Nigerian clients at Exness are registered under the FSA regulation of Seychelles. The standard account at Exness is the spread-only account type which can be opened with NGN and several other currencies.

The spreads start from 0. Exness offers 3 professional accounts with different pricing structures. The Zero spread account also has negligible spread but the commission with this account is variable and depends on market conditions and trading volume. The Pro account can be the best choice as there is no commission involved and the spreads are as low as 0. Exness offers MT4 and MT5 as trading platforms for all types of devices.

They also support a separate android and iOS app which is called Exness Trader App. This app is based on the MT5 trading platform. Exness allows deposits and withdrawals through local banks in Nigeria with no additional commission. Exness can be a good choice for Nigerian clients. However, the research and education tools at Exness are limited and lesser than many other forex trading platforms in Nigeria.

AvaTrade is an Australia-based forex trading platform that holds regulatory licenses in various jurisdictions. It offers a proprietary trading platform called AvaTradeGo apart from the MT4 and MT5 platforms. There are no choices for account types with different trading conditions or pricing structures. The Only account type has spread as the only trading fee. No trading commission is charged for trading forex at AvaTrade. AvaTrade offers multiple tools for research and education.

Clients cannot open trading accounts with NGN as base currency at AvaTrade. They also do not accept local bank deposits and withdrawals in Nigeria. Transactions can be done through Credit Cards, E-wallets, and wire transfers. The MQL5 back-testing function is also more reliable, permitting a more precise understanding of how an EA is going to operate in a live trading environment.

The main problem for many traders is that MQL5 is not backwards compatible with MQL4. This means that any trading robots built for MT4 will not work in MT5 and vice versa. Trading robots built for MT4 will not work in MT5 and vice versa. The MT5 interface may look like MT4 but it has more features. MT5 has a more advanced charting package, including 12 more timeframes and more built-in technical indicators.

MT5 also has a Depth of Market function, allowing traders to see view the bids and offers for any given instrument or currency pair. Other features include an economic calendar, a live news feed, a larger number of pending order types than MT4 and an embedded chat system. The best MT5 broker is XM. The best MT5 brokers is XM. With tight spreads, excellent customer service, and great educational support, XM stands out from the rest of the MT5 brokers. cTrader is a multi-asset trading platform, allowing users to trade Forex as well as other CFDs.

Launched in , cTrader offers high-speed execution with a cleaner user interface than the competing Metatrader software. cTrader also allows for automated trading with the built-in cTrader Automate. cTrader Automate allows traders to build or buy trading robots cBots and custom indicators. Algorithms built for MT4 and MT5 will not function in cTrader. cTrader Automate and cTrader Copy let traders automate trading and copy trading strategies. Another feature, cTrader Copy allows traders to copy trading strategies, as well as provide strategies for copying by other traders.

One of the best features of cTrader is the fully customisable layout. You can pick a chart-only layout or the default, which includes analysis and trading news. Even the charts are customisable, allowing you to display different charts side-by-side, or toggle between them.

cTrader appears and functions in a similar manner to MetaTrader 4, so any transition would be easy if you are used to the latter. It is easy to transition from MT4 to cTrader. Here you can immediately see quotes when you launch the application so that you can make trades quickly. Additionally, cTrader comes pre-packaged with over 30 technical indicators and objects, allowing even further customisation. The best cTrader broker is FxPro. The other common type of trading platforms is broker-built and operated platforms.

These proprietary platforms vary in and quality, but they are generally web-based and easy to use for beginners. Some of them are also quite different from traditional platforms like MT4. With its unique integrated social component, advice and trading opportunities are always available from a community of traders. It includes a watchlist so you can see show detailed graphs for any currency pair you want. While this is no replacement for technical analysis, it does provide a degree of insight with little effort.

Read our eToro review. Research tools, monitoring tools, complex order management and advanced charts are all included. Other features include simple functionality to open, close and edit individual and aggregate positions, chart customisation and risk management tools. Custom indicators are also available as well as access to data and news feeds to help spot trading opportunities.

Read our IG Markets review. easyMarkets were one of the first brokers to develop their own trading platform and have a history of platform innovation. While easyMarkets also offers support for MT4, most of the trading tools available to easyMarkets customers are only available through the easyMarkets platform. Feature highlights include dealCancellation, which allows clients to cancel an order within an hour of making a trade, and Freeze Rate, which allows you to freeze a price you see for a few seconds especially useful in volatile markets.

Read our easyMarkets review. Markets x is a new trading platform from by Markets. com and offers traders fast, low-cost trading on over 2, financial instruments. It provides CFD trading on stock, Forex, commodity, indices, cryptocurrency, ETF and bond markets. As well as in-depth charting and asset comparison tools, Markets x also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Read our Markets x review. While we have covered the most popular trading platforms, there are many other specialist platforms. These either behave differently than the more common platforms or require more advanced knowledge. ZuluTrade is a popular option that specialises in copy trading and social trading. With over a million users, it is one of the largest copy trading providers around. An added benefit, you can link a pre-existing MT4 account to ZuluTrade.

Tifia offers local Nigerian-based support, comprehensive trading solutions, and a choice between powerful trading platforms. Tifia offers a wide range of account options, including ECN trading, which offers fast transaction execution, cheap costs, and low spreads. Tifia accepts traders of all types from Nigeria, offering them comprehensive trading solutions. Plus is one of the most popular CFD brokers in the world that offers a proprietary trading platform with a range of advanced features.

Plus is perfect for Nigerian traders who do not want to own the underlying asset, and who subsequently want to benefit from the changes in the price movements of these assets. LiteFinance is a Cyprus-based forex and CFD broker that has been in operation since LiteFinance is a globally recognized entity that holds offices in several regions including in Kyrgyzstan, Nicaragua, Vietnam, Myanmar, India, Nigeria, Indonesia, Tanzania, Kenya, Thailand, Philippines, Ghana, Afghanistan, and Uganda.

One of the key features of RoboForex is that it offers a wide range of tradable instruments , a choice between trading accounts, and competitive features. RoboForex, which has won several awards throughout the years, is a trusted option for Nigerian traders. SuperForex was formed in to make forex more accessible and incorporated into everyday life. Currently, the broker has operations in more than countries throughout the world from its headquarters in Belize, which is in Central America.

SuperForex has a trust score of 3. This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others.

Nigerians must beware when dealing with brokers that only have offshore regulation such as FSA, SVG BVI, FSC, and others. Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit , additional features on retail investor accounts, and so on. Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered , the withdrawal fee, deposit fees , and minimum withdrawal limits among other trading and non-trading fees.

The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available. Customer Support is another crucial factor and Nigerians must check the availability of support trading hours , the quality of support, and the promptness with which the customer support team responds to queries. Traders must ensure that the trading platform has the necessary technical indicators , fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:. Research can include some of the following:. The brokers that are featured on this list are some of the best forex brokers for Nigerian traders. AvaTrade is the best forex broker for beginners in Nigeria because of the extensive educational materials offered. MetaTrader 4 is widely considered as the best trading platform in Nigeria and the overall trading industry.

The foreign exchange market in Nigeria is easily accessible and there are lower trading costs involved than with other markets, making it easier for new traders to emerge and start making profits. Forex brokers make their money either from the spreads or commissions that are charged on trades. You can check the market regulator and search the license number that the forex broker lists on their official webs.

Beginner Nigerian traders who are starting in the foreign exchange market, and who have some disposable Nigerian Naira that they can afford to invest, may be wondering what forex trading is, how they can start trading forex from Lagos, Nigeria, and whether they are covered by the Central Bank of Nigeria CBN.

The forex market is a global platform where currencies can be exchanged, even the Nigerian Naira, regardless of whether it is for business, travel, or leisure. Every exchange rate is determined by various factors such as the overall economic situation in Nigeria, news releases, and so on. While there is no single, centralized forex market or exchange located in Lagos, Nigeria, forex trading can be carried out over a network of computers, with the Central Bank of Nigeria CBN overseeing forex trading activities in Nigeria, ensuring that traders are protected.

Forex trading can therefore be considered as a combination of foreign currencies and exchange rates. The act of converting one currency into another e. Nigerian Naira to US dollars is known as foreign exchange and can be done for several purposes, the most common of which being business, trade, or tourism. A currency exchange market is a valuable tool because it allows us to buy and sell goods and services both inside our own country and across international boundaries.

Nigerians must exchange currencies to allow for international commerce, business, and travel. To trade currencies , traders must be connected to one of the main financial hubs in Frankfurt Hong Kong , Hong Kong London , New York Paris , Singapore Sydney , Tokyo Zürich or Frankfurt Frankfurt. Nigerian traders have the benefit that they can connect to any of these sessions according to their unique trading strategy and trading horizon.

A high level of volatility and continuous price movement characterize the currency market. Forex markets are dominated by commercial and investment banks, but there are also speculative possibilities for professional and individual investors to trade one currency against another.

Investors can benefit from the difference in interest rates between two distinct economies by purchasing and selling currencies with differing rates of return. Forex trading is a potential source of money for Nigerian investors. With an estimated daily transaction volume of million, forex trading has grown very popular in Nigeria. Nigerian traders are often drawn to forex trading since it provides the opportunity to generate substantial gains in a shorter period minutes and hours instead of months.

The foreign exchange market is the platform that facilitates the exchange of currencies globally. A currency is considered one of the most vital tools because it allows Nigerian traders to buy and sell goods and services both inside their own country and across international boundaries. For example, when someone buys cheese from France, they are required to pay using euros. The individual can exchange their currency either through a broker or they can exchange it at a currency exchange kiosk.

Travelling works in the same manner, for example, euros are not an accepted currency in Egypt, which means that a French visitor cannot pay for a visit to the pyramids with euro. In this scenario, the traveller must convert their euros to the Egyptian pound to pay for their tour.

Foreign exchange forex trading is similar in many ways to stock trading, with Nigerian traders trying to acquire currencies that they believe will rise in value or sell currencies that they believe will fall in value. Because of the wide variety of currencies traded on the forex market, it is impossible to make accurate forecasts about the direction of exchange rates. When it comes to forex, supply and demand are the primary factors that determine the price movement, and it is necessary to grasp these variables to be successful.

The overall market sentiment associated with forex is often influenced by recent events. This is a factor that could have a significant impact on currency pricing. Trades will be made according to what Nigerian traders feel the currency is going to do, which may either increase or decrease demand for the Nigerian Naira. Nigerian traders' primary goal is to maximize their profit while minimizing their exposure to market risk.

These Nigerian traders can use credit ratings in addition to interest rates and economic data when making investment decisions. As a general rule, commercial banks and other investors prefer to invest in economies with a positive outlook. A favourable piece of news about a particular location may promote investment and enhance demand for that region's currency if it reaches the markets.

If more positive news about Nigeria and its economy emerges, there will be increased investment from foreign investors. There must be an equal or greater increase in the supply of money for the price to rise.

In the same way, bad news may induce a decline in investment and a fall in the value of a currency. Currency values are influenced by the stated economic health of the area they represent. Central banks have the power to announce supply-control policies that have a substantial impact on the value of their currency.

Injecting more money into an economy, such as via quantitative easing, may lower the value of its currency. The Central Bank of Nigeria CBN manages the supply of Nigerian Naira in the country, much like other central banks are in their respective regions. The language of each market is distinct.

Before getting into forex trading, Nigerian traders need to know these terms:. Every currency in the world is assigned a three-letter code, with the Nigerian Naira expressed as NGN in the forex market. The US dollar USD is engaged in the great bulk of foreign exchange trading even though there are more than other currencies in existence.

The euro code: EUR , which is used in 19 EU nations, is another popular currency in the foreign exchange market. All forex trades involve two currencies that form a currency pair. Forex trading relies heavily on the following seven currency pairings, which are also referred to as the forex majors:.

For each currency pair, the current rate of exchange between the two currencies is represented by the two currencies in the pair. Nigerian traders must note that the base currency is normally listed first, followed by the quotation currency.

However, historical practice dictates that certain currency combinations be represented differently. Investing in the stock market is a lot like FX trading. To begin a forex trading career, Nigerian traders can follow these simple steps. If Nigerians are new to trading, they need to take the time to learn as much as they can about forex. Nigerian traders must acknowledge that forex trading typically offers higher leverage ratios than any other financial market.

In addition, the factors that drive the forex market are also different to those that drive equity market prices.

Any political and economicalnews in Lagos, Nigeria can spart volatile movements in the forex market, either in an upwards or a downwards trend. Traders who are just starting out have a plethora of training material, books, courses, classes, and other educational materials, tools, and resources at their disposal to ensure that they are thoroughly educated in forex trading. To get started in forex trading, Nigerian traders need to open an account with a brokerage firm.

Some forex brokers make up their fees by charging a flat commission on trades. However, other Forex brokers do not impose any fees for trading. It is instead via the spread in forex trading indicated in pips that exist between the purchasing and selling prices that they earn their money. Micro accounts are ideal for beginner Nigerian traders because they have lower capital requirements, lower degree of risk, and smaller positions size of 1, units of base currency, in this case, Nigerian Naira depending on whether they are buying or selling currency.

To put things in perspective, one normal account lot is equivalent to one hundred thousand dollars. With a micro forex account, Nigerian traders can learn the basics of forex trading and find out what kind of trading strategy works best for the trader. While the CBN approves forex trading and provides a regulatory framework, it is the responsibility of Nigerian traders to ensure that they only use the services of regulated brokers.

Having a trading strategy can help Nigerian traders define broad rules and a road map for trading, even if they cannot always foresee and time market action. Traders must consider how much money they are willing to invest and the degree of risk they are prepared to face to avoid losing their initial deposit. It is important to remember that forex trading is a high-leverage business. Those who are prepared to take the risk, however, will reap greater benefits.

Traders must remain on top of their numbers. The fourth rule of trading is to verify the positions every day after the trading day has ended. There is already a daily accounting of transactions provided by most trading software. If Nigerian traders have any open positions that need to be closed, they must make sure that they have enough money in their trading account to cover any future transactions.

Beginner forex trading may be a roller coaster of emotions, with many unresolved issues. There are many uncertainties in forex trading and unanswered questions. When it is time to close a position, traders must be strict about it.

Nigerian forex traders use forex trading strategies, despite whether they are active traders who have a forex career, or they trade when they are home. Forex signals and technical indicators are typically part of a currency trading strategy. Automated or manual approaches may be used to identify these signals. Trading chances are found by examining chart patterns and averages using manual approaches.

Trading signals are generated, and transactions are executed automatically by algorithms based on a variety of predetermined circumstances. Nigerian traders can utilize a wide variety of trading methods to help them make smarter selections when it comes to trading. Technical analysis, as well as fundamental analysis, may be used together in forex trading methods, just as in other trading systems.

Traders can subsequently construct a more well-rounded trading strategy by combining elements of both technical and fundamental analysis. Any forex trading strategy selection criteria must first be established.

Nigerian forex traders must consider the following to help them narrow down the search on an ideal strategy:. Traders use the following forex trading methods to organize their trading activities. These tactics may be used in any financial market, not only the currency market.

To be an effective trader, Nigerian traders must first identify their own style of trading. In addition, traders can open a virtual trading account to practice and test forex trading tactics. Scalping is best suited to forex traders that like short-term transactions lasting only a few minutes, or those who want to take advantage of many market changes. With forex scalping, the goal is to make modest but frequent profits while also trying to keep losses to a minimum while trading NGN.

As a result of the huge leverage used in these short-term deals, a trader might still suffer large losses. This forex strategy is best suited for Nigerian traders who can devote the necessary time and attention to the larger trading volumes and the resulting quick transactions. The following are times of high trade volume:. Traders with the greatest patience may choose forex position trading, which does not pay as much attention to short-term swings in the market and instead concentrates on the long run.

Investors who have a long-term view of currency markets may maintain holdings for months or even years at a time. Long-term gains are expected from this method. Position trading in Forex is best suited for Nigerians who cannot devote hours of their day to trading but have a deep grasp of market basics. Day trading is an alternative to scalping if Nigerian traders wish to trade for short periods but are not comfortable with the fast-paced nature of the method.

Each day, on average, just one deal takes place, and it is not held overnight. Intraday price movements in the relevant currency pair determine profit or loss. Because of the time and effort required for this form of trading, Nigerian traders need to partner with a broker that can grasp economic performance and factors that might have an impact on their trade.

Subsequently, the trading position may be adversely affected if any important economic developments occurred on that day.

Swing trading in the foreign exchange market Traders who want a mid-term trading strategy that allows them to hold positions for many days might use swing trading, which tries to benefit from movements in price. Even while it requires less attention to the market than does day trading, this method exposes Nigerian traders to overnight or gapping disruptions.

A candlestick chart is the simplest and most often utilized chart style in the forex industry today that Nigerian traders can use.

Trading techniques can easily be developed using the trend lines that can be seen on a line chart. Price breakouts or trend shifts may be detected using the information contained provided in a trend line, for example. Bar Charts In the same way that they are used in other contexts, bar charts are employed by advanced Nigerian traders to illustrate trading periods.

Bar charts are known to be more informative than line charts, albeit being a little more complex. Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal. When prices rise, the colour green or white can be used to represent that, while when prices fall, the colour red or black is typically used. Candlestick Charts Japanese rice dealers employed candlestick charts for the first time in the 18th century.

They have a more pleasing appearance and are simpler to understand than the previous chart kinds. To show the opening and highest price point of a currency, Nigerian traders utilize the top section of a candle, while the bottom portion of a candle is used to show the closing price and lowest price point. A down candle is coloured red or black, while an up candle is coloured green or white and signifies a time of rising prices.

Candlestick charts may be used to determine the direction and movement of the market based on the formations and shapes they display. Young Nigerians have become dedicated fans of forex trading, making it one of the most popular ways to make money in the country.

Mobile devices and desktop computers can both use it, and it is accessible all the time, making them a great deal less expensive than other options. The only requirements are a cell phone and some capital. Mobile trading platforms have become extremely popular in Lagos as it allows Nigerian traders to remain updated on their trading while they travel.

It is common for traders to lose money because they do not have a risk management plan in place to limit their losses. Make use of a broker who is properly regulated Even though it seems clear, a large proportion of new traders fall victim to Forex trading scams or deal with unlicensed brokers despite this fact. The licenses of all properly licensed brokers are listed at the bottom of their websites, and a quick check with the appropriate authorities reveals whether they are.

When Nigerian traders use well-regulated brokers, they are given access to negative balance protection. This is a vital risk management tool that ensures that the trading account does not go into a negative. Nigerian traders can try their trading strategies using a demo account, with the most popular brokers offering this option. The practice account works in the same way as a live account but uses virtual money until traders are ready to trade real money. Keep leverage usage to a minimum Nigerian traders must be aware of the leverage that they are employing once you begin trading on a live account.

While increasing trading capital to more than 1, could seem like a good idea, the impact that leverage can have will apply to any losses that the trader incurs. Some brokers provide leverage of or even Until traders are confident about the impact of leverage on their trading, they should stick to a leverage ratio of no more than Trade Major Currency Pairs All currency pairs that include the US dollar are considered major forex pairs, with these also the most stable currencies.

When trading exotics, Nigerian traders should be aware that they are riskier and more expensive than trading major and minor currency pairs. Make use of a reputable copy-trading platform Keeping an eye on the markets all day is not feasible for many new investors.

Fortunately, copy trading is available from brokers and individual signal providers. Beginner Nigerian traders can use copy trading services to imitate the trades of more experienced traders, and the brokers take a tiny percentage of the profit. Always employ stop-loss orders Nigerian traders must always use a stop-loss on every transaction they open to avoid significant losses in Forex trading.

When the price reaches a certain level, a stop-loss order will automatically terminate the transaction. It is only natural for traders to want to stay on to a losing transaction in the hope that one day, it will turn around and be lucrative. However, this is not the way it always turns out, with most traders experiencing significant losses at this point.

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Read Review. But is trading in the forex market really profitable for small or retail individual investors? How much income can you earn from trading forex part-time or full-time? What are the risks? There are so many other questions that may come to your mind if you are a beginner forex trader.

We will try to answer all these questions and more with this guide. 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.

While there are no restrictions on the forex brokers that Nigerian traders can use, whether local or international brokers, traders must ensure that they use well-regulated and verified Nigerian forex brokers. CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA. Exness is a multi-regulated forex and CFD broker that was founded in , which shows its long-standing history as being one of the top brokers. Exness is headquartered in Cyprus with offices based in South Africa, the United Kingdom, Seychelles, the British Virgin Islands, and Curaçao.

Some of the greatest trading conditions in the world are provided to retail traders throughout the globe, including cheap fees, a competitive spread, rapid execution speeds, different account types, diverse financing methods, exceptional customer service, and much more. HotForex now HFM has been around for more than 12 years and as award-winning forex and CFD trading broker , HFM has been recognized as one of the trading providers with some of the best benefits for Nigerian traders.

As a multi-regulatory brokerage , Trade Nation brings a new perspective to the world of online investing. In addition to CFDs on currency, indices, commodities, stocks, and shares of stock , they provide a simple trading platform that enables traders to trade a wide range of financial assets. which is regulated by the Financial Conduct Authority FCA under reference Finsa Pty Ltd.

is a firm that is regulated by the Australian Securities and Investments Commission under ACN , AFSL No. Trade Nation has a trust score of 95 out of FBS is a well-regulated forex and CFD broker that caters for traders from around the world, including Nigeria.

FBS is known for its high leverage ratios, competitive trading conditions, and comprehensive trading solutions. Alpari has been in operation since , operating under Exinity Limited , under the regulatory status of the firm with the Financial Services Commission FSC of Mauritius.

Alpari is one of the largest trading brands in the industry , with offices in several locations, including Lagos, Nigeria. Beginner and expert traders may make use of a wide range of low-cost trading options, as well as intuitive desktop, mobile, and web-based forex trading platforms. JustMarkets has been in operation since and is a CFD and forex broker based in Saint Vincent and the Grenadines.

XM is a well-established market maker forex broker that has been in operation since XM is a well-known name in the trading industry known for its no-requotes and no rejections policy. XM offers access to robust trading technology and comprehensive trading solutions tailored to different types of traders from around the world.

IG Group has a wide range of user-friendly and sophisticated trading platforms, trading tools, and educational materials. InstaForex, a multi-award-winning, licensed broker , was established in and has grown to be one of the biggest in the industry.

Additionally, they provide a wide variety of account kinds and features, as well as popular forex trading platforms, technical analysis tools , and resources for traders of all skill level s. OctaFX was established in and offers a wide range of trading accounts and platforms to satisfy the needs of every kind of investor. Forex and CFD products are available at low costs from this company. In addition to this, OctaFX provides traders with valuable trading tools, instructional materials , and a customer support staff that is always ready to assist.

Tifia is one of the best Nigerian-based CFD and Forex brokers. Tifia offers local Nigerian-based support, comprehensive trading solutions, and a choice between powerful trading platforms. Tifia offers a wide range of account options, including ECN trading, which offers fast transaction execution, cheap costs, and low spreads. Tifia accepts traders of all types from Nigeria, offering them comprehensive trading solutions. Plus is one of the most popular CFD brokers in the world that offers a proprietary trading platform with a range of advanced features.

Plus is perfect for Nigerian traders who do not want to own the underlying asset, and who subsequently want to benefit from the changes in the price movements of these assets. LiteFinance is a Cyprus-based forex and CFD broker that has been in operation since LiteFinance is a globally recognized entity that holds offices in several regions including in Kyrgyzstan, Nicaragua, Vietnam, Myanmar, India, Nigeria, Indonesia, Tanzania, Kenya, Thailand, Philippines, Ghana, Afghanistan, and Uganda.

One of the key features of RoboForex is that it offers a wide range of tradable instruments , a choice between trading accounts, and competitive features. RoboForex, which has won several awards throughout the years, is a trusted option for Nigerian traders. SuperForex was formed in to make forex more accessible and incorporated into everyday life. Currently, the broker has operations in more than countries throughout the world from its headquarters in Belize, which is in Central America.

SuperForex has a trust score of 3. This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulation such as FSA, SVG BVI, FSC, and others. Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit , additional features on retail investor accounts, and so on.

Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered , the withdrawal fee, deposit fees , and minimum withdrawal limits among other trading and non-trading fees. The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available. Customer Support is another crucial factor and Nigerians must check the availability of support trading hours , the quality of support, and the promptness with which the customer support team responds to queries.

Traders must ensure that the trading platform has the necessary technical indicators , fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need. Education and Research come in handy to both novice traders and experienced investors.

Education includes some of the following:. Research can include some of the following:. The brokers that are featured on this list are some of the best forex brokers for Nigerian traders.

AvaTrade is the best forex broker for beginners in Nigeria because of the extensive educational materials offered. MetaTrader 4 is widely considered as the best trading platform in Nigeria and the overall trading industry. The foreign exchange market in Nigeria is easily accessible and there are lower trading costs involved than with other markets, making it easier for new traders to emerge and start making profits.

Forex brokers make their money either from the spreads or commissions that are charged on trades. You can check the market regulator and search the license number that the forex broker lists on their official webs. Beginner Nigerian traders who are starting in the foreign exchange market, and who have some disposable Nigerian Naira that they can afford to invest, may be wondering what forex trading is, how they can start trading forex from Lagos, Nigeria, and whether they are covered by the Central Bank of Nigeria CBN.

The forex market is a global platform where currencies can be exchanged, even the Nigerian Naira, regardless of whether it is for business, travel, or leisure. Every exchange rate is determined by various factors such as the overall economic situation in Nigeria, news releases, and so on.

While there is no single, centralized forex market or exchange located in Lagos, Nigeria, forex trading can be carried out over a network of computers, with the Central Bank of Nigeria CBN overseeing forex trading activities in Nigeria, ensuring that traders are protected. Forex trading can therefore be considered as a combination of foreign currencies and exchange rates. The act of converting one currency into another e. Nigerian Naira to US dollars is known as foreign exchange and can be done for several purposes, the most common of which being business, trade, or tourism.

A currency exchange market is a valuable tool because it allows us to buy and sell goods and services both inside our own country and across international boundaries. Nigerians must exchange currencies to allow for international commerce, business, and travel. To trade currencies , traders must be connected to one of the main financial hubs in Frankfurt Hong Kong , Hong Kong London , New York Paris , Singapore Sydney , Tokyo Zürich or Frankfurt Frankfurt.

Nigerian traders have the benefit that they can connect to any of these sessions according to their unique trading strategy and trading horizon. A high level of volatility and continuous price movement characterize the currency market.

They also have their own mobile app. Forex Brokers by Country. Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal. An overview of foreign exchange in Nigeria Beginner Nigerian traders who are starting in the foreign exchange market, and who have some disposable Nigerian Naira that they can afford to invest, may be wondering what forex trading is, how they can start trading forex from Lagos, Nigeria, and whether they are covered by the Central Bank of Nigeria CBN. There is a powerful desktop platform, innovative mobile trading app, and web-based trading platform. Within the MetaTrader community, trading robots are known as Expert Advisors EAs. Has Nigerian Naira NGN as base account currency.

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