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    Thread: Do we need a Domiciliary account to fund our forex trading account?

    1. #1
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      Default Do we need a Domiciliary account to fund our forex trading account?

      I have heard many beginners in forex trading usually chasing after how they will open a domiciliary account with their local banks just because they want to deposit money into their trading account with their forex broker.
      Is there no other reliable means of deposit that is better than bank wire? Let's analyze the various funding methods and compare their reliability rate.


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      elssayed (12-28-2018)

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      Default Re: Do we need a Domiciliary account to fund our forex trading account?

      Of Course some Countries Impose Restrictions In Executing The Transfers From Your Bank Account To Your Forex Account So Even If You Have A Domiciliary account You May Not able To Make Any Transfer From It To Your Forex Account Because The Restrictions Which You Have It In Your Country so When A Country Has These Restrictions I see That There Are Only Three Solutions :

      1- Credit Card : You Can Make Your Deposit Via Your Credit Card In Your Forex Account But You Will Need To Make A saving Certificate In Your Bank Or Fixed Deposit To Issue It By Its Guarantee But Some Country Also Make Restrictions On it .

      2- Electronic Banks : You Can Also Make A Deposit From Your Electronic Bank To Your Forex Account But If There are Also Restrictions In Uploading Money To Your Electronic Bank From Your Country You Can Search On Someone Trusted In Your Country Can Fund Your electronic Bank Account Then You can Pay The Cost To Him By Your Domestic Currency Via Bank Transfer Or any Other Way .

      3- Opening Bank Account In Another Country : But This Solution Available Only If You Have stay In A Country Doesn't Has Restrictions In Making The Transfers To Forex Accounts And You Can Make All The Dealings Via That Account and if you need To withdraw money From it To Your Country You can Use online Banking To Make The Transfers Via Internet .

      So By These Ways You Can Solve The Deposit Problem And To Receive Your Earnings You Can Receive It On Your Domiciliary Account Or If You Have An Account In Us Dollar Currency You Can Withdraw The earnings To It Without any Problem .


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      dtvade (12-28-2018), Unregistered (2)

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      Default Re: Do we need a Domiciliary account to fund our forex trading account?

      Domicilliary account is one of the available options for funding though it appears to be very reliable in terms of security but one needs minimum of about 250 USD to do the transactions. This is acceptable by all brokers. Others are credit credit cards (such as VISA and Mastercard), and many digital currency such as bitcoin, Perfect Money, Liberty Reserve, Web Money, Shkrill and so on an so forth. With digital currency one can can fund with as low as 1 USD in so many cases but it is not acceptable by all brokers, some by some and in terms of security they are not as secure as funding with domicilliary account


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      elssayed (12-29-2018), Unregistered (2)

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      Default Re: Do we need a Domiciliary account to fund our forex trading account?

      Domiciliary Account: This term refers to the second account which is open especially for depositing and withdrawals from forex trading account. The purpose is quite clear of this account but to open it one needs to open a general current or PLS account at first then as the secondary account the account holder can request the Domiciliary account and bank can assist in this matter.

      It is not a requirement of the broker to open such account one can use its general/ordinary account for the deposit and withdrawal.

      In the developed nations it is possible to make deposits from any current or PLS account to broker forex account and withdrawal also possible in any account which on the name of the trader. The countries where currency trading is prohibited there is not possible to open Domiciliary account for the specific use of deposit and withdrawal in the currency trading account but in countries where its not prohibited or allowed partially there one can open banks facilitate the same like Nigeria if you live in that country you can open a Domiciliary account for the purpose to deposit and withdraw funds from currency trading account.


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      oluwafemi (01-17-2019), Unregistered (3)

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      A domiciliary account is refer to as current account which is designed for transacting business and in support of domiciliary account, you will open the account with your bank in the country you live and as soon as the account is accessible you can take advantage of it and the information will get to your account number will be sent through your email or telephone number and it is in support of the country which you are at this moment but it as well rely on the currencies your banks present in your country and at a time you are trade with any transaction particularly international and a serviceable transaction will enable you make a withdrawal of your profit at a time there is any. Many apply additional currency substances like the eCurrencies although at the end, it will still arrive to Domiciliary accounts while The domiciliary account can be achievable for cash or deposit funds to your forex trading account.


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    11. #6
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      to be able to use payment instruments more safely we are indeed required to carry out the verification process of data in accordance with the actual data we have. if we want to make a withdrawal quickly then we should use the best and safest payment tool. nowadays there are a lot of online payment tools, but not all we can use to make withdrawals on Instaforex.


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