Forex Nigeria – Forex Academy

Forex trading offers attractive perks that draw in traders from all over the world, however, some aspiring traders hit roadblocks when attempting to open a trading account because forex is banned in certain countries. South Korea is a common example of a country that many brokers place on their ban list because it is illegal for residents of the country to open a trading account with foreign brokers.

Traders in the United States often have issues finding brokers that will accept them as well due to strict regulatory requirements. It isn’t possible for traders to lie during the account registration process, due to the fact that brokers require some type of document (like a utility bill) proving that they do live where they claim to. All of these rules and restrictions cause some confusion in the forex community.

If you’re wondering if forex trading is allowed in Nigeria, the quick answer is yes, but there are some things you need to know. Trading is actually becoming quite popular in the country, with more than $1.25 million is being invested in the market daily.

Nigeria has certain rules in place for its stock market stating that local stocks can’t be raised or lowered by more than 10% of its current value for the day. Unfortunately, forex traders don’t see the same level of protection, as forex trading is not currently regulated in the country. This means that there are no government entities watching over Nigeria-based brokers and holding them to higher standards that can protect clients. Here are a few reasons why this can be an issue:

If your unregulated broker goes bankrupt, traders are at risk of losing all the money in their trading account. With regulated brokers, those traders would be entitled to financial compensation.
Regulated brokers must comply with rules and regulations, which protect traders from fraud or mistreatment.

Fortunately, you can simply choose a broker that is regulated and based in another country, even if you are a current resident of Nigeria. If you want to open a trading account, you’ll just need to follow a few quick steps to get started:

Ensure that you have a suitable device with an internet connection, like a computer, a smartphone, tablet, or iPad. If you don’t currently have internet, you’ll want to choose a provider that offers good service. Airtel is known to bring the fastest provider in Nigeria.
Choose a broker. Now, you’ll need to do some research and invest in a trustworthy broker. Be sure to keep regulation in mind. Your broker doesn’t necessarily have to be regulated, but you’ll be more protected if they are.
Complete the account verification process. This usually goes fairly quickly, as you’ll be asked some personal details, like name, address, date of birth, etc. You should also be prepared to submit some form of ID and a document that proves you’ve provided the correct address.
Make your first deposit. The amount that you must deposit depends on your broker, as some will take $10 deposits and others set higher requirements of $100 or more.
Install your trading platform and get ready to trade! The exact platform you’ll be using will also depend on your broker, as some use 3rd party platforms like MT4 and others offer their very own platforms.

The process of opening a trading account from Nigeria is the same as it is for traders in many other countries all over the world. This is great news for aspiring Nigerian traders that are looking to take advantage of the highly liquid forex market and all of the perks that come with trading. As always, we will remind our readers to get out there and get educated before opening a trading account to avoid losing money at the beginning of your trading career.

With forex and trading becoming increasingly popular around the globe, places like Nigeria are on the rise when it comes to the number of active retail traders. Many new Nigerians are picking up the hobby of forex trading. Forex trading is becoming more and more accessible, with hundreds if not thousands of brokers and trading platforms being available to trade with, so as a Nigerian there is a lot to choose from. We are going to be looking at what some of the better brokers and platforms there are for people who are from Nigeria. There will of course be many others that we have not listed, but these are some of the better choices out there.

We must point out that when you are looking for your broker to use, you must take caution. There are a lot of less credible brokers out there who are only there to try and take your money. Ensure that you do your research before you sign up anywhere and ensure that you check out some of the online reviews for various brokers to help you avoid some of the less desirable ones. With that being said, let’s take a look at some of the better brokers for Nigerians. This list is in no particular order.

Pepperstone

Pepperstone is a very popular broker that was founded in Melbourne, Australia. They have been trading for many years and have gained a very positive reputation over their years of service. It is a regulated broker with a number of different regulatory bodies including the FCA and AFSL. The broker is also open for people currently living in Nigeria.

Plus500

Plus500 is a very well known and popular forex broker that allows for people in Nigeria to trade the markets, they offer over 2,000 different instruments over 20 different markets around the world. The broker trades through a mobile app which makes their markets very accessible, they also give you ultimate control over your trading including the ability to put on stop losses and take profits. You can start trading with Plus500 for just $100 with over 60 currency pairs available to trade.

CM Trading

CM Trading is one of the more well-known traders in Nigeria. They offer a wide range of different markets and assets to trade which include currencies, and other assets like stocks, metals, and crude oil. CM Trading is known all over the world and not just in Nigeria, having a top reputation as a good and honest broker. They are also regulated by a number of different regulatory bodies. You can sign up and start trading for just $250 and they allow you to deposit with the local Nigerian currency which makes depositing very straightforward for Nigerians.

HotForex

HotForex is another regulated broker that allows residents from Nigeria to join. They are regulated by the FCA in the UK as well as a number of other regulatory bodies around the world. The good news is that HotForex will enable people from Nigeria to deposit in their local currency which makes things very quick and straightforward. HotForex offers very simple and easy to use trading tools which allow you to trade on multiple devices including your mobile phone, making them very accessible as a broker.

AvaTrade

AvaTrade is yet another broker that is friendly to Nigerians. They don’t actually have a physical office in Nigeria, however, they do offer local support should you need any information, help, or assistance. Their main office is in South Africa and has approval and regulations in a number of different countries and with a number of different regulatory bodies which include the Australian Securities and Investment Commission. It is cheap to sign up, requiring just $100 to open up an account and they also offer fixed spreads on their accounts which makes working out the costs of your trades very straightforward.

FXTM

A broker that was founded back in 2011, it will allow clients from Nigeria to sign up with a deposit of just N2,000. FXTM allows for a number of different currencies including the Naira which makes things very easy to sign up with and to deposit there. They are a fully regulated forex broker that offers a number of fantastic features including a choice of trading platforms, a choice of account types, and a great customer service team. It is one of the world’s most trusted brokers and a great choice for traders in Nigeria.

XM Forex

XM Fores is another broker that allows people from Nigeria to sign up and trade with. They are a regulated broker with a number of different regulatory bodies such as the Securities and Investment Commission from Australia. They offer over 50 different currency pairs to trade so there is plenty to choose from. This broker goes the extra mile by not only offering trading capabilities but also offer training and tutorials for their traders to help improve their overall trading abilities.

Alpari

Alpari has been going a long time, they used to have multiple different brands but they have now combined into one large broker. They are popular with Nigerian traders as they have a physical office in Nigeria, so support is local. Giving Nigerians the opportunity to visit in person is a big boost to the trust levels. They also have regulations approved in a number of places such as the Securities and Exchange Commission in Cyprus. There are multiple different account types to choose from and they allow Nigerians to deposit in the local currency making things very simple.

So those are some of the better training platforms and brokers that you can trade with when in Nigeria. Trading and forex are becoming increasingly popular in Nigeria, so if you are thinking of joining and starting a career, this is a great time to do it. Remember that there are other brokers available too, these are just some of the available ones and there may be an even better one out there for you, but if you are looking for a broker to start with, one of the ones listed above would be a good choice to start with.