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The platform is not currently offering any deposit bonus to new customers. This forex trading platform is also quite popular among Nigerian traders. It was founded in , and since its inception, the platform has rapidly gained a good number of active forex brokers. Exness gives you the option to choose from more than major and minor currency pairs. Their deposit requirement is also quite low. Coming to the deposit options, the platform allows you to place a deposit via local banks applicable only for Nigerian traders.
The customer support option for Exness is very prompt, helpful, and well-responsive. Instant withdrawal options are too available, which are applicable for e-wallets. This forex broker platform is definitely recommended to Nigerian traders. The platform has been operating since the year of As of today, XM forex supports around fifty-five different currencies.
Another unique part of this website is that it arranges and organizes free training, live web seminars, and educational videos frequently so that you can learn the art of successful forex trading. COM is popular among starter and intermediate segments in traders. ASIC of Australia regulates the broker. The transparent policy, coupled with low spreads 0. There are no requotes; it also does not have a slippage policy. The maximum permission leverage is XM Forex has three different types of accounts, and all of them have a very deposit requirement.
The fees associated with this platform are also quite low. For example, for Ultra-Low accounts, their fee is around 0. Whereas, for Standard and Micro accounts, their fee is around 1. Another unique and interesting feature of this platform is that it supports an instant order execution guarantee.
Other features of this platform include negative balance protection, fast withdrawals, and quick execution of orders. If you are looking for one of the best forex brokers in Nigeria for , then Avatrade can also be one of the good recommendations for you. The platform is well-known to be a trusted and reliable forex broker site. The greatest advantage of this platform is that Avatrade is a fixed spread broker platform, i.
In addition, this platform charges an absolutely zero processing fee on all deposits and withdrawals. Also, the platform has a local support number, which can be used to reach out to the customer support executives of Avatrade for any immediate help and assistance. The live chat support option for Avatrade is available only during their company business hours. Although the platform features a fixed spread broker, their spread can be higher for minor and exotic currency pairs.
This forex broker platform was founded and established in the year of The platform supports many different account types. Their minimum deposit value can be as low as zero for the Nano Account. On top of that, the platform also supports trade in cryptocurrencies. For example, you can trade with this platform with cryptocurrencies like Bitcoin and Ethereum. Additionally note, this platform accepts a wide variety of deposit and withdrawal options.
You can easily and conveniently reach out to this team at any time whenever you need help. In addition, micro lot trading facilities, along with other trading options, are available. It is the most popular forex broker in the country and started trading in It has served above countries and gives different trading options on commodities, including Bitcoin.
You can open a trading account with a deposit of US Dollars. IQ Option is the best for beginners, thanks to its simple and easy-to-understand interface. The broker offers protection against negative balances and has safe bank accounts. Along with this all, a range of assets makes it a great choice for beginners in the forex trade.
It is favorited in Nigeria by high-volume traders, scalpers, and robots. IC Markets offers an average spread of 0. This broker offers ECN accounts as well. ECN brokers use electronic communications networks ECNs to give clients direct access to other participants in currency markets because their platform is electronically connected to the network of international banks or liquidity providers.
To start trading forex, you need to have an internet connection and be above 18 years old; then, you need to pick a forex broker, make registration, and make document verification. Then, open a demo account and start to practice. Would you please read trading books and watch trading lessons on youtube? Each of these platforms has its own sets of benefits and advantages. So, based on your preference and requirement, you can pick any of them and start trading right away!
These platforms have one particular thing in common, i. To be a trusted forex broker platform, it has to be regulated by authoritative agencies, i. These regulations also ensure that your invested money is safeguarded in their trading accounts. Never attempt to deposit in such a forex broker platform that is not licensed or certified. Before you start trading, please make sure to check and validate if there are any associated trading fees.
Please make sure to choose such a platform that offers lower spread and funding fees. If the spread is lower, it will be better as you will have to pay less for broking. The final metric of a good and reputed forex broker platform is customer support availability. If you face any struggle and difficulty, the platform should give you an option to contact their customer support for a prompt resolution.
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. This page may not include all available products, all companies or all services. While we adhere to strict editorial integrity, this post may contain references to products from our partners.
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Pepperstone - MT4 Best Forex Trading Platform. AvaTrade - Best Fixed Spread Trading Account. FP Markets - STP Forex Trading Account.