Hello everyone, I’m new here. Which broker could be best recommended in Nigeria. I’ll appreciate your responses. Thank you all.
Hi, did you finish the education section already?
Yes, I did here on babypips
I have a buddy in Kenya, he was the one who introduced me to Forexchief. Easy to use. The fact that he comfortably use the broker from Africa, I think you can too. Check em out and also the reviews at Forexpeacearmy.com, there are other good options there too.
Thank you very much
Before choosing a broker, I think it is essential to know your expectations or needs from a broker, what do you want from a broker. Let me provide you with the names that are suited for almost everyone. Try out etoro, turnkey forex, IC markets, XM, and Alpari. These are good brokers for beginners. Trading with IC markets and turnkey forex myself and quite satisfied with them. They got low spreads, low commissions, effective trading platforms and good trading conditions. Check em out.
Before choosing a Forex broker you always should research at internet and try to find a broker with good online reputaion and broker should be registered and regulated.
Check the reviews for ICM on FPA before using them. There is an ongoing case against the company.
This is a good choice. I have positive experience.
Do you know where IC Markets secures Dposits?
I am yet to open an account, still learning, but a fellow trader friend of mine recently opened accounts with XTB and Fxview. Heard only good things so far - in terms of market access and transaction costs.
You can try Eagle FX, Crypto rocket, Trader’s way…
Yes that is true, you’ll need to be careful before choosing offshore brokers.
Use a broker that gives low spreads and offers high leverage. IG, XTB, Fxview, Oanda are some reliable names.
Using a legit offshore broker always give you lots of trading advantages, while regulated brokers almost make it impossible to make money. Here is the thread that lists the trusted brokers by the community, these are unregulated AND accept US residents
Recommend trading with FP Markets. It is an ASIC regulated broker with over 15 years in forex business.
So they are reliable. The commission and spreads are low as well, when compared to other ECN brokers.
Anyone looking for a broker with lower spreads and better execution speed, I recommend FP Markets because when I compared it with brokers like ICM and pepperstone the spreads were lower and executions are faster.
There are no special brokers for Nigerian traders so you can try some well-known names like Hotforex, Tickmill, IB.
I was a previous trader with Hotforex, had to move my accounts because of their spreads not being consistent.
Currently trading with FP Markets, the spreads are tighter and consistent even during high market news movements.
I would suggest trading FP Markets because it is one of the oldest broker active since 2005 and ASIC regulates it.
The minimum opening balance is just $100, the spreads and commission cost are lower compared to other competitive brokers.