With so many companies now operating on the forex market, it can be hard to know which forex brokers offer the best online trading service. Here is a list of some of the most popular forex brokers for Nigerian traders.
Broker | Features | Broker Review | Visit Website |
 | * 1:1000 leverage * 210+ instruments * Free education | ||
 | * 1:1000 leverage * 1200+ instruments * Tight spreads | ||
 | * 1:1500 leverage * $100 min. deposit | ||
 | * 1:1000 leverage * 950+ instruments * Copy trading | ||
 | * Low deposit | ||
 | *1:500 leverage | ||
 | * 1:500 leverage * 200+ instruments * FSA licence | ||
 | * 1:30 leverage | ||
 | * 1:1000 leverage | ||
 | * 1:500 leverage | ||
 | * 1:30 leverage | ||
 | * 1:500 leverage |
What Is Forex Trading?
Forex trading is the process of buying and selling currencies, with the goal of making a profit from changing prices. You open a trade by buying a currency pair and you close the trade by selling the same pair. To give an example, if you want to trade British pounds for American dollars then you need to buy the GBP/USD pair. This is the equivalent of buying pounds using dollars. When ready, you can then sell the pair. This is the equivalent of buying dollars with pounds. If the exchange rate is higher when you close the trade, then you make a profit. If not, then you make a loss.
What Is a Forex Broker?
A forex broker is a financial services company that gives you access to the forex market so that you can buy and sell foreign currencies. They facilitate trading by giving access to trading platforms so that you can place orders. They also facilitate trading by taking the other side of the trade, or by connecting you with other prospective buyers and sellers.
How To Choose A Popular Forex Broker
When you’re just starting out, it can be hard to know which forex brokers 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:
- Regulation – The best brokers are licensed by a reputable regulatory body. They are usually popular forex brokers because they can offer negative balance protection, client fund safety measures, and strict client data protection measures.
- Trading Conditions – The most popular forex brokers in Nigeria will also offer you a wide range of trading instruments. Look for brokers that also offer you the opportunity to trade with good tradition conditions including high leverage, low commissions, and tight spreads.
- Minimum Deposits – The top forex brokers will offer you at least one low-cost account option. Look for forex brokers that have an affordable minimum deposit and that also have a good selection of payment methods.
- Trading Support – The best forex brokers will usually offer free market analysis, as well as trading tools such as economic calendars and pip calculators. Look for a broker that also offers access to advanced tools such as EAs and chart indicators..
- Forex Education – The top forex brokers will ensure you have all the educational resources you need to become a forex trader. The most popular forex brokers usually offer access to trading courses, educational videos, and forex guides.