High minimum withdrawal with brokers: how to bypass it

@kemi_allen_omevia - 14 hours ago - Forex Brokers

So, yeah I opened a USD trading account with this broker and their minimum withdrawal was $50. It was inconvenient for me because sometimes my equity will drop below $50 and I wouldnt be allowed to make any withdrawal.

@kemi_allen_omevia - 14 hours ago

So, I created this thread so we can share ideas on how ro deal with this issue. In my case I really like trading with this broker because of the low spread and I dont want to move to another broker.

@yokoyi - 12 hours ago

Since your trading account is domiciled in USD currency, check if your broker offers other account base currencies. If they do, check is the minimum deposit is still 50 units of that base currency. For example, if your broker offers ZAR account base currency, check if the minimum deposit is 50 ZAR. if that is the case, open another trading account in ZAR currency and whenever you want to withdraw, move the funds to the ZAR account and make the withdrawal. 50 ZAR may be less than 50 USD when converted to your local currency where you live if you get what I mean.

@kemi_allen_omevia - 11 hours ago

Oh really? This never occured to me. I am in Nigeria and my broker doesnt offer naira account currency but they do offer South African Rand (ZAR) accounts. Right now 1 ZAR = 87 naira so a minimum withdrawal of 50 ZAR will be around N5,000 which is low. I will try this thanks so much.

@brenda_lesotho - 11 hours ago

Some brokers will not allow you withdraw if you have not placed a trade but its not an issue, you can always open and close a trade real fast then make your withdrawal.