As the world continues to advance, new investment avenues are being formulated. One particular area that is becoming increasingly popular is Forex trading. The number of trading platforms has tremendously soared in the last decade. Unfortunately, this has led to confusion due to the sheer number of Forex brokers. Nevertheless, this also shows the popularity of this particular sector.
Nigeria is a country that has seen substantial growth in Forex brokerage firms. Companies such as globex360 have made it easier for Africans to invest in the foreign exchange market. Before commencing on forex trading, it’s always important to understand how it works, besides analyzing the best brokerage firm. Here is a guide that will aid you in choosing a trading platform.
Important Consideration When Choosing A Forex Brokerage Platform
Scope of Leverage
Most often than not, people who trade forex prefer to use some sort of leverage. You should always be aware of the scope of your leverage for you to appropriately control your trading account and position.
Custom Tools
A good trading platform should always be favorable for traders. It should be compatible with various add-ons that can facilitate automated and tailored trading strategies that are easily specified by the trader.
Education
Forex trading is considered a risky investment vehicle; people who are new to forex trading have a high percentage of being wiped out, especially if they don’t have the proper knowledge and understanding. Likewise, adept investors also have to constantly learn and revise various aspects of forex trading. Thus, choosing a platform that offers training sessions is very crucial. A good number of platforms have virtual accounts where people can trade in real markets using pseudo currencies. Hence, in the unfortunate event a trader loses most of his or her money, the person wouldn’t go at a loss. This also allows investors to come up with investment strategies that they have tried and proven to be working.
Customer Service
Joining a platform that has poor customer service can be very frustrating and costly. Ensure that the forex broker you’ve chosen has quick and reliable services. This would help you solve pressing problems more quickly, thereby guaranteeing efficiency.
Regulation and Fund Security
Always ensure that every firm you’re dealing with is a licensed and legitimate operator. This will eliminate any unnecessary friction with the authority that might flag you for illegal activities. Additionally, you should also pick Forex brokers that have a diversified payment system.
The Best Forex Brokers in Nigeria
Forextime (FXTM)
This is one of the most popular trading platforms in Nigeria; it has a local office and prompt customer service who are ready to help their clients should they encounter any problem. FXTM also operates in other countries including Cyprus, UK, and Belize; therefore, it’s a platform that is safe and trusted. Forextime has a low minimum deposit of about 2000 Naira besides having a fast payout.
Hotforex
Hotforex is a forex trading platform that is currently regulated by several organizations including the FSCA, FCA, and CYSEX. The minimum deposit required is US$5; clients also get a 100% bonus when they sign up. Additionally, existing clients can also get tailored loyalty bonuses. Hotforex has exceptional customer services such as live chat features, phone, and email support.
Alpari
With over 2 Million active customers, Alpari is among the earliest and most secure forex trading platforms in Nigeria. It has multiple withdraw and deposit options, with the minimum deposit being zero. The platform is regulated by the Cyprus Security Exchange Commission and has a local functional office in Abuja.
Exness
Exness is a reputable brokerage platform that is currently regulated by CySEC and FCA. Clients can use multiple payment options including online banking services, as well as Bitcoin, EWallets, and credit or debit card transactions.
Final Thoughts
Technological advancements have made it easy for people to make money, regardless of their location. Given the sheer number of people joining foreign exchange platforms, Forex trading is certainly expected to grow in the coming years. There’s a lot of things that a person should consider before beginning forex trading. Ergo, ensure you’ve properly trained and equipped yourself. Applying the aforementioned points will certainly help you become a successful trader.
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