The day to day life of Nigerians has been affected by foreign exchange movements too many times, and this has resulted in a large number of people who understand well the forex market and are willing to start trading and make a profit out of it. This gives Nigerians a wide range of options when it comes to the broker they want to use. The future may simply be the next successful trade, or it could be attaining a broker that suits the type of trading that he wants to do.
The company has received so many awards by year in the Forex Markets. Alpari is really a highly successful Forex Brokers with many different years of experience in the game. When it comes to Forex security and reliability, make sure you are dealing with the top in the Forex business. FXPro -This is the number 1 Forex Brokers in the world and it has remained the best choice since FXPro is professional in Forex investment and one of the top Forex brokers.
I hope reading this post will enable you to make the best choice when choosing the best Forex brokers in Nigeria. Sign me up for the newsletter! List of Best Forex Brokers in Nigeria: Leave a Reply Cancel reply Sign me up for the newsletter! ECN brokers usually just charge a commission per transaction, and so have no incentive to game the bid-ask spread. Be sure to read all fine print and contract details before opening a new account, so you know what kind of broker youre dealing with.
Also, be careful to note which governing agencies the broker is regulated and licensed by. Before selecting a new broker, you should consider funding and payment options, along with all associated fees and interest charges. In our research, we found that withdrawing money from an account was trickier than depositing money into the account. Since it may take days or longer to retrieve your funds, you should not trade with money that you actually need in the short-term.
However, if you hold a position overnight, the broker will charge you interest. Since Islamic law prohibits interest, most brokers offer interest-free accounts for Muslims; these accounts charge a fee rather than interest.
Brokers may charge other fees, including wire-transfer fees, margin rates and routing fees. Trading Platforms Most forex brokers use the MetaTrader platform with their clients, a popular trading platform that an experienced trader will likely already know well. Youll likely have access to MetaTrader both on the web and via mobile. All platforms are now web-based, although many brokers offer their own proprietary trading platforms as well. We compared how easy it is to contact the forex brokers and what kind of education they provide to clients.
Proper trade execution is critical for a forex trader to have success in trading the currency market. The difference that a few seconds can make in execution can be the difference between good profits and a failed trade. There are two ways of trade execution, and a proper trader should be aware of both of them so that he may choose the right broker to suit his unique trading needs. The first type of execution is the Dealing Desk. Forex brokers who use dealing desk operations are those that operate as a direct counterparty to any trade that you make.
This means that they create a micro-forex market where you trade directly with them, instead of with the wider currency market. Whenever you place a trade with a dealing desk, the broker is taking a trade opposite you. Many traders prefer dealing desks as they tend to offer fixed spreads, as they are the ones controlling the rates that they offer to their clients. With this type of execution, the forex broker simply acts as an intermediary between the trader and the main financial institutions.
This means that the traders are trading directly with the currency market. Brokers do not have control of the quotes that they offer and as such the rates are not fixed, but instead, they offer floating spreads.
The point is, that for each trader, the type of trading execution that he needs for his objectives may be different. Each trader must know what his own goals are, and what type of environment he would be comfortable in. This remains the same with Forex Broker Nigeria market as well. It may seem that all a trader needs is a checklist of all the attributes that he should look for to determine his success; one of the items on this checklist being how to choose a good Forex broker.
In reality the success of a trader is in fact determined by something much simpler. It is determined by his ability to know the objectives that he wants to achieve, the ability to truthfully assess himself and the patience to plan and work towards the future that he wants.
The future may simply be the next successful trade, or it could be attaining a broker that suits the type of trading that he wants to do. The point is that a trader must know what he is looking for so that he will know the best choice when he has found it. For finding a good Nigerian Forex Broker, a trader should be aware of the type of unregulated market environment that the country operates in, and ensure that whichever broker he chooses is regulated by an outside institution.
He should ensure that the type of currencies that the broker is offering meet his trading needs, and that the type of trading execution, spreads and commissions will not hinder his own trading objectives. And in order to do this, he must know what those objectives are. If a trader does this, he has begun to lay the proper foundations towards success.