The market of Forex brokers is up and running. They provide many options and extensive functionality. But the right choice of a broker is a difficult task for both beginners and experienced traders. There are basic criteria, such as the main regulators and capitalization, indicating the credibility and reputation of the broker. This info is not a big secret to a trading community.
But the most important thing when choosing the best Forex broker in Nigeria is to clearly understand what characteristics are of interest to a particular trader. Taking into account the needs and style of trading, each market participant can find their own suitable option.
To evaluate the possibilities and understand whether a broker is suitable or not, you can either visit the website of each Nigerian broker and get acquainted with it in detail or follow our ultimate guide.
Criteria for choosing a reliable Forex broker
When choosing a broker in Nigeria, you should definitely check the next set of parameters:
- the state it operates/registered in;
- capitalization;
- company status – broker or dealer;
- technical support for clients;
- expenses: structure of payments and commissions;
- account types;
- availability of additional services;
- features of calculating leverage and margin calls.
Before choosing a broker, traders need to familiarize themselves in detail not only with the aforementioned info but also read reviews. Pay the most attention to the following points:
License
One of the most important criteria is how the functioning of a Forex broker is regulated and in which state. This parameter will influence the opportunities for registration.
Beginners and experienced traders should choose a Forex broker registered in a state where the operation is controlled by a specialized agency. It is also worth finding out whether the offshore company is regulated or not because, in the first case, registration requirements are more liberal.
The list of states with strict conditions of regulators includes:
- USA;
- UK;
- EU;
- Japan;
- Australia;
- Switzerland.
A licensed broker is more likely to settle all transactions and also conduct them with a benefit not only for itself but also for the client.
Trading platform
Different brokers use different trading platforms, respectively the quality and range of trading terminals vary.
A number of serious brokers often develop their own application programs to simplify the technical analysis, automatically collect important statistics, and perform other operations. It should be noted that the most popular ones are the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. Many also use trading terminals and robot programs based on them that enrich their functionality and also enable automated trading.
Additional tools
Also, traders need quick access to real-time charts and rankings, news, and financial information. These characteristics and additional services should be taken into account by the trader in terms of the broker’s package offer, but they should not become the determining criterion.
It is important that a trader, regardless of their level, understands the degree to which the brokerage company complies with the standards for publishing live charts, news, and events.
Tech support
Another essential point when choosing a broker is the level of technical support. Ideally, it should be of high quality, operational, and 24/7, with training and courses provided on a regular basis. As a rule, reputable brokers have special educational platforms designed to work with traders of different skill levels.
Is it really so vital?
The choice of the best Forex broker in Nigeria can directly impact your future earnings. And if you consider this business as the main income source, then your pick is even of greater importance.
Forex trading can become a life changer for any Nigerian, and it would be too silly to give up this occupation due to, for example, the poor user interface of a particular website.
Of course, it cannot be said that making money on fluctuations in quotes is a process that is completely devoid of difficulties. Here it is important to take into account a whole list of factors:
- the current rate of a certain trading pair;
- the economic condition of the state;
- its statistical data (on the political situation, unemployment rate, etc.).
In other words, trading involves some skills and knowledge.
On the other hand, a reliable broker can indirectly solve a problem that is really urgent for many residents of Nigeria – increasing their own well-being with the opportunity to significantly improve their living conditions. Unfortunately, the state does not cope with this situation without providing a sufficient level of support.
