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The Nigerian market has always been lucrative to businesses, which would explain the many foreign investments into the country. Part of these investments have lately been made by Forex brokers seeking to expand their customer base. Nigeria has so best forex broker in nigeria managed to draw several Forex brokers already who have thrived in the country, but not all of them have been the best Nigerian FX brokers.
Inasmuch as there are some very good brokers in Nigeria, there have also been some bad apples who have perpetrated some nasty Forex scams, leading to millions in losses. There are a lot of things one needs to consider about a Forex broker before they start to work with them.
Many of these have some importance to the general everyday trading experience, but there are some very crucial aspects to be considered. The latter considerations are more important because they can be the best forex broker in nigeria between a long-term, profitable partnership, or a series of losses ending up with your being broke. The most important factor has to do with financial regulation.
Therefore, only CBN regulated Forex brokers should be considered as it not only provides a measure best forex broker in nigeria fund security but also shows that the company is willing to abide by the law. Besides regulation by the CBN, another important factor has to do with account currency. We know that most Forex brokers will present your account balance in US dollars, which is a good option since most currency trades are based on the US dollar.
Nevertheless, you may want to have an account based on your local currency, in this case, the naira. Having an account based on your local currency has several benefits, but most of all it protects you from rapid shifts in exchange rates.
You would end up with less naira than you had expected. Fortunately, the top Nigerian FX brokers will provide naira-based accounts specifically for Nigerian citizens. By allowing deposits and withdrawals in naira, you are less exposed to currency fluctuations and can better plan your finances. There are at least a dozen FX brokers operating in Nigeria today, yet not all of them make the list of trusted Forex brokers in Nigeria.
To identify the best brokers in Nigeria, they first need to be licensed by the CBN and preferably have a local office. According to this criteria, the following brokers could be considered ideal partners:. Nevertheless, there are still other Forex brokers not directly licensed by the CBN, but who still offer great service. A look at some of the Best forex broker in nigeria Forex broker reviews will show that there are quite a few such brokers whom other Nigerians have worked with successfully.
However, it is still not recommended to work with a locally unregulated broker, even if they have been licensed elsewhere. While it may not be completely illegal to do so, there are certain downsides to dealing with such companies. Even in the worst case scenario, you can be assured that your funds are safe. It is quite an alarming situation considering how many Nigerians participate in this market. In a article by Finance Magnates, they reported there were overtraders in the industry.
Since then, you can bet that the number has only continued to rise exponentially especially in the wake of economic uncertainty. Perhaps the largest Forex brokers in Nigeria may have hundreds of thousands of clients in their books. Despite the lack of regulations, there are still good reasons to work with a broker licensed by the CBN. The first has already been mentioned in the best forex broker in nigeria section — fund security.
Besides, there is another reason why the best Nigerian FX broker will be licensed and based in Nigeria. On the 23rd of Aprilthe CBN imposed a cap on the amount that could be spent using debit best forex broker in nigeria credit cards for overseas transactions.
This daily limit still stands to date. For someone dealing with an offshore Forex broker, this limit can be very restrictive especially if you are a high net-worth investor. This is another reason why you may want to choose a CBN regulated Forex broker for your Forex trading. Of late, there has best forex broker in nigeria a push by the best Nigerian CFD brokers to create targeted regulations and bring the industry to the fore. The Association of Online Forex Trading Agents is a group of online-only Forex brokers operating in Nigeria who are seeking to gain acceptance in Nigeria.
Their intent is to try and recreate the online retail Forex market as a viable investment not only to individuals, but to institutional investors as well. A high occurrence of Nigeria Forex scams has cast a bad light on the industry recently, but the group hopes to best forex broker in nigeria up the image of the Forex market among the Nigerian people.
There is now a new avenue for Forex brokers in Nigeria as well, brought about by the increasing popularity of bitcoin in the country. There was a record best forex broker in nigeria transaction of bitcoin that Nigeria became the 23rd largest bitcoin market worldwide this December. This has been a great opportunity for CBN cryptocurrency brokers who also allow speculators to best forex broker in nigeria and profit from bitcoin and other cryptocurrencies especially through the use of leverage.
After the investors had deposited the money, the monies were deposited into two domiciliary accounts — Reoworld Enterprises and Willyrich International Business Services. Afterwards, the funds were transferred to other accounts and she had fled to Ghana. However, it is uncertain whether the funds can be recovered since they were transferred to several other accounts.
This is not the first Forex scam in Nigeria, nor will it be the last. The worst part is that best forex broker in nigeria scams are done even by major financial institutions like banks. To identify the top Nigerian Forex broker, you will need to heed all the lessons expressed in this best forex broker in nigeria diligently. Otherwise, you may find yourself in a situation you never wanted to be in when you first considered Forex trading.
Despite some of the negatives of Forex trading in Nigeria, do not feel discouraged because it can best forex broker in nigeria be very profitable if only you are careful. Stay up to date with the financial markets everywhere you go. Home - What are the best Forex brokers and how to choose the right one? Top tips to finding the top Nigerian FX broker to trade with The Nigerian market has always been lucrative to businesses, which would explain the many foreign investments into the country.
Who are some of the best Nigerian Forex brokers around? According to this criteria, the following brokers could be considered ideal partners: Trading platform MT4, WebTrader. Open Account Read Review. Get the most recent news at your inbox.
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