/6/11 · OctaFX – Best Low spread forex broker with commission free local deposits & withdrawals. XM – Forex Broker with Fast Order Execution. Exness – Low Minimum deposit & spread as low as 0 pips. Avatrade – Fixed Spread Forex Broker in Nigeria. Alpari – Good ECN broker in Nigeria. IC Markets – True ECN blogger.comted Reading Time: 8 mins AvaTrade has played a big role in the normalization of forex trading in Nigeria. According to themselves, they are the number 1 forex broker in Nigeria. With one of the most innovative trading apps in the business, a good selection of currency pairs, and a trading platform that’s praised by hobby traders of all backgrounds, it comes as no surprise why AvaTrade is the best forex broker in Nigeria /4/18 · 7 Best Forex Brokers in Nigeria Here’s our list of best Forex brokers for traders in Nigeria: Hotforex – Best Forex Broker in Nigeria XM Forex – Low fees & good support OctaFX – Low fees Forex Broker in Nigeria Avatrade – Fixed Spread Forex Broker
7 Best Forex Brokers in Nigeria (Fees + 8 other factors compared)
Last Updated: June 11, Forex Trading in Nigeria is currently unregulated, though it is not illegal. Currently there are no locally regulated brokers in Nigeria. So if you are looking to trade forex, then it is advised to trade with popular foreign brokers that are regulated with global regulators like FCA, ASIC, CySEC or FSCA.
And you should avoid brokers that are regulated with only offshore regulators. Most major forex brokers accept traders from Nigeria. To make the search easier for you, we have listed the forex brokers that you can safely trade with. Our comparison is based on 11 factors including no, 254 forex brokers in nigeria rating.
HotForex is our highest rated forex broker that we recommend for traders in Nigeria. They are a forex and CFD broker, that are regulated with multiple global regulators, so trading with them is considered safe. In terms of regulation, Hotforex is regulated by FSCA in South Africa as well as other reputed regulators like CySEC of Cyprus, FCA of UK. The deposited funds are safe as HotForex claims to segregate the funds from the operational expenses of the company.
They provide very low spreads in the market. A rollover fee is charged on overnight holdings. There is no Deposit and withdrawal fee, so that is a good thing.
You can also set Nigerian Naira as your base currency. HotForex provides MT4 and MT5 trading platforms, which are available on Desktop PC and Mac as well as on mobile Android and iOS and a WebTrader.
We have created a quick 5 point checklist that you should look 254 forex brokers in nigeria rating while choosing a forex broker. Regulations: Regulated brokers are safe to trade with, hence it should be the number one criterion. Since Nigeria has no 254 forex brokers in nigeria rating regulations currently, ensure the broker is regulated with at-least one globally reputed regulator like FSCA or FCA.
We also suggest avoiding those brokers who claim to be regulated, but are actually licensed under island regulations like Belize, VFSC etc. Trading fees: Brokers mainly charge spread on a trade, commissions per lot if any and other hidden charges in some cases.
Brokers also charge overnight charges in the form of rolling fee if the position is held overnight. There may also be deposit and withdrawal charges every time you make a transaction. Make sure the overall fee is as low as possible, and look into the withdrawal fees, and inactivity charges as they might add up to a lot in longer run. Most forex brokers have list of trading instruments on their website where they compare the spread for each instrument for different account types.
You can use their search in the table to check the spread for any desired instrument. Similarly, all other forex brokers also have such lists on their website where you can compare the spread. Any regulated CFD broker will always provide you this information. Platforms: Trading platform is meant to make trading comfortable.
MetaTrader trading platform MT4 and MT5 is often a good start for serious beginners. It is even better if the platform offered supports mobile. Practising demo trading with a broker that you are about to choose could help with the decision, but remember that live trading conditions could vary. Order Execution: Order Execution must be quick, without any re-quotes or slippage. Some brokers provide instant execution of orders mostly with market maker brokers while others provide Market Execution price is generated while execution, hence a possibility of slippages.
and offer quick response to emails within hours. If there is a Nigerian phone number for support, then it is even better. In our review of various Forex platforms, we found that HotForex and FXTM offer local phone number for support. Educational webinars and knowledge guides are a plus. Currently there are no forex brokers 254 forex brokers in nigeria rating with regulators in Nigeria. All the forex brokers that accept traders from Nigeria are foreign CFD brokers. You can choose any forex broker that is regulated by major regulators like ASIC, FCA or CySEC.
What are the best forex trading platforms in Nigeria? There are some brokers like Plus that offer their own proprietary platforms, but you should choose Metatrader brokers instead as you will get more customization options including support for EA, custom indicators etc.
Currently only 3 forex brokers i. Hotforex, OctaFXForexTime have local offices in Nigeria, 254 forex brokers in nigeria rating, although they are not regulated by Nigerian regulators. Most other forex brokers are operating from foreign countries. These brokers also accept local bank transfer as a deposit option in Nigeria, and also offer Naira withdrawal option, so you can withdraw your trading balance locally.
The trading charges can vary depending on the instruments. All these brokers also offer withdrawals in Naira to any local bank account in Nigeria. The withdrawal time for Bank transfer is varied depending on the broker, like FXTM processes it in 24 hours, which other brokers take longer. TradeForexNigeria Editor Last Updated: June 11, Leverage Available instruments Visit. Visit Hotforex. It is on average 1. Multiple account types: They have various accounts.
This account has very good trading conditions for scalpers and high-volume traders that trade with EAs. Risk protection Tools: Hotforex has negative balance protection, and segregation of funds for investor protection. Their live chat is quite response, and they also reply to emails very quickly. Plus, they also have a local phone number for support. Read detailed Hotforex Review. Which forex brokers are registered in Nigeria?
Which Forex brokers are 254 forex brokers in nigeria rating in Nigeria? Which Forex Broker in Nigeria has the lowest fees? Which forex brokers accept local deposits in Naira? Hotforex is 1 rated FX Broker Visit. Back To Top. Regulation s : FCA, FSCA, CySEC. Leverage: with Micro account, 254 forex brokers in nigeria rating. Visit Broker. XM Forex. Regulation s : ASIC, CySEC.
Leverage: Regulation s : FCA, 254 forex brokers in nigeria rating, FSCA. Regulation s : FCA, CySEC, FSCA. Regulation s : CySEC. Regulation s : ASIC, FSCA.
My Top 3 Brokers In 2020 -- Bank lifestyle
, time: 7:59√ Top 5 Best Forex Brokers in Nigeria Fully Regulated for
AvaTrade has played a big role in the normalization of forex trading in Nigeria. According to themselves, they are the number 1 forex broker in Nigeria. With one of the most innovative trading apps in the business, a good selection of currency pairs, and a trading platform that’s praised by hobby traders of all backgrounds, it comes as no surprise why AvaTrade is the best forex broker in Nigeria /6/15 · Top 10 Forex Brokers In Nigeria. Our June best list of registered forex brokers in Nigeria is. blogger.com - Best Forex Broker In Nigeria. Pepperstone - MT4 Best Forex Trading Platform. FP Markets - STP Forex Trading Account. FXTM - Nigerian Naira (NGN) Funding. IC Markets - Lowest Spread Nigerian blogger.comted Reading Time: 9 mins 11 rows · /1/5 · Therefore, if you are a Nigerian and you want to trade currencies, then you
No comments:
Post a Comment