Broker | Features | Broker Review | Visit |
 | * 1:1000 leverage * 1200+ instruments * Tight spreads | ||
 | * 1:500 leverage * 10,000+ instruments * Ultra low latency | ||
 | * 1:1000 leverage * 950+ instruments * Copy trading | ||
 | * Low deposit | ||
 | * 1:500 leverage | ||
 | * 1:500 leverage * 1000+ instruments * Crypto CFD trading | ||
 | * 1:1000 leverage | ||
 | * 1:500 leverage * 800+ instruments * African Broker | ||
 | *1:500 leverage | ||
 | * 1:400 leverage | ||
 | * 1:500 leverage * 390 instruments * Tight spreads | ||
 | * 1:500 leverage * STP broker * Great support | ||
 | * 1:500 leverage * 300+ instruments * Low min. deposit | ||
 | * 1:2000 leverage * 250+ instruments * Free education | ||
 | * 1:1000 leverage * 130+ instruments * Raw spreads | ||
 | * 1:888 leverage * 1000+ instruments * Free education | ||
 | * 1:500 leverage * 80+ instruments * Excellent support | ||
 | * 1:1000 leverage * 200+ instruments * Copy trading |
What Is MT5?
MT5, also known as MetaTrader 5, is the latest trading platform in the Meta Trader family. It has a lot of features and enables some new modes of executing, as well as a whole new market depth. Regarding execution methods, the MT5 platform supports four order execution methods. These are Request, Market, Instant, and Exchange. The fourth type Exchange is used for trading operations which make use of stock tools. The order accounting method is the hedging method by default and some brokers change this to be more similar to MT4 for traders’ convenience.
Why Trade With MT5?
As a trader, you want to be able to predict the market direction of the future. The MT5 platform provides you with several analytical tools, enabling precise price analysis and forecasting. The key aspects are:
- You can open as many as 100 charts at a time.
- The charting system comes with 21 time-frames.
- There are 80 analytical objects as well as built-in technical indicators.
- There are 39 graphical objects.
- There are 38 technical indicators.
- There are 4 scaling modes.
- You can choose from 17 display styles for client indicators.
All these wonderful tools are available to you for technical analysis and helps you to prepare well for any market changes.
How To Choose The Best MT5 Broker
If you’re new to trading, it can be hard to know which forex brokers in Nigeria have the best trading platforms and the best trading support. When you visit a broker’s website, you can see if they offer MT5 or not. However, you might not be able to tell right away if that broker offers the best service and the best trading support. Here are a few key things to look out for when choosing a forex broker:
- Regulation – Check to see if your broker is regulated. It is important to check their licences and whether they can legally operate in your country. Be sure to also check that they have additional safety features such as negative balance protection and client fund protection.
- Trading Conditions – Check if your broker has all of the trading instruments that you want to trade. It is important that they offer you a good choice of currency pairs, stocks, commodities, and cryptocurrencies. Try to also check what trading conditions they offer and if they offer high leverage and low spreads.
- Minimum Deposits – Check their minimum funding requirements. It is important that you can afford their minimum deposits and that you only trade with money that you can afford to lose. Be sure to also check that they offer a good selection of payment methods and that you will be able to easily withdraw your money.
- Trading Support – Check that they can offer you the support you need to become a profitable forex trader. Many forex brokers offer free educational resources and free market analysis. Look for a forex broker that also offers access to trading tools in MT5 such as calculators, economic calendars, EAs, and chart indicators.
To find out more about the top forex brokers in Nigeria, check out our forex broker reviews. To learn more about the latest forex promotions, check out our blog.