I am from Nigeria and i want to start trading forex, as per my country i have a limited option for brokers cause most of the highly regulated brokers in the world dont accept Nigerian.
So am left with only Alpari. I’ve researched on alpari and found out they are having some regulation issues so i want to know if its safe to trade with them or is there any other legitimate broker i can trade with, that accept Nigerians.
according to me, their reputation right now not good as like before , you can check FPA where so many reviews are available about this brokerage.
before choosing a broker minimum we the traders have to trade in demo to see the broker performance. even though most of the time we can see lots of difference between demo and live
I think you were misinformed about your opportunities in choice of a regulated Broker. From the best of my knowledge Nigerian clients are accepted by CySec regulated Brokers with no issues at all - Exness, TrioMarkets, FXTM, etc. There are hundreds of them, just google. Some Brokers have multiple regulations and operation companies to serve the clients from different regions. You will be redirected to the required registration page according to your IP. You have a big choice actually.
I’ve heard of Exness and FXTM, i also know that FXTM is still owned by Alpari corperation, but those companies hasnt gotten so much years of experience… Can i trust FXTM since its same alpari that owns it?
And you should not. I’m just saying that there are a lot of fully regulated Brokers to choose from and many of them are both CySec + FCA regulated that is pretty much enough for decrease of the non-trading risks. ESMA (CySec regulation) by the way is rather strict nowadays in regards to the retail client protection measures. Want to be sure that you are served by the regulated operational company? Check that the trading conditions offered by a particular Broker are in full compliance with the regulatory requirements. One of the main triggers here for CySec for example will be the leverage & stop out level - up to 1:30 on major currency pairs for non-professional retail clients and 50% margin stop out to protect you from the negative balance.
are you sure fxtm owned by alpari corporation ? first time known to you
Looks like yes - “Andrey Dashin, the founder of Alpari forex brokerage institutions, created FXTM in the year 2012.” Not sure about the ownership but he was definitely a shareholder. Even then it does not mean that both companies are operated the same way. There can be absolutely different regulatory jurisdictions etc.