Broker Recommendation

What are the commission charges with your broker?

I’m currently trading with Hotforex but looking to move my account to another broker because the spreads are not consistent.

Anyone trading with a reliable broker with tight spreads?

1 Like

I recommend trading with FP Markets; the spreads are lower starting from as low as 0.0pips in EURUSD.

There are no issues like spreads widening even during high volatile market movements.

1 Like

We have to look at average spreads and conduct proper comparisons with other brokers. Or you are doomed to be in permanent search for an ‘ideal’ broker.

1 Like

I currently trade with an ASIC regulated broker FP Markets that has been active for more than 15 years. So it is a reliable broker to begin live trading.

Spreads are lower compared to other ecn brokers, and the spreads are consistent even during high volatile market movements.

1 Like

There are many brokers but the best one is still licensed with FCA UK, followed by ASIC. But in the future ASIC will also reduce trading leverage. Such brokers can also be found on which is a secure way of a license.

It’s not advised for newbies to experiment with brokers, better to make a safe choice and trade with FCA regulated entity. Later when you understand your priorities you can start to make research on trading platform you need.

I recommend FP Markets (Ecn), they have a robust trading condition and the spreads are really tight that averages at 0pips for the majors.

1 Like

I prefer trading with an equity broker FP Markets as they have minimum spreads for trading starting from 0.0pips in EUR/USD which is relatively low when compared to the average EUR/USD spread of 0.70 pips.

How are their withdrawals? And commissions? In my experience, IC Markets is best in spreads but $7 commission is a bit higher than normal. Currently, trading with fxview for scalping mostly, their spreads 0.2-0.3 pips in EURUSD, not to mention commission is very low $2/lot both sides.

You can give a shot to [removed for Forums violation], Turnkeyforex, eagle FX (NOT FOR U.S. CLIENTS)

You can give [removed for Forums violation] and turnkey forex a try. Noy really sure with the country they are based in, but they do accept nigerian clients with the minimum deposit of $10.

Drewpaul, Hi mate. Talking about transaction cost, you should try coinexx. They reimburse you the transaction cost that you incur while making deposits with them. And no withdrawal fees.

I am sure that there will be a lot of brokers that serve clients in Nigeria. What others will recommend will be on the basis of what worked for them. If you are looking for a broker for yourself, you will have to make sure that it caters to your unique requirements. Do your own research and make your own choice.

Hey, when it comes to brokers, there are ample choices. But make sure that you don’t stick to one and whichever broker’s you select, the trading platform they offer should match your trading style. Not just this, look into the currency pairs options they offer like major, minor, and even exotics.

Most brokers offer all the same currencies.

My advice would be to use EagleFX for Nigeria.

Look at what is important to you. Peronsally I favour trading conditions over regulation but some feel very strongly aboiut regulalation. IC Markets are good if looking regulated but perhaps a little pricey. CedarFX are a good offshore choice in my opinion and perhaps offer prices favourable to you in Nigeria. Make sure you look around and look at review sites :+1:

Lots of good information in the previous posts. I personally prefer unregulated brokers. I have tried most and they are solid. I have trader friends who are from Nigeria and Kenya and they use LonghornFX. We all do for forex and crypto. It has 10US min deposit and 500:1 leverage so perfect for small accounts or to test out all the features. Whatever you choose best of luck :slight_smile:

1 Like

All depends on your trading needs and wants .
Are you Stocks Forex or do you trade Crypto?
I’m close on 70% Crypto trading and the rest JPY pairs .
I use Hugosway and IC Markets.
Demo both first and see if they fit your particular needs .