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High minimum withdrawal with brokers: how to bypass it

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@kemi_allen_omevia - 1 month 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.

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@kemi_allen_omevia - 1 month 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.

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@yokoyi - 1 month 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.

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@kemi_allen_omevia - 1 month 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.

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@brenda_lesotho - 1 month 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.

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@yokoyi - 1 month ago

This is a good example with my broker Trade Nation. Their minimum withdrawal is $50 but with a ZAR account, the minimum withdrawal is 50 ZAR which is N4,800 or so. So opening a ZAR account will be a good idea to bypass the $50 minimum withdrawal limit.

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@orokpo1 - 1 month ago

Responding to your question. The minimum withdrawal for Tickmill is $25 or 25 ZAR or 25 GBP. for someone in Nigeria is advisable to open a ZAR account, so that your minimum withdrawal will be 25 ZAR equivalent to #2,125

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@robert_sondreli - 1 month ago

The brokers have found out this loop hole so they now check where you are resident. For instance if the broker sees you are resident in Nigeria and you open a ZAR account, they will increase the minimum deposit. A good example is the broker Trade Nation that has been discussed here, their minimum deposit for South African residents is 50 ZAR but if a Nigerian opens a ZAR account they immediately increase the minimum deposit to 500 ZAR

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