OctaFX does not charge any extra commission per lot with any account type. Also instant wallet funding and withdrawals options are available. And 1. And zero deposit fees. It is important to note that traders from Nigeria are registered under their offshore regulation i. But since the broker is regulated under 2 major regulations, so they are considered moderate risk broker for Nigerian traders. XM broker offers 57 forex currencies, and more than CFD instruments on their platform.
They also support CFDs on crypto currency on their platform. One downside with their fees is their Swap rates. Their Swap fees is higher than most brokers. 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. XM Pros XM is regulated with 2 top tier regulators i. XM has very competitive spread with Ultra Low account 0. Their spread is around 1. High Swap fees for overnight positions. Ranks 5 Forex broker in Nigeria Exness is 5 in our recommended forex broker list for Nigerian traders. They offer market Execution but it is very fast , very 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 with their three major account types. Minimum spread for FX starts from 0. Exness does not charge any commissions with two of its account types. This payment method is instant even during withdrawals. Exness does not offer Naira base currency account at the moment. The minimum deposit at Exness via online bank transfer is USD 10, and their are no extra fees for funding or withdrwawals.
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. The support at Exness is not good. The email support is slow to respond to queries. There is a long hold time on their Live chat, and normally you have to wait for a few minutes before connecting with their live chat agent. Their support is one of the biggest downside, but their overall fees is low.
Very low spread of as low as 0. Instant withdrawal options are also available in Nigeria if you withdraw via bank transfers or EWallets. Sometimes it can take more than 24 hours to receive response from their email support. This can be an issue for clients if they face issues with withdrawals. They offer 0. But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. They have local support options available, as they have phone number on their website for traders in Nigeria.
Their support is also available on Whatsapp. This makes AvaTrade a low risk forex broker for traders in Nigeria. They are a fixed spread broker, so their spread will remain the same regardless of the market conditions or time of the day you are trading. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and 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 you need their help. Alpari Pros Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They even offer local bank deposit options. They offer PAMM accounts for investors.
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, 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 only with Offshore regulations, and not with any Top-tier regulators. Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information.
Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number. 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. Did other traders experience any issues with the broker? How is the feedback of the users of the mobile app on Play Store? Is the broker active in responding to serious issues? By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision on which broker you should choose. If a broker a lot of negative reviews related to issues such as withdrawals, manipulation of price, spread widening etc.
Multiple users reporting the same issues is generally a sign that something may be wrong. Trading Platforms 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. It is also important to check if the online broker has a positive feedback from satisfied customers.
This will help you determine if the broker will be able to serve you well in your investment needs. If a certain online trading broker will offer you a trial membership, it is a must for you to take advantage of it. Next, you need to find out how much money will the online broker charge you. It is important to know the exact amount of commission that will be charged because there are brokers who will charge less for their services while there are others who will ask for high amounts of fees.
You should also consider the other fees that you need to pay like the registration fee, order processing fee, as well as the deposit and withdrawal charges. If the online broker will charge a lot of fees, it is best to look for another one. Last but not the least; you should also consider the financial security that the online trading firm provides.
There are some firms who are very transparent about their financial status which makes it easier for traders to understand their business operations. More importantly, a broker who is reliable will always guide you about the different techniques in trading and the best time to trade. They will also keep you updated about the current trend in online trading industry and make sure that you will always end up with profitable transactions.
Finally, you need to consider the reputation of the online trading firm. This can be determined by looking at its website. If the website looks professional, it is more likely that it is a reputable firm. Also, you need to make sure that the online broker will have sufficient educational materials for you to understand the various concepts in online trading.
Five bond CFDs Two cryptocurrencies Saxo Bank offers leading research and analysis from in-house sources, as well as a third party, including trading ideas, recommendations, and detailed fundamental data, both current and historical.
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| Alabama tennessee betting line 2022 nissan | These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds. While Nigeria has regulations for financial and banking services, it does not require special registration of forex brokers. Forex4you offers platforms that include read more Metatrader4, as well as their own proprietary mobile trading app and web trader, accessible from any browser, or as a desktop downloadable option. This makes them a really interesting option. The broker offers a wide selection of assets across five main asset classes, and four different accounts to suit all trader types. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. It is crucial to have access to help at all times of the day and night. |
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| All forex brokers in nigeria today | Some of the fees you might have to pay to trade include: Commission and spread crypto coolwallet This is how the platform or broker makes money from offering the service. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from in Nigeria, and it is relatively easy to understand the ways in which you can trade the market. Many best forex brokers that are in are offering attractive deals these days. The vast majority of trades are executed in less than a second, which is among the fastest around the world today. They also have WhatsApp text support available. |
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Foreign exchange trading in Nigeria is overseen by the Central Bank of Nigerian CBN , which has a regulatory framework in place to protect Nigerian traders. In addition, CBN also imposes certain criteria and requirements that must be met to ensure investor protection. Several prominent online brokers have established their presence in the region, with some holding registered offices in Lagos while others offer a dedicated customer support team to Nigerian traders.
With some of the biggest forex brokers, Nigerian traders have the option of registering a Nigerian Naira-denominated account, allowing traders to trade in their local currency. We reveal the best brokers with real and registered offices in Nigeria. These are trusted and genuine brokers with a high trusts score. In addition, several online brokers accept NGN deposits, which save Nigerian traders costs on currency conversion fees when they deposit or withdraw funds.
Some brokers also charge for dormancy in accounts between months. We break down the fees charged by forex brokers in Nigeria into 2 components: a. Trading Fees: These are the fees that you will have to pay for actual trading. Depending on your Account type, you may be charged commissions. For example, if you are trading via Premium Account at HotForex, there are no extra commissions per lot.
The only fee you will be charged is the variable spread. This depends on the instrument that you are trading. For example, on average, HotForex charges 1. As you will notice, the spread with Zero Account is lower at 0. Non-Trading Charges: These include other charges like withdrawal fees and inactivity fees.
Some brokers can charge a lot of money with this type of charge. Some brokers do not accept payment from or withdrawals to Nigerian banks. While some do, it usually comes with charges either from the bank, from the broker, or both in some cases. These can slow down the execution of trades. Online trading is a fast-paced business where every second is important. Entering or leaving a trade one second late can be very costly.
It is also important the platform is compatible with different devices such as Android, Mac, etc. The account opening process on these broker platforms should be fast. Here, a lot of brokers have improved. Trading Conditions Perhaps the most important factor a Nigerian trader should consider when choosing a broker should be the trading conditions. Such trading conditions include the availability of naira accounts, policy on negative balance protection to check against huge losses due to volatility, whether brokers have quick order executions, the number of instruments traded, leverage, etc.
What is the Percentage of Losing Traders? Remember that forex trading is not regulated in Nigeria. However, if you choose a broker that is regulated in the UK, you can check the percentage of traders that lose with the broker. If a forex broker has a percentage higher than this, then something could be wrong.
So, how do you check it? You will find the percentage at the header of the website. That is where most brokers display it. Brokers like AvaTrade display it at the footer 6. Is the Support Readily Available? Brokers should always have a reliable support system as traders will always have complaints and problems.
This system should be fast as in some cases, money is on the line. For Nigerian traders, always check if brokers have a Nigerian number as that will ease communication when support is needed. Live chat is also important. Some brokers might also have personal account managers that you can reach out to. From our research, we know HotForex is one such broker. Other trading conditions a. Order types: Varying order types help give you options in the market. Limit and stop orders can come in handy in entering the market at the right time and price.
Your chosen broker must have these orders available on their platform. Guaranteed stop-loss orders close your trades at specified prices. This order is executed regardless of market conditions. It is important your broker has this service in place because it is key for risk management.
In addition, GSLOs are not free. So check with your broker to know if they have it, and much they charge for it. Negative balance protection: Without negative balance protection, you can lose more than the funds in your trading account. There is no local regulatory body that mandates forex brokers to offer negative balance protection in Nigeria.
Education: Education is key. A forex broker should be friendly to beginners. Structured online courses, webinars, articles, and free research tools a forex broker should offer. These should be offered free of charge without extra costs. How to open Account with a Forex Broker? To start trading, you need to open a live trading account with a forex broker. Follow the steps below to open an account with a forex broker in Nigeria, where we will use HotForex as an example.
Generally, the steps involved as the same with each broker, so you can follow these generic steps as references. Step 1 Go to the Hotforex website at www. Step 2 Select the client type, either as an individual, corporate or joint, then fill in your information, create a password, select Nigeria as country of residence, select NGN as account base currency, check the terms and conditions box after reading, and click on register. Step 3 A verification link will be sent to your email address.
Step 6 Next, you will be required to upload a valid ID to verify your identity and a proof of address to verify your address. Then wait for the approval.
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