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Best and most trusted forex brokers in March 2021
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Leave a Reply Cancel reply Your email address will not be published. Follow TTE:. Startup Interviews. Do you know? 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. Regardless of the account type or trading platform you choose, 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. 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 offer social trading copy trading which means a trader:. ForexTime also offers local seminars in Nigeria locations such as Port Harcourt. This is run by industry experts and complements the forex trading eg webinars offered on the website. With the highest leverage of any Nigeria fx broker of 1,, detailed training and social trading options, they are ideal for time-poor traders want to test CFDs financial markets.
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 main features of HotForex include:. While most brokers offer a maximum and in Europe leverage when trading, HotForex allow 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 offers include the following:. 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 OctaFX include:. If you are an Islamic trader and have a need to comply with Sharia law, then OctaFX has an account that does no charge swaps or interest for active positions held overnight.
This account has a flat fee for every 3 days you keep an open position. This fee is applied on a weekly basis. OctaFX 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 choices as these are the most popular trading platforms worldwide, cTrader is a worthwhile platform to consider.
Regulations and Licenses
While cTrader is available with a number of other brokers, one feature that OctaFX 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. OctaFX offers a choice of 3 trading accounts. 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 of the benefits of this account 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 the serious investor. 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 due to the lower cost. 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. Following a fixed pricing model, the brokers fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do. 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.
10 Best Forex Brokers In Nigeria [ Regulated Brokers]
In addition to 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.
Forex Market Hours
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. When it comes to 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. 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 a large list of tradable instruments from currency to crypto.
You can view the full review of Pepperstone here. You can view the best forex brokers globally here.
Overall, Pepperstone is recommended with a full review provided. The FCA recently banned retail traders from trading cryptos. To start, you would need to go through intensive training and tutorials. Where possible, go with an offline face-to-face training with a reputable forex brokerage company who already have a verifiable result. There are some individuals whose main method of making money from forex is to offer training and tutorials for money.
Practising on a demo account After training, it is still a very good idea to practice your skills and build a trading experience. Do so by opening a demo account with the forex broker you intended to trade through. All the best trading platforms would offer a demo account to beginners. You can tune your skills further here and practice what you have learned. You should only move to the live trading platform when you are very sure of your skills and have gained sufficient confidence.