How to fund forex account without Liberty reserve

Forex Trading Nigeria

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Posted by on Tuesday September 3, 2013 10:29:47:

Since the death of Liberty reserve, the options available for funding forex trading accounts for countries like Nigeria have been reduced since Liberty reserve was a major means of funding forex accounts. This does not mean that there are no other ways to deposit money into your account apart from LR.

Here are other ways I know forex brokers accept deposits from traders

Bank deposit: Yes, you can even make deposits into your forex account in Nigeria by paying in naira to the bank account of your broker or their agent. There are not lots of forex agents and brokers in Nigeria who can fund your account directly for you as long as you can pay in Nigeria. It may take 24 hrs of a 5 days and your online account will be funded. Funding a forex account in Nigeria comes at a rate higher than if you were withdrawing from your account. Last time I checked, forex accounts could be funded in Naira at about N185 to a dollar.

2. Bank Wire: This is the most common way serious forex traders fund their account. This involves transferring money from your bank account in Nigeria to the bank account of your broker in Asia, Europe or USA. It comes with some bank fees though but this option is best for transferring large sums of say $2,000 and above.

3. Credit/Debit card payment: One thing I've also noticed with some brokers is that they also accept card payments which can be Visa, Mastercard or any other acceptable card. Since most banks in Nigeria now issue credit and debit cards supported by these global names, you can also fund your account with it. I think it would be better to pay with a USD visa or Naira Mastercard if you want to avoid the high exchange rates used by banks. You can as well fund your account with a naira card if your broker accepts Visa or Mastercard

4. Payza: Formerly Alertpay, this is also an option for funding your forex account in Nigeria. Payza works for some brokers and you can easily fund your account with it in seconds.

Once your have deposited some funds into your forex trading account, you will be able to do live trading and earn or lose some real money in the game. If you are a new trader, don't trade with huge money or you could regret it.