I remember back in the days when FOREX Trading was just introduced into the Nigerian Labor market and most traders find it stressful to participate in the markets due to deposit and withdrawals methods available. During those years, a trader must operate a domiciliary bank account to be able to operate with FOREX brokers to make deposits and withdrawals. The common ways for depositing and withdrawing funds was via bank wire transfers and also using the dollar master or visa card.
This usually cost too much time, money and energy as bank transfers takes 3-5 business working days to be done depending on the sending and receiving bank. More also, a lot of charges like (telex and principal charges) are been incurred on each transaction which could be sometimes be hurting when dealing with low volume transactions in units and a few hundreds. For example if you are making a deposit of eighty or hundred dollars, you’ll be paying the same charges of someone sending five hundred or a thousand dollars.
Moreover, it was a disadvantage using the bank wire deposit and withdrawal method because there was no way to try out strategies with little funds. This made it easier to become a failure in trading as I believe the best way to know your performance as a trader is to first try out trading with a few bucks and see what you can do with it. This enables you to master your strategy and your trading psychology as well before then investing huge volume of funds into trading.
Brokers were fully aware of this fact and the introduction of electronic currencies was launched into the deposit and withdrawal methods. Electronic currencies such as Web Money, Perfect Money, Liberty Reserve, Ok Pay, Ego Pay etc. became the most used methods in depositing and withdrawing of funds between brokers and traders. This actually saved time, money and energy as it was very fast and stress free to get transactions done. Transactions were carried out within minutes or even seconds depending on the broker and traders felt more comfortable using the electronic currencies than using bank wire transfers.
Unfortunately, a gigantic company among the electronic currencies which was most used of all was liquidated last year by the American government and a lot of brokers and traders lost huge amount of money. I am talking about the Liberty Reserve electronic currency to be precise. After the atrocious incident, traders were worried about going back to the old bank wire transfer ways but some brokers still have that concern feelings for their clients and introduced representative offices in different countries where deposits and withdrawal could be made locally.
In fact this option is so far the best of all as you’ll be making your deposit and withdrawals through your local currency. This provides relief and increases more confidence that your funds are safe. These are list of FOREX brokers that have representative office in Nigeria where local transactions can be carried out with speed, transparency and security of funds.
INSTAFOREX: Head office in Russia. Regulated by RAFMM. Represented in Nigeria. Rep Offices in Lagos, Port Harcourt, Ilorin, Abuja, Warri, Ijebu-Igbo, Owerri and Akure
FX PULP: Head Office in Cyprus. Regulated by CySEC. License number 095/08. FCA registered number 498712. Represented in Nigeria. Rep Offices in Lagos and Ibadan.
FOREXTIME: Head Office in Cyprus. Regulated by CySEC. License number 185/12. Represented in Nigeria. Rep Offices in Lagos and Abuja.
Others present in the country are FX Primus, MasterForex, Admiral Markets, Black well and FOREX Metal