The Nigerian market in retail Forex trading is now estimated to be worth roughly million USD daily, making it only second to South Africa in terms of daily spend in African countries. This high level of growth is occurring for several reasons: Internet penetration, youth unemployment and intense marketing by brokers WebEveryone welcome. Come and learn more about trading with us. Lagos. 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria. Mon - Fri: - Tel.: + WebFor forex trading in Nigeria, investors have access to some of the best forex brokers in the world: HotForex, FXTM, Exness, Oanda, blogger.com, FxPro, XM Forex. The Web13/8/ · However, Forex trading in Nigeria is not tightly regulated. This could be due in part to the fact that it is still a relatively new phenomena that is gaining traction among Web26/10/ · HF Markets – Overall Best Forex Trading Platform for Beginners in Nigeria; Exness – Well Regulated Forex Trading Platform in Nigeria; XM Trading – 24/7 ... read more
Give me my PDF See Best Forex Brokers! Broker Name Regulation Max. Leverage Min. FXTM is a Tier-1 regulated forex broker. Their spreads are low with Advantage Account. HotForex - Low spreads with Zero Account. HotForex has low spreads for most curreny pairs. Their Swap fees is moderate. Chapter 1 What is Forex Trading? Chapter 2 Understanding Currency Pairs. Chapter 3 How to start Forex Trading? Chapter 4 Forex Trading Strategies. Chapter 5 Forex Trading Platforms. Real Life example of Forex Trading Have you traveled overseas?
In this chapter, you will learn everything you need to know about Currency pairs. Let's start! Types of Currency Pairs Currency pairs are mainly classified into 3 types: 1 Major Currency pairs: These are the currency pairs that include US Dollar as one of currency in the pair. Currency Pairs Lingo While trading forex, you would come across these common terms. Chapter 3 How to start Forex Trading in Nigeria?
This commission gets lower with higher trading volume. Your funds are 'considered' safe — FXTM is regulated with UK's FCA Financial Conduct Authority , CySEC Cyprus Securities Exchange Commission and FSCA Financial Sector Conduct Authority in South Africa Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money.
Close the trade To realize your proft or loss , you need to close the trade that you opened. In this chapter we will only analyse popular technical analysis strategies. Technical Analysis Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade. Now let's look into some of the most popular forex trading strategies.
Plus Alpari Invest app. It is important to trade with not too low capital because with low capital you would likely be using very high leverage to make money. Huge Trading Volume: Forex market is the largest market in the world with close to 6. If you feel that the particular currency is on the way up, you can buy it and go long. On the other hand, if you feel that a currency is not performing well, you can sell it and go short. Open 24 hours: Another key benefit of forex trading is the ability to trade 24 hours, for five days in a week.
These trading hours are much longer compared to traditional stock exchanges which allow you to place an order or close it during limited trading hours. You might want to check out our guide on best time to trade forex in Nigeria as the opportunities to make profits are higher during certain market hours.
Currency choices: Another major benefit is that forex trading allows you to trade in a wide range of currencies from around the world.
This includes the traditional major currencies such as EUR and USD as well as exotic ones such as TRY and MXN. Also, most forex brokers offer CFD trading on range of asset classes like Commodities, Metals, Indices etc. Risks of Forex Trading There are certain risks attached with forex trading, which you need to be aware of. High Risk with Leverage: Almost all Forex brokers offer very high leverage , which is normally as high as in many cases.
But, using a very high leverage puts your trading capital at huge risk of depleting very fast with even a single bad trade. In this example, you can lose your full capital if the price goes just 10 pips against you. You should never use more than leverage on Forex. So, it is really important to self regulated your leverage, and not trade with over leverage with Forex. You should definitely avoid brokers that promote forex as a get rich quick schemes.
A good Forex Broker will be regulated with multiple Top-tier regulated, have low fees, and offer quick withdrawal methods to traders in Nigeria.
And unfortunately, you cannot control these factors. There have been events during which the price of a currency pair can move a few pips with minutes, and in such a case you could lose most of your capital or even go into negative. So, it is really important to understand this risk. Emotional Stress: Let's face it, forex trading can be extremely challenging emotionally. This can be emotionally stressful for you especially if you are considering forex trading for a living.
How does ForexTrading. NG help you? Send Me the PDF. Best Rated Forex Brokers 1 FXTM Nigeria 2 Hotforex Nigeria 3 OctaFX Nigeria 4 XM Forex 5 Avatrade Nigeria 6 Alpari Nigeria. Helpful Links Best Forex Brokers in Nigeria Forex Trading Tutorials Bitcoin Trading in Nigeria Risk Disclaimer.
FSCA, CySEC, CMA. Visit FXTM Read FXTM review. FSCA, FCA, CySEC. Visit HotForex Read HotForex Review. Visit FXTM. Visit Alpari. Brokers in Nigeria do not have to place limits on leverage or offer negative balance protection — an especially deadly combination for beginner traders: We often hear stories of beginner traders opening accounts with leverage and quickly becoming indebted to their broker after being caught out by swift changes in the market. Some brokers also use opaque bonus schemes to tempt new traders, with most not reading the small print which requires customers to trade a set amount before receiving the bonus in question.
This forces new traders to spend more of their money in the hope of achieving their bonus, before they are adequately educated to face the complexities of the Forex market. Björn Michels is CEO of FXScouts, an online broker comparison portal with a strong focus on education. FXScouts is determined to support new traders by providing Forex education and honest reviews of the best brokers operating in Nigeria.
Potentially thousands of young people are losing money they cannot afford, and brokers are making huge profits. While some in the private sector are doing their best to educate, government needs to be more actively involved in creating a more transparent and secure environment for consumers.
Currently, the safest way to trade Forex CFDs in Nigeria is to make sure that your broker is regulated by one of the three major regulators: The Financial Conduct Authority FCA in the United Kingdom, the Cyprus Securities and Exchange Commission CySEC in Europe or the Australian Securities and Investments Commission ASIC in Australia.
All three of these regulators. Following in the footsteps of the EU, strict regulatory tightening is also expected in Australia over the next year, so Nigeria can expect another wave of international brokers looking for more profitable markets. Until such time that the SEC steps in and starts regulating this huge market, you are advised to trade only with a good internationally regulated broker and avoid local operators.
Be especially wary of brokers that offer bonuses that seem too good to be true, as they usually are. The way to get started is to be able to identify a good Broker before embarking in this kind of business. Nevertheless, this also shows the popularity of this particular sector. Nigeria is a country that has seen substantial growth in Forex brokerage firms.
Companies such as globex have made it easier for Africans to invest in the foreign exchange market. Here is a guide that will aid you in choosing a trading platform. Most often than not, people who trade forex prefer to use some sort of leverage. You should always be aware of the scope of your leverage for you to appropriately control your trading account and position.
A good trading platform should always be favorable for traders. It should be compatible with various add-ons that can facilitate automated and tailored trading strategies that are easily specified by the trader. Likewise, adept investors also have to constantly learn and revise various aspects of forex trading. Thus, choosing a platform that offers training sessions is very crucial. A good number of platforms have virtual accounts where people can trade in real markets using pseudo currencies.
This also allows investors to come up with investment strategies that they have tried and proven to be working. Joining a platform that has poor customer service can be very frustrating and costly.
This would help you solve pressing problems more quickly, thereby guaranteeing efficiency. This will eliminate any unnecessary friction with the authority that might flag you for illegal activities.
Additionally, you should also pick Forex brokers that have a diversified payment system. This is one of the most popular trading platforms in Nigeria; it has a local office and prompt customer service who are ready to help their clients should they encounter any problem. Forextime has a low minimum deposit of about Naira besides having a fast payout.
Hotforex is a forex trading platform that is currently regulated by several organizations including the FSCA, FCA, and CYSEX. Additionally, existing clients can also get tailored loyalty bonuses. Hotforex has exceptional customer services such as live chat features, phone, and email support. With over 2 Million active customers, Alpari is among the earliest and most secure forex trading platforms in Nigeria.
It has multiple withdraw and deposit options, with the minimum deposit being zero. The platform is regulated by the Cyprus Security Exchange Commission and has a local functional office in Abuja. Exness is a reputable brokerage platform that is currently regulated by CySEC and FCA. Clients can use multiple payment options including online banking services, as well as Bitcoin, EWallets, and credit or debit card transactions. Technological advancements have made it easy for people to make money, regardless of their location.
Given the sheer number of people joining foreign exchange platforms, Forex trading is certainly expected to grow in the coming years. Applying the aforementioned points will certainly help you become a successful trader. WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles. designed by WebAndName.
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Our analysts have compared brokers providing trading services in Nigeria and selected the 8 best forex brokers in Nigeria, regulated by reputable supervisory bodies — FCA Britain , CySEC Cyprus and FSCA South America. Forex trading is rightly considered one of the most popular ways of investing.
The foreign exchange market is the most lucrative in the world. Millions of traders open accounts every day. The number of brokers providing access to Forex also grows every day.
They are the ones who know by what parameters it is necessary to evaluate and choose the broker. Nigeria, one of the largest countries on the African continent, is an attractive place for forex brokers. The developing country can offer a large number of traders interested in Forex trading. To choose the best company, we have analyzed 30 different brokers that work with Nigerian traders.
The brokers are evaluated using specific algorithms and parameters. Among the main indicators, which are analyzed and confirm the correspondence of the broker to the highest level, are the commissions charged, the spread, the leverage offered, the deadline for order execution, the size of the minimum deposit, the methods and timing of deposit and withdrawal of profits. Here is an updated list for of the best brokers in Nigeria, selected based on the main criteria that characterize a broker as a reliable company.
Forextime or FXTM is the best forex broker in Nigeria. One of the obvious advantages compared to the main competitors is the presence of an office in Nigeria. The company is deservedly considered safe because it is licensed by the major and most reputable market regulators: FCA British regulator or Financial Services Authority , CySEC, FSCA Financial Services Council of South Africa and FSC Financial Services Commission of the Republic of Mauritius.
Founded in , FXTM is supervised by the British FCA, which makes the broker a reliable partner for trading in the foreign exchange market. The company offers three types of accounts, the currency can be one of the following: American dollar, European euro, British pound or Nigerian naira. Loyal initial investment requirements — 10, Nigerian Naira on a micro account is enough to get you started.
In addition to classic forex trading, the broker offers traders access to other financial instruments: CFDs on commodities or commodities, precious metals, indices and commodities. Any instrument can be used to minimize risks and diversify the investment portfolio and is available on any type of account.
The company is represented in the cities of Lagos and Abuja. The hour customer support team can communicate in 20 foreign languages, including the most widely spoken languages of the Asian continent.
For every account type, traders are offered to try their hand at demo accounts. A wide range of training materials and webinars are available to help novice traders. About 20 payment instruments are available for deposit and withdrawal, among them: bank transfers in Indonesia or Nigeria , bank card payments, popular payment services Neteller, Perfect Money, WebMoney, Dotpay or Scrill.
Transactions are processed within 24 hours maximum. Withdrawals via local banks in Nigeria without any fees. FXTM is a world-class broker that offers traders a safe and secure environment and is licensed by top-tier regulators such as the British FCA, CySEC in Cyprus and the South African FSCA. Low spreads on currency pairs, the ability to trade without paying the spread on an Avantage account.
Prompt processing of withdrawal transactions — maximum within 24 hours, usually within a few hours most brokers process withdrawal transactions only during business hours and can withdraw money up to 2 business days. Quick help from customer support, who is available 24 hours a day, 7 days a week.
HotForex is recommended to traders in Nigeria because it is a company of world renown. Thus, since , the broker is the official sponsor of one of the best French soccer teams — Paris Saint-Germain. It is under the financial supervision of the best and most respected services — the FCA, FSCA and CySEC. The broker is recommended for trading in Nigeria, both for beginners and professionals.
HotForex brand was founded in and has licenses for financial operations in Forex from FCA Britain and FSCA, that characterizes the company as reliable.
Special type of account with zero Spread. Spread varies from market situation and can vary both to decrease and increase. A more detailed comparison of the account commission is placed on the official website of the company and analyzed in comparison with other popular Forex brokers: Forex.
com, Oanda, FxPro and Markets. This further confirms that the company values honesty and transparency in its dealings with clients. The trading platforms offered by HotForex are standard — MetaTrader 4 MetatTrader 5. Traders can choose between mobile applications, and work on the online version of the terminal. HotForex offers Nigerian traders to fund their accounts in the local currency through bank branches.
More than 10 deposit such as Scrill or Neteller and withdrawal channels are also available. Transactions are processed instantly for both deposits and withdrawals maximum time to process withdrawals is up to 2 days.
HotForex belongs to the highest league of Forex brokers due to the licenses of the best regulators FCA and CySEC. A wide range of trading instruments including not only currency pairs, but also CFDs on commodities, indices, precious metals and cryptocurrencies, bonds and ETFs.
The broker has set some of the lowest spreads in the market, trading on the account with zero spread is available. Wide choice of purses and channels for deposits and withdrawals, fast processing of applications for withdrawal of profit. No commission for deposit and withdrawal of money from the account.
All other accounts have no such commission. The company regularly receives awards as the best broker in Asia or Europe. The broker offers several types of accounts with fixed or variable spreads, a variety of deposit and withdrawal options, including through local banks in Nigeria. Access to the market is through the classical terminals — MT4 and MT5, in addition, the company promotes the trading application cTrader.
OctaFX appeared in the Forex market in An MT4 account with floating spread from 0. Investors with experience will be interested to open OctaFX MT 5 account, offering all the trading advantages of ECN accounts.
For all accounts trades are executed on the market in less than 0. The trading instruments offered by the broker is inferior to other companies, with up to 32 currency pairs for trading many brokers offer up to 50 pairs and more.
CFD trading on popular assets is also available: commodities, indices and commodities, cryptocurrency. The privileges program is developed: from bronze to platinum. Multilingual support service is always in touch.
Deposit and withdrawal options for Nigerian traders are varied. Instant deposits via Scrill, Neteller, bank transfer or cash from local banks are available, all depositing operations the broker performs without any commissions. Additionally, deposits and withdrawals in BTC are available. OctaFX is licensed by the highest security regulator CySEC, so it is considered reliable for Nigerian traders to trade.
The company has been repeatedly recognized as the best broker in Asia, Europe and Nigeria, according to reputable rating agencies.
The broker offers competitive terms for commissions and spreads: from 0. Wide choice of channels for deposit and withdrawal of funds from accounts in Nigeria, which are executed by the broker without any charges. Responsive customer service, tiered bonus system, the higher the deposit, the more privileges are offered to the trader. Cons of OctaFX Compared with other forex brokers in Nigeria, the company offers a smaller number of currency pairs — only 32, also available CFD on two metals gold and silver , 10 most popular indices and 5 cryptocurrencies.
XM is another world-class forex broker that meets the highest standards of forex trading and is recommended for Forex traders in Nigeria. XM offers a wide range of trading instruments more than , multi currency accounts not only USD, EUR, but also GBP, JPY, CHF, AUD, the full list is on the website , instant execution in less than 1 second and low spreads. The only significant drawback of the broker can be considered the lack of representation in Nigeria.
XM Forex, as part of the Trading Point Group holding, has been in the foreign exchange market since It is regulated by the supreme financial market authorities of two continents, in Europe by CySEC of Cyprus and in Australia by the Australian Securities and Investments Commission. Free trading training, regular analytics and reviews — all conditions have been created for Nigerian traders to learn the basics of successful trading.
XM offers trading on all types of devices using an advanced MT4 or MT5 platform, protection against negative balances and free daily market analysis, which makes it easier for new traders to open trades in the market.
Regulated by two reputable services — CySEC, ASIC. The broker offers one of the lowest spreads on the market: from 0. Fast withdrawal of funds, no commissions. Instant execution of orders at market price. Available support service, 24 hours a day, every day without holidays and weekends. Cons of XM The broker does not have a local office in Nigeria, no ability to fund the account with local banks. The spread on Micro and Standard accounts from 1 point is quite high, so to reduce costs it is recommended to open an XM Ultra Low account.
Exness is a broker with low commissions, with deposits and withdrawals from banks in Nigeria. Overall rating: 8. The forex broker is part of the Exness Group.
The company has been working in the financial services market since It is supervised by several international regulators, including the Financial Sector Conduct Authority FSCA in South Africa. Forex broker offers competitive and interesting working conditions in the foreign exchange market. Traders are offered to trade with more than currency pairs, which significantly differs from the standard offer of the majority of brokers; spreads on currency pairs start from 0 pips.
The broker divides the trading accounts into 2 categories: standard 2 account types and professional 3 account types with one of the highest leverage on the market — The first group fits beginners traders. The second one is for professionals with big experience and large capitals. Spreads on professional accounts from 0 points. The processing of deposit or withdrawal transactions is made automatically. The broker does not withhold any commissions for the transactions.
WebEveryone welcome. Come and learn more about trading with us. Lagos. 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria. Mon - Fri: - Tel.: + Web13/8/ · However, Forex trading in Nigeria is not tightly regulated. This could be due in part to the fact that it is still a relatively new phenomena that is gaining traction among Web26/10/ · HF Markets – Overall Best Forex Trading Platform for Beginners in Nigeria; Exness – Well Regulated Forex Trading Platform in Nigeria; XM Trading – 24/7 WebXM is another world-class forex broker that meets the highest standards of forex trading and is recommended for Forex traders in Nigeria. XM offers a wide range of trading The Nigerian market in retail Forex trading is now estimated to be worth roughly million USD daily, making it only second to South Africa in terms of daily spend in African countries. This high level of growth is occurring for several reasons: Internet penetration, youth unemployment and intense marketing by brokers Web4/10/ · List of Best Forex Trading apps in Nigeria. HotForex MetaTrader App – Best Forex Trading App in Nigeria; Exness– Good Forex Trading App for MetaTrader; ... read more
CONTACT US PRIVACY TERMS. About 20 payment instruments are available for deposit and withdrawal, among them: bank transfers in Indonesia or Nigeria , bank card payments, popular payment services Neteller, Perfect Money, WebMoney, Dotpay or Scrill. JUST IN. You should definitely avoid brokers that promote forex as a get rich quick schemes. More than 10 deposit such as Scrill or Neteller and withdrawal channels are also available. No, forex trading is illegal in Nigeria because there is no foreign exchange regulation framework.Today, the range of trading instruments in the market has expanded: traders have access to binary options, forex trading in nigeria 2023, work with commodities on the CFD. Offers negative balance protection. In addition, this platform charges a zero processing fee on all deposits and withdrawals. Three Forex brokers — OctaFX, FXTM and HotForex — offer to fund an account in Nigerian currency. Traders and investors in Nigeria can invest money in a long-term or short-term period using world-famous and outside Nigeria regulated brokers. Log in to Reply.