Check out our full guide on the best for beginners here. There are Forex brokers in Nigeria for trading on spot markets, forward markets, and futures markets, with the spot forex market as the largest market of the three. Therefore, before opening an account, Nigerian traders should do “due-diligence” research on the reputation of their forex broker and trading methods, especially before they decide to invest funds. Online trading platforms for individual and institutional customers are available from a broad range of brokers. Banking and brokerage firms may also construct their own custom trading systems to fulfil their own internal demands, which are then implemented through institutional trading channels.

forex brokers

Candlestick charts may be used to determine the direction and movement of the market based on the formations and shapes they display. In the same way that they are used in other contexts, bar charts are employed by advanced Nigerian traders to illustrate trading periods. DotBig review Bar charts are known to be more informative than line charts, albeit being a little more complex. Day trading is an alternative to scalping if Nigerian traders wish to trade for short periods but are not comfortable with the fast-paced nature of the method.

Who Is The Biggest Forex Broker In The World?

Investors can use leverage in forex trading to boost their initial investment up to times because of the setup of this trading tool. Even though Forex market moves are often minor, retail traders wind up making or losing a large amount of money due to leverage.

forex brokers

Nigerian traders have the benefit that they can connect to any of these sessions according to their unique trading strategy and trading horizon. MetaTrader 4 is widely considered as the best trading platform in Nigeria and the overall trading industry. RoboForex has a trust score of 66% as an offshore DotBig Forex broker with a market share of less than 5%. LiteFinance is a Cyprus-based forex and CFD broker that has been in operation since 2005. InstaForex has a trust score of 90% and a market share of more than 7% in Nigeria. IG Group has a high trust score of 99% and a market share of less than 5% in Nigeria.

How Do Forex Brokers In Nigeria Make Money?

Minimum account balance can be as low as $5 in the case of some of the reliable Pepperstone offers uncomplicated access to the markets which allows the client to focus on the complicated task of trying to successfully trade the markets. Pepperstone is ideally suited to traders that want a manageable range of low-cost offerings, multiple choices of user interfaces and account types, and efficient customer support. Investopedia’s ranking methodology factored in these attributes in declaring Pepperstone as the Best Forex Broker for Trading Experience in 2020. London Capital Group , founded in 1996, has continued to keep pace in the highly competitive online brokerage space.

  • For the benefit of their customers, forex brokers make these tools readily accessible.
  • Exness is headquartered in Cyprus with offices based in South Africa, the United Kingdom, Seychelles, the British Virgin Islands, and Curaçao.
  • In addition to flexible and competitive trading conditions, traders today are after ease and convenience when depositing and withdrawing funds.
  • It is highly advised to do a “dry run” of Forex trading before investing.
  • For example, if the exchange rate between EUR/USD is 1.2, it means that it will cost traders 1 EUR to purchase 1.20 USD, or it would cost them 1.20 USD to purchase 1 EUR.

In addition, their trading conditions may not be as favorable as those of the top brokers listed in the table above. Read our in-depth reviews of forex and CFD brokers, and compare the best online brokers side-by-side. Learn about trading, forex, and CFDs from some of the most trusted voices in the industry. Many forum posts, site reviews, articles, or social media accounts may have been written sponsored by a particular broker, which means, that it’s possible, that these comments or reviews are Forex broker unbiased. As certain brokers may attempt to use these methods to attract more clients into the company or hire marketing people to boost their image to potential customers, you should always do a very thorough research. To establish trust and loyalty, the best FX companies have also focused on the importance of having a very good customer service department. Whether handling an inquiry or a complaint, they should be able to provide quick response and resolve the matter as soon as possible.