Choosing the right broker

I am from Nigeria i need a professional forex trader to introduce me to a good broker. please if you know of a good broker just link me because I want to start demo trading .

Hi ore123! If you use the search bar feature, you’ll find lots of threads here about choosing the right broker. It really depends on the person’s needs and preferences.

Also, try to check out the School’s lesson on things to consider when choosing a broker.

1 Like

Thank u so much for ur contribution, I really appreciate

1 Like

We have a group of traders on Telegram, many traders from Kenya and Nigeria use Forexchief. The broker also have an office there. Easy to use since they offer btc, and Perfectmoney and other African friendly payment systems.

1 Like

Google and you’ll be bombarded with a list of brokers each claiming to be the best with so and so features and tools. So how can you judge which one’s better? Well, there’s no one answer to it. In fact, here on this platform itself, you’ll get a list of different brokers that meet the requirements of fellow traders. So the bottom line is that you need to see for yourself which broker fits your trading style well. This isn’t going to be a simple task for sure. You need to spend a good amount of time deliberating the options.
As for me, I started with 5-6 options in hand including fxtm, fxview, etoro, avatrade, IB, and pepperstone. Started demo trading with each to see and analyze their individual features and platforms and how they react to a similar market situation.

But I guess offshore brokers aren’t bad either if they offer good spreads and low leverage right?

I have been using offshore broker for 4 years now. They aren’t bad. Select a broker that has been running for years. Stay away from the new brokers.

True. There are ECN brokers who directly pass on the trades to the liquidity providers with zero dealing desks. I started trading with ICM and its demo account and after a few years, moved to turnkeyforex that lets me hedge and scalp.

So all the rumors that I heard about difficulty in the withdrawal process aren’t true?

Don’t know what you’ve heard but all ECN brokers would process the withdrawal within 12 hours with no fees deducted from the account. I too was apprehensive in the beginning, so the best strategy I used was to have 1 local broker and one off-shore.

I personally prefer offshore brokers.
Regulators are more about protecting the big boys than us retail traders.

I like to use brokers that have an easy to use trading platform that can be easily customized and a good customer support team.

ECN brokers work great. You don’t have to worry about pricing as you get the best prices in the industry with them.

You can check offshore brokers. They have better trading conditions. But do check their market reputations before your risk your money.

I agree, coinexx has been working fine for me, happy with the spreads.

All most people will do is tell you what works for them. You have to know what is important for you. As someone from Nigeria, the thing I see a lot is struggles with banks being accepted by brokers so one thing you may wish to check are brokers that have a system you can use without issue. Also depending on your capital size when you look to go live, can you afford to deposit into a broker that say has a minimum of $250. Is regualation vital to you? Are super tight spreads something that you’ll need or will you be trading longer term so spreads might be a consideration. Create a check list of things you might need and it will then help you narrow down the choices.

Go for WesternFX! Search On Google! Because I don’t have link share permission!

Do u know abt exness broker please if yes is it legit

WesternFX is cool platform.

Turnkey forex is also good