👉 A Nigerian Luno exchange review trader’s risk/return ratio is the trade-off between the lowest possible risk and the greatest potential reward. 👉 To trade effectively, you must have a thorough understanding of the dangers involved. Each trader will take a different approach to the market, emphasizing the notion that there is no right or wrong method to trade the market. 👉 The cornerstone of your trading attempts must relate to in-depth research and thorough market analysis. If you fail to do this, you will be trading on emotions, which is very detrimental and will lead to losses.
I traded on their account which is similar to their Ultra Low account now. But the main downside for me with XM is that they don’t have a local office in Nigeria. All the trading accounts at HF Markets can be opened with Naira as the Base currency. HF Markets (formerly HotForex) is another forex broker which I’ve used. I don’t use them now (because I find it easier to trade forex on Exness MT4 than to shift between brokers), but I’d still recommend them to you if you are a new trader.
Every day, $6.6 trillion worth of currency is traded on the foreign exchange market, according to a Bank for International Settlements (BIS) research released in 2019. A currency exchange market is a valuable tool because it allows us to buy and sell goods and services both inside our own country and across international boundaries. The brokers that are featured just2trade review on this list are some of the best forex brokers for Nigerian traders.
The importance of trading with regulated forex brokers
A large economy, dependence on imports, and a huge oil industry mean Nigeria is one of Africa’s key forex hubs. In fact, trading activity is rising sharply thanks to changing exchange rate policies enacted by the Central Bank of Nigeria (CBN), combined with improving digital infrastructure. You can verify the CBN Authorisation of Forex brokers in Nigeria by visiting the Central Bank of Nigeria’s website and seeing if your broker is on their list of licenced Forex brokers.
Trading platforms available for download are limited to the device on which they were installed. Further, HFM offers trading on various platforms that can be accessed from Android, iPhone and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world. Their typical spread for forex pairs is lower than most other brokers. 👉 Demo accounts are offered by forex brokers, and all you need to do to open one is supplying some basic information about yourself.
Which are the best forex brokers for Nigerian traders?
These are designed for a trader who wishes to use trading automation or copy trading. The minimum amount needed to fund an account (minimum deposit) is US$200 or the equivalent in another base currency. Choosing the AvaTradeGO app for Android and iOS mobile means you will get access to AvaTrade’s exclusive risk management tool known as AvaProtect.
We like its fixed pricing model, the broker’s fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do. Spread are 0.9 pips for EUR/USD most of the time according to our tests. This includes investment trends that survey actual forex traders to gauge their performance. Pepperstone customer support ranges from global call centres, live chat, and e-mail. If you select cTrader the commission is 7 unit charges per lot based on the base currency.
- This is less of an issue in the forex market because it trades 24 hours a day.
- But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned.
- 👉 The ability to download the platform is the primary criterion used in the categorization of the many forex trading platforms.
- We recommend online brokers with a good range of currency pairs, often traded via forex CFDs.
- Tickmill offers Nigerian traders access to Nasdaq 100 through three retail investor accounts with competitive trading conditions.
Response Time
Look for low spreads and commissions as well as fast execution speeds and advanced trading tools. A user-friendly trading app with excellent mobile functionality is also important. Traders can use trading platforms to place buy and sell orders in the foreign exchange market. For the benefit of their customers, forex brokers make these tools readily accessible. Many brokers today offer a proprietary trading platform or trading app that can be used for order processing and research. To help Nigerian forex traders choose a broker, we compared the fees and forex trading platforms to find the best forex brokers in Nigeria.
Our research team collects and validates thousands of data points each year. AvaTrade is the best forex broker in Nigeria for beginner forex traders in 2024. AvaTrade’s SharpTrader offering provides access to educational courses that are organized by experience level, and include videos, written content, and integrated quizzes.
Day Trading
👉 Because the program operates based on the parameters you define or the settings you install, it will make trading judgments that are consistent and devoid of emotion. The most important is the regulation of the broker, make sure that the broker that you are about to choose is regulated with minimum 1 Top Tier regulator like FCA, ASIC, CySEC or FSCA. According to our research currently 2 major brokers – Hotforex & ForexTime have offices in Lagos, Nigeria. The only option you have is to accept that the broker can go bankrupt, so you should never have all your deposits with any single broker. But if a broker has good industry reputation, as well as license under FCA, ASIC & other regulators, the risk is lower, although it is not entirely eliminated. This would make the spread as $10 for every 100,000 units traded or per standard lot.
👉 When using the economic calendar, you can see current, historical, and predicted market data alongside forthcoming news events and their effects on the market and your trades. The news is sortable by both time and importance, and this calendar is an indispensable device for basic analysis. The panels, however, are not removable, making customization difficult. 👉 MetaTrader 5, a popular trading platform, has all these capabilities and more.
AvaTrade is the best broker for Nigerian beginners and offers more than 1,250 instruments to over 300,000 registered clients. Exness offers a range of tradable instruments through its MetaTrader 4 trading platform, alongside MT5, which can be downloaded across devices. Using these platforms Nigerians can register any Exness account and access zero-pip spreads. They offer English language customer support via Phone, Live Chat & email. FXTM has 19 deposit & withdrawal options which includes many methods for Nigerian traders including Bank Transfer in NGN & Card payment.
Additionally, you may incur fees for transactions, spreads, and other expenses related to trading. It is advisable to research and budget carefully before starting forex trading in Nigeria. Investing in stocks and bonds can increase the long-term net worth of traders more than foreign exchange because of the interest and dividends that are paid out regularly. It is common practice in the forex market to seek financial gains from the appreciation of one of two currency pairs.
With forex scalping, the goal is to make modest but frequent profits while also trying to keep losses to a minimum while trading NGN. As a result of the huge leverage used in these short-term deals, a trader might still suffer large losses. Scalping is best suited to forex traders that like short-term transactions lasting only a fewminutes, or those who want to take advantage of many market changes. Nigerian traders have the benefit that they can connect to any of these sessions according to their unique trading strategy and trading horizon. Nigerians must exchange currencies to allow for international commerce, business, and travel.
