Forex broker from usa in nigeria

Forex broker from usa in nigeria

Best Forex Brokers in Nigeria for 2022,Which Are The Best Trading Platforms, Brokers & Apps in Nigeria ? Top 5

AdVocê é um comerciante experiente? Use nosso bônus para testar suas estratégias. Você é um comerciante iniciante? Use nosso bônus para aprender sem risco While there are no restrictions on the forex brokers that Nigerian traders can use, whether local or international brokers, traders must ensure that they use well-regulated and verified Nigerian forex brokers. 18 Best Forex Brokers in Nigeria (): Exness – Best Overall Broker in Nigeria; AvaTrade – Great Range of Tradable Instruments; HFM – Best Bonus Offer in AdStart Smart Forex Trading with one of the leading brokers you choose, easy comparison! We Checked All the Forex Brokers. Now You Can Find The Best Broker!Only Fully Regulated · Read Before You Deposit · Experts Tips · Pros & Cons AdOpera 24 HS Al Día / 5 Días. Operar Con Apalancamiento Implica Un Alto Riesgo De Pérdida. Opera En Más De Mercados,Incluidos Forex, Acciones, Criptos, Índices y Commodities AdOpera con cualquier dispositivo. Operar conlleva riesgos. Abre una Cuenta Demo hoy mismo y opera en los Mercados Financieros sin blogger.comios: Comercio de Forex y CFD, FX & CFD Broker in LATAM, 20 años de experiencia ... read more

Pepperstone has the three top forex trading platforms based on popularity:. All fx trading platforms are available as desktop, webtrader, and mobile app platforms. Each option comes with a free demo account that allows Nigerian traders to test out forex brokers and platforms for 30 days. There are also platform enhancements available for Pepperstone traders, including MetaTrader 4 smart trader tools, cTrader Automate, Autochartist, and API trading.

These third-party tools give traders the edge on the most popular forex trading platforms. Pepperstone is the best forex broker in Nigeria, not just for their platforms but also their fees. There are two forex accounts available. The first is the standard account, which has no commissions but slightly higher spreads, which is how the forex broker makes its money. 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.

Instead, the forex broker makes its money from commissions. Overall, the Razor account has some of the tightest spreads of any forex broker worldwide.

If you are new to trading forex and want a no commission account type to keep things simple, Pepperstone is a great option with tight spreads. Average spreads are using published data from each broker's website and updated each month.

Compare Standard Account Spreads. The Razor Account was designed with scalpers and algorithmic traders in mind, offering tight ECN-style spreads plus low commission fees. With straight-through processing and no dealing desk execution, Pepperstone provides an institutional-grade trading environment for experienced traders. As you can see from the spread comparison below, Pepperstone is ultra-competitive across most major forex pairs.

With ECN-style accounts, forex brokers make money from commissions that apply to the Razor account. If you select cTrader the commission is 7 unit charges per lot based on the base currency.

The final way forex brokers make money is through deposit and withdrawal fees. There are no such fees for Pepperstone.

Below shows the overall costs for different brokers with our exclusive forex brokerage calculator. Pepperstone is the most awarded CFD provider in customer service. 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. Pepperstone is regulated by the two most credible regulators:. Pepperstone is also receiving regulatory approval from the Financial Services Conduct Authority of South Africa.

IC Markets is based in Australia ASIC regulated and offers the lowest brokerage fees, including:. The table below compares IC Markets to other major forex brokers in Nigeria for average spreads. Across many currency pairs, IC Markets has the lowest spreads. They also were awarded in with the best forex Islamic account. IC Markets have no charges on any account deposits or withdrawals to any forex account. Any fees that may be charged will be from the local bank if an international bank transfer is chosen.

Below shows the funding methods available with IC Markets. AvaTrade is a broker that only offers fixed spreads. This can make AvaTrade a good choice for scalpers, as spreads are predictable and for traders wanting a level of protection in a volatile market.

AvaTrade is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs. As a market maker broker, AvaTrade uses internal liquidity pools and a dealing desk to execute orders. While AvaTrade charges no commission fees, there are general trading and account costs that customers may incur.

For instance, if you hold a forex and CFD position open for longer than one day you will pay or receive overnight financing fees, also known as swap rates. With this feature, you can buy time to decide if you wish to reverse your trade. This feature can be handy in the event price movement goes against you for a set amount of time after your trade.

Besides AvaProtect, all AvaTrade clients will get negative balance protection. AvaTrade also offers a mobile app specifically designed for options trading. Options trading can be complicated and many standard CFD trading platforms lack design features that allow you to truly make the most of the potential with options trading. Although the broker only offers one main forex and CFD trading account as all spreads are fixed and commission-free, AvaTrade caters to Islamic traders by offering a swap-free account type.

Islamic Accounts are designed for traders that follow Sharia law where you cannot earn or receive interest. Rather than interest rate-based payments, Islamic traders pay a flat-rate daily administration fee for forex positions held open overnight. There are certain CFD products Islamic Account holders cannot trade, including cryptocurrencies and forex pairs that include the ZAR, RUB, MXN or TRY. FP Markets is a top ECN broker offering STP trading with tight spreads and fast execution speeds.

Regardless of the account type or trading platform you decide on, you can enjoy excellent trading conditions with low spreads and fast trade execution. The no dealing desk broker executes your orders using straight-through processing STP and multiple liquidity providers. The broker is popular among the Nigerian forex trading community as it is overseen by multiple top-tier financial authorities. Overall, FP Markets is a great option for Nigerian traders wanting a trusted STP broker.

With STP order execution, the broker can offer ultra-tight ECN spreads via its raw account, or low no commission spreads through its standard account. Both account types enjoy excellent trading conditions with fast execution speeds on MetaTrader 4 or MetaTrader 5. ForexTime offers two NGN account funding methods through bank wire transfer or Neteller. This allows individuals to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency like the GBP, USD or EUR.

ForexTime offer social trading copy trading which means a trader:. ForexTime also offers local seminars in Nigerian locations such as Port Harcourt.

This is run by industry experts and complements the forex trading e. webinars offered on the website. ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile. With the highest leverage of any Nigeria fx broker of 1,, detailed training and social trading options, they are ideal for time-poor traders who want to test CFDs financial markets. FXTM proves itself to be a reliable broker because of the amount of global regulatory licences that they hold:. HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of , which is higher than most other brokers will permit.

The key features of HotForex include:. While most brokers offer a maximum of and in Europe leverage when trading, HotForex allows trading with with their Micro account. HotForex offers a choice of 5 trading accounts. Most retail traders will want the Micro, Premium or Zero Spread account, as these are built for traders that plan to manage their own trading activities.

Each of these accounts can be summarised as:. HotForex also offers two unique accounts. These are designed for a trader that wishes to use trading automation or copy trading. HF Forex has a large range of bonus offers, which means extra cash to trade with. HotForex bonus offers include:. Visit HotForex. Nigeria has the largest population of Muslims in West Africa, so it makes sense we should mention a trading broker that offers trading account complaints with sharia law.

Key offerings of NovaFX include:. If you are an Islamic trader and need to comply with Sharia law, then NovaFX has an account that does not charge swaps or interest for active positions held overnight.

This means there are no overnight or rolling fees which sharia law does not permit. GBPUSD will cost you 4. This account has a flat fee for every 3 days you keep an open position. This fee is applied on a weekly basis. NovaFX offers a choice of 3 trading platforms. These are MetaTrader 4, MetaTrader 5 and cTrader. While the MetaTrader platform is going to be the most likely choice as these are the most popular trading platforms worldwide, cTrader is a worthwhile platform to consider.

While cTrader is available with several other brokers, one feature that NovaFX offers few other cTrader brokers offer is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide. NovaFX offers a choice of 3 trading accounts.

These are MT4 Micro Account, MT5 Pro Account and cTrader ECN account. The MT4 Micro account is a good choice if you desire an account with a low minimum deposit, no commissions, and want to trade small amounts. One benefit of this account is that you can choose between floating and fixed spreads. Fixed spreads can be a good choice if you are not an experienced trader or when the market climate is volatile.

Unlike variable spread, which can change dramatically in extreme events, fixed friends remain stable which gives you an element of protection when things go bad. This account uses MetaTrader 4.

The MT5 Pro account is for serious investors. Like the MT4 Micro account, this is a spread-only account but has a higher minimum deposit. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes because of the lower cost. cTrader ECN uses the cTrader trading platform and, unlike the other account, has commission costs over the spread. OANDA operates across the six most credible authorities, including:. Along with regulation, OANDA has focused on pricing transparency and customer satisfaction.

With pricing, they offer real-time data from liquidity providers and find mid-points across instruments. This is communicated to traders to be transparent about spreads. Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material, and a plethora of free tools and resources.

If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs. The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available. Plus is a CFD broker with its own forex trading platform offering:.

They offer the best range of Cryptocurrency trading with instruments, including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero. This can be traded on their real money or demo account to get a feel for these markets.

Overall, Plus is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers an extensive list of tradable instruments from currency to crypto. com is a global broker that offers low spreads, a diverse range of CFDs and the best trading platforms available. As the broker is a market maker and uses a dealing desk when executing orders, all foreign exchange spreads are commission-free and competitive when compared to other top forex brokers.

To gain access to Markets. You can trade over 2, different financial instruments, as well as use sentiment, technical and fundamental analysis tools when developing CFD trading strategies. Alternatively, if you are looking for a trading platform where you can fully automate CFD with algorithmic strategies, both MetaTrader 4 and MetaTrader 5 are offered by Markets. com offers a range of unique trading analysis tools to help you develop complex CFD trading strategies. Sentiment tools help you analyse and measure market sentiment, providing you with a potential sign of how various financial markets might move.

Sentiment data and analysis is a great tool to gauge whether traders are buying and selling, as well as overall market confidence. Technical analysis tools play a vital role when developing trading strategies.

Marketsx advanced charting tools help you identify trading opportunities and confirm market trends. Fundamental analysis tools help you stay up to date with the myriad of economic events that impact financial markets. Marketsx tools allow you to observe significant events in real-time while analysing the effects on different financial markets. Using MQL4 or MQL5, you can create your own trading robots for fully automated trading. Within the MetaTrader community, trading robots are known as Expert Advisors EAs.

If you are a beginner trader and do not feel comfortable writing your own EAs, there are thousands of EAs available to download from the MetaTrader Marketplace online. MT4 and MT5 offer a narrower product range with no bonds or blends available, while Marketsx users gain full market access and can trade over 2, CFDs. As a dealing-desk broker, Markets.

com offers tight commission-free forex spreads as well as access to over 2, different financial markets. Regardless of your level of experience, the broker offers an appropriate trading platform MT4, MT5 or Marketsx with tools to help you develop trading strategies with over 2, CFDs to choose from.

View Markets. These tactics may be used in any financial market, not only the currency market. To be an effective trader, Nigerian traders must first identify their own style of trading. In addition, traders can open a virtual trading account to practice and test forex trading tactics.

Scalping is best suited to forex traders that like short-term transactions lasting only a few minutes, or those who want to take advantage of many market changes. 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. This forex strategy is best suited for Nigerian traders who can devote the necessary time and attention to the larger trading volumes and the resulting quick transactions. The following are times of high trade volume:.

Traders with the greatest patience may choose forex position trading, which does not pay as much attention to short-term swings in the market and instead concentrates on the long run.

Investors who have a long-term view of currency markets may maintain holdings for months or even years at a time. Long-term gains are expected from this method. Position trading in Forex is best suited for Nigerians who cannot devote hours of their day to trading but have a deep grasp of market basics. Day trading is an alternative to scalping if Nigerian traders wish to trade for short periods but are not comfortable with the fast-paced nature of the method.

Each day, on average, just one deal takes place, and it is not held overnight. Intraday price movements in the relevant currency pair determine profit or loss. Because of the time and effort required for this form of trading, Nigerian traders need to partner with a broker that can grasp economic performance and factors that might have an impact on their trade. Subsequently, the trading position may be adversely affected if any important economic developments occurred on that day.

Swing trading in the foreign exchange market Traders who want a mid-term trading strategy that allows them to hold positions for many days might use swing trading, which tries to benefit from movements in price.

Even while it requires less attention to the market than does day trading, this method exposes Nigerian traders to overnight or gapping disruptions. A candlestick chart is the simplest and most often utilized chart style in the forex industry today that Nigerian traders can use.

Trading techniques can easily be developed using the trend lines that can be seen on a line chart. Price breakouts or trend shifts may be detected using the information contained provided in a trend line, for example. Bar Charts In the same way that they are used in other contexts, bar charts are employed by advanced Nigerian traders to illustrate trading periods. Bar charts are known to be more informative than line charts, albeit being a little more complex. Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal.

When prices rise, the colour green or white can be used to represent that, while when prices fall, the colour red or black is typically used. Candlestick Charts Japanese rice dealers employed candlestick charts for the first time in the 18th century. They have a more pleasing appearance and are simpler to understand than the previous chart kinds.

To show the opening and highest price point of a currency, Nigerian traders utilize the top section of a candle, while the bottom portion of a candle is used to show the closing price and lowest price point. A down candle is coloured red or black, while an up candle is coloured green or white and signifies a time of rising prices. Candlestick charts may be used to determine the direction and movement of the market based on the formations and shapes they display.

Young Nigerians have become dedicated fans of forex trading, making it one of the most popular ways to make money in the country.

Mobile devices and desktop computers can both use it, and it is accessible all the time, making them a great deal less expensive than other options.

The only requirements are a cell phone and some capital. Mobile trading platforms have become extremely popular in Lagos as it allows Nigerian traders to remain updated on their trading while they travel.

It is common for traders to lose money because they do not have a risk management plan in place to limit their losses. Make use of a broker who is properly regulated Even though it seems clear, a large proportion of new traders fall victim to Forex trading scams or deal with unlicensed brokers despite this fact. The licenses of all properly licensed brokers are listed at the bottom of their websites, and a quick check with the appropriate authorities reveals whether they are.

When Nigerian traders use well-regulated brokers, they are given access to negative balance protection. This is a vital risk management tool that ensures that the trading account does not go into a negative.

Nigerian traders can try their trading strategies using a demo account, with the most popular brokers offering this option. The practice account works in the same way as a live account but uses virtual money until traders are ready to trade real money. Keep leverage usage to a minimum Nigerian traders must be aware of the leverage that they are employing once you begin trading on a live account. While increasing trading capital to more than 1, could seem like a good idea, the impact that leverage can have will apply to any losses that the trader incurs.

Some brokers provide leverage of or even Until traders are confident about the impact of leverage on their trading, they should stick to a leverage ratio of no more than Trade Major Currency Pairs All currency pairs that include the US dollar are considered major forex pairs, with these also the most stable currencies. When trading exotics, Nigerian traders should be aware that they are riskier and more expensive than trading major and minor currency pairs.

Make use of a reputable copy-trading platform Keeping an eye on the markets all day is not feasible for many new investors. Fortunately, copy trading is available from brokers and individual signal providers. Beginner Nigerian traders can use copy trading services to imitate the trades of more experienced traders, and the brokers take a tiny percentage of the profit.

Always employ stop-loss orders Nigerian traders must always use a stop-loss on every transaction they open to avoid significant losses in Forex trading. When the price reaches a certain level, a stop-loss order will automatically terminate the transaction. It is only natural for traders to want to stay on to a losing transaction in the hope that one day, it will turn around and be lucrative.

However, this is not the way it always turns out, with most traders experiencing significant losses at this point. Many novice Nigerian forex traders struggle with the sheer volume of information on trading platforms and their inability to use them effectively while learning how to trade.

For clients of forex brokers, trading platforms are software applications that allow them to participate in the foreign exchange market. Trading platforms can be used across a series of devices, and they can either be web-based terminals, a mobile app, or software application. 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. Online trading platforms for individual and institutional customers are available from a broad range of brokers. Banking and brokerage firms may also construct their own custom trading systems to fulfil their own internal demands, which are then implemented through institutional trading channels.

Several platforms provide forex charting programs that Nigerian traders can use in combination with other technologies, such as predictive forecasting software and online trading, to get an advantage in the forex markets. While forex trading and the foreign currency market have significant hazards, they also include numerous benefits that may make them a profitable and appealing activity.

A fraction of a second in normal market situations is all that is needed to open and close a trade in any of the major currencies. There is a great deal of flexibility for Nigerian traders because of this and the fact that the market runs around the clock.

Even those who are employed full-time might participate in Forex trading on the weekends or at night to relieve stress. Unfortunately, this is not something that many Nigerian traders can do in either the stock or bond markets in Nigeria. Because of this, part-time traders prefer Forex trading because it allows them a flexible trading schedule that does not conflict with their full-time occupations.

The forex market offers a broad range of trading opportunities for investors. Hundreds of currency pairings are available for trading by any type of individual Nigerian trader regardless of their trading style or strategy. Spot transaction or a future agreement are two more options available to them. To fulfil the demands of Forex traders, futures contracts are available in a variety of sizes and with a variety of maturities.

In comparison to other markets, the forex market has minimal trading costs. Comparatively, the transaction costs of Forex trading are exceptionally cheap when compared to dealing in other markets, with Nigerian traders able to start with small initial Nigerian Naira deposits.

This is because the Forex market is run by dealers who issue two-way quotes to cover their own risks. In terms of financial asset markets, forex markets have the biggest leverage. Investors can use leverage in forex trading to boost their initial investment up to times because of the setup of this trading tool. Both earnings and gains are increased because of this. Even though Forex market moves are often minor, retail traders wind up making or losing a large amount of money due to leverage.

Nigerian traders do not have to maintain as detailed records of their trading operations as dealers in other markets do to disclose their profits and losses on a tax return, thus simplifying the tax computation process.

Automated trading techniques are also well suited to Forex trading. To automate trades, forex traders must first learn how to program entry, stop-loss, and limit prices in advance. Participants in the foreign exchange market have the option of trading on specific price movements or other market circumstances.

Several aspects and situations might make effective trading in the forex market more difficult than it seems. The following are some of the drawbacks of forex trading to keep in mind. Every market, including the currency market, can experience periods of high or low volatility. For short-term earnings, forex traders may be subjected to unanticipated severe volatility, which might render their currency trading tactics unprofitable.

On the global forex market, significant participants such as a network of banks, hedge funds, and other huge financial institutions still make up most of the trading.

They have a natural edge in establishing pricing and influencing price changes in the market because of their volume of trade and their superior access to information and technology. 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. There are Forex brokers in Nigeria for trading on spot markets, forward markets, and futures markets, with the spot forex market as the largest market of the three.

No, forex trade regulation will be determined by the jurisdiction and its regulatory framework. Not all regions have such a framework in place, which means that forex traders in these regions are subject to risks. The Central Bank of Nigeria CBN oversees a strict regulatory framework in Nigeria. The base currency is the first in the pair while the second currency in the forex pair is known as the quote currency.

You can start trading with small amounts of capital from Nigerian Naira, depending on how much your broker charges for the minimum deposit. Forex exchanges can be found around the world, which means that the forex market operates 24 hours a day, 5 days a week. The forex market opens at 5 pm EST on a Sunday and operates until Friday at 5 pm EST.

The Nigeria Exchange Limited NGX ended three days of losses yesterday with a positive close as the All-share Index increased by 0. The Federal Government announced on Wednesday that Nigeria will be able to deliver more liquefied natural gas to Europe by next winter. Chief Timipre Sylva,. The market capitalization and NGX All-Share Index of the Nigerian Exchange Limited both increased by 0. This indicates that after eight hours of.

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Tickmill Fund Withdrawal Process. LiteFinance Demo Account. LIRUNEX Fees and Spreads. LIRUNEX Demo Account. LIRUNEX Review . Take advantage of low trading costs with no transaction fees or currency exchange rates. Best Trading Platform. Forex Trading Platforms.

Broker Reviews. OPEN AN ACCOUNT. Fully Regulated. Expertly Reviewed. Transparent Fees. Mobile Friendly. How to Buy Bitcoin in Nigeria. Start here Best Forex Brokers in Nigeria. Forex Trading Basics. Forex Terminology. Currency Pairs. How to Start Trading in Nigeria? Forex Trading Strategies. Forex Charting. Forex Trading Risk Management. Forex Trading Brokers in Nigeria. Min Deposit. Official Site. Visit Broker. User Score. Sign Up. Overall Rating. CBCS, CySEC, FCA, FSA, FSC, FSCA.

Trading Desk. Total Pairs. Islamic Account. Trading Fees. Account Activation Time. ASIC, FSA. MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central.

CySEC, FSC, FSCA. MetaTrader 4 and MetaTrader 5. USD 1 NGN. IFSC, FSCA south africa , ASIC, CySEC. MetaTrader 4, MetaTrader 5, FBS Trader — all in one mobile trading pltform, CopyTrade. Welcome Bonus. MetaTrader 4. CySec, FSCA. Metatrader 4.

IFSC, CySec, ASIC. Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform. No Just spread. No Regulation. USD 1. CySEC, FSC. FCA UK. CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA. Yes Availability subject to regulations. MetaTrader 4, MetaTrader 5, Web-based. USD Meta Trader 4. What is Forex Trading in Nigeria?

Here is a comprehensive Guide An overview of foreign exchange in Nigeria Beginner Nigerian traders who are starting in the foreign exchange market, and who have some disposable Nigerian Naira that they can afford to invest, may be wondering what forex trading is, how they can start trading forex from Lagos, Nigeria, and whether they are covered by the Central Bank of Nigeria CBN.

The currency asset class has two main characteristics: It is possible to profit from the difference in the interest rates between two currencies. Changes in the value of the dollar may be used to your advantage. In this article, you will learn about the following:. The basics of Forex trading in Nigeria The factors that drive forex prices Forex terms and definitions All that you need to know about currency pairs How you can start trading forex in Nigeria ASAP.

The forex trading strategies that you can consider A crash course on Forex Charting What you need to do to protect yourself in the forex market What trading platforms are and how they work The pros and the cons of forex trading to decide if it is suited to you. An Introduction Into Forex Trading Basics The foreign exchange market is the platform that facilitates the exchange of currencies globally. Traders can choose from the following three ways to trade forex: Spot Market.

Exchange rates are set in real-time here on the principal forex market based on supply and demand. Forwards Market. To secure an exchange rate for a certain amount of money at a future date, Nigerian forex traders might engage in a legally binding private contract with another trader instead of immediately completing a deal.

Futures market. Traders may also select for a conventional contract to buy or sell a preset quantity of a currency at a predetermined exchange rate at a future date. Factors that drive the Forex Market Because of the wide variety of currencies traded on the forex market, it is impossible to make accurate forecasts about the direction of exchange rates.

Market Sentiment The overall market sentiment associated with forex is often influenced by recent events. Credit Ratings Nigerian traders' primary goal is to maximize their profit while minimizing their exposure to market risk. News Reports As a general rule, commercial banks and other investors prefer to invest in economies with a positive outlook.

Central banks Central banks have the power to announce supply-control policies that have a substantial impact on the value of their currency. Forex Terminology The language of each market is distinct. Before getting into forex trading, Nigerian traders need to know these terms: Currency Pair — all forex trades are carried out using currency pairs ranging from major pairs, minor pairs, and exotic pairs, with the Nigerian Naira falling into the category of an exotic currency.

Subsequently, a percentage in point refers to the one-digit change in the fourth decimal place of a currency pair.

Ask refers to the lowest price at which traders are willing to buy a currency pair. The bid refers to the price at which the trader is willing to sell a financial instrument. Bid-Ask Spread, or just the spread, refers to the difference that exists between the purchase and sell prices for a currency pair.

When Nigerian traders start a forex position, they will see two prices, like many other financial markets. The purchase price is above the market price if traders wish to initiate a long position. The sell price, which is a little below the market price, is the price at which they buy to initiate a short position. Bear markets refer to times when prices decline in the forex market, showing Nigerian traders that there is a market downtrend because of depressing economic fundamentals, events, and other factors.

Bull markets refer to times when the prices increase in the forex market, indicating that there is an upward trend because of optimistic news. Contract for Difference CFD is a derivative and complex instrument that allowsNigerian traders to speculate on price movements for financial instruments without owning the underlying asset. Lot — Currencies are traded in lots and it refers to the batches of currencies that are used to standardize forex trades. Forex price movements are small, and this means that lots can be very large, with a standard lot , units of Nigerian Naira, or any other base currency.

Leverage — When using leverage,Nigerian traders can trade with much larger sums of money without having to pay the whole value of their trade at the beginning of the transaction. Subsequently, traders pay a small amount of money, known as the margin requirement, to the online broker as collateral for the trade.

Margin — Leveraged trading would be impossible without margin money. The initial deposit that traders make to create and maintain a leveraged position is referred to as a margin deposit. Understanding Currency Pairs Every currency in the world is assigned a three-letter code, with the Nigerian Naira expressed as NGN in the forex market. Additional well-known currencies include: Japanese yen JPY British pound GBP Australian Dollar AUD Canadian Dollar CAD Swiss franc CHF New Zealand dollar NZD All forex trades involve two currencies that form a currency pair.

On the left traders will see the base currency, which is the euro. The quotation currency is represented by the US dollar on the right. The exchange rate refers to how of the quote or counter currency Nigerian traders need to purchase a single unit of the base currency. Subsequently, the base currency will always be expressed as a single unit, with the quote currency varying according to the current market and the amount needed to buy a base currency unit.

When the exchange rate increases it means that the base currency has appreciated and if the exchange rate falls, it means that the base currency has depreciated. How can Nigerian Traders Start Trading? Learn about Forex. Choose a broker and set up an account. Develop a trading strategy. Ensure emotional Equilibrium. Forex Trading Strategies Nigerian forex traders use forex trading strategies, despite whether they are active traders who have a forex career, or they trade when they are home.

Nigerian forex traders must consider the following to help them narrow down the search on an ideal strategy: The time that the trader can dedicate to trading forex The forex pair that the trader wants to focus on The position size Whether the trader wants to enter a long or short position Traders use the following forex trading methods to organize their trading activities. Forex Scalping Scalping is best suited to forex traders that like short-term transactions lasting only a few minutes, or those who want to take advantage of many market changes.

The following are times of high trade volume: Between 8 am and 12 pm GMT when the New York and London stock exchanges operate. Between 7 pm and 2 am GMT when the Tokyo and Sydney exchanges operate.

Between 3 am and 4 am GMT when the Tokyo and London exchanges are operational. Position Trading Traders with the greatest patience may choose forex position trading, which does not pay as much attention to short-term swings in the market and instead concentrates on the long run.

Day trading in the Forex market Day trading is an alternative to scalping if Nigerian traders wish to trade for short periods but are not comfortable with the fast-paced nature of the method.

Forex Charting In forex trading, there are three sorts of charts. They are as follows: Line Charts Bar Charts Candlestick Charts. Candlestick charts often use the hanging man, and the shooting star patterns. Forex Trading Risk Management Young Nigerians have become dedicated fans of forex trading, making it one of the most popular ways to make money in the country.

There are a few basic techniques to reduce risk when developing a good risk management plan: Use a well-regulated broker Keep leverage usage to a minimum Trade Major Currency Pairs Use a reputable copy-trading platform Use stop-loss orders Make use of a broker who is properly regulated Even though it seems clear, a large proportion of new traders fall victim to Forex trading scams or deal with unlicensed brokers despite this fact.

Forex Trading Platforms Many novice Nigerian forex traders struggle with the sheer volume of information on trading platforms and their inability to use them effectively while learning how to trade. Pros and Cons of Forex Trading.

The benefits of Forex Trading While forex trading and the foreign currency market have significant hazards, they also include numerous benefits that may make them a profitable and appealing activity.

Cons of Trading in Foreign Exchange Several aspects and situations might make effective trading in the forex market more difficult than it seems. Frequently Asked Questions What is the forex market? It is an international market where currencies are exchanged. Where is forex traded in Nigeria? Are the Forex Markets Regulated in Nigeria? Can I open a forex account with Nigerian Naira as the base currency? Yes, several forex brokers offer NGN base currency retail investor accounts.

What is a base and quote currency? How much do I need to start trading forex? When does the forex market open and close? Table of Contents. Nigerian stocks end 3 days losing streak on buying pressure from Fidelity and Union bank The Nigeria Exchange Limited NGX ended three days of losses yesterday with a positive close as the All-share Index increased by 0.

September 9, pm No Comments. September 8, am No Comments. Nigeria plans to increase the export of liquefied natural gas to Europe from next winter The Federal Government announced on Wednesday that Nigeria will be able to deliver more liquefied natural gas to Europe by next winter. September 6, am No Comments. Nigerian Stock market rally above 50K index points The market capitalization and NGX All-Share Index of the Nigerian Exchange Limited both increased by 0.

September 5, am No Comments. September 3, am No Comments. Load More.

Nigerian forex traders have a wide range of brokers to choose from. Our editorial team of experts, has tested all of them with one aim, to find the best forex brokers in Nigeria. We have reviewed CBN regulated forex brokers and also international brokers and all forex trading platforms. Pepperstone is the best forex broker for a Nigerian trader.

This broker is regulated by the Tier 1 financial market regulators: Financial Conduct Authority FCA , Australian ASIC and German BaFiN. You can rest assured your money is safe when trading with Pepperstone.

It has a solid track record among traders. Pepperstone is one of the largest and regulated brokers in the world with intuitive and easy to learn interface is great for all newcomers to trading!

Visit Pepperstone. Visit www. CM Trading broker caters to both beginners and intermediate traders, it is the best all-round forex company ever. CM Trading is truly one of the top regulated fx brokers in Nigeria. Trading platform is blazing fast with very competitive spreads, quality customer support and BONUSES for new traders.

Fully regulated. HotForex was founded in Hotforex is very popular online broker in Nigeria with offices and customer support located in Lagos. This broker has entered Nigerian forex market in The African continent is known for a widespread forex scam. It is therefore important to protect your hard earned cash from fake forex gurus, crypto scams, Ponzi schemes, get rich quick schemes and various con artists.

Please do yourself a favor and deposit your hard earned money only into the safe forex trading platform! Let me be honest with you, if you are going to pay anything over 1 Pip for the most liquid currency pairs is a robbery! They want your money and not your success. Many companies offering forex allow you to trade with over forex pairs, crosses and exotic pairs. But question is, do you really need it? If you dont want to download any external software to your pc, use webtrader.

Otherwise go with either cTrader or MT4. Pepperstone is the best forex broker for Nigerian traders based on the following criteria: strictly regulated and safe, low minimum deposit, fast trade execution and very low spread.

The Central Bank of Nigeria CBN and the Securities and exchange commission SEC has the authorisation to make laws and regulations regarding the trading of financial derivative products in Nigeria. The Central Bank of Nigeria www. ng shortly just CBN is the main regulatory body that controls the capital markets including Nigerian forex brokers.

The answer is yes forex trading is legal in Nigeria. With the rapidly growing Nigerian economy, it was no wonder that the Nigerian forex market has witnessed rapid growth during the past decade, as more and more middle class Nigerians have been joining the forex market.

This boom has led to many scams and fraud taking place. The national watchdog has been therefore cracking down on unregulated scam fx brokers who promise riches to newbies since the past few years. The fx industry now tries hard to regain its good reputation.

We strongly urge you to start trading with our recommended forex brokers. You may choose either some of our world renowned brokers with regulation in UK, Cyprus or go with some local CBN regulated forex broker.

Edward Kendy MBA is a CEO and the head of forex brokers research at BestOnlineForexBroker. com with 17 years of experience in personal finance and veteran forex trader.

See author's posts. Edward Kendy Edward Kendy MBA is a CEO and the head of forex brokers research at BestOnlineForexBroker. Table of Contents.

Best Forex Brokers in Nigeria,How to choose a forex broker

While there are no restrictions on the forex brokers that Nigerian traders can use, whether local or international brokers, traders must ensure that they use well-regulated and verified AdOpera con cualquier dispositivo. Operar conlleva riesgos. Abre una Cuenta Demo hoy mismo y opera en los Mercados Financieros sin blogger.comios: Comercio de Forex y CFD, FX & CFD Broker in LATAM, 20 años de experiencia AdVocê é um comerciante experiente? Use nosso bônus para testar suas estratégias. Você é um comerciante iniciante? Use nosso bônus para aprender sem risco 09/01/ · Top 10 Forex Brokers In Nigeria NovaFX – Top Islamic Swap-Free Account. Nigeria has the largest population of Muslims in West Africa, so it Estimated Reading Time: 10 mins AdStart Smart Forex Trading with one of the leading brokers you choose, easy comparison! We Checked All the Forex Brokers. Now You Can Find The Best Broker!Only Fully Regulated · Read Before You Deposit · Experts Tips · Pros & Cons AdToday they have Shared A Forex Deposit Bonus where you can get 50% Bonus on your Deposit. Also, they have Raw Spreads from pips and MT4 and MT5 trading blogger.com has been visited by K+ users in the past month ... read more

The Central Bank of Nigeria CBN oversees a strict regulatory framework in Nigeria. Trade Nation offers international stability through a well-established regulatory framework. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes because of the lower cost. Official Site. Day Trading Strategies Crypto Day Trading Platforms. HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of , which is higher than most other brokers will permit. Each of these accounts can be summarised as: Micro — Good for traders with low trading experience.

There are several technical indicators, economic indicators, and other solutions for advanced traders. Both these brokers mention their regulatory license numbers forex broker from usa in nigeria their website footer section. Take advantage of low trading costs with no transaction fees or currency exchange rates. To show the opening and highest price point of a currency, Nigerian traders utilize the top section of a candle, while the bottom portion of a candle is used to show the closing price and lowest price point. Brokers by Account Type. You can trade over 2, different financial instruments, as well as use sentiment, technical and fundamental analysis tools when developing CFD trading strategies. Cookie Settings Accept All.