Comparatively speaking, Pepperstone offers a broad range of Forex trading products in comparison to its competitors, also making it one of the. 5 Best Forex Brokers in Nigeria · 1. Exness · 2. AvaTrade · 3. HF Markets · 4. XM · 5. Tickmill. Comparison Of Brokers In Nigeria ; FXTM · $10 · MT4, MT5, FXTM Trader ; IC Markets · $ · MT4, IC Market Trading Servers ; InstaForex · $1 · MT4, Web Trading Platform. SPREAD BETTING AND CFD DIFFERENCE BETWEEN RACE

There are methods you can use to contain risk, but that is a topic for another article. The disadvantages of forex trading Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market — and why — in preparation for your trading day.

There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for.

You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful. This body regulates the Nigerian Stock Exchange, the bonds market and the operators within the equity trading industry.

Short selling is not permitted, and the SEC has not made any moves to regulate the Forex market or other exotic financial trading products. Rather, it has been content with providing disclaimer warnings to the public, asking them to only invest in markets approved by the SEC and only to trade with money they can afford to lose. You might by now be building the picture that there is a huge regulatory absence in the Forex industry in Nigeria.

There is now better awareness about the need to use brokers who are regulated. However, many local traders still patronize unregulated brokers who tempt them with over-the-top bonus offers. Some established names in the local financial markets have begun to lobby the SEC to follow the examples of Kenya, South Africa and Mauritius, by enacting regulatory protocols specifically for the Forex market.

However, Nigeria is a very ethnically diverse country and certain activities such as the operations of companies in the financial markets are dominated by certain ethnic nationalities. Getting bills to back regulation of such industries to pass in the Nigerian Senate and House of Representatives usually requires a lot of collective bargaining that sometimes has to cross these ethnic lines.

This makes it not only a difficult proposition but also a lengthy process. FX trading scams The regulatory gap has led to an increase in Forex broker interest in the country, and also unlicensed money managers, signals providers, introducing brokers and schemes which resemble Ponzi-style operations. A number of renowned Forex firms have entered the country and established local branches, including Instaforex, Alpari, Liteforex and Avatrade. ACM Brokers also opened in Nigeria in Strangely, these firms are not licensed by the Securities and Exchange Commission to offer Forex trading to Nigerian traders.

Rather, they are riding on the licenses of their parent firms in Cyprus and other offshore locations to deliver their product offerings to the local market. These Forex brokers in Nigeria are not the problem though, as they have conducted business largely with respectability. The companies say they will invest your money into the Forex market. The biggest of these companies is MBA Trading, which has hosted a number of high-profile events in which top-ranking members of the Nigerian government have attended.

The company claimed it had an SEC license, but in a strange twist, the SEC named them as an unlicensed company and warned the public against doing business with them. Those who claim to have been paid regularly by MBA Trading have hailed them as the best thing to have ever happened to the Nigerian Forex industry, but critics say their mode of operations and returns paid to clients which exceed average returns on Forex trading smack of a well-oiled Ponzi scheme waiting to unravel.

The disadvantages of using a regulated broker Regulations can limit your options when trading FX. Regulations require brokers to follow rules that are specific to their country of origin. An example is leverage limitation: retail traders with UK brokers are limited to leverage.

An unregulated broker, by contrast, could offer a ratio. Offshore brokers also tend to have lower costs, which they can pass onto you in terms of lower trading fees in terms of lower commissions or better spreads. Islamic Accounts Forex trading is conducted mostly by Nigerians from ethnicities in the mostly Christian South of the country, with very little participation from the mostly Muslim North.

Therefore, Islamic accounts are not considered an important consideration among the Nigerian Forex trading population. Comparing forex brokers in Nigeria A forex broker provides traders with a platform that gives them access to the FX market and allows them to buy and sell currencies. Opening an account is simple and can be done online.

You will be asked to provide proof of identity and a deposit. Using an offshore broker — the pros and cons You can open an account with an offshore broker, i. There are advantages and disadvantages to using an offshore broker. The disadvantages include the fact that if you use an offshore broker, it will be subject to the regulations of that country and it may not be as well supervised at all.

If things go wrong and your broker is registered in a country thousands of miles from Nigeria, it might be difficult to gain legal redress. There are things you should consider whether you use a regulated broker or one based offshore. These include: The trading experience — is the trading platform easy to use, what kind of support do they offer, and are there tools that can help with research, etc? Trading costs and transparency — these can vary widely from broker to broker. Some charge a fixed commission regardless of how much you trade, while others charge a fee based on trading volume the higher the volume, the greater the commission.

The spread is the difference between the price the broker quotes you for buying a currency and the price it quotes for selling it. This is effectively the fee your broker charges you to trade. For example, imagine the US dollar is trading at 1.

The broker may quote you a price of 1. It is also important to be aware of the hidden fees some brokers charge, such as inactivity fees, monthly or quarterly minimums, and fees associated with calling a broker on the phone. 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. 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 forex 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. So, you should check out this information before signing up, whether the platform of your choice is available or not.

But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned. Trading Fees Are there any hidden charge? 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. So, it would make sense to open Advantage account for lower fees. Commissions: Also check if there is any extra commission per lot with the account type.

Both these depend on the instrument that you are trading. Swap Fees: This is the fees charged by forex brokers for overnight trades. This fees depends on the broker, some brokers have very high Swap Rates, while some have lower.

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Top 6 Forex Traders In Nigeria - Biography, Net Worth and How They Got started trading Forex

Contact Online Forex Trading in Nigeria Nigeria has abundant natural and manmade resources which have made it the most populous country in Africa.

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Forex trading company in nigeria with goods	You can even join the CopyTrading program where you copy master traders, thus increasing your net worth. That is why it is very important to take advantage of this opportunity and use one of the best forex brokers in the world. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful. The majority of Forex brokers will have this as an option, especially the top Forex investment companies 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. Check how they respond to your questions, and were all your queries answered.
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