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It is the most vigorous Forex market regulation in Africa. The FSCA regulatory policies are in line with what is obtainable from regulatory bodies overseas. According to t opforexbrokers. Not to mention that if anything goes south, a South African trader who is trading with FSCA regulated broker can go to FSCA if they think they have been scammed by their broker or mistreated.
Forex was previously unregulated in Kenya. Before , lots of Kenyans were trading with unregulated brokers, and there were too many reports of fraudulent activities. Forex trading in Nigeria is still unregulated despite the market being one of the most active ones in the continent. Despite the absence of regulation in the country, the government does not consider Forex trading illegal. There are local Forex brokers who register just like other businesses and carry out foreign exchange activities as usual.
Most Forex traders in Nigeria make use of foreign Forex brokers rather than the local ones due to this lack of regulation. The trading risk is totally on the trader, so they assume the foreign brokers are more trustworthy. Banking policies do have effects on Forex trading in Nigeria. Some Nigerian banks may prevent customers from using their electronic cards to make payments or withdraw from foreign exchange platforms.
Presently, there are imposed restrictions on the amount of foreign currency a Nigerian can spend outside the country. These are individual policies that could be eliminated if the Nigerian government properly legalizes Forex trading. Due to the risks involved in Forex trading, it is vital to be cautious when deciding on the best Forex broker to invest in Africa.
Firstly, you should check for the broker license. If Forex trading is regulated in your country, check to see the Forex brokers licensed by the regulatory body. For a country like Nigeria, where the market is not restricted, consider foreign brokers who are licensed by global licensing authorities. The next thing to do is to check out the trading platforms offered by these brokers. Check for their deposit bonuses, ratings, minimum deposit, and payment options before making a decision.
For a practical trading experience, a Forex demo account should be featured where you can try your hands before going live. You should avoid any unlicensed Forex broker in Africa. The amount of Forex scams in African countries is on the high side, and it has resulted in grave losses for the victims.
By going with a well-licensed broker, this risk is almost eliminated, and you can trade more assuredly. Interest in Forex will undoubtedly continue to rise in the coming years. The sensitization level is currently high as Forex trading is advertised on newspapers, TVs, radios, websites, etc. There are equally Forex seminars and programs to create awareness. More overseas Forex brokers are also picking interest in offering their services to African countries.
Consequently, better regulatory policies will be imposed in countries that lack them so that aspiring traders can trade safely. Crypto Hub. Economic News. Expand Your Knowledge. Forex Brokers Filter. Trading tools. Macro Hub. Corona Virus. Stay Safe, Follow Guidance. World 59,, Confirmed. 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.
If you are wanting to focus purely on stock markets, the broker offers Marketsi investment platform is preinstalled with tools specifically designed for share CFD trading. 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. Sentiment tools help you to analyse and measure market sentiment, providing you with a potential indication on 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. The planforms technical analysis tools allow you to visualise charting patterns while understanding how different financial instruments are correlated.
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. The trading tools available on Marketsi focus on share trading and stock market analysis.
For instance, the platforms Investment Strategy Builder allows you to find share trading opportunities and develop strategies by filtering stocks based on company information such as PE ratios or market cap.
Although Marketsx and Marketsi offer an excellent range of unique sentiment, technical and fundamental analysis tools, certain traders will prefer MetaTrader 4 MT4 or MetaTrader 5 MT5 due to the platforms algorithmic trading capabilities.
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 or Marketsi users gain full market access and can trade over 2, CFDs.
As a dealing-desk broker, Markets. Regardless of your level of experience, the broker offers an appropriate trading platform MT4, MT5, Marketsx or Marketsi with tools to help you develop trading strategies with over 2, CFDs to choose from. View Markest. All fx trading platforms come with a free demo account with allow Nigerian traders to test out forex broker and platform for 30 days. 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 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.
The second way a forex broker makes its money is from commissions which apply to the Razor account. If you choose 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 when it comes to customer service.
This includes investment trends which 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 in the process of receiving regulatory approval from the Financial Services Conduct Authority of South Africa. The table below compares IC Markets to other major forex brokers in Nigeria when it comes to 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 has 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. 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 wish 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.
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 give 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 go against you for a set amount of time after your trade.
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.
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 help open overnight.
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