Best Forex Brokers in Nigeria 2023

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Best Forex Brokers in Nigeria 2023

#1
xysoom

Posted 14 February 2023 - 07:00 AM

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Best Forex Brokers in Nigeria 2023

No single Forex broker is the best option for all traders. For this reason, we have chosen the best brokers that we think will appeal to a wide variety of traders. Rather than just choosing the “best broker in Nigeria,” we have selected the best brokers for traders with different tastes in trading platforms and with different budgets and priorities.To get more news about best forex brokers in nigeria, you can visit wikifx.com official website.

Although international brokers accept clients from most countries, trading conditions and regulatory supervision may be different for Nigerian traders. To find the best Forex broker for Nigerian residents, we need to understand account conditions for Nigerian clients in detail.
To test each broker’s trading platform, we opened an account, set up the trading software, read through the educational material, and deposited and traded 100.000 ₦ of our money. We also created all kinds of trouble for the customer service teams, read through the fine print in the client agreements, and tested how long it took to withdraw our money. In our test, we investigated:

Broker Regulation: Regulators keep an eye on Forex brokers to make sure they’re behaving legally and ethically. Some regulators, such as ASIC, the FCA, and CySEC, are better at keeping brokers honest than others.

Account Supervision: Most brokers are supervised by multiple international regulators. As a Nigerian resident, it is important to know which regulatory authority will supervise your trading account. It is common for brokers to open trading accounts for Nigerian residents under their offshore licenses (Mauritius, Seychelles, Vanuatu, etc.) to offer higher leverage or to bypass powerful client protections. Traders with accounts registered under offshore licenses are not protected by the FSRCC and are open to the additional risks of broker bankruptcy, fraudulent activity, or unfavourable trading conditions like a lack of negative balance protection.

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, and a list of all CFDs available to Nigerian traders. We often see that trading conditions and negative balance protection availability change depending on a trader’s country of residence.

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analysis to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use. Platform availability may vary between countries of residence, so our research notes which platforms are available for Nigerian residents.
Who FBS is for: With a wide range of accounts, FBS will appeal to experienced traders looking for high leverage and low fees or beginners looking for low minimum deposits and cryptocurrency trading.

Why we like FBS: FBS’ strength is in its range of accounts, with trading conditions for all types of traders. Beginners will focus on its Cent Account with its 1 USD minimum deposit or the Micro Account with a 5 USD minimum deposit, more experienced traders will be interested in the ECN account with a 1000 USD minimum deposit, raw spreads, and a 6 USD commission. Other accounts include a Standard Account with a 100 USD minimum deposit and Zero Spread Account with a 500 USD minimum deposit. Experienced traders will appreciate the high leverage available, with all accounts except the ECN account offering leverage of 3000:1. Beginners will also like the low trading fees on the entry-level accounts, with Cent Account spreads starting at 0.8 pips on the EUR/USD. Cryptocurrency trading is also a big draw here, with 37 cryptocurrencies available to trade, many more than most other brokers.