The work of foreign exchange (forex) brokers is basically to buy and sell currencies which are used in foreign countries. This is a renumerative business in some sense, and the value is contingent upon the trade volume which comes with some commission each. In Nigeria, there are a lot of forex brokers who operate this business here. On the off chance that you are looking for the services of one of these firms, this article will be of immense help. Continue reading as we will highlight the top ten forex brokers in the country.
Looking at the role of forex brokers in the international market, it can be said that they have significant value in the financial sector. It starts from the way they act as middlemen in order to speed transactions between their clients and the foreign market. In broad definition, a forex broker can be a financial institution, person or service company that enable traders to gain access to a platform for foreign currency exchange. This will involve buying and selling of foreign currencies. Foreign exchange transactions are always between two different currencies. Retail foreign broker or a currency trading broker is another name in which a forex broker may be known.
At some point, most people might wonder how forex brokers make money. This question has a straight answer which is very obvious. Normally, the forex broker will charge a commission per trade or a spread which is in return for executing buy or sell orders. That is the major way in which they make their money. Nevertheless, a good number of brokers do claim to offer commission-free trades in their transaction.
LIST OF TOP 10 BEST FOREX BROKERS IN NIGERIA
The following are the top 10 forex brokers operating in the country with the best forex trading platforms this 2023. These companies offer a range of services that suites their clients. Interestingly, one significant thing about most of these companies is that they allow Nigerians to do deposit and make hitch-free transactions in Naira. They include:
Avatrade are a leading forex trading company in the country that are based in Ireland and they are managed by the Central Bank of Ireland, BVI, ASiC and MiFID. They offer 400:1 influence and you can begin exchanging with a base store of $100. They make different stages accessible to their customers, as MetaTrader4, ACT, etc. Their site is at www.avatrade.com. Their customers are given the opportunity to open both real and demo exchanging accounts.
This is another top Nigerian forex foreign exchange broker that is controlled by ASIC, FSC and FSA UK. They work on MetaTrader 5 stage. The company offer a leverage of 500:1 and with it you can start trading with $100 as the base deposit. They can be accessed from their site at www.ytfx.com. Their customers can open both genuine and demo trading accounts.
Plus500 is one of the top forex brokers in the country. Having a minimum deposit of £100, the service company is managed by ASIC and Financial Conduct Authority. You can have a trading account with share up to 1:20. Using Plus500 enables their brokers to trade on the company’s trading platform. Also, the forex brokers can permit their enlisted dealers to open both real and demo trading accounts. You can access Plus500 platform at www.plus500.com.
With Sunbird, you can open a foreign trading account with this forex brokers. They have a leverage of 100:1 and they are managed by BaFin, CySEC and FSA. They also offer you the opportunity to trade on their MetaTrader 5 and MetaTrader 4 trading platforms.
This forex broker is controlled by CySEC, CFTC and ASIC. Their trading platforms are Trade Desk and Web Trading. Accessing this platform isn’t that hard, as you can go to www.easy-forex.com. You can create a trading account with a leverage of 400:1. The least account surplus of $25, and another good thing is that their customers can open both real and demo accounts.
Admiral Markets are also a reliable forex broker in Nigeria that makes the difference by offering a wide range of forex trading platforms available, and similar to Admiral Markets Web and MetaTrader 4. Fully controlled by FSA and MiFID, they have a leverage of 500:1 and the minimum exchanging deposit of $10. Admiral Markets clients can create both real and demo forex trading accounts. You can access their website at https://tr.admiralmarkets.com.
Dupont is a non-regulated forex broker in Nigeria. The company has both SirixWeb and MetaTrader 4 trading platforms to be accessible to their enlisted brokers. Also, they offer a leverage of 1:200 and a minimum trading deposit of $100. Their website is at www.dupontfx.com. On the whole, this forex broker is open to both real and demo transaction accounts.
ECMarkets is directed by MiFID and CySEC and their exchange platform incorporate EC Trader Lite, EC Mobile Trader and MetaTrader 4. A leverage of 200:1 and a minimum trading deposit of $100 is offered by the broker. Their site is at www.ecmarkets.com. Another good thing about ECMarkets is that their customers can open both genuine and demo exchanging accounts.
This foreign exchange broker have a MetaTrader 5 platform to their customers. They offer a transaction store on their trading platform which has a minimum of $10. You can access their site at www.caesarpartners.com. Using the platform enables their clients to open both real and demo trading accounts.
This is yet another forex broker which in the top in the country. Named Markets.com, they offer both Market Trader and MetaTrader about four platforms for their customers. Notable names like FSA, MiFID and CySEC are the directors of the forex company. Moreso, the company offer a leverage of 200:1 and their minimum trading deposit of $100. They enable their brokers to open both demo and genuine account. You can access the website at www.markets.com.
On the whole, a forex broker is a business middleman that creates the enabling atmosphere for international transactions. They give a platform where buyers and sellers go to buy and sell currencies which will later be traded for cash. In a right way, a forex broker can be seen as a middleman that acts between the client who want to transact foreign currency and the market.
In the course of this write-up, we emphasized briefly on who forex brokers are, their roles and how they spin their own money. Our major was on highlighting the top ten best forex brokers in Nigeria. Nonetheless, there are many others who would have make the list. In any case, after giving you a view of these top ones, that’s where we draw the curtain in this article.