Today Nigeria is one of the leading regions in foreign exchange trading in Africa. Increased interest in the Forex marketplace has been caused by the global quarantine, which left many people out of work. Thus, in Nigeria, the unemployment rate increased to 23%.
So, people were trying to find some new sources of income that were not so affected by the pandemic. A lot of them select trading on the global financial market, especially on the Forex section.
Why Forex industry has attracted so many users in a fairly short time? Here are some main reasons:
- Accessibility. All that is required to start making trades is a working appliance and a good Internet connection. The market is functioning online and support services more often are provided in several languages.
- Opportunity to begin with small capital. Standard the lowest deposit required by brokers is about $10-20.
- Liquidity. Traders do not need to search for a buyer on Forex like on other platforms. There is always a demand because currency is the most liquid type of goods in the world. All transactions are provided immediately.
If you want to start Forex trading right now, there is only one thing that should be done before your first trades. It is the choice of your broker. A brokerage company is necessary for successful Forex trading.
In Nigeria there are 5 the best Forex trading broker services:
- RoboForex
- Exness
- HF Markets
- AVATrade
- XM
RoboForex
Main features:
- Wide range of trade Forex pairs
- 8 asset classes
- Tight spreads from 0 pips
- Availability of Copy trading
- Various types of accounts including an Islamic account
- Instant withdrawals and deposits
- Generous bonuses
- The highest leverage – 1:500
- The lowest deposit sum – $10
Exness
Main features:
- Free deposit and cashouts
- Bonus program
- More than 130 currency pairs
- Average spread starts from 1.3 pips
- Multilanguage support available 24/5
- The highest leverage – 1:2000
- The lowest deposit sum – $1
HF Markets
Main features:
- Tight spreads from 0 pips
- 100% Supercharged Bonus
- Low commissions
- The highest leverage – 1:1000
- The lowest deposit sum – $5
AVATrade
Main features:
- Average spread starts from 0.9 pips
- Deposit and payout fees are zero
- Greeting bonus
- The highest leverage – 1:400
- The lowest deposit sum – $100
XM
Main features:
- Tight spread starts from 0.1 pips
- $3.5 commission per $100 000 traded
- Support team is available 24/5
- The highest leverage – 1:30
- The lowest deposit sum – $5
