Traders in Nigeria, which forex broker do you use?

I started forex trading recently, but I have an issue selecting the best broker. I am more concerned about the deposit and withdrawal process. With the use of MasterCard, I couldn’t withdraw my money from one of the brokers I used. I have to make use of another payment option that requires paying a Gas fee. I just need recommentations on how forex traders in Nigeria fund and withdraw their wallet and the best broker to use.

Helloooo. :open_mouth: I’m not from Nigeria but maybe you could check these threads just to see if you can find anything that would help you select the best broker in your country? :open_mouth: I really hope you find one that perfectly suits you.

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Instead of bank cards link one to some online payment system and it will significantly simplify the process of topping up and withdrawing money. For example I use Skrill and Bitpay with Hoftforex and don’t have limits for withdrawal of profit.

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Choose those support Nigeria bank transfer channel as deposit and withdrawal. It will be much more convenient for you.

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Yes I agree with Ontario. I will suggest you to go for e-wallets like Skrill and Neteller if poosible. With these, you can enjoy instant withdrawals amd deposits.

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Thanks a lot.

Whichever broker you choose, make sure that you check their features and match them with your requirements.

Use Forexchief, it is faster for many of my friends online. They don’t accept US or Canada. But many Africans talk about it here. Mt4 and Mt5 is available with lowest spreads.

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thanks i will try them out.

Other than the withdrawal, another important thing that concerns me is how my funds arevhandled by the broker!

Always select a broker where the funds are collected in cold storage wallets that come with no online linkage. Hotforex for instance doesn’t link the private keys online while securing them in the offline devices.

With scams happening around in forex, how can you guarantee whether my funds aren’t mixed with the company accounts?

The reliable brokers with cold wallets keep the client accounts segregated from the company accounts. Meanwhile all the transactions are done using crypto solutions that are encrypted in layers. Such a system is also used by Turnkey forex that makes it impossible for the third party to decipher.

I use FP Markets. Deposits and withdrawals are quick and easy and the fee is low. You can trade CFDs and forex with them. Most of all, they are regulated brokers. So don’t worry about the scamming part.