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|Forex trading brokers in nigeria the richest||722|
|Gerchik forex algorithm||He began to trade the forex market in and has made a fortune for himself ever since then. The second is the Razor account often called an ECN forex account where the spreads are primarily determined by the market not the fx broker. The experience of Ajimoko is an obvious example of that. He specializes in trading oil and currencies, the decision which he explains by the fact that it is the most active market in the world with investors. We need to confirm your email address.|
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|Glen arnold value growth investing pdf||However, he is making sure that other Nigerians, interested in trading can learn and hopefully, repeat his success. They also were awarded in with the best forex Islamic account. Apart from this, he continued to coach traders and developed seminars and various training programs about trading psychology in the investment industry. Islamic Accounts are designed for traders that follow Sharia law where you cannot earn or receive interest. Marketsx advanced charting tools help you identify trading opportunities and confirm market trends. Who are the richest Forex traders in Africa?|
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This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website , proving their competence to serve their traders with important contents created by market experts that work specifically for them.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency especially on cTrader , the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping. To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker.
IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. The platforms, commissions, and spreads depend on which account type you choose, so make sure to check which type would suit your trading style. But even so, IC Markets provide a great trading environment for any trader, especially when it comes to spreads and trading fees. The broker offers low spreads on major and exotic currency pairs and charges low commissions.
It is considered one of the best forex brokers in Nigeria and one of the few that actually has a local office and phone number in the country. The broker offers CFDs for over 50 currency pairs, including major, minor, and exotic pairs.
There are also CFDs on commodity futures, crypto assets, indices, and spot metals. Leverage can go up to FXCM Forex Capital Markets is a brand name of a retail broker for trading on the financial market, especially the foreign exchange market.
The broker was founded in and was originally headquartered in the United States. During 20 years of experience in the forex industry, there are about 2 million traders choosing Alpari as the broker to trade with. The company is regulated in St. This broker uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools, and an easy-to-use interface.
For higher volumes, the company also provides the Alpari International Direct platform which offers enhanced features for advanced investors. The company offers an array of live trading accounts to choose from. Each one offers different opportunities and allows traders to trade in different ways. But, NGN accounts are only available to clients in Nigeria. Each kind of account has a different spread. At Standard Account provides spreads from 1. A trader can find out what the minimum spreads, pip value, swaps, and trading session times are for each instrument before start trading.
If the trader is still not sure where to begin, they can found the answer in a guide provided by Alpari on their official website. Their guide to trading is designed to break down the terminologies and answer the most frequently asked questions by traders. A trader will be trading more quickly and with more confidence in no time. This allows traders to have a chance in gaining more profit without advanced knowledge of forex trading. These managers usually have a wealth of experience in the markets, with tried-and-tested strategic trading decisions.
This program also gives opportunities for well-seasoned traders to become Strategy Managers. As Strategy Managers, they can use their trading experience and earn more from profitable trades. They have privileged access to Alpari's advanced programs and all the tools they need to cultivate a massive following of investors.
Their website also provides various Forex Trading Strategies. Because to increase the chance to profit, it's important to know as much about the markets and the trading strategies behind them as possible. Alpari believes that strategies provide traders with a roadmap for trading, reducing panicked decision-making that can occur in the heat of the moment. In other words, trading in Alpari allows traders to learn about any kind of forex trading strategy.
For educational purposes, the company provides Trading Webinars, one of the variants of technology that allows users to hold seminars, talk shows, and discussions online, without having to communicate face to face.
Alpari creates a very convenient funding and withdrawal experience for each trader. If traders still feel confused, they can contact Alpari's team by any method, such as Live Chat, Telegram, or email. For beginners, a free demo account is available as well as various educational materials like webinars. Also, the broker offers low spreads across all platforms for most major currency pairs. If you're looking for a low-cost broker in Nigeria, HotForex is undoubtedly one of the top choices.
HotForex is an award-winning forex and commodities broker. Established since , the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HotForex has around 1,, live accounts opened and employees globally. Based on its services, HotForex can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade in this broker. Also, there are various accounts types, trading softwares, and tools to facilitate individuals and institutional customers to trade forex and CFD online.
Based on the location, the company is regulated by various financial regulators. Here are the details:. If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risk.
For that reason, this kind of clients are granted access to more favorable rates but afforded with lesser regulatory protections than of retail clients. Trading with HotForex can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals gold, silver, and others , energies oil and gas , commodities such as coffee, copper, and sugar , indices, bonds, and popular shares such as Google, Apple, and Facebook.
HotForex offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate in pricing and the best possible spreads. HotForex receives numerous highly prestigious titles, including the huge honor of being selected to join the ranks of the World Finance Top Global Companies. After opening an account in HotForex , traders will obtain various forex trading platforms to accommodate all of their trading demands.
Whether traders like to trade from desktop or prefer to trade on-the-go, they can use MetaTrader 4 in desktop terminal, multi-terminal, and web terminal and phone iPhone, iPad, and Android. Only major banks are used by HotForex because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.
Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments Neteller, iDeal, Sofort Banking, and Skrill. Traders can earn extra income by joining the affiliate program offered by HotForex. More information about HotForex can be obtained on their official website which is supported in 27 languages.
From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HotForex, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit. In terms of trading fees, HotForex has some of the best offers in the market. There are 5 account types that you can choose, all of them are spread-only commission-free except the commission-based Zero account.
Bear in mind that those amounts may vary depending on the market's fluctuations. The desktop version in particular supports an automated trading system known as Expert Advisors. Lastly, HotForex has various deposit and withdrawal methods for Nigerian traders, including local bank transfers and online payments. OctaFX is another forex broker that accepts Nigerian traders. The broker was established in Compared to other brokers, OctaFX has relatively limited trading instruments of only 28 currency pairs, and CFD trading on metals, indices, energies, and cryptocurrencies.
OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. This broker also provides various facilities , such as providing support services by live chat and WhatsApp in Indonesian.
Not only that, deposits and withdrawals of funds can be done through various local banks. OctaFX does not charge commissions for every deposit and withdrawal of funds made by traders. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at OctaFX brokers.
There is also a fixed exchange rate offer when opening a Micro MT4 account. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest. Trading in OctaFX is also suitable for novice traders. Because OctaFX offers low spreads, which are floating starting from 0. The required initial deposit is also low, only USD The currencies used on the account are US Dollars and Euros.
That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions. If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.
Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. Traders do not need to worry about the safety of funds at this broker. OctaFX uses segregated accounts and protects personal data and online financial transactions with SSL technology.
This is adjusted to the international accounting standards and regulations. Opening an account in OctaFX would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.
Traders need not worry about missing out on promotions. Because OctaFX often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading. With a total prize of USD 1,, there are places for 4 winners in each contest period.
As the name implies, this trading contest is held on a demo account for 1 week and uses cTrader as the platform. OctaFX trading condition generally supports many trading strategies, including scalping and hedging. The customer support is very responsive in handling issues and complaints. They also have WhatsApp text support for traders, but unfortunately, they still don't have a Nigerian number. XM offers no less than 55 forex currency pairs and more than CFD instruments on their platform.
XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and Webinar feature that is accommodated in 19 different languages with 35 native instructors for each language. XM prides itself to be the ideal broker in trading execution, offering a stat of Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.
Spreads on all majors can reach as low as 0. Instead of providing maximum leverage on the scale of or round numbers , XM chooses to limit their leverage on a scale, a unique number that is now widely recognized as XM's trademark. To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1, units.
If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0. For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.
XM also provides an Islamic Account for Muslim Traders obligated to Sharia Law that prohibits the use of interest generated by overnight swaps for each currency pairs. All in all, there is no doubt that XM has gone global with its deep commitment to providing trading services in more than 15 languages around the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders , from small capital traders to the more experienced ones with big deposits at the ready.
Traders are even provided with a Cent Trading environment should they choose to register under Micro Account. Demo and Islamic accounts are also available across the board. Conveniently, no commission will be charged for any trading account. One of the notable features in XM is the no requotes policy. Around XM also offers free research tools through its own in-house team of analysts.
The interface is quite user-friendly and available across many devices, including PC, mobile, and web. For trading education, you can enjoy live web seminars as well as free training programs to help you improve your trading skills even more. The broker offers no less than financial CFD instruments including forex currency pairs, shares, indices, energies, metals, and cryptos. The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0. This is very suitable for traders who use scalping strategies Scalper. Spreads on major pairs in certain account types can also be as low as 0. Not only that, but traders can also enjoy other advantages such as an automatic fund withdrawal system. If a trader withdraws funds through the e-Payment facility provided by Exness, the processing time is instant and goes straight into the account.
This means that when traders make a withdrawal, everything happens automatically without human intervention. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July , also provides evidence that the company has high solidity. Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable for delays in processing deposits and withdrawals if such delays are caused by the payment system.
When trading on Exness, transaction fees are not charged to traders. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others. All information displayed on the Exness website is tested and proven. Their business is audited quarterly by Deloitte, which is an audit company for financial services. Moreover, Exness is one of the mote transparent brokers in the online trading industry.
Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime. Over the years, Exness has developed into a broker that attracts traders. One measure of client confidence can be put on the trading volume.
By December , their clients' monthly trading volume reached USD Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. Additional income can also be obtained from Exness Partners. When trading with Exness , profit opportunities generated by traders also increase with VPS hosting services. This feature helps to maintain trading activities to progress smoothly and without interruption in the event of unexpected troubles such as lost internet connection or electricity problems that shut down traders' PCs unanticipatedly.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners. Exness has won many awards as a retail broker, mostly because of its reliable services and a comfortable trading environment.
The spreads typically start from 0. In addition, the broker offers up-to-date financial news and technical analysis charts to help traders with their trades. The customer support is also commendable as it opens 24x5 in eight languages and 24x7 in three languages. Some e-wallets have instant withdrawal options. AvaTrade is a well-known global broker and one of the top recommendations in Nigeria. Although AvaTrade still has no local office in Nigeria in particular, the European broker is widely recognized almost everywhere and has offices in many countries across the globe.
They do, however, have a Nigerian phone number for customer support, but the phone and English language chat are only available during their business hours. Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor EA , Avatrade also completes their service with One-cancels-the-other order OCO and AutoTrading in many variants of automated trading systems. AvaTrade was founded in , with the primary mission to empower people to trade with confidence.
If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients. In , the Dublin-based broker got achievement from Daytrading. Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones.
The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day. By opening an account in AvaTrade , traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.
In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.
With a minimum deposit of USD, AvaTrade offers various leverage depending on the trading instruments; whether it is forex starts from , indices starts from , commodities starts from , ETFs starts from , or cryptocurrencies starts from AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.
New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.
There are many types of account types provided by AvaTrade. With the foreign exchange regulations, the Central bank of Nigeria has the ability to control transactions carried out in foreign currencies. Forex brokers in Nigeria offer plenty of reliable and secure payment methods such as Visa, Mastercard, Skrill , Neteller, and even PayPal, however, M-Pesa remains the favorite option for the majority of traders based in Nigeria.
Considering the fact that the Forex market is growing in the country and more people are getting involved in trading, the market has more brokers available for traders. When it comes to choosing your favorite Forex trading platform, one might not know where to start — there are so many things that can influence your decision-making process.
To make life easier for you, we decided to provide you with a list of the best Forex trading companies in Nigeria. You can check the table below. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
While the past experience with the scams and crimes undoubtedly cost many people their funds, it also allowed the birth of organizations that fight to protect the rights of the traders and ensure the overall safety of Forex trading in Nigeria. The main regulatory authority of the country — the SEC, restored the lost confidence in the online trading market due to the damage was done by the scams and Ponzi schemes.
The main organization that has the power to make the regulatory framework is the Securities and Exchange Commission S. The authority has been existing for quite some time, established as a Capital Issues Committee in However, its effectiveness was not apparent till very recent times. Right now, the regulatory body is monitoring and regulating the capital market with the main purpose of protecting investors.
At the same time, it actively develops the capital market to enhance the private-sector-led economy. The Investments and Securities Act issued in encompasses various topics that determine the nature of the financial markets in the country. The Act overviews the procedures related to registration of the capital market operators, or Forex trading companies in Nigeria, as well as applicable regulations.
It also introduces the list of the inspections and investigations of the financial market. Start trading with a regulated broker — AvaTrade. Forex trading in Nigeria is not tax-free, and as in the majority of countries, you will have to pay taxes. Simple as that. A common misperception among traders in Nigeria is that if you are trading with an international brokerage company, you do not have to pay taxes but this is very far from reality.
As long as you are someone who generates profits in an international Forex trading account and stays within the borders of the country, the profit is considered taxable income and you need to declare it. As we already mentioned earlier in our article, the local currency pair — NGN is available for trading, however, it is not a very major currency.
All of these mentioned names are quite popular not only in this particular country but across the world due to the fact that they offer a reliable and safe trading process. The Central Bank of Nigeria is the main authority that issues the currencies and also monitors the financial market to some degree. Nigerian traders in the Forex industry also have a chance to trade Naira against some of the most popular currencies such as the US Dollar, or Euro.
Currently, there is no cap on leverage for Nigeria Forex brokers, meaning that they can go up to very high. The good news is that while trading with international brokerage companies, leverage ratios you will come across will mostly be limited, as the majority of financial regulatory bodies impose restrictions on this trading feature. The main reason behind this fact is that high leverages are considered risky — they can not only bring you big profits but can also cause losing all your funds.
Even though there is a number of options for payments, such as PayPal , Skrill, and Neteller, the favorite choice of payment method remains to be M-Pesa in most of the African countries. Any best Forex broker in Nigeria will essentially include M-Pesa in their list of the available payment methods.
The Country allows its citizens to use most of the commonly accepted payment methods for their daily transactions. However, many Nigerians doubt the safety of the payment platforms. Trade on AvaTrade using Skrill. The first and probably most important thing you should look out for is that company you are dealing with is fully licensed and regulated.
Because of the boom in online trading and the highly unregulated market at the time, literally, thousands of Nigerian people were scammed out of their funds online by unregulated brokers who took their funds. And these did not apply to just Nigerian Forex brokers, but others who sought to take advantage of the growing demand for online trading services.
The Nigerian brokers that we should be considering are those that are regulated by international institutions. Another thing that can make your trading experience much more enjoyable is currency diversity. The diversity allows us to offset drastic movements in the market due to market noise, observe patterns across currencies and take advantage of unique price patterns that may affect multiple currencies at once.
In trading, foreign exchange diversity is your friend. It is important that you know all the basic features of the Forex trading market before you start your trading journey, as they can help you perform better. We have created multiple guides for beginners, as well as profitable strategies that are not very hard to learn. Transparent pricing, reliable, fast executions and tight spreads. Yes, trading Forex is legal in Nigeria. Furthermore, there are several organizations that actually work to facilitate the growth of the Forex trading industry in the country.
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