Users' questions

Which forex broker is the best in Nigeria?

by Rhyley Bryan

Which forex broker is the best in Nigeria?

Best Forex Brokers in Nigeria

  1. FXTM – Best Forex Broker in Nigeria (Instant Order Execution, low deposit & easy withdrawals)
  2. HotForex – Best Regulated Forex Broker with Low spread & 100% Deposit Bonus.
  3. OctaFX – Best Low spread broker, commission free local deposits, withdrawals & 50% deposit bonus.

Is forex trading legit in Nigeria?

Forex trading is legal in Nigeria if you have a broker that is licensed to do so and if the person simply trades for themselves. In most countries around the world, the foreign exchange market is regulated. However, foreign exchange trading is regulated by the Central Bank of Nigeria.

How do I know if a Forex broker is real?

How Do I Know if a Forex Broker is a Scam?

  1. Visit the site.
  2. Check the forums.
  3. Look for negative reviews of the broker.
  4. Look out for complaints about not being able to withdraw funds.
  5. Read all the fine print before you open an account.
  6. Try out the broker.

How do I make sure my forex broker is trustworthy?

By taking these six steps, you can protect yourself from doing business with an unscrupulous broker or other financial professional:

  1. Beware of Cold Contacts.
  2. Have a Conversation.
  3. Do Some Research.
  4. Verify SIPC Membership.
  5. Check Your Statements Regularly.
  6. When in Doubt, Withdraw Funds and Complain.
  7. The Bottom Line.

How can I make money with forex in Nigeria?

Get Started with Forex in Nigeria

  1. Get an online connection. You can get connected to a forex broker through any online device, but it’s usually good to trade primarily from a home office.
  2. Pick a reputable broker.
  3. Open your account.
  4. Fund yourself.
  5. Install your trading platform.
  6. Profit.

Which is the most reliable forex broker?

Best Forex Brokers

  • CMC Markets: Best Overall Forex Broker and Best for Range of Offerings.
  • London Capital Group (LCG): Best Forex Broker for Beginners.
  • Saxo Capital Markets: Best Forex Broker for Advanced Traders.
  • XTB Online Trading: Best Forex Broker for Low Costs.
  • IG: Best Forex Broker for U.S. Traders.

Has forex been banned in Nigeria?

The Central Bank of Nigeria (CBN) says it has ended the sales of forex to Bureau De Change operators. CBN governor Godwin Emefiele announced the ban in a live TV broadcast after the bank has retained its benchmark policy rate.

Is forex banned in Nigeria?

CBN Headquarters in Abuja By Emmanuel Onyebeke The latest Central Bank of Nigeria’s (CBN) decision to stop the sale of FOREX to Bureau De Change (BDC) operators due to the reported abuses that have characterized their transactions since the commencement of regular issuance of up to $10,000, twice a week…

Can brokers steal your money?

While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

How do you check if a broker is regulated?

How do I know if my Forex Broker is regulated? In order to check if Broker is regulated or not, you should verify this information through the official brokers’ website first, as regulated companies always provide its licenses. And the next step is to verify a license through the official regulatory website.

Which is the Best Forex broker in Nigeria?

CM Trading is truly one of the top forex brokers accepting traders from Nigeria. Very very popular forex broker. Fully regulated. XM is 100% safe and with a robust and stable trading platform that naturally comes with Metatrader 4.

Which is the Best Forex broker in the UK?

FXTM is a highly regulated Forex broker, so trading with them is safe. They are regulated globally with 3 top tier regulators i.e. FCA (UK), FSCA & CySEC. You can start trading with ₦2000 deposit, making them a good option for new traders.

Are there any forex brokers that are not regulated?

MultiplyMarket is a clone of Trading Technologies. BlueTrading have an FCA warning for claiming to be FCA regulated when they in fact are not. Facebook Group Investment/Profits, FBO Trading Signals & Bitcoin investments – They don’t allow withdrawals and block you as soon as you ask for a withdrawal. ECN Capital.

Is it safe to do forex trading in Africa?

African continent is known for a widespread forex scam. It is therefore important to protect your hard earned cash from fake forex gurus, crypto scam, ponzi schemes, get rich quick schemes and various con artists. Do yourself a favor and deposit your hard earned money only into the safe forex trading platform!