XE Trade - Frequently Asked Questions
For security reasons, we are required to verify any new EFT Bank Account (available on USD and CAD accounts in the US and Canada only) which you use for withdrawal.
Account verification will only occur after you place a trade using that account for withdrawal.
Note: If you wish us to verify your account prior to trading, please contact us. Please note we can only verify accounts you intend to use for withdrawal.
Verification is required only once per account.
- Verification is subject to Credit Approval
We will make a micro deposit to your account. You will be required to verify the amount of the deposit via e-mail.
We must also contact your bank in order to verify the details of your account.
Note: To expedite this process, please provide details of a representative at the bank with whom we can communicate directly. If cannot provide this information, we will send the EFT form to customer service which may cause the process to take longer to complete.
This process may take around 2-14 business days depending on how quickly we receive both your confirmation of the deposit amount and confirmation from your bank. We may not be able to process your trade during that time, but the trade will remain fixed at the agreed rates.
Please be advised that completion of the bank verification is completely driven by the cooperation of your financial institution, which may delay your trade. In case of difficulty we will contact you to suggest alternative options.
During confirmation, the status of the EFT Bank Account will temporarily change to "Inactive" in XE Trade and you will not be able to use this account to book further trades until the account has been confirmed.
Once the account is verified, the status will change to "Active". We will also send you an e-mail confirming that the account verification has been completed, as well as your approved EFT Trading Limit.
Note: Your EFT Trading Limit is based upon your credit rating and may be different that your XE Trade Trade Limit. If you wish to trade more than your EFT Trading Limit, you will be able to do so by sending the payment to us directly. Please contact us if you require more information.