I need to see real growth in metrics like customer acquisition and trading volume before making a deeper commitment. From what I can tell, the news about EDXM will only be positive for Coinbase if it helps to expand the pie for the crypto industry as a whole. That's right -- they think these 10 stocks are even better buys. Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. EDXM needed to prove its utility to stay relevant within the crypto space though. For now, I'm taking a wait-and-see backed crypto exchange with Coinbase. Meanwhile, the EDX exchange would work to accommodate both private and institutional investors.
Spread is something that can be described as the difference between the asking price and the bid price of a particular currency. If a spread forex broker offer is lower in this selected broker, it is ideal for the user as they need to pay less to the brokers that less trading fees then provide fast execution of an order if you are planning to invest. Trading Platform While searching for the best forex broker in Nigeria, the significant factors you must check is the forex trading platforms.
Several forex brokers in the Nigerian offer MT4, MT5, and more platform support; if the brokers offer Metatrader 4 or 5, the user can consider opening any types of accounts with the broker. The user should also check whether the forex trading in Nigeria platform has an easy-to-use interface, live chat support, whether it is commission-free, has an ECN broker, and offers a variety of forex trading technical tools.
Check whether they offer different types of accounts standard account, micro account , chart station, the lowest spreads, and assets like metals, currencies, and indices. You may need to check them with different time frames. The user can also check whether they offer technical indicators and try out different types of trading strategies through the demo trading offered by the broker. Most forex brokers in Nigeria have demo accounts to offer.
If they use demo trading, this is an easy way to learn; they can use it to analyze the different strategies and choose the best one for them. Also, the user should check whether the broker offers mobile apps for android and IOS devices to ease mobile trading. Many best forex brokers that are in are offering attractive deals these days.
Several forex brokers in Nigeria have the flexibility to offer different types of deposit withdrawal methods for their users. The user should check whether the copy trading and the backtesting functions are integrated into the trading software. If you are copy trading, you can also check how the trading strategy works. You might check a few forex trading platforms that offer copy trading services where the trader can copy the profitable strategy of the other forex traders.
Good Customer Support A good forex broker in Nigeria should provide excellent customer support for their users. Before signing up with the FX platform, you may have to check customer support and how they can be contacted via live chat, email, or phone. They should also check whether the customer service offered in their native language is available online 24 hours a day throughout the week, and it is a good sign of their support.
After checking the customer service, if the user finds problems, questions, or issues that the customer support team does not solve, it is better not to engage with that forex broker. You might try searching for another best forex broker in Nigeria for beginners that provides excellent customer service and customer support when needed. Pros and Cons of Forex Trading Pros Cons Forex trading in Nigeria can be easily accessed, and it is one of the most accessible financial markets to open and register with any types of accounts and proceed with trading.
Registering in an online Forex trading account is very easy. Since the FX market is not regulated, several online brokers platform in Nigeria provide guaranteed stop-loss. Based on all the jurisdictions of the brokers, if the user is based in the UK or US zone, they cannot trade with the best forex brokers in the nation. The FX market has high liquidity, and it is not matched by any central bank or other capital markets.
With sudden increases or decreases in exchange rates, political events and significant changes in the economic scene can affect the liquidity of the currency pairs, which might affect the FX market. The significant disadvantage when trading in the FX market is volatility. The primary concern is if the user trades for the short term, regardless of experience, it becomes challenging to deal with volatility.
If the user trades from Nigeria with some of the major forex pairs, the spreads can be very tight, which might reduce trading costs. When trading in the Forex trading market, dealing with exotic and minor currency pairs can be more expensive, and it might also increase the trading costs of these pairs. Retail Forex traders who reside in Nigeria should know that they are trading with professionals, National Central banks, and large multinational corporations with a significant presence in the forex market.
Trading in the forex market allows you to make money with a high degree of risk. Several Forex trading platforms provide a demo trading account if you plan to practice for their users to practice trading. Even dedicated customer service. As the FX market needs constant updating, the user should know about events around the world, macroeconomics, and political events.
Trading the FX market in Nigeria provides quick returns and is one of the broker that offers profitable positions. When the positions are liquidated, it is available for the users to withdraw based on the type of forex broker used. Trading the markets with leverage can be taken as a double-edged sword that might even magnify the profits, and at the same time, it might also lead to losses. If the trader proceeds with leverage trading, also called margin trading, it can offer both profit and losses.
There are restrictions on leverage ratios for all forex major and minor currency pairs in the US. At the same time, there are few limits on retail Forex and leverage ratios for major and minor repairs when trading in the UK. If you are trading in this FX market, patience is required for successful trading. The Forex trading market is open 24 hours, 5 days a week. It functions with different trading sessions corresponding to some significant global money centers like Tokyo, New York, and London.
They will also offer different types of liquidity when specific currency pair is being used. It helps the traders in Nigeria to buy and sell currencies freely when a user takes a position trading in this FX market; a trader can simultaneously take short and long positions. Based on the depth and size of the FX market, it is challenging to manipulate this market for large corporations.
Conclusion on Nigerian Forex Brokers To conclude, several regulated forex brokers in Nigeria are available for international trade. Registering and trading for Nigerian traders with them is very simple. Nigerian traders should use the best forex brokers in their country that are regulated by the FSCA financial services conduct authority of South Africa , formerly known as FSB. Even though most brokers look similar, few differences can make every broker unique, and it should be adopted by different types of traders as found in a local trading market.
Risk Warning: Trading for Nigerian traders can be tricky as the FX market carries risk, and the user should be aware of the risk involved in trading with CFDs and forex. Before proceeding to trade the market, the user should evaluate their risk, realize their objectives, the choices of trading platforms, commission-free trading conditions, and their willingness to face the type of risk when trading CFDs as these are complex financial instruments.
Before putting your deal on the market, your forex broker will charge you a few pips. When you enter your trade, the market may be trading at 1. When you immediately close a trade, the forex broker keeps the difference between the "market price" and the price you paid. This is called the spread. There are two types of Forex brokers: retail and institutional.
Institutional investors often employ dealing desk brokers because they build their own market for their clients to trade in. Individual investors and retail traders choose no dealing desk brokers since it is more difficult for them to access the interbank and implements trades on their own. Where can i find a forex broker? If you're thinking of investing in forex, you'll need a forex trading broker If you're thinking of investing in forex, you'll need a forex trading broker to gain access to the market and begin trading any currency.
We'll explain what a forex broker is and give you some pointers on how to pick the best one for you. You'll need to select a forex broker to have access to the market before you can begin trading foreign currency. Because there are so many forex brokers to select from, it's a good idea to shop around and assess what each one has to present before committing. Let's look at what a forex broker is and how to select the best one for your investment. When picking between forex brokers, keep the following factors in mind: How to choose a most suitable broker?
Because unauthorised companies are not covered by the Financial Services Compensation Scheme FSCS , it will be more difficult to recover your funds if something goes wrong with your investment. These businesses are more prone to be con artists. Pairs of currencies Major currency pairings are covered by most forex brokers, while minor and exotic currency pairs are not always available. Before choosing a forex broker, make sure you know which currencies you'll be able to trade.
Leverage Before employing leverage, it's critical to understand what the broker presents in terms of leverage, the hazards involved, and how much you may lose, as it essentially subjects you to unlimited risk. Spread Spread, or the difference between the buying and selling price of a currency pair, is how most forex brokers generate money.
As a result, look for a broker with fair spreads. Fees It's crucial to be aware of any additional fees or costs imposed by a forex broker, as these can cut into your profit. Customer service is important Because the forex market is global and operates 24 hours a day, it's critical to find a broker that can provide you with quick customer service whenever you need it. Nigeria has a number of regulated forex brokers with whom you can trade AVATRADE AvaTrade, which was founded in , is regulated in three tier-1 and three tier-2 jurisdictions, making it a safe low-risk broker for trading CFDs and forex.
Because of its concentration on Africa and Asia, the company has seen tremendous and quick growth within Europe and beyond in a relatively short period of time. It is a safe broker average-risk for trading forex and CFDs because it is regulated in one tier-1 and one tier-2 jurisdiction.
It presents low average spreads and affordable pricing across all account types. Com Markets. The MarketsX platform from Markets. However, there is a lack of trading tool depth to compete with platform giants like IG and Saxo Bank. Company was founded in , and in , it opened a London office to better serve its European customers. Pepperstone's German and Cyprus businesses will assist new clients registering from the EU after Brexit.
The Iress platform suite has over 8, tradeable symbols, but it's primarily a share trading platform - and it's a far more expensive option. They have a very low spread, are well controlled by many authorities, including the FCA and the FSCA, provide excellent customer service, offer local financing and withdrawal alternatives, and offer mobile trading.
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Best Forex Brokers in Nigeria 1 Pepperstone Like most forex brokers, PepperStone allows traders to practice with a demo account to allow them to familiarise themselves with the platform for a duration of 30days. The demo account comes with virtual funds that you can trade in forex markets during this duration.
Third-party tools such as this give traders a lot of edge on forex trading platforms. Features of Pepperstone Vibrant customer support ranging from call centres live chats and e-mail. They are one of the largest CFD and Forex providers offering over 90 currencies and several kinds of cryptocurrencies.
Traders who trade with FXTM stand to enjoy several benefits. This includes segregated accounts, secured deposits and withdrawals, tight spreads, and a variety of forex trading tools. Offers Industry Standard trading conditions for every trader. Committed to educating traders through seminar and workshops which are available in multiple languages.
OctaFX is the choice for many Nigerian traders because of its acceptance of deposits and withdrawals in Nigerian naira. As with the listed brokers above, FXCM has some advantages. These are, mobile trading, click order executions and trades from real-time charts. FXCM has partners and affiliates in major financial centers of the world.
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.