Getting Started: You must link your bank account before you can withdraw funds. If you have not already linked your bank account, please click here for instructions. Withdrawals are only permitted from linked bank accounts that have been verified to be under your name and for which you are identified as the main or joint account holder. These security requirements are in place to prevent money laundering and fraud.
Funds Available for Withdrawal: While you can withdraw funds from your account at any time, any amount set aside for pending orders, any unsettled trades or any pending withdrawals cannot be withdrawn. When you sell a stock, you can immediately reinvest the cash proceeds into another stock. However, you won't be able to withdraw the funds to your bank account until the transactions have been settled. This can take up to 2 business days after the execution date. Once the trade is settled, your 'available to withdraw' balance will be updated.
To view your "Available to withdraw" balance:
- Log in to your MogoTrade app
- Tap on the Account tab in the bottom right corner
- Tap on Transfers
- Tap on Available to withdraw at bottom of screen to see individual account balances
- Tap on the account you wish to withdraw funds from
- You can confirm the "Available to withdraw" balance on the next screen
To withdraw funds, continue:
- Tap on Withdraw funds
- Enter the withdrawal amount and tap DONE
- Your linked bank account will be displayed to you, please check to ensure this is the correct bank account
- Tap Continue to proceed to the confirmation screen
- If everything is in order tap CONFIRM
Once your withdrawal request has been submitted, please allow 2-4 business days to receive your funds. All withdrawals are processed via EFT (Electronic Funds Transfer).
At any time during this process, if you are redirected to our partner Plaid and are asked to enter your online banking credentials, this means you haven't yet linked and verified your bank account. Just follow the prompts and search/select your bank from the list of financial institutions available. Enter your online banking credentials: username or bank/client card number & password (use your bank card not your partners as the name on your bank account must match the name on your MogoTrade account). Once you complete this process you can continue to withdraw available funds by following instructions above.