The foreign trading is a global marketplace where investors can exchange national currencies against one another. Forex trading is a popular financial instrument that can make for financial freedom if done properly. However, choosing the right forex investment company can be a bit tricky. Nigeria has been fast developing in the area of forex trading; hence you will find many good brokers. However, there are many more scammers operating in the market. It is really important to invest with only trusted and regulated Nigerian forex brokers, if not forex trading can lead to enormous losses and potential penury.
The criteria for assessing forex investment platforms include the broker’s compliance with regulations, reviews from past or existing customers, the amount of fee charged (including hidden charges), minimum deposits allowed, trading & non-trading fees, promptness of deposits & withdrawals, support & deposit bonus, funding & available withdrawal methods, time lapse between transactions and executions, etc.
This article provides you with the top 5 forex investment companies operating especially for Nigerian forex traders and investors. Read on below:
Forextime is no doubt one of the best Forex investment platforms in Nigeria. They are also one of the few forex brokers with a local office and phone lines in Nigeria. Forextime is secure and safe for Nigerian forex traders. The platform is regulated under various legal laws in countries such as UK, Belize and Cyprus. Forextime operates in 57 major and minor currency pairs.
Forextime also beats other forex brokers in terms of their promptness in withdrawal and support. Forextime offers local customer support in English. It also offers 19 deposit & withdrawal options which include popular Nigerian trading methods of bank deposit & card payment. Users of Forextime can also create a demo accounts to learn how to forex trade and build up their confidence. With Forextime, you can start trading with just a deposit of N2000, this makes them a good option for new traders. Lastly, Forextime also offers a wide range of educational material and investment tips, including webinars to help its users trade better. to its clients, including trading webinars.
Alpari: Good ECN (Electronic Communication Network) broker & Low minimum deposit
Alpari is one of the oldest forex brokers in the world. It is also one of the largest in terms of the monthly transactions that happen on its platform. Alpari has a local office in Abuja, it also seeks to offer a good trading environment with good promotions, local deposit options, and 24 hours of customer support services. This makes it a great choice for Nigerian traders. Alpari has six different account types, with the Nano account, a forex trader can deposit as low as zero. Another bonus with Alpari is that you can also trade cryptocurrencies such as Ethereum and Bitcoin, however, this is limited to their ECN accounts only. Alpari does not charge any extra commission other than the spread. It also charges a very low spread on major currencies such as EUR/USD. In addition to all the above, Alpari offers zero fees with all their deposit methods, a 30% bonus offer for new users, and a loyalty bonus for old users. These mouth-watering offers make it a great option.
OctaFX – Low spread broker, commission-free local deposits and withdrawals
OctaFX is regulated by CySEC also accepts Nigerian forex traders on its platform. It offers good trading conditions such as a competitive spread, fixed and variable Meta trader 4 accounts, Meta trader 5 accounts, cTrader, Nigerian bank deposits and withdrawal methods, and trading platforms for mobile phones, websites, and desktop.
OctaFX offers a competitive spread on all trading assets, especially for those who seek to trade in major currency pairs, and 3 main cryptocurrencies (Bitcoin, Ethereum, and Litecoin).
Their customer support is also prompt in responding to issues, with chat support available 5 days a week and email support, 24/7. They also have WhatsApp text support available. However, they don’t have a Nigerian phone number currently. OctaFX offers funding and withdrawal options for Nigerian traders through Skrill, Neteller, BTC, and quick zero fees funding via bank transfer, or cash, or ATM in their GTBank account.
Hotforex: FCA Regulated, Low spread & 100% Deposit Bonus
Hotforex is one of the most recommended low-cost brokers in Nigeria. It was established in the year, 2010.
It has a local office and phone support in Nigeria. Hotforex is regulated by the Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA) South Africa, and CySEC and hence, a trusted broker for Nigerians.
Hotforex offers Prompt execution of a trade, low spreads on major currencies such as EUR/USD. It also provides good customer support. Hotforex is a good forex platform for those who are just starting to trade and invest in forex and for those looking for a low-cost broker. Hotforex offers a very low minimum deposit (as low as $) They also offer very competitive spread on EUR/USD with Zero Account.
Furthermore, Hotforex offers multi-platforms, whereby you can trade with Android, iPhone, and desktop. You can also trade on the MetaTrader 4 or Metatrader 5 platforms. Hotforex also offers Nigerian bank withdrawal and deposit methods as well as many wallet options. To use Hotforex, a minimum deposit of N30,000 is required for new clients.
XM broker is well regulated, fast execution of a trade, low spread, and is available on many platforms. It also offers a wide choice of trading instruments. The only downside to XM is that they do not have a local office in Nigeria. XM brokers offer 55 forex currencies, and more than 350 CFD (Contract for difference) instruments on its platform, which allows you to speculate on the rise and fall of prices of global markets. XM Forex also offers international training & education to traders on its platform. It offers low deposits and competitive fees, one of the lowest amongst all other forex investment platforms. XM has three major account types and does not charge any commission with any of their trading accounts.