Hotforex Live Account, Did write on their live chat just to be sure, and. What is best Nigerian forex broker?Brokers like IC Markets, Direct FX, Oanda, XM, Hot Forex or Local offices, translated versions of the broker's website in the local Hot Forex received the 'Best Client Funds Protection Broker Award' last year in · HotForex offers forex and CFD trading with NGN as base currency and local bank depsosits and withdrawals. Read the review before choosing HF. Best Forex Brokers HotForex has a local office in Lagos, Nigeria, and also provides local phone support to Nigerian clients. There are multiple account types to facilitate different types of traders HotForex is a multi-regulated CFD broker providing traders access to opportunities in the financial 3rd Floor, Wuraola House, 90 Allen Avenue, Ikeja, Lagos, Nigeria Agency: Financial Service
18 Best Forex Brokers In Nigeria (Updated ✔️July *)
Last Updated: March 29, Forex Trading in Nigeria is currently unregulated, though it is not illegal. Currently there are no locally regulated brokers in Nigeria. So if you are looking to trade forex, then it is advised to trade with popular foreign brokers that are regulated with global regulators like FCA, ASIC, CySEC or FSCA. And you should avoid brokers that are regulated with only offshore regulators.
Most major forex brokers accept traders from Nigeria. To make the search easier for you, we have listed the forex brokers that you can safely trade with. Our comparison is based on 11 factors including no. HotForex is our highest rated forex broker that we recommend for traders in Nigeria. They are a forex and CFD broker, that is regulated with multiple global regulators, so trading with them is considered safe. Nigerian clients at HotForex are registered under SVGFSA regulation with HF Markets SV Ltd.
In terms of top-tier regulation, Hotforex is regulated by FSCA in South Africa and FCA in the UK. The deposited funds are safe as HotForex claims to segregate the funds from the operational expenses of the company.
They provide very low spreads in the market. A rollover fee is charged on overnight holdings. There is no deposit and withdrawal fee, so that is a good thing. You can also set Nigerian Naira as your base currency. HotForex provides MT4 and MT5 trading platforms, hotforex office in lagos, which are available on Desktop PC and Mac as well as on mobile Android and iOS and a WebTrader.
Nigerian clients at XM are registered under the regulation of Financial Services Commission FSC of Belize with XM Global Limited. It claims to have served more than 5 million clients from countries since its incorporation in The spreads at XM are as low as 0.
All the forex and CFD trading account types at XM are commission-free but the shares trading account involves a commission. However, it can differ depending on the method of transaction selected by the client. They accept deposits and withdrawals through multiple credit cards, bank wire transfers, and electronic payment methods. Exness is regulated by FSCA FSP no.
It was launched in and offers trading on more than instruments including currency pairs. It offers 5 different account types and the fee structure depends on the account type chosen. The Standard and Standard Cent accounts are commission-free with spreads starting from 0. A large variety of transaction methods are available including local bank deposits, e-wallets, hotforex office in lagos, and cryptocurrencies, hotforex office in lagos. The customer support service is decent but there is no local phone support available in Nigeria.
FXTM is a hotforex office in lagos forex and CFD broker that charges average spreads and commission. It can be a suitable broker for Nigerian clients due to the availability of NGN-based account types and commission-free local bank transfer.
Nigerian clients at FXTM are registered under Financial Services Authority FSA of Seychelles. The multiple top-tier offshore regulatory license makes it much safer hotforex office in lagos many of the best forex brokers in Nigeria, hotforex office in lagos. It is reputed and award-winning forex and CFD broker that uses the STP method for the execution of trades.
The trading fees are decent when compared with other regulated brokers in Nigeria. The spreads with the Advantage account start from 0 but it involves a commission of 0. A minimum of 0. Each account type is available with NGN as base currency which is an added advantage for Nigerian clients. The deposits and withdrawals can be conveniently done via a local Nigerian bank transfer, hotforex office in lagos.
It also has a local office in Lagos with multiple local phone numbers for customer support. The support service through the live chat window is also helpful and user-friendly. FXTM allows trading on 63 currency pairs more than CFDs on commodities, stocks, and indices.
The max leverage ratio is for Micro and for Advantage account. The research and education tools are excellent making it ideal for the beginner as well as professional traders. Due to its excellent track record and added features exclusively for Nigerian clients, FXTM can be a good choice for trading forex and CFDs. OctaFX is a low-cost forex and CFD broker that uses STP method for order execution. The cost-efficient forex trading at OctaFX comes with excellent research tools and convenient funding methods.
Nigerian clients are registered under FSA regulations of St. Vincent and the Grenadines. Apart from this, the broker does not hold any other top-tier regulatory license. This makes it less safe than many of the forex and CFD brokers in Nigeria.
However, it can still be chosen hotforex office in lagos Nigeria due to the CySEC license. It allows traders to choose between MT4 and MT5 account types which have similar features. It accepts local bank deposits and withdrawals in Nigeria without any added commission. The spreads start from 0. This is lower than many of the forex and CFD brokers in Nigeria. The number of available instruments to trade is slightly lower than many competitors in Nigeria.
The maximum leverage is for currency pairs. OctaFX customer support is excellent with the live chat window but there is no availability of local phone support in Nigeria. Clients cannot open an NGN-based account at OctaFX as USD and EUR are the only available currencies.
Tickmill is a well-regulated forex and CFD broker that allows trading on various instruments with different fee structures. Nigerian clients are registered under Tickmill Ltd regulated by the Financial Services Authority of Seychelles. The third-party risk of trading with Tickmill is comparatively lower. There are 3 account types at Tickmill, each available with USD, EUR, and GBP as the base currency.
NGN-based accounts are not available. The classic account is a commission-free account with a slightly higher spread starting from 1. A total of 62 forex pairs, 16 indices, 2 metals, 4 bonds, hotforex office in lagos, 3 crypto pairs can be traded with different margin requirements for each asset class.
Max leverage for currency pairs is for every hotforex office in lagos type. Deposits and withdrawals are processed within 24 hours with the local bank transfer hotforex office in lagos Nigeria. Avatrade is a market maker broker but can be considered safe due to multiple top-tier regulatory licenses. Nigerian clients are registered under regulation of B.
I Financial Services Commission with Ava Trade Markets Ltd. There are no choices of account types. Each trader gets the same account but it can be upgraded to DupliTrade and ZuluTrade accounts. The base currency of the account can be chosen between USD, EUR, hotforex office in lagos, GBP, and AUD. There is no trading commission involved and the spreads are lower than many of the regulated forex and CFD brokers in Nigeria. Withdrawals can take up to 3 working days depending on the method chosen.
The customer support service at AvaTrade is decent but local phone support is not available. Overall, it is a good broker as the spreads are tight and multiple regulations make it safe. We have created a quick 6 point checklist that you should look for while choosing a forex broker. Regulations: Regulated brokers are safe to trade with, hence it should be the number one criterion.
Since Nigeria has no local regulations currently, ensure the broker is regulated with at least one globally reputed regulator like FSCA or FCA. We also suggest avoiding those brokers who claim to be regulated but are actually licensed under island regulations like Belize, VFSC, etc. Regulated brokers generally mention their regulatory license detail along with the license number at the footer on their official website.
These details of the regulatory licenses mentioned on their website can also be cross-checked for authenticity. Clients from each jurisdiction are registered under a particular regulatory authority. For example, Australian clients are mostly registered under ASIC regulation. Nigeria does not have a local regulatory authority governing the forex and CFD brokers.
Hence, it is important to acknowledge the regulation under which the clients are getting registered. The regulations can greatly affect the trading experience as max leverage, instruments, and trading conditions are structured according to regulatory compliance. Clients can visit the website of the concerned regulatory authority to check the register of licensed brokers and trading service providers.
The license number or the name of the broker can be used to search the details of their regulatory license. For example, the details of the FCA regulatory license can be checked online on Financial Services Register at FCA official website at register. You will find a list of all the licensed firms under hotforex office in lagos categories, so you can verify whether your broker is an approved dealing member or not.
You must also be aware of the scam brokers that may dishonestly claim to be hotforex office in lagos while showing the license number of other licensed brokers. The following table mentions the regulatory licenses held by the Best Regulated Forex Brokers in Nigeria. Clients must cross check the current regulatory status of the brokers before choosing any, hotforex office in lagos. The authenticity of the regulatory license can be hotforex office in lagos checked from the official website of the regulatory authority.
HotForex Official Corporate Video
, time: 1:387 Best Forex Brokers in Nigeria - Based on + Real Reviews
· HotForex offers forex and CFD trading with NGN as base currency and local bank depsosits and withdrawals. Read the review before choosing HF. Best Forex Brokers HotForex has a local office in Lagos, Nigeria, and also provides local phone support to Nigerian clients. There are multiple account types to facilitate different types of traders · XM – Lowest Spreads in the Trading Industry in Nigeria. IG – Best Nigerian ETFs Broker. 7B Forex – Broker with local offices in Lagos. Nigeria. InstaForex – Best No Deposit Forex Bonus. OctaFX – Best Analytics and Education. Tifia – Best Niara Low Spread Trading Account. LiteFinance – Best Islamic Account in Nigeria · 4. HotForex. HotForex was founded in Hotforex is very popular online broker in Nigeria with offices and customer support located in Lagos. This broker has entered Nigerian forex market in Hotforex Pros: Offices in Lagos Nigeria; Maximum high leverage ; The Minimum deposit amount is only $50; Welcome Bonuses for new forex
No comments:
Post a Comment