Its close to 2 years now when electronic currency Liberty Reserve met its demise by the American government. A lot of its users ranging from Forex brokers, traders and online shop owners world-wide suffered significant losses due to the shut down of the electronic currency after it was detected for various scam activities.
Last week another electronic currency EgoPay has just been shut down, however this wasn’t a shocker like the Liberty Reserve as there were warning signs ahead before it halt operations. Nevertheless, i strongly suggest as traders we transact with secure payment methods like local and wire transfers to avoid any future mess from these insecure electronic currencies.
Local and Wire transfer is the most reliable and secure payment system. However not all Forex brokers offers local transfer services but if your broker has a representative in your country, then i suggest using there local transfer as a means of deposit and withdrawal for your own financial safety. For brokers who don’t have local representatives in your country, the wire transfer means would be the best option.
InstaForex Broker provides local transfer for account funding and withdrawals for her Nigerian clients.