Mar 27, · 2 Sandile Shezi. 3 Ajidahun Afioluwa. 4 Mrs. Ezeako. 5 Key Takeaways. Nowadays everyone wants to become a successful Forex trader in the shortest period of time, but literally, no one wants to work hard to get to a high level of expertise. Surprisingly, Nigeria, located in the western part of Africa is among the countries, which are famous for Estimated Reading Time: 8 mins Jun 11, · Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task. In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the blogger.comted Reading Time: 8 mins Jun 15, · To help Nigerian forex traders choose a broker we compared the fees and forex trading platforms to find the best forex brokers in Nigeria. Only CBN regulated forex brokers and broker from ‘tier 1’ regions such as Europe were considered as part of this June blogger.comted Reading Time: 9 mins
8 Best Forex Brokers in Nigeria (Ranked!) | blogger.com
Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex list of forex trading companies in nigeria can be a tricky task.
In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. Visit FXTM. They are safe for Nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, CySEC in Cyprus, FSCA and FSC of Mauritius.
FXTM is our recommended forex broker for Nigerian traders. This makes FXTM a very good choice for Nigerian traders. Apart from forex trading, FXTM also offer other instruments such as CFDs on Commodity Futures and CFDs on spot metals making them a very attractive choice for traders looking to diversify their portfolio.
even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.
also read our in-depth FXTM review. Visit Hotforex. Hotforex is our recommended low cost broker for Nigeria. Hotforex was established in the year Also, they offer extremely competitive spread of 0.
Further, Hotforex offers trading on various platforms that can be accessed from Android, iPhone and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world. Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, and there are many wallet options as well. Plus, Hotforex have ongoing deposit list of forex trading companies in nigeria promotion available for traders in Nigeria.
read our Hotforex review. Visit OctaFX. OctaFX is a CySEC regulated forex broker that also accepts Nigerian clients. They have 3 account types i. e: MT4 Micro account for new traders with spread starting from 0. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, list of forex trading companies in nigeria, Gold CFDs and 3 list of forex trading companies in nigeria crypto CFDs Bitcoin, Ethereum and Litecoin.
Their support is also very responsive in handing issues. They also have List of forex trading companies in nigeria text support available.
They offer instant funding via Skrill, Neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their GTBank account. also read our detailed OctaFX Nigeria review. Visit XM Forex. XM Forex is another CFD broker that we definitely recommend to Nigerian traders.
They are regulated by CySEC Trading Point of Financial Instruments Pty Ltd sinceand by the Australian Securities and Investments Commission ASIC since XM broker offers 55 forex currencies, and more than CFD instruments on their platform.
Another plus is their no re-quotes policy. XM broker also offers free research through its own in-house team of analysts. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web.
also read our in-depth XM forex review. Visit Exness. Exness is 5 in our recommended forex broker list for Nigerian traders. They offer market Execution but it is very fastvery competitive spread of as low as 0. This is quite wide compared to other brokers. Further, list of forex trading companies in nigeria, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed.
In addition to this, Exness offers tight spreads withtheir three major account types. Minimum spread for FX starts from 0. Exness does not charge any commissions with two of its account types.
The broker offers up to date financial news and technical list of forex trading companies in nigeria charts to its users so that they can invest better. Further, list of forex trading companies in nigeria, customer support is available 24X5 in eight languages and 24X7 in three languages.
Another key feature is that withdrawals via some methods is executed instantly upon request. Visit Avatrade. Avatrade is a well regulated fixed spread European Forex broker, list of forex trading companies in nigeria.
They offer 0. But Avatrade does not have a local office in Nigeria. also read our in-depth Avatrade review. Visit Alpari. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the yearand it is the second best forex broker in Nigeria as per our updated review.
The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms. Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account.
With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if list of forex trading companies in nigeria need their help.
read our complete Alpari review. Visit IC Markets. IC Markets is an ASIC regulated ECN type broker that offers very Forex trading at very competitive fees, list of forex trading companies in nigeria. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option. Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker.
These regulations also safeguards the money that the traders list of forex trading companies in nigeria with the brokers, in case of any event by ensuring segregation of funds. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws.
Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors.
Also, remember that not all regulations are the same. Avoid broker that is regulated with Offshore regulations. A good forex broker will be regulated with multiple Tier-1 regulations like FCA, ASIC, CySEC etc. Some brokers may claim to be licensed, but in reality might be using a fake license number. Another critical aspect to monitor is the reputation and reviews of the broker.
There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers.
In addition to this, another way is to ask the existing traders about the brokers. By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision as to which broker to choose.
Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering. Usually, the best brokers in the business will give you multi-platform access i. the ability to execute trade orders from anywhere and from any device. There are some brokers which only allow you to trade only through a web-based interface.
All the brokers that we have included in our list will allow you to trade on the most popular trading platforms i. Normally, the brokers will list all their available platforms on their website. And it matters to check it! For example, many traders in Nigeria prefer Metatrader 4 platform over others. But some of the brokers like Plus for instance does not offer Metatrader, they instead only have their own propreitary platform for traders.
So, you should check out this information before signing up, whether the platform of your choice is available or not. But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned. It is really important that you carefully consider the various fees a broker might charge you before signing up. Spread is basically the difference between the bid price and the ask price of a currency, list of forex trading companies in nigeria. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.
Similarly you can check the spread for other instruments by checking contract specifications for every instrument on ForexTime. One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support. You should check carefully whether the instrument or currency pair that you want to trade is available at the broker or not. So you would be able to check it before making a decision about a broker. Also check if your broker has tools for risk management including: negative balance protection, guaranteed stop-loss feature, deal cancellation some brokers may offer this for extra fees.
The best forex broker in Nigeria
, time: 8:54√ Top 5 Best Forex Brokers in Nigeria Fully Regulated for
11 rows · Jan 05, · The forex market in Nigeria is regulated by the CBN. The central bank Oct 07, · Nigeria is relatively well-known for having a lucrative Forex trading market – one with many traders reaping great benefits. Subsequently, it is no surprise that multiple Nigerians have been able to strike it rich within the field. Here’s a list of most successful Nigerian Forex traders and how they achieved blogger.comted Reading Time: 7 mins Mar 27, · 2 Sandile Shezi. 3 Ajidahun Afioluwa. 4 Mrs. Ezeako. 5 Key Takeaways. Nowadays everyone wants to become a successful Forex trader in the shortest period of time, but literally, no one wants to work hard to get to a high level of expertise. Surprisingly, Nigeria, located in the western part of Africa is among the countries, which are famous for Estimated Reading Time: 8 mins
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