Best forex Broker for Beginners in Nigeria, so many traders might have asked why this? Well Forex Market is a place where currencies are being traded or exchanged, currencies are essentially requires to aid buying and selling both locally and across borders.
Furthermore, International currencies are needed to conduct foreign trades and businesses.
Who is a Forex Broker?
This is a financial service providing company that helps traders to access the platform for buying and selling of foreign currencies, it is an institution that helps traders to access trading opportunities.
Read also: 10 Reasons why to use Forex Trading Robots
How Profitable is Forex Trading in Nigeria?
They exist profitability while engaging in forex trading in Nigeria. Trading forex in Nigeria either full-time or part-time is profitable depending on your level of training, how equipped you are with the best trading tools and how frequent you trade using tested winning strategies.
Best Forex Trading Platforms In Nigeria
One major problem for Nigerian traders apart from fees and various other charges is trading platform while deciding on preferred forex broker.
While choosing a broker, it is best to consider the brokers which provide useful platform that can be easily accessed from either a computer system or an app on your phone. These are what make the broker “best forex platform” and enabling beginners friendly trading environment.
Below are few listed which…
1. Fxtm Meta Trader
This is one of the best platform for trading and it offers Nigerian traders many advanced features such as trading instruments, trading signals, news feeds, data protection and more. It’s platform support various order such as market order, limit order, stop loss and more.
2. OCTA FX
This platform offers market execution on all their platforms and orders are quickly executed without any slippage, also they allow scalping, hedging and expert advisors.
But on the downside their currency pairs is listed to 28.
3. Hot Forex
This offers different time frames, superior analysis tools, hedging and one-click trading. They are easily accessed from anywhere using your phone.
They also provide faster execution, news feeds and multiple order types.
CBN Regulated Forex Brokers
The Central Bank of Nigeria (CBN) is the regulatory body for all financial services and financial policies in Nigeria. CBN in partnership with Securities and exchange commission (SEC) provides a legal framework for forex trading. Some of the regulated forex brokers are :
This was founded in 2010 and regulated by Austrian Securities and Investment Commission (ADIC). It offers a wide variety of trading accounts to choose from such as standard and swap free. It runs a 24/5 multiple language via email, number and live chat.
2. Easy Market
Thus is regulated by CSEC (Cyprus) and ASIC (Austrian) and offers beginners:
– Enhanced risk management tools
– Easy to use trading platforms
– Fixed spreads on all forex pairings
3. Tick Mill
This is a forex and CFD broker with licenses from the UK financial conduct authority (FCA), Cyprus securities and exchange commission (CYSEC). It offers trading on 80+ markets covering indices, forex, commodities and bond on meta trader for windows and android.
The Best Forex Broker for Beginners in Nigeria
Etoro is excellent for social copy trading and cryptocurrency trading, and is the
top pick for beginners to use. Furthermore, Etoro offers a user-friendly web platform and mobile app that is great for casual investors, including beginners.
2. CMC Markets
When it comes to education aspect, CMC Markets competes with the best in the industry by offering forex and CFD traders a diverse selection of education in a variety of formats, including written articles, video updates, podcasts, and live webinars. Education aside, the CMC Markets Next Generation trading platform is fast, reliable, and comes packed with tools and features.
XTB is a well trusted, multi asset broker that offers traders outstanding customer care service and a excellent trading experience, overall thanks to their xStation 5 trading platform.
XTB also offers educational information through its extensive written content and video materials.
OANDA provides forex and CFD traders a limited offering of FX pairs and CFDs but stands out for its reputation and quality market research. It’s trading platform, fxTrade, is easy-to-use for new forex traders and also, it provides a good balance of educational materials in both written and video formats, along with webinars conducted by its staff.
From the list of forex brokers mentioned above, I’ll recommend trying them one after the other to find the best that suits your needs…