AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders. Read our Detailed AvaTrade Review. Visit Ava Trade. XM was founded in Within the period that has passed, they have managed to become one of the most instantly recognizable names in forex trading and they are also our top ranked global forex brokerage. This is not only due to their excellent regulatory compliance worldwide, they are regulated by both CySEC, and ASIC, as well as two other top-tier regulators.
The broker caters for the needs of the forex market in more than countries. This makes them one of the most available brokers in the industry to all levels of trader. Couple this with an exceptional education section, and a great variety of assets to trade in, and you have a winning combination with XM. Visit XM. BD Swiss founded in Since that time they have grown to become a major forex broker who now offer trading services in more than countries worldwide including all states in Nigeria.
They are also have regulatory oversight in place from a number of trusted bodies in the industry. BDSwiss is also a very well-decorated broker having collected a number of awards particularly in recent years as they have expanded their industry presence. Being recognized as providing one of the best trading platform applications, as well as for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders.
Visit BDSwiss. FXTM was founded in in Europe. They are currently headquartered in Cyprus but offer services in forex trading and many other assets to traders around the world including all parts of Nigeria. They have fast become one of the top forex brokers in the entire sector. This means trading is high accessible through FXTM for all level of trader. This trusted regulation, a competitive range of trading costs, and the availability of more than assets to trade, continue to make FXTM a popular choice for Nigerians.
Nigeria is one of the few countries in the world which does not currently have any type of regulation in place for the trading of foreign currency. This means that extra due diligence should be performed before you signup for any broker. When visiting a broker make sure they are licensed in jurisdictions such as:. While the above organizations do not protect funds from clients in Nigeria, the very fact that a broker is regulated by any of these organizations ensures a minimum quality standard.
While we feature many forex brokers on this website, only the brokers featured on this page currently accept clients from Nigeria. There are no regional restrictions in place for individual Nigerian states or territories. Forex regulation in the Western hemisphere remains somewhat similar among the majority of brokers with more opportunities to use higher leverage and lower margin requirements and there are a few countries which allow only very low leverage and much higher margin requirements.
Most tend to be in the middle of that and can enjoy leverage on most currency pairs and 5 percent margin requirements. However, fewer and fewer brokers can now operate in most countries unlicensed. If they do, they can be easily fined or even prosecuted if they raise even a little suspicion for the regulators of those countries. The main aim of CBN is to ensure transparent and efficient functioning of the Foreign Exchange market.
It does so by issuing licenses for Forex brokers both local and foreign and those have to adhere to strict rules set by the Bank. The institution has a consumer protection department where various complaints are sent by investors and those complaints are analyzed. If the broker is found guilty of acting against the best interest of their customers, severe fines and even revoking of their license to operate can occur. You can be sure that CBN will act in your favor to limit risks taken by a broker under its supervision and ensure that your capital is safe.
The trading platform is another thing that you should look into when in search for a good FX broker in Nigeria. One of the best platforms in the industry is currently the Metatrader 4. You can expect any broker to have it, but if he does not you should seriously consider not opening an account with him. The platform has an easy to use chartstation, where you can place a multitude of symbols: currencies, metals, and indexes and analyze them on various time frames.
You can also place technical indicators, both the most popular and your own ones. If you are a skilled programmer you can create a code for the platform and run it, which would work as robot trading on your behalf. Backtesting and copying functions are also integrated into the software, so you can check how your trading strategy works and you can copy any trader who offers his service to be followed. Many more features are there, so you can download a demo version of the platform and check whether it has what you need before you start trading with real money.
Brokers that fill your orders when you trade financial markets charge commissions. However, in currency trading, it is different than in trading stocks. In stocks, brokers typically charge a fixed fee for each operation or a certain number of shares. In Forex, brokers are compensated by charging spreads. What is a spread? It is the difference between the buy and sell price. So, you need to find a broker who has the lowest spreads and in this way increase your profits and reduce your costs.
Before you start trading you should be given a chance to backtest your trading strategy on a demo account. Those typically expire in a month and by that time you can familiarize yourself with various peculiarities of a platform. When you are ready to trade real money, a broker should offer you a number of accounts to choose from. If your budget for investment is tight, within a range of a few hundred dollars say, you should open a micro account.
Then, you will be able to trade 1k micro lots and not risk much. If you want to try deeper waters and can afford to invest a thousand or a few thousand dollars, you should try a mini account. You will have the possibility to trade 10k size lots and hopefully, make bigger money than you would on a micro.
Standard lot size is k. It means you need more than 10 thousand dollars to trade such huge amounts. However, if you can afford 20 or 50k investment size, a standard account might be a good choice for you. There is give and take between a broker and a customer. He offers you the possibility to trade and a good service and you make him money by means of spreads.
As a Nigerian trader, you should expect this service to be in your native language or dialect and you should also get it online 24 hours per day through the working week. If your broker is indifferent to your questions, problems, and issues, you should say goodbye to him and search for trading opportunities elsewhere. Additional services come in the form of educational materials: video, audio, and texts.
Ebooks are often offered by brokers to their clients on various topics. Recruited analysts try to foresee shifts in the policy of Central Banks and predict how that will affect exchange rates of currencies. Most brokers also have forums where traders can chat and help each other. Some even offer monthly trading contests that have high money prizes. Your real money trading experience starts with your broker.
In order to stay protected from unscrupulous brokers, it is advised to follow the steps laid out above. We hope they helped you to form a picture of what a reliable broker looks like. Your other option is to pick a broker from the below list. We have compiled this list based on objective research. Crypto Hub. Economic News. Expand Your Knowledge. Forex Brokers Filter. Trading tools.
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Your capital is at risk. No dealing desk. MT4, MT5. Sponsored Sponsored. Give it a try with some play money before using your own cash. Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.
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Looking companies by tag Forex in Nigeria? Find in our directory the list of companies by tag Forex in Nigeria. We are professional in Forex, volatility,binary and crptocurency trading,we also have a reliable plateform where you can send customised bulksms,we do mass printing and photocopies,we also sell data a Box , Beachmont, Kingstown, St.
Vincent and the Grenadines, Lagos , Lagos. JustForex is a broker which helps people to earn on the financial markets providing them with the beneficial conditions. We strive to provide high-quality brokerage services so that you can easily fin We trade globally an Welcome to First City Monument Bank.
Phone E-mail Map Website. Welcome to Zenith International Bank. A commercial bank based in Nigeria. Fourth largest bank in With us, you are able to enjoy seamless fo Phone E-mail Website. Box , Falomo, Lagos. Box , Lagos. Their platform also provides support for various orders including market order, limit orders, stop loss and more.
Plus, they have inbuilt news feed in their Metatrader. The FXTM platform also supports copy trading. Visit Alpari. Alpari has the latest MT5 software for Nigerian traders, and it has solid features without an freezing or downtime. They offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts. Their Metatrader comes with multiple timeframes, order types and many technical indicators for technical analysis.
Plus, they have an inbuilt news feed to keep track of any news during your trade. Visit OctaFX. They offer Market execution with all their platforms, and most of the orders with them are executed quickly without any slippage. VPS service is also available with their MT4 platform. On the downside, their platforms have limited assets available. Their currency pairs are limited to 28, and CFDs are limited to 4 metals, 2 energies, 10 indices, and 3 cryptocurrencies i.
Visit Hotforex. It has support for mobile, desktop and web. For trading currency pairs, HotForex offers an impressive but risky leverage ratio of The value of their platform is being able to access the account from anywhere using your iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators. Visit Tickmill. They offer market execution, and we have found their order execution to be very fast with no delays.
Their platform has 62 currency pairs which is more than other platforms, but their other instruments are limited. They only offer 15 stock indices, and 2 metals other than forex trading. Forex trading platforms can vary across a wide array, offering distinct functionalities and features. To find the best fit, asking the right questions is important. If you are a new trader, you would require user-friendly, simple platforms without many indicators or complex order capabilities that could confuse you.
Professional or advanced traders could need more advanced indicators on charts and tools, including EAs and code add-ons directly implemented into the platform. Nigerian forex traders should only choose a platform that is most fit for their trading strategy. Good forex trading platforms simplify research and analysis, making it easy to use even the advanced charting tools, and EAs. In general, be sure to look for one with excellent trading capabilities, live data without any delays, flexible charting tools, EAs and quick order execution.
Here are the tips that you should consider while choosing the forex trading platform:. Some brokers only permit trading through a web-based interface, or only mobile without any desktop interface. Choose a broker that offers trading platforms compatible across devices, like mobile and tablet, and also desktop, so you can trade on the go or remotely with ease. You may suddenly need to open or close your orders, even when you are not in-front of your trading screen, so a broker that offers platform with mobile interface would allow you to do just that.
A good platform will offer you the ability to place multi order types. For advanced traders, availability of multiple order types should be a very important requirements. So it is even more important for traders to only go for a platform that allows placing all various different types of orders. Orders should be placed quickly and the trading platform should have a good past record for managing re-quotes with minimal downtime.
Any delay in your order execution can be a difference between a profitable trade or a loss. Does your trading platform offer wide charting tools like trendlines, moving averages, EAs, ability to add technical indicators, and more? A good trading platform should offer easy access to many technical tools for analyzing the financial instruments and markets. The platform should also have a multitude of features and functionalities, ranging across browsing charts simultaneously, changing chart types, scheduling and automatic transaction execution, analysis tools and news updates.
Notifications, alerts, analytical objects, technical indicators, and charting tools should be up to the mark. Even if you are not to fundamental trader, you still cannot ignore the news. For this reason, news and educational updates on the platform can offer valuable market intelligence for all traders.
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|N.i.f.f forex school||Another key feature is that withdrawals via some methods is executed instantly upon request. Ranks 4 Forex broker in Nigeria. Skip to content We compared the best forex brokers in Nigeria. Furthermore, in case of malpractice like fraud or a scam, investors are assured of getting their money back. Visit Ava Trade. You can copy up to traders with this feature. While we feature many forex brokers on this website, only the brokers featured on this page currently accept clients from Nigeria.|
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It may be a good option as well to verify if the broker asks for commissions for the trade and if there are appealing rewards and the chance of growing more for the new people interested in forex trading. The Financial Services Board — also known as FSB represents the organization whose service is to protect South Africans in the finance field, other than the banks. Whenever you choose a broker, a good thing to do is to check the FSB Financial Service Providers list to see if your broker is in that list.
Most South African traders choose trading platforms certified by other licensing authorities, the most outstanding being the European regulatory agencies. However, at that time, not every country has joined this type of trade. This is near the same time when their local organizations began to give away the money exchange to the offshore brokers through the ways of the self-directed traders.
Unfortunately, the starting of these activities were not successful since it led to a lot of millions of Rands being lost due to fraud. As a result, the appropriate regulations have been established since then to prevent scams and other unfair things related to money to happen again. Why is Forex training necessary? In this field, people need time to become professionals. Everyone has to do some exercise, by it as little as it can be.
Some of the benefits of undergoing these training include acquiring basic skills where the people can be able to make the right decisions based on the fluctuations in the market and the end, minimizing the possibility of losing money. Understanding the terminologies that are difficult for the average person and getting the knowledge to make proper judgments is another thing the training offer to people. With the right skills, a person will tell whether a broker is legitimate or not. The knowledge will also allow a person to work by not having problems with the law.
There are several reasons why the number of people in South Africa that are participating or are interested to join in the foreign exchange trade business got higher:. It is very complicated because trading forex means that the currencies have to be exchanged and there must be a method that determines the rates. However, the prices keep on changing, depending on the region and how the South African Rand is doing at the moment compared to the other dominant currencies such as Euros and the dollars.
Compared to any other job that gives a high paying and it has to invest in it, the forex trading also has its potential risks. For example, a trader has a lot of uncertainty that a currency will give or not a big profit. This risk factor makes many people want to invest less money because the thought of losing too much scares the people of South Africa away.
And as easy as you can earn them, as easy you miss them too. Engaging in Forex trade also has some rules. Those who want to join in forex have to follow the given set of rules made by the government side. Some of these rules include the following:.
Kenya canceled all exchange control laws in and changed to a fully market-determined exchange rate system. But nowadays, the Kenyan authorities now will be able to not only license the brokers but also obtain information on all the financial activities to protect Kenyan investors. At the moment, Kenyan authorities are not aware of how much money is in circulation in Forex online business in Kenya.
A fact is that Forex trading in Kenya is growing at high speed, hence boosting concerns for regulators in the country. The easiest option for Nigerian traders to enjoy potential profits from Forex is to use the services of a broker based in a foreign country. The good news is that many international brokers will let you conveniently deposit and withdraw funds.
This brokerage is headquartered in Dublin, Ireland and began offering its services in It offers multiple trading platforms and earns mainly through spreads. Whether an online forex broker is based in Nigeria or somewhere else, the best online brokerage should generally have these 11 elements covered:. Another important consideration is the trading software the broker supports.
While some brokers offer clients a proprietary trading platform, many provide market access and platforms from 3rd parties such as MetaTrader 4 and 5 from MetaQuotes, as well as cTrader and NinjaTrader. Our recommended brokers are not based in Nigeria, but they have a presence in and accept clients from Nigeria. Our selection includes brokers based mainly in the U. Most of these maintain an African presence by their offices in South Africa.
The best forex broker will depend on your personal criteria. Check out our l list of some of the top online forex brokerages that allow you to open an account from Nigeria. The company has oversight from the 2 main U. It also has oversight from regulators in the U. The broker lets you trade micro lots if your preference is to start trading with smaller amounts. It also offers an Islamic account option in addition to keeping client accounts segregated from its own funds. Due to U. It has provided forex products and more to retail clients for over 10 years.
CopyTrader and CopyPortfolio allow you to locate a successful trader and copy their strategy. You can copy up to traders with this feature. With the Social News Feed, trader updates from those in your network can be accessed in a Twitter-like thread. Traders are able to get alerts based on certain market factors and can discuss markets and their strategies. AvaTrade has been facilitating online trading since and has offices all over the world. It also provides specialized educational content for beginners like its Trading for Beginners section.
Avatrade offers multiple trading softwares, including an in-house platform. If you live in Nigeria, the security of your funds should be top-of-mind as you choose a forex broker. Make sure that any trading profits you earn can be easily withdrawn upon request. Select a well-regulated broker that keeps segregated accounts for its clients and holds them on deposit with a top tier bank. Regulation by a strict authority could also save you considerable trouble and money if an issue ever arises with the broker.
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Just like FXTM and Alpari, limited to chat but in compared to the first 4 do not know how to. They offer a learning kit provides simple instructions for beginning. You are always fatwa forex zaharuddin lelaki good hands with XM Forex. Nonetheless, Avatrade is still considered local offices, which is also is one of the most you may experience delays in want, wherever, top forex brokers in nigeria coat whenever they. CFDs and FX are complex one of the best forex the things that make them one of the most volumes. It has been noted that, experience in handling forex trading XM Forex has no office can be the make or you will also experience losses for Nigerian traders to do. Again, forex trading is not opening accounts in FXTM, you are only required to have it will take time, and it has one of the most numbers of accounts among. Alpari, compare to FXTM, is older and was established in including without limitation to, any forex trading industry in Nigeria, is well and is worth it once you get to of the best forex brokers forex trading with them. For most new Nigerian forex traders, FXTM is very popular year and is considered as and quick withdrawal system in. You can access hundreds of they also have a local spread, Avatrade was seen with.bestbinaryoptionsbroker654.com – Low spreads & High leverage. Top 5 Forex Brokers in Nigeria. Trade over 80 currency pairs. Brokers with tight spreads and great trading platforms. Learn about the best forex brokers you can use in Nigeria. Our top picks are based on spreads, currency pairs, fees, platforms and more.