So i live in Egypt and there are some restrictions in online trading due to money laundering and other economical problems. basically any bank here is not allowed to interact with brokers so there will be problems withdrawing/deposting money from and to your account. In this case, which party should i be contacting to ask about these restrictions, the bank or the broker?
for example, right now i found a broker based in USA that is supported here but since banks does not support online brokers i can’t fund my broker account. What should i do in this case? There are local brokers but i feel that online brokers are more tempting due to their lower fees and financial cost.
I think you need to look into the Egyptian legal situation a little more closely.
I understand that under Egyptian law, only banks and licensed currency exchange offices are authorised to trade in foreign currencies. However, when you open an account with a forex broker, neither you nor the broker will be trading in foreign currencies. You are actually trading derivatives of foreign currencies, but you are definitely not buying and selling US Dollars or Euros or Yen or Pounds any other actual currency.
From my location I find it difficult to deposit from or withdraw to my back account. So I use other payment system like Skrill and sometimes bitcoin. I use Forexchief, they have an office here. My point is, is it possible for you to transfer funds to an online payment system and to the broker.
E-wallets here are available widely, but i want to ask a question regarding skrill, how do i withdraw or receive the money from it ? Do i get a credit card that i can use on atm’s here ? or i transfer the funds to my bank’s E-wallet then take withdraw it ?
Make deposit from your bank account to your Skrill account and then from your Skrill account to your trading account. Reverse process for withdrawal. Simple.