Jun 15, · To help Nigerian forex traders choose a broker we compared the fees and forex trading platforms to find the best forex brokers in Nigeria. Only CBN regulated forex brokers and broker from ‘tier 1’ regions such as Europe were considered as part of this June blogger.comted Reading Time: 9 mins Jun 15, · You may choose either some of our world renowned brokers with regulation in UK, Cyprus OR go with some local CBN regulated forex broker. Nigeria forex trading regulation. The Central Bank of Nigeria (blogger.com) shortly just CBN is the main regulatory body which controls the capital markets including forex companies 11 rows · Jan 05, · The forex market in Nigeria is regulated by the CBN. The central bank
27 Best CBN regulated Forex Brokers in Nigeria - (��️ Reviewed)
The Central Bank of Nigeria CBN is the body responsible for licensing and regulating forex brokers in Nigeria. However, since online retail forex trading in is a relatively new frontier in the country, there are no CBN regulated forex brokers at the moment.
But that should not discourage you from investing in the forex industry. There are incredibly reputable who are cbn regulated forex brokers brokers that accept Nigerian clients. Better still, these brokers are regulated by tier 1 regulators such as the FCA of UK and ASIC of Australia, who are cbn regulated forex brokers. hold still as we analyze the list of the best forex brokers in Nigeria. In the meantime, your best option would be to invest with forex brokers that are regulated elsewhere.
UK and Australia are two jurisdictions with good regulations for forex brokers. Choosing a broker that is regulated in one of these countries will ensure security for your funds and fair trade policies. In the UK, forex brokers are regulated by the Financial Conduct Authority while Australian Securities and Investment Commission ASIC oversees the forex market in Australia.
In the absence of CBN regulated forex brokers, it only makes sense to trade forex with forex brokers regulated in other jurisdictions. The list of forex brokers below are the top choices by other successful forex traders in Nigeria such as Uche Paragon. Although HotForex is not regulated by the CBN in Nigeria, it remains one of the best choices for both professional and beginner traders in Nigeria.
The broker offers many innovative features including a copy trading system that is christened HFCopy and an account management feature called PAMM.
With these two outstanding features, even traders who are not well versed in the art and science of trading forex stand who are cbn regulated forex brokers chance to invest and become profitable from forex trading. HotForex is regulated by other top tier regulatory authorities including the FCA, FSCA, and CySEC.
This makes it one of the most trustworthy and legit forex brokers because, like we pointed out earlier, brokers who are regulated either in the UK or Australia make for fairest brokers the world over.
HotForex also happens to have a local office and telephone support in Nigeria, which translates to faster resolutions for any issues that you might be having. HotForex also happens to be one of the brokers with very minimal deposit requirements.
Although we do not recommend professional trading with such a low amount, it does give new traders an opportunity to try the HotForex trading platform without risking too much money. Read the full HotForex Review Here. Lagos 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria Tel. Trading Fees : ForexTime has an average fee of 2. Founded inForexTime is regulated by the FCA in UK, which makes it one of the most reputable and legit forex brokers for traders in Nigeria. And just like HotForex, ForexTime has local representatives and office in the country.
ForexTime also known as FXTM was among the first international brokers to have a presence in Nigeria. The broker even offers a Naira account that is specifically who are cbn regulated forex brokers for forex traders in Nigeria. What we even love more about ForexTime in Nigeria is the fact that they are readily available to offer training to beginner forex traders.
ForexTime offers several account types tailored to traders of different levels. Support and responsiveness factor highly in our criteria for selecting the best forex brokers in Nigeria, and ForexTime scores highly in this. The fact that they have a local office in the country means that they will go out of their way to make your trading experience as seamless as possible.
You can fund your account using e-wallet options such as Neteller and Skrill. Cryptocurrency and local deposit methods are also available. Click here to see a list of all the deposit and withdrawal options available at FXTM.
XM Forex has frequently featured in who are cbn regulated forex brokers list of top forex brokers in Nigeria, and for good reasons too. To begin with, this broker has the easiest account opening process of all forex brokers we have so far reviewed.
The broker is regulated by 2 top-tier forex regulators ASIC in Australia and CySEC in Cyprus. Recall that we highly recommend trading with brokers regulated in either the UK or Australia. Due to the high requirements of brokers regulated in these jurisdictions, their strive to uphold fair trade practices for all traders, who are cbn regulated forex brokers.
Additionally, XM Forex offers a bevy of trading bonuses for its clients. Although there is a lot of debate as to whether the incentives offered by forex brokers is a good thing, the stand at ng is that you should take advantage of these offers to increase your usable margin with a broker.
With the proper knowledge and risk management tactics, it is very easy for a new trader to profit massively by leveraging the trading bonuses offered by XM Forex. The spreads at XM Forex are among the most competitive in the industry, who are cbn regulated forex brokers.
Grand Capital is one of the brokers with an increasingly heavy presence in Nigeria. Traders can always pop into any one of the Grand Capital offices for assistance with account opening, trading educationdeposits and withdrawals, and pretty much any other issues that you might be facing in your forex trading journey.
GrandCapital offers 6 account types. This, together with the GrandCapital ECN Prime account, are the choice of accounts for professional forex traders. For beginners in forex trading the Standard and Micro account offer the best trading conditions. LiteForex was founded inwho are cbn regulated forex brokers, and has relentlessy offered excellent services to clients from all over the world.
The LiteForex group of companies has been recognized for the placement of financial instruments on the forex international market as well as the futures markets. They provide brokerage services as their basic activity. The LiteForex group of companies is an official member of the Russian Association of Financial Market Members. Their main priority is to offer safe execution of transactions on the financial markets and to assure high standard of service offered by brokers to retail traders.
LiteForex professionals assessed the situation on the web trading market and reported that the level of access for each client to financial markets was quite high. Such an analysis led to an imaginative solution of creating special kinds of accounts while making the forex market accessible to thousands of traders. This concept is being used today by many brokerage firms, who are cbn regulated forex brokers. LiteForex guarantees the quality of operations through the Exchange-Lite.
com service. It has set up jointly a reserve fund to provide insurance of the exchange operations that are conducted. The professionals of Exchange-Lite. com understand the responsibility that is connected with secure service and who are cbn regulated forex brokers of technical support.
They provide quality service in online exchanges. This approach from LiteForex acts as a guarantee of long term cooperation with its clients in combination with the insurance reserve fund and a strong technical component program. The LiteForex group of companies is expanding its interests in the Far East.
It has already made its mark in Indonesia, Malaysia and Thailand. It is also very strong in the CIS countries. It is aiming to develop its trading and brokerage in the Chinese market. It is consolidating its status as a leading international forex brokerage group of companies. Last year, LiteForex was awarded the Best Forex Broker, Africa prize in who are cbn regulated forex brokers contest that is organized annually by World Finance.
This award was an acknowledgment of the services provided by LiteForex as judged by the community of international experts and professional traders from all across the world.
The category winners were selected by a special jury and by expert judgments of more than forty thousand representatives of the financial world from several countries.
LiteForex has its subsidiaries in more than one hundred and seventy countries. LiteForex group of companies has announced that an application for devices that use the Android operating system has been included in the list of available mobile versions of the MetaTrader 5 trading platform. This application will allow the Android users to get connected with the LiteForex trading servers and receive the quotes in real time.
The users can also conduct trading operations and follow the account history on their personal mobile gadgets. The MetaTrader 5 for Android program will enable access to the financial markets at any time and at any place.
A feature set of the applications will help people convert any of their forex trading strategies. They just have to download and install MetaTrader 5 mobile application for Android on to their mobile devices. The clients of LiteForex can download the software distribution package without any charge.
OctaFx is one of the best forex brokers in Nigeria. InOctaFx started working with Guaranty Trust Bank GTBanka move that saw the broker start accepting deposits and withdrawals who are cbn regulated forex brokers Naira. Since the beginning of this work relationship, deposits and withdrawals have been fast, secure, and cheap. There are no currency conversion fees, no charges on transactions, and more importantly, no intermediaries involved when funding your account.
The broker accepts deposits and withdrawals in Nigerian Naira, therefore saving traders currency conversion fees, who are cbn regulated forex brokers, which can often times eat into profits. What who are cbn regulated forex brokers for one trader may not exactly be the preference of another. This is of course due to the fact that when it comes to forex trading, people tend to play it in a way that would best serve their specific purpose.
For instance, large traders may prefer brokers who they who are cbn regulated forex brokers get along with and whom they can entrust their substantial accounts to. On the other hand, for retail forex trader, the best broker may be someone who efficiently uses the trading arena to successfully maneuver your trades. Also the best forex brokers could simply be those who own a resume that show off the most enticing trading platforms and the lowest spread and commissions.
Given this relativity of what the best connotes in terms of choosing a CBN regulated forex broker, who are cbn regulated forex brokers, the key is to know exactly how you want to go about your trading venture. For the sake of commonality though, here are some suggested areas you may want to look into when choosing Forex brokers.
Is the Forex Broker Legit? There are brokers who could easily play on both sides of the fence and they are the ones you should be weary of. Ease of Placing Trades on The Platform — Trading forex can sometimes be a mind boggling feat but if your chosen who are cbn regulated forex brokers executes easy placement of trades under trade submissions, chances are you would have an improved chance to gain profit and avoid considerable loss.
Before you determine what kind of broker you wish to work with, you first need to ponder on what kind of trader you desire to be. If you wish to stick with the given rules then most likely you would appreciate brokers who do the same. But if you are the type who is open to the possibility of maneuvering the rules of trading, then you should be warned that there are Forex brokers who might be ahead of you when it comes to this sort of game. I am a 28 year old full time Foreign Exchange Trader.
Best CBN Regulated Forex Brokers In Nigeria ��
, time: 11:23Trouble finding the best Nigerian Forex broker? Look no further
11 rows · Jan 05, · The forex market in Nigeria is regulated by the CBN. The central bank OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for Estimated Reading Time: 7 mins The Central Bank of Nigeria (CBN) is the body responsible for licensing and regulating forex brokers in Nigeria. However, since online retail forex trading in is a relatively new frontier in the country, there are no CBN regulated forex brokers at the moment. But that should not discourage you from investing in
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