Speed, Fees and Limitations to Explore

A broker's withdrawal process is often the clearest test of how it treats clients. Despite how easy it is to make a deposit, in many case, it can be a real pain to withdraw funds. Withdrawal speed depends on several factors: broker internal review, withdrawal options, KYC verification, Bank process time, withdrawal amount, and the timing of your withdrawal request submission. These all matter.

Some required procedures that affect your withdrawal speed:

Broker Internal Review & Approval: Once you submit a withdrawal request, brokers will take anywhere from a few minutes to several business days to thoroughly assess your account, including your account balance, transaction history, and the details of your withdrawal request.

KYC Verification: There is an additional KYC step to confirm your identity, address verification, and account payment identification. Incomplete or unsuccessful identity checks can delay a withdrawal.

Withdrawal Amount & Methods: Withdrawal amounts and methods are crucial considerations. Generally, smaller withdrawal amounts can be processed swiftly, whereas larger sums, such as $1000, will initiate additional legal scrutiny and impact the overall withdrawal timeline.

Withdrawal Request Time: It is advisable to submit withdrawal requests on business days. This is because weekends, holidays, and other non-working days can lead to delays in processing your request during business days.

Bank Processing Time: There is a lengthy procedure involved in actually receiving your funds when you opt for a bank-related withdrawal method, such as Bank Clearing, Cross-Border Transfers, and Intermediary Bank Reviews. International bank transfers generally require more time to process.

VG Markets At a Glance

VG Markets is a newly established forex and CFD broker that has gained much favor in recent years. Its intuitive and user-friendly mobile trading device, VG Markets App, has succeeded in making trading simple and accessible. Today, many brokers advertise their advanced trading platforms, extensive markets to enter, and complicated trading features. VG Markets, however, work differently. It focuses on providing a pure trading environment that instills confidence in CFD trading while ensuring the safety of funds.

The trading-related processes at VG Markets have been enhanced in practical ways, such as the account registration procedure, the mobile trading experience, and the withdrawal process. When it comes to providing traders with an honest trading experience, VG Markets wins every time.

VG Markets, as a stringently regulated CFD broker, operating under the regulation of ASIC in Australia (verify here) , and FSCA in South Africa. In addition to offering negative balance protection, VG Markets ensures that client funds are kept separate from its operational funds. This practice safeguards against any potential misuse or withholding of client funds, all under the watchful eye of regulatory oversight.

By contrast, many unregulated brokers, or weakly regulated brokers, would often misuse client funds and make withdrawal more challenging.

VG Markets Withdrawal Speeds, Fees, Limits & Verification

VG Markets allows withdrawal via cryptocurrency, Bank Cards, and some local payment options targeting Malaysia, Indonesia, the Philippines, and Thailand.

The minimum withdrawal amount is established at $5 for each transaction, and there are no fees associated with withdrawals. Withdrawal requests will be reviewed and processed by VG Markets within a 24-hour timeframe. For withdrawals exceeding $1,000, proof of address is necessary. It is important to note that withdrawals can also be processed during weekends and holidays. Typically, the entire withdrawal process ranges from 2 hours to 3 business days.

How to Withdraw Funds on VG Markets? Two Withdrawal Tests to Reveal

I conducted tests for withdrawing funds through Cryptocurrency and bank transfer on the 4th and 5th of November. Both withdrawals were successful. The cryptocurrency transfer took about four minutes, while the bank transfer reached my account in roughly an hour. Notably, the processing time of a broker is not equal to the actual arrival time of funds. The difference matters: a request may be approved within minutes, while the payment provider takes considerably longer to deliver the money. Withdrawals on the VG Markets platform do not incur any fees. However, there are certain fees imposed by third parties, which is why the amount you withdraw may not exactly match the final amount you receive.

It's worth mentioning that I withdrew $50 using cryptocurrency and $20 through a bank transfer this time, and these amounts are relatively small. If a larger amount is involved, the withdrawal process varies, and the speed of withdrawal may be extended.

Cryptocurrency Withdrawal Test on VG Markets

Withdrawing funds through cryptocurrency at VG Markets is regarded as both convenient and swift, provided that you possess your own cryptocurrency wallet.

Here is a detailed process for withdrawing funds using cryptocurrency.

Step 1: Access the VG Markets account, then select the "withdrawal" option to proceed to the next page. Proceed by clicking "Withdraw Now".

Step 2: Select "USDC/USDT" for the fund withdrawal. VG Markets accepts cryptocurrency, bank cards, and various local payment methods. I choose to use USDT/USDC for my fund withdrawal this time, then input my e-wallet address and specify the amount I wish to withdraw, which is $50. Next, select "Confirm Withdrawal" .

Step 3: In the confirm withdrawal section, VG Markets has included a questionnaire to clarify withdrawal intentions. And this is a major avenue they discuss regarding client withdrawals.

Step 4: I submitted the withdrawal request at 16:57 on November 4th, and it received approval at 17:01 on the same day. The broker's review and approval process took a total of 4 minutes.

Let's verify the actual arrival time: 50 USD was credited to my cryptocurrency wallet at 17:01:11, arriving instantly with no third-party fees involved.

Bank Transfer Withdrawal Test on VG Markets

VG Markets supports bank withdrawals in several Asian markets, including Malaysia, Vietnam and Indonesia. Withdrawals through bank transfer will require additional time. Notably, currency fluctuations in exchange rates can take place.

Step 1: Still, log into personal account and select the “Withdrawal” option to initiate withdrawal request. Next, click on the “Withdraw Now” button.

Step 2: Then select the bank transfer to withdraw funds. Payment currency is default as the residence of country. And then fill out the desired amount I want to withdraw. Consider an amount of $20. VG Markets bank transfers support many banks. Choose the bank that is most convenient. Enter personal bank details and withdrawal amount, then review the information before confirming the request.

Step 3: To submit a withdrawal request, navigate to the withdrawal history section where you can track your order. It will initially appear with a "pending" status. I submitted the withdrawal request at 10:49 on November 5th, and my order was completed at 11:41 on the same day. My withdrawal request was approved by VG Markets in approximately one hour.

Step 4: The funds reached my bank account at 11:40, roughly 51 minutes after I submitted the request at 10:49. The transfer was completed within an hour, although the final amount received was lower than the reference conversion value. Let's verify the actual amount received upon withdrawal. The exchange rate indicates that 20 USD equals 513,650 VND, yet the final amount received is 504,760 VND. This results in a conversion fee of 1.73%.

Customer Support Experience on VG Markets Withdrawal

Before proceeding with my withdrawal, I inquired about the review and approval timeline for withdrawal requests, whether there are any associated fees, and if any further verification is required prior to completing my first withdrawal. The customer support team gave me a prompt and thorough response. I received my response: the withdrawal request was reviewed and processed within 24 hours, with no associated fees. Additionally, for withdrawals exceeding 1000 USD, I need to provide proof of address as requested.

My interaction with VG Markets’ customer support was straightforward. The agent responded promptly, addressed my questions about withdrawal procedures, and the conversation proceeded without technical interruptions. Still, responsive customer service is only one part of the picture. When it comes to protecting client funds, what matters more is whether the broker follows its stated withdrawal policies and processes requests consistently, particularly when larger sums are involved.

Some Key Points from Testing VG Markets Withdrawals

Overall, my tests suggest that VG Markets handles smaller withdrawals reasonably efficiently. A $50 cryptocurrency withdrawal was processed in just four minutes. Bank transfers proved more involved, requiring additional account details and, in some cases, currency conversion. The absence of withdrawal fees is welcome, but it does not necessarily mean the process is cost-free. Exchange-rate differences and third-party charges can still reduce the final amount received.

Timing deserves similar attention. VG Markets advertises to review withdrawal requests within 24 hours, but, in fact, approval and actual receipt of funds are two different matters. Larger withdrawals may face further checks: requests exceeding $1,000 require proof of address, according to customer support. For smaller transactions, the process appears straightforward. Whether the same holds true for larger sums remains an open question

The Bottom Line

Trading is rarely easy, as capital is always on the line and every choice—from your risk strategy to your choice of platform—matters. Yet in some ways, trading becomes simpler when you start by building a reliable foundation on the proper broker.

VG Markets charges no withdrawal fees and processes requests quickly. For traders, this means less money lost to fees and less time waiting to access their funds. A smooth withdrawal is encouraging, however, two successful transactions cannot truly establish a broker's reliability. Larger requests, additional verification, and changing payment conditions remain untested.

Risk warning: Trading forex and CFDs involves significant risk and may result in losses that exceed expectations. Leverage magnifies both gains and losses. This article is for educational purposes only and does not constitute investment advice.

FAQs

Does VG Markets charge withdrawal fees?

No, no withdrawal fees are charged on the VG Markets platform, but there may be some conversion fees.

How long does it take for VG Markets to review and approve client's withdrawal requests?

VG Markets promises that it would review and approve withdrawal requests within 24 hours.

What payment methods do VG Markets support?

VG Markets support Cryptocurrency, Bank Transfer, and some local payment methods.

What is the minimum withdrawal amount on the VG Markets platform？

The minimum withdrawal amount is $5.