The forex industry is thriving. There are now thousands of forex brokers that traders can choose from. Here is our list of the top new forex brokers in Nigeria. Enjoy!
* 1:500 leverage
* 300+ instruments
* Low min. deposit
* 1:500 leverage
* 800+ instruments
* African Broker
* Low deposit
* 1:1000 leverage
* 130+ instruments
* Raw spreads
What Is Forex Trading?
Forex trading involves buying and selling currencies, usually with the purpose of making money from changing currency prices. You can open a trade by buying a currency pair and you can close a trade by then selling the same pair.
For example, if you want to trade Canadian dollars for American dollars then you need to buy the CAD/USD pair. This is the equivalent of buying Canadian dollars using American dollars. When ready, you can then sell the pair. This is the equivalent of buying American dollars with Canadian dollars. If the exchange rate is higher when you close the trade, then you stand to make a profit. If not, then you will most likely incur a loss.
What Is A Forex Broker?
A forex broker is a financial services company that provides access to the forex market. They give you access to trading platforms so that you can buy and sell foreign currencies. They also facilitate forex trades by taking the other side of the order, or by matching you with other traders via their liquidity providers.
How To Test A New Forex Broker
When you’re looking for new forex brokers, it can be hard to know which ones are the most popular in Nigeria and which ones can offer you the best online trading service. Here are a few key things to look out for when considering trading with new forex brokers:
- Regulation – Not all new forex brokers are licensed by a reputable regulatory body. It is important to check their regulatory status. It is also important to check they offer negative balance protection and a high level of client fund protection.
- Trading Conditions – Most new forex brokers in Nigeria will offer a good range of trading instruments. Look for brokers that also offer other assets such as stock and cryptocurrencies. Try to also find brokers with high leverage and tight spreads.
- Minimum Deposits – Most forex brokers offer at least one low-cost trading account. If you’re looking at new brokers, make sure you check that their minimum deposits are reasonable and that they offer convenient payment methods.
- Trading Support – The best forex brokers will usually offer free educational resources and free market analysis. Look for a forex broker that also offers access to trading tools such as calculators, economic calendars, EAs, and chart indicators..
- Demo Accounts – The best way to test a new forex broker is with demo accounts. By opening a demo account, you can get a feel for the trading conditions and their trading environment. Keep in mind though that their live accounts might not have the same settings as their demo accounts.
The 3 Best New Forex Brokers in Nigeria
Looking for the best new forex broker in Nigeria? Here are our top three recommended brokers:
- RedMars is a reliable forex broker. It has 300+ trading instruments including a wide range of forex pairs. It has great account options, excellent trading conditions, and a safe trading environment. It offers trading on two of the world’s best online trading platforms – MT4. It also has great bonuses and excellent customer support.
- Moneta Markets is a trusted forex broker. It has a great selection of over 300 trading instruments including forex, shares, and cryptos. It has two great account options – both of which have low minimum deposits. It offers trading on MT4 with great trading tools. It also offers great educational materials, helpful market analysis, and outstanding customer support.
- TD Markets is a regulated forex broker. They offer excellent online trading conditions. They let you trade over 200+ trading instruments including forex, metals, energies, shares, indices, and commodities. They also have great trading accounts. You can choose from 2 account types – Gold and Pro – both of which come with tight spreads, low commissions, and fast trade execution. You can also use these accounts to trade on one of the world’s best best platforms – MetaTrader4.
To find out more about the best forex brokers in Nigeria, you can check out our forex broker review list. To see which forex brokers are also running promotions, you can also take a look at our blog.