Forex Brokers in Nigeria

 

Foreign exchange trading is huge, even the market on how to trade in Forex market is another different topic. The rush to sign up with a reliable Forex broker, often referred to the online millionaire club has been popular in Nigeria lately.

To determine the best forex brokers for mobile trading in we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features. Best of the Week. The broker revamped its commission structure with the roll-out of additional tiers for both entry-level and active traders from its Asia offices. Anonymous, you had three issues with this post, 1.

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Foreign exchange trading is huge, even the market on how to trade in Forex market is another different topic. The rush to sign up with a reliable Forex broker, often referred to the online millionaire club has been popular in Nigeria lately.

If you are a skilled programmer you can create a code for the platform and run it, which would work as robot trading on your behalf. Backtesting and copying functions are also integrated into the software, so you can check how your trading strategy works and you can copy any trader who offers his service to be followed.

Many more features are there, so you can download a demo version of the platform and check whether it has what you need before you start trading with real money. Brokers that fill your orders when you trade financial markets charge commissions. However, in currency trading, it is different than in trading stocks. In stocks, brokers typically charge a fixed fee for each operation or a certain number of shares.

In Forex, brokers are compensated by charging spreads. What is a spread? It is the difference between the buy and sell price. So, you need to find a broker who has the lowest spreads and in this way increase your profits and reduce your costs. Before you start trading you should be given a chance to backtest your trading strategy on a demo account. Those typically expire in a month and by that time you can familiarize yourself with various peculiarities of a platform.

When you are ready to trade real money, a broker should offer you a number of accounts to choose from. If your budget for investment is tight, within a range of a few hundred dollars say, you should open a micro account. Then, you will be able to trade 1k micro lots and not risk much. If you want to try deeper waters and can afford to invest a thousand or a few thousand dollars, you should try a mini account. You will have the possibility to trade 10k size lots and hopefully, make bigger money than you would on a micro.

Standard lot size is k. It means you need more than 10 thousand dollars to trade such huge amounts. However, if you can afford 20 or 50k investment size, a standard account might be a good choice for you. There is give and take between a broker and a customer. He offers you the possibility to trade and a good service and you make him money by means of spreads. As a Nigerian trader, you should expect this service to be in your native language or dialect and you should also get it online 24 hours per day through the working week.

If your broker is indifferent to your questions, problems, and issues, you should say goodbye to him and search for trading opportunities elsewhere. Additional services come in the form of educational materials: Ebooks are often offered by brokers to their clients on various topics. Recruited analysts try to foresee shifts in the policy of Central Banks and predict how that will affect exchange rates of currencies. Most brokers also have forums where traders can chat and help each other.

Some even offer monthly trading contests that have high money prizes. Your real money trading experience starts with your broker. In order to stay protected from unscrupulous brokers, it is advised to follow the steps laid out above. We hope they helped you to form a picture of what a reliable broker looks like. Your other option is to pick a broker from the below list.

We have compiled this list based on objective research. Best Forex Brokers in Nigeria This page may not include all available products, all companies or all services. How to Choose a Forex Broker as a Nigerian trader As both scams and opportunities abound in Forex trading, you as a Nigerian trader need to find a reliable broker so that your hard earned money can be protected from scammers, money launderers, and various illegal brokers.

Account Types Before you start trading you should be given a chance to backtest your trading strategy on a demo account. Micro account If your budget for investment is tight, within a range of a few hundred dollars say, you should open a micro account. Mini account If you want to try deeper waters and can afford to invest a thousand or a few thousand dollars, you should try a mini account.

The broker averaged spreads of 0. Questions to ask include: What are average spreads for the account types offered? How will differences in margin requirements or execution affect my forex trading volumes and related trading costs? These are just some of the questions that can help traders consider key differences between offerings.

Forex trading platforms are the modern gateway to investing in international currency markets. Regardless of your trading style, or preferred multi-asset instrument, the platform technology you use can affect nearly all aspects of your trading experience. From accessing research to analyzing news events or performing technical analysis on charts, forex trading platforms share the common goal of making it easy to help you trade and discover trading opportunities, while managing your personal investments.

Over the past decade, forex trading platform technology has continued to evolve steadily across devices, with a shift from desktop to web and then to mobile. With ongoing enhancements to the user experience throughout the year, forex brokers compete for market share amid shifting regulations and the evolving needs of traders. After more than doubling the number of international forex brokers we tested this year to 43, it was clear that the best forex platforms managed to pack a slew of features and tools into a simplified user experience, while keeping the technology up to date with the latest supported standards.

All in all, these platforms provide customers a rich and pleasurable experience in all critical areas of forex trading.

For the Best Forex Trading Platform category, Dukascopy Bank took the top podium spot this year for its highly innovative JForex 3 platform, which comes available for desktop, web, and mobile, and is compatible with Windows, Mac, and Linux operating systems. Charting in JForex 3 comes packed with technical indicators and the platform supports automated trading strategies, helping it compete with popular third-party software, such as the MetaTrader4 MT4 platform and cTrader platform.

Saxo Bank followed closely in second after the broker added additional tools into its highly innovative and responsive web-based platform, SaxoTrader GO. For example, Saxo Bank fully integrated AutoChartist, giving it a native feel within the platform. Also, Saxo Bank provides a seamless experience on mobile, including watch lists and charts that sync across desktop, web, and mobile. Third place goes to IG for its innovative web platform, which comes packed with versatile charting, automated pattern recognition tools, and its premium ProRealTime charts.

In addition to launching its web-based platform that runs on HTML5, the broker more than doubled the number of indicators to in its desktop platform. In total, thinkorswim offers indicators, which is more than any other broker we have reviewed. Overall, the best forex platform for you will depend on a myriad of factors. First, do you prefer a web-based environment or desktop download?

Next, consider how important tools such as charting or automated trading are to you. Available order types and other unique tools and features are also items to keep in mind. Fortunately, nearly every forex broker supports opening a demo account and testing out the experience in a simulated trading environment. Read our full-length reviews to learn more about these industry-leading brokers, compare them side by side , then open test accounts to finalize your selection.

Foreign exchange markets are open 24 hours a day, five days a week, which means investors can constantly scan international markets for opportunities to invest. Having access to multiple asset classes from within a single platform is important to many investors, as financial markets, including forex and even cryptocurrencies, are highly interconnected. The ability to react quickly to geopolitical and economic news events in real time is key.

In the early s, a fine line used to exist: However, today trading platforms are no longer just for trading forex, stocks, or futures; instead, multi-asset offerings are now industry standards among all the largest online brokers. That said, the range of products and markets you can trade still varies considerably across firms. IG placed first with 15, tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses among all brokers, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others.

IG placed first with 15, tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others.

Saxo Bank held second with 9, CFDs available and currency pairs, including off-exchange forex options trading supported on key major pairs and crosses. Interactive Brokers took third place with a wide range of top-tier regulatory licenses.

Interactive Brokers provides traders access to 6, CFDs up from 4, , 85 forex pairs, global exchange-traded products, US-traded Bitcoin futures, and much more. Swissquote bank followed with top-tier licenses, and although the broker only lists 38 CFDs alongside 78 forex pairs, in a separate trading platform, which requires a different account, it offers nearly two million tradeable products. Almost every forex broker aims to provide its clients with research content and tools to find and analyze investment opportunities.

At the same time, we are living in the digital information age where traders can get lost in the sea of forex news headlines, making it hard to get the information they need unless brokers provide the right structure for forex research.

Beyond news headlines and an economic calendar, leading forex brokers usually integrate in-house research for fundamental news and technical analysis, then couple it with outsourced research content. Firms that take it a step further may even create their own TV channel, for example, to stream video updates instead of providing basic daily or weekly video updates.

Furthermore, daily or weekly market recaps, live trading rooms, and integrated pattern- recognition tools for news events and charts, as well as screeners, heat maps, and sentiment indicators are increasingly integrated as research tools available within trading platforms. Saxo Bank deserves its top spot for research in , as it delivers on all fronts for forex research from both its website and within its trading platforms.

For conducting forex research in , Saxo Bank held its first place position as the best broker in this category. While many brokers struggle to organize research for their customers, Saxo Bank does a fantastic job centralizing the research it provides across its platform suite, within its recently redesigned website, and on its Trading Floor offering.

Saxo Bank incorporates a social network where traders share commentary about markets on Trading Floor and provides access to in-house and outsourced research reports, including pattern-recognition tools.

IG took second place for research, with a broad range of tools available through its web platform. The broker offers its own streaming video, IG TV, along with a vast array of daily blog updates and detailed posts from a team of global analysts. In third place is Dukascopy Bank which also held its position year-over-year. No broker puts out more content than Dukascopy thanks to its in-house, out-sourced, and community-sourced research and news content.

The Swiss bank and brokerage incorporates an extensive amount of research-related content within its website and trading platforms, along with a fully staffed professional TV studio that powers Dukascopy TV. To round out its offering, Dukascopy provides many social elements within its community to engage traders with important market content and related analysis tools, as well as even competition incentives beyond the typical deposit bonus.

While nearly all forex brokers have offered mobile apps for years, the competition continues to increase as clients demand many of the same features in mobile that are normally found on desktop and web platforms. The global use of mobile devices to access online services, ranging from email to social network sites such as Facebook, Twitter, and LinkedIn, has continued to grow exponentially in recent years.

To determine the best forex brokers for mobile trading in we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features. First place goes to Dukascopy Bank, whose SWFX Trader app comes with more research and pattern recognition tools than any other broker we reviewed. The app also includes an impressive array of charting capabilities, complex order types, and other advanced features such as depth of book, all packed into a clean user design.

SaxoTrader GO is highly responsive and provides traders a unified experience with its web-based platform, offering unique features such as syncing trend lines, indicators, and watch lists. Advanced order visualizations, syncing watch lists, and charts that support over indicators are just a sampling of the functionality available to clients.

Meanwhile, IG took fourth place for its mobile app which integrates pattern recognition and comes with robust charting that stays neatly organized even when loaded with numerous concurrent indicators.

CMC Markets followed in fifth place as its mobile app offers unique features such as the ability to subscribe to future news events.

Charting in the app comes packed with technical indicators and drawing tools available in landscape mode. Both brokers boast robust mobile offerings that will impress the vast majority of fx traders.