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MT4 broker needed for nigeria

  • #1
  • First Post: Oct 21, 2008 4:19pm Oct 21, 2008 4:19pm
i'am relatively new to forex trading(less than a year) and going by what i have learned, i have noticed that there are a lot of popular fradulent brokers out there. From orders not being executed to denial of application due to my geographical location. Experience is the best teacher so iam throwing this open, what mt4 broker would any experienced trader recommend? I need a broker that would honour orders and well as being impartial in making so called "business decisions". pls help a broda.
the ROC is in d building
  • #2
  • Oct 21, 2008 7:16pm Oct 21, 2008 7:16pm
try one of the multinational banks or brokers. the real big guys. maybe FXCM or GFT do Nigeria. but i have absolutely no clue other than that.
  • #3
  • Oct 21, 2008 7:45pm Oct 21, 2008 7:45pm
Maybe, those Nigerian Scam Emails are the reason for the attitude towards Nigerians. I receive alot of these in the past though lately, it has changed location and claims they are operating in London. No offense intended.

If this is the case, I think FXCM etal wont accept either. I suggest get one of those European brokers, preferably Russians.
  • #4
  • Oct 22, 2008 4:08am Oct 22, 2008 4:08am
.....and am happy 4 u bcos u didnt fall into the hands of those that will accept u but latter to dicover u cant withdraw a kobo!
Am presently making a search on Alpari and GFT. Many said they are good. I will get in touch with u bros as soon as i am convinced. Do not be angry with those brokers that reject your application. They are only trying to protect themselves o! It is our responsibility to prove to them that not all of us are thesame, but that will take time bros me!
4 now keep winning....at least with ur demohttp://www.forexfactory.com/images/icons/icon12.gifhttp://www.forexfactory.com/images/icons/icon10.gif.
  • #5
  • Oct 22, 2008 6:19am Oct 22, 2008 6:19am
Quoting BurgerKing
Maybe, those Nigerian Scam Emails are the reason for the attitude towards Nigerians. I receive alot of these in the past though lately, it has changed location and claims they are operating in London. No offense intended.
Absolutely Agreed
  • #6
  • Oct 24, 2008 1:41pm Oct 24, 2008 1:41pm
At least i know iam not alone. thanks alot for the replys got. presently iam demoing on fxopen and marketiva, but i feel i need a more secure broker. As usual any broker that can handle small sums wld be able to handle big cheese(know what i mean). So i need a broker that uses mt4 platform and really operates a mini account($200). FXCM is ok but the mt4 issue is the problem. Any ideas?
the ROC is in d building
  • #7
  • Oct 24, 2008 6:26pm Oct 24, 2008 6:26pm
I think alpari and other brokers will accept you if you can provide very legit notarized documents to prove you are who you say you are: Notarized bank statements, passport copies, utility bills. Remember there are people behind the desks at these brokers so if you reason with them they might be lienient.

If you can't provide them then someone like instaforex, an unregulated russian broker is probably your best bet.
  • #8
  • Oct 26, 2008 7:08am Oct 26, 2008 7:08am
Hi,
I think the easiest way si go to google nad search for "forex broker nigeria" and will find some results.

Remmember the key issue with nigeria that it is mentioned on US patriotic act, then it means any broker with US bank can not accept Nigerian traders.

Also NFA and FSA regulation is quite strict, so i the only way to go Swiss and EU.
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  • #9
  • Oct 27, 2008 6:23am Oct 27, 2008 6:23am
Hi,

try www.wsd-kenya.com they are very active in Africa and use MT4 as trading platform.

This might be a solution for the African community around here to profit from this profitable market.

Maybe there are others, but I only fund this one. I hope it will HELP you xjigga

Check it out.
  • #10
  • Oct 27, 2008 7:15pm Oct 27, 2008 7:15pm
Quoting Swissnet
Hi,
I think the easiest way si go to google nad search for \"forex broker nigeria\" and will find some results.

Remmember the key issue with nigeria that it is mentioned on US patriotic act, then it means any broker with US bank can not accept Nigerian traders.

Also NFA and FSA regulation is quite strict, so i the only way to go Swiss and EU.

That is completely incorrect, many US firms accept Nigerian clients. You may have to show a couple of different forms of ID but you will be accepted. BTW swiss brokerages are some of the least regulated shops in the EU and US. However, there is some new regulation sweeping switz. Look for a broker that has a banking license until then do not deposit in swiss.
  • #11
  • Oct 28, 2008 3:09am Oct 28, 2008 3:09am
Hey,
Us broker accepts nigerian clients? Are you talking about FXCM? It was penalized by NFA for having Nigerian Clinets. Check NFa website. US patriot act is dealing with correspondent bank , not with brokers, so you can't jut send funds from Nigerian bank, and can not indicate that remitter is from Nigeria.
That is way the big banks like Zenith bank in Nigeria are working via commerzbank frankfurt.

By the way now it is possible to open an account with reputable swiss banks and trade forex , deposit as low as 5000 euro.
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  • #12
  • Oct 28, 2008 8:33am Oct 28, 2008 8:33am
Quoting Swissnet
Hey,
Us broker accepts nigerian clients? Are you talking about FXCM? It was penalized by NFA for having Nigerian Clinets. Check NFa website. US patriot act is dealing with correspondent bank , not with brokers, so you can't jut send funds from Nigerian bank, and can not indicate that remitter is from Nigeria.
That is way the big banks like Zenith bank in Nigeria are working via commerzbank frankfurt.

By the way now it is possible to open an account with reputable swiss banks and trade forex , deposit as low as 5000 euro.

Not talking about FXCM, why dont you do some more searching, its not hard to find.
  • #13
  • Oct 28, 2008 9:30am Oct 28, 2008 9:30am
As regards FXCM i think they accept Nigerians. Iam going to check out Alpari they seem to be ok. Does anyone use Alpari? what are your experiences?
the ROC is in d building
  • #14
  • Nov 3, 2008 3:28pm Nov 3, 2008 3:28pm
Quoting FXEliteTrade
I can help you to open an account. I can open it in my name or a joint account which you can trade. I feel your pain and things like that should not happen to honest people like yourself. Good luck!

im pretty sure that might be illegal
  • #15
  • Nov 3, 2008 4:59pm Nov 3, 2008 4:59pm
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
I think you should try Marketiva. They are efficient in thier transactions. Alternatively look at Alpari . They both accept Nigeria
I like the Big Dogs because I trade like them
  • #16
  • Nov 5, 2008 11:27am Nov 5, 2008 11:27am
i use marketiva for demo, but i noticed they normally stop trades on certain pairs like E/J and G/J even when the asian session is not on. I have experienced it on so many occasions and i feel they delibrately dont want people to make money, probably due to their high volatility. But i see no reason why, cos they wld always make money as far as people place trades.
the ROC is in d building
  • #17
  • Nov 5, 2008 12:47pm Nov 5, 2008 12:47pm
The best way is to open an account with a broker where the owner is nigerian.

it's the case for swissfxbroker.
  • #18
  • Last Post: Nov 9, 2011 2:16am Nov 9, 2011 2:16am
From what I've heard the majority of Russian brokers are scammers. You need to stick to the west, i.e. US, UK and AUS.

It must be so frustrating to be told you can't join simply because you're Nigerian, the USA boys have the same problem joining European brokers.
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