7Bforex is a global online broker that provides world class but localized trading services, tools and access to global financial markets to forex traders in otherwise underserved countries and regions. While using the best cutting edge technology, we create custom trading products with the best conditions for each country where we operate in the trading strategy The best forex system (Check Link In The Description) what is price action in forex Trading Forex trading Strategy % winning trades!! Now with FXTM, Nigerian clients can feel more at home by trading currency pairs, commodities, indices and shares from an account in Naira. As Best Online Forex Trading Company Nigeria , FXTM continues to offer local traders and investors an even more superior trading experience. The Benefits of having a Naira Account
How to Trade Forex in Nigeria? (Updated for )
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 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, forex trading using naira.
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 bonus 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, Gold CFDs and 3 main crypto CFDs Bitcoin, Ethereum and Litecoin.
Their support is also very responsive in handing issues. They also have WhatsApp text support available. They offer instant funding via Skrill, Neteller, and quick zero fees funding via bank transfer, or cash, or Forex trading using naira 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, forex trading using naira, 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, 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, forex trading using naira. Exness does not charge any commissions with two of its account types. The broker offers up to date financial news and technical analysis charts to its users so that they can invest better.
Further, 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 trading using naira broker. 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, forex trading using naira. 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, forex trading using naira.
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 you 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. 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 deposit 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, forex trading using naira, you should check whether the broker is registered and licensed or not, forex trading using naira. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors, forex trading using naira.
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, forex trading using naira. But some forex trading using naira the brokers like Plus for instance does not offer Metatrader, they instead only have their own propreitary platform for traders.
So, you forex trading using naira check out this information forex trading using naira signing up, whether the platform of your choice is available or not. But if you are comfortable using proprietary forex trading using naira 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. 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.
Best Forex Brokers In Nigeria 2021 (TOP 10)
, time: 6:03Forex Trading | Best platform in Naira [] | Avatrade NG
Now with FXTM, Nigerian clients can feel more at home by trading currency pairs, commodities, indices and shares from an account in Naira. As Best Online Forex Trading Company Nigeria , FXTM continues to offer local traders and investors an even more superior trading experience. The Benefits of having a Naira Account Forex Trading is easier with us because we offer a platform that allows you trade in your currency. As a Nigerian, you trade in Naira. No Exchange rates! Beat the exchange rate! Make deposits in Naira, Place trades and withdraw your profit in Naira with us Jan 06, · The problem is that due to issues of leverage and currency exchange with most Forex brokers not accepting deposits directly in Nigerian Naira, it is impractical to trade Forex with much less than $ or its equivalent. Even $ can be problematic due to trade size and leverage issues, so it is certainly true that something close to $ will Author: Adam Lemon
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