Forex brokers with offices in nigeria

In addition to all currency pairs, you will also be able to trade a variety of CFDs. Currently, there are more than 55 different currency pairs available for you to trade through FXTM. The range of withdrawal and deposit options is among the best around and there is even support for some methods that are local to the Nigerian market.

These transactions can be completed for free, and the processing times are quite prompt. With local offices in Abuja and Lagos, FXTM has a great level of customer support, which is available on a hour basis during weekdays. AvaTrade — Competitive Fees AvaTrade is a company that is based in Ireland but caters to traders all across the world, including Nigeria. It first launched in and it has become one of the biggest brokers in the world in recent years. It is known for being as safe and as reliable as could be.

It is a fixed spread broker, with these fees being very competitive across the board. In terms of local support, there is a Nigerian customer support phone number available if you ever run into any issues. However, you will not have access to any local deposit or withdrawal options. The payout speeds are also often a bit slow, and the customer support hours are mainly focused on European time. In terms of the trading offering itself, It offers more than 55 different currency pairs, as well as CFDs of the likes of shares, indices, bonds, and cryptocurrencies.

It has a huge range of different trading platforms for you to check out. It also has a great range of mobile apps. Overall, this is a well-regulated forex broker that has competitive spreads, a good range of investments, and plenty of good trading platforms. HotForex — Low Spreads HotForex is the main low-cost broker that you will come across in this list of forex brokers in Nigeria.

It also has local support and offices in the country making it an ideal fit for local traders. The speed of trade executions is also on par with the best in the business. There are more than 50 currency pairs on offer for you to trade, as well as a whole host of different types of CFDs. There is also an attractive signup offer in place that gives you the chance to get off to a good start, as well as current traders being able to avail of a strong loyalty program.

For deposits and withdrawals there are numerous local deposit options available, making it ideal for people who prefer these types of options. There are more than 56 different currency pairs supported, as well as hundreds of different CFDs. You have access to a great educational offering, with many live seminars, free training, and educational resources that allow you to develop your skills as a trader.

There are three different types of accounts that you can choose between, each of which carries competitive fees and small starting deposit amounts. There is also no commission charged, which is ideal, and all transactions are free. The vast majority of trades are executed in less than a second, which is among the fastest around the world today. There is also access to a huge range of different analyses.

Conclusion As you can see from this list of regulated forex brokers in Nigeria, there are some very strong options available for you. One of the most critical factors about forex regulation is that you have to check whether the broker is regulated through the CBN or regulated by any other recognized authority in Nigeria: like the Securities and Exchange Commission, Nigeria SEC , to avoid forex scams and avoid losing your money regulated forex brokers in Nigeria that is a must.

Several best forex brokers in Nigeria that provide their traders with trading platforms. Most forex brokers in Nigeria provide many opportunities to trade using your money. They also provide high leverage and lower margin requirements that you can consider before deciding on your platform. The main objective of the central bank of Nigeria is to ensure the efficient, transparent, and smooth functioning of the financial markets. The Central Bank of Nigeria has been the best consumer protection wing that checks the different complaints sent by the traders and investors where brokers are used to trade.

That will be analyzed if a broker offering a forex trading platform is found guilty, and forex brokers are not treated nicely who do not adhere to the regulations are heavily fined, and their license will be revoked. On their website, a regulated broker must display their license number.

If brokers are not displaying they can be mistrusted. Safety The best fx broker should be regulated and licensed by regulatory authorities to offer brokerage services. The topmost regulated authority should license each broker offering various online trading services along with safe trading conditions. You must ensure that they are members of a regulatory organization regardless of the safety perks written on the website.

If any of the forex broker in Nigeria is not regulated, the user should know that the funds are not secure. The main objective of independent regulation is to make sure that any disputes among most brokers and traders are resolved quickly.

Ensure your listed forex brokers are all trustworthy to well being of your money with great customer service. Support Nigerian Naira Several online brokers that may not support the Nigerian Naira NGN as an option for funding the account, which will increase the exchange costs per the latest rate. Rest it will be a tedious process for users using a forex broker in Nigeria.

Trading Fees The crucial factors you need to consider before choosing a broker i. The user should consider different account types, transparency, and fees charged by a forex broker before one opens an account with the forex broker in Nigeria. The trader should select that forex broker in Nigeria that offers the lowest funding fees, spreads, and trading fees. 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.

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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. However, this is just a misperception. In reality, forex trading gains are seen as capital gains in Nigeria. All Nigerian residents should pay taxes for forex trading even if the profits are from an outside source.

In case, they fail to pay taxes they may face penalties. Author of this review By George Rossi Author of this review I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader. Now I am passionate about reviewing and comparing forex brokers. Everything you find on BrokerTested is based on reliable data and unbiased information.

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