Tips for choosing best forex brokers accepting Nigerian clients
Nigeria is well-known as an oil-rich country and very often referred to as gateway of Africa. Our topic is related to trading so let me tell you that if you’re a Nigerian citizen and wish to trade forex then you must search a forex broker regulated by Nigeria Central Bank.
What you need to look for when choosing a Forex Broker in the country
When you are in the forex trading then you must know that there are both opportunities and scams in the line. As a forex trader in the country, you must choose a reliable trading platform provider so that you don’t lose your money and stay well away from the fraud and all those brokers who are involved in illegal activities. The first thing to check when choosing the best forex brokers Nigeria is whether they are regulated by the Nigeria Central Bank or not.
- Supervision: Regulated brokers are supervised and monitored regularly. Now when you have found a regulated broker, make sure that the platform is user-friendly and has all the features you desire. The next step is to determine the commission charged by the competitors. Now finally, after all this check out the types of accounts and other services provided by the broker.
- General Regulation in Nigeria: Regulation forex market is quite similar to that of the other countries. Many brokers offer more leverage and low margin, whereas some countries provide low leverage and high margin. Nowadays, it has become very difficult for brokers to offer without any license as they can be prosecuted. The central bank makes sure the efficiency of currency by providing a license to both the local and foreign traders.
- Trading Platform: The Trading platform is a very important feature you must check before Forex trading in Nigerian brokers. One of the most popular and versatile trading platforms in the currency market is MetaTrader 4. If the broker does not provide you with this platform you must think before opening the account with him. You can easily place more than one order on currencies and metals. With some good programming skills, you can create code and run them. You may copy the trades of other traders and follow them for successful trading.
- Commission and spreads: Brokers charge a commission when they fill your orders when you trade in financial markets. But currency trading is not similar to trading stocks. In stocks trading, brokers charge a fixed amount whereas, in Forex trading, brokers get compensation by charging spreads. Now let us know what is a spread? Spread is actually the difference between buying and selling price. Always find the broker who has the lowest spreads, in this way you may increase your profit and reduce the cost.
- Other additional services: Other additional services come in the form of other educational materials such as videos, audios, and texts. E-books are very often offered by the brokers to their clients on different titles and topics. Most of the brokers have websites where traders can chat online and ask for help. Many brokers also offer a monthly trading contest where traders can win huge prizes. You must decide upon a broker by seeing how numerous services he offers.
Types of accounts
Knowing the type of trading accounts before you start trading is very important. When you actually trade with real money, you should ask your broker for different types of accounts.
There are three major accounts which are:
Micro account: If your budget is tight then you can go for micro account. In this type of account you can trade up to 1k micro and you also don’t have much risk.
Mini account: If you can afford to invest more then, you can go for this type of account. Here, you can trade up to 10k and make more money than micro.
Standard account: In this type of account you can trade up to 100k, it means you also need to invest more. You must know that profit comes with risk and the higher the profit is the higher will be the risk.
The bottom line
Above are some of the tips you must consider when finding the best Nigerian Forex brokers. The real money trading experience starts with the broker so you must choose the one whom you can trust.