The Top Best Forex Brokers in Nigeria (Pros & Cons)
24 May, 2022
Forex broker is known as the link between banks and traders which have forex liquidity. Forex give you something which is known as Leverage which is the ratio of the company’s loan capital to the value of it’s common stock use to borrow capital for investment with the aim of it gaining so basically it is like a broker fronting you money.
Leverage is a way middle class people in the foreign exchange market gain money trading.
For example, if you have 1$ and you have 50 leverage you trade as if you have 50$ that’s the easiest way to understand it.
Now that you ave been educated on what Forex Brokers are, below are the best of the bests!
The Best Forex Brokers in Nigeria
Here are the six best forex brokers we have in Nigeria:
1. DERIV Forex Broker
Deriv.com is a trading platform with an initial domain name of binary.com, In DERIV you have 3 options to trade with this include DTrader, DBot and DMT5 it gives you a chance to trade with leverage and earn greatly. DERIV have what we call CFD which is an instrument which can lead to great lost due to high leverage.
With DBot you can trade even though you have no knowledge on coding. DTrader is the platform which you have to start with if you want to start trading on DERIV. Getting started with DERIV only takes 3 easy steps.
First you have to create a demo account and start practicing to get a hang of the platform then when you get perfect in trading you can open a real account and start trading and start making money from each transaction the third step is the withdrawal process DERIV accept all form of withdrawal method users want.
DERIV have over 2,500 good reviews and a 4.35 star rating average.
– It gives users a chance to practice and fully understand the platform
– They give their users chance to lot of asset even ones not available in the market
– They have high market efficiency.
– High risk due to leverages involved
2. FXTM Forex Broker
FXTM also known as Forex Time gives users a chance to practice by creating demo account, they have a rating of 4.3 stars, they have provide customers with different versatile and effective software which will help increase their trade efficiency.
FXTM has a minimum deposit of $50, they give users a chance to put their trading on safe broker which helps to reduce the risk of any transaction made. They have a wide spread of market choice which includes stocks, metal, stock CFDs, FX, Indices and commodities.
-They offer users a great educational tools in other to fully understand their platform
-Reviews around the world have given them credit on the great customer services
-FXTM account are easy to create it does not take lots of steps like other broker platform.
– Withdrawal fees are high.
3. Avatrade Forex Broker
Avatrade is a global CFD broker from Dublin Ireland it was founded in 2006, it’s not different from other brokage platforms, because it has characteristics of other broker it uses Mega trader and also helps users with educational tools to fully understand their site. Data have shown that they only have 200,000 users on their website.
– Account are easy to create.
– They have a very good research tools
– They have over 750 trading instrument
– They very complex so you’ll need a grounded knowledge in other to fully use avatrade effectively
– They have only 3 offers which includes CFDs, Forex and cryptos.
4. OctaFX Forex Broker
OctaFX is a platform which makes it easy to gain access to foreign exchange market, it is very easy to start with and it’s steps are not really hard
FIRST you create an account verify you email and put you personal details then SECOND you create a demo account where you practice how to trade in other to get use to the platform then when you have a very good knowledge on it you start trading with your main account with the aim of making money. The minimum deposit in OctaFX is $50(#24,000)
– They have lot of withdrawal options and they do not charge for each of them
– They have both fixed and variable accounts for traders
– You get 50% bonus on all deposit for new traders.
– Limited instrument for trading on their platform
5. Alpari Forex Broker
This was founded in 1998, this platform offers users access to 15 forex pad and nearly 13 CFDs on indices, commodities and metals.
They have over 250+ trading instrument and 20 years experience in the forex Industry. They are one of the best leading forex trading platform in the world with over two million users ( 2 Million users) they have a minimum and maximum leverage of 1 and 1000 respectively.
– They have a nice customer care service
– They have available Metatraders platforms
– They don’t have sufficient educational tools in their platform
– They have few available asset and instrument for trading
6. IC Market Forex Broker
IC Market is an automated trading system, it is considered as one of the best Forex Broker platform in Nigeria because of its low cost and easy execution