What is the best trading platform in Nigeria?

Forex trading will continually garner impressive waves in Nigeria as more Nigerians have channeled a great deal of financial energy into it.

Year in year out, many Nigerians lose substantial sums of money to Forex trading. Nevertheless, it’s worthy of note that anyone with the appropriate trading strategies and principles can rake in a whole lot of money through Forex trading.

Notably, some of the factors that contribute to anybody’s success in Forex trading are the choice of Forex brokers and the trading principles/strategies adopted. To this effect, we have conducted research on the leading Forex brokers out there. While our research focused extensively on the features provided, the fees charged and the trading platforms offered by these Forex brokers, we hereby affirm that below are the top 10 Forex brokers in Niger

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Why Forex trading is becoming popular in Nigeria | Nairametrics

1.Markets.com

Touted as the best Forex broker in Nigeria, Markets.com is a worldwide broker with one of the most effective trading platforms in its industry. Elevating Markets.com’s high-profile status is the fact that the platform provides traders with a diverse range of CFDs coupled with low spreads.

2. HotForex

One of the strengths of HotForex has been described as the presence of high leverage –a leverage magnitude of 1:1000 that is deemed greater than what majority of HotForex’s competitors offer. In addition, HotForex has captured the attention of Nigerian traders through a number of exciting benefits including bonus offers and an option for them to select their preferred trading accounts.

3. OctaFX

With Nigeria being a country with a vast population of Muslims, it isn’t any surprising that an Islam-centric broker like OctaFX appeals to the taste of many Nigerians. Notably, OctaFX is a Forex broker whose offers (such as the availability of swap-free trading accounts) are in tandem with Islamic trading rules.

4.Plus500

Plus500 happens to be the Forex broker with the leading cryptocurrency trading platform as well as the most excellent Forex demo account. Besides being named on London’s Stock Exchange, Plu500 maintains a great footing as a CFD broker running a self-developed Forex trading platform.

5.Pepperstone

Pepperstone is a leading Forex broker under the regulation of Australia’s AISC and UK’s FCA. Besides being widely acclaimed for its excellent customer service, Pepperstone hosts the leading Forex trading platforms namely cTrader, MetaTrader 5 and MetaTrader 4.

6.FXTM

ForexTime (FXTM) is generously cherished among Nigerian Forex traders for its offering of Naira-based funding, a feature barely offered by majority of the other Forex brokers. While FXTM’s other excellent offers include local seminars and social trading, it is highly notable that the Forex broker is best suited for Nigerian traders with little or no knowledge of CFDs.

7.IC Markets

This is an Australia-stationed Forex broker with a record of beneficial offers including absence of withdrawal/deposit fees, availability of low commissions for cTrader/MT5/MT4 traders and low spreads on certain pairings.

8.AvaTrade

With the high level of volatility experienced in the Forex trading market, AvaTrade is seemingly a perfect fit for certain cautious traders. Likewise, AvaTrade will likely fit into the expectations of scalpers owing to the fact that the Forex broker deals with only fixed spreads.Also Read  Black Tax: Why most African Entrepreneurs will remain Poor

9.Hugosway

Hugosway is an ECN broker which doesn’t constitute the Forex brokers regulated by any of the recognized regulatory bodies out there. Also, there is a report that only few people have given positive reviews about Hugosway, hence suggesting that trading with the broker might not augur well despite its being an ECN broker.

10. OANDA

Unlike Hugosway which is not regulated by recognized agencies, OANDA is considered the Forex broker with the highest record of regulation. Quite impressively, the Forex broker is broadly regulated under six bodies including Canada’s IIROC, UK’s FCA, USA’ CFTD, Australia’s AISC, Singapore’s MAS and Japan’s IFFA.

Conclusion

It is advisable that you find out more information about the features, trading platforms and specific offers associated with each of the aforementioned Forex brokers. This way, you’re very likely to end up with the most befitting option for you.

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