With over 50 forex trading platforms in Nigeria selecting the best forex trading platform in Nigeria becomes a difficult task. Before I go into details, I will like to appreciate your effort in trying to know the best forex trading brokers in Nigeria because they are those you will hand over your hard-earned money to.
It will shock you to know that most forex trading platforms in Nigeria are not brokers instead they are agents. As such the risk of doing business with them becomes very high.
With this post or article on the best forex trading platform in Nigeria, you are going to know the real brokers you can confidently do business with.
You may still be wondering, what is the difference between a forex broker and forex agents.
A forex agent is someone representing a foreign forex broker in Nigeria. In this case, you pay money into his account or companies account, he then funds your account to the broker proper.
Most times this process is very fast that you may not even know that they are serving as a middle man between you and the main broker. The risk of doing business with forex agent is even higher than trading forex itself.
While dealing with the forex brokers entails paying money directly to the brokers account. In fact, they have a full presence here in Nigeria. In other words, you are having direct transactions with the real and reliable broker, there is little or no risk trading with these brokers.
With that in mind, let’s go into details of best forex brokers in Nigeria.
Best Forex Trading Platform in Nigeria
There are two reliable brokers you can trade on their platform here in Nigeria. They are:
- FXTM (Forextime)
- Hot Forex.
When I was doing my research on the best forex trading platform in Nigeria, I took my time to visit most of the forex trading brokers in Lagos. Therefore, these 2 made my list, and have their full presence here in Nigeria.
Let’s take a deep look into the features you need to consider before using any broker. Because I made my final selection based on these features.
Also Read: [ Best Fx Trading Training that Saved me]
1. FXTM Nigeria
The physical office address of FXTM is 3r Floor, 5 Allen Avenue, Ikeja, Lagos Nigeria. Also, their Abuja address is 1st floor, Suite 109, Obum Place, Plot 1140, No. 16, Adetokunbo Ademola Crescent, Wuse 2 Abuja, Nigeria
FXTM is the overall best forex broker in Nigeria for the following reasons:
Advantages of Using FXTM Nigeria
Licensed and Regulated
Once you step your feet into their office, the first thing you will see is the licensed and regulatory notice. Yes, this broker is fully regulated by PriceWaterhouseCoopers, which is the highest regulatory body.
This makes it the most transparent broker to do business with here in Nigeria.
They have one of the most reliable customer services you can think of. FXTM have various options through which you can reach them easily. They are available on Viber, Telegram, Facebook, and even call back option.
Their phone numbers are always available for instant help. In fact, their Lagos phone number is 08031534373, and the email address is firstname.lastname@example.org.
With all these available means of reaching them, you will always get the attention and support you need from them at any given time.
Fast of Doing Business
Because they are fully on ground here in Nigeria, their means of transaction is faster than trading with any foreign broker. They accept a deposit in Naira and pay you in Naira. In fact, you can get withdrawal with 2 hours.
In addition, their server is so powerful that even with the weakest network you can execute your trade easily.
Sufficient Trading Instrument
With this best forex trading platform in Nigeria, you have sufficient instrument to trade on. There are more than 250 forex pairs you can trade on. CDFs and commodities, CFDs and indices, spot metals, share CFDs, cryptocurrency CFDs, and stock are all you can trade from FXTM platform.
They really know that your existence or continue staying in the market will help them make money. Therefore, they have various free forex trading education to help you make money on a regular basis.
In fact, if you are a fast learner you can become a good trader using best forex broker’s training sections. Education is tailored to suit any trader.
That is why they have a comprehensive forex trading ebook, forex trading seminars, and webinars. Also, they have forex trading videos and some forex strategies that have proven to work overtime.
The Disadvantage of Using FXTM
No forex trading broker in Nigeria that is 100% perfect. They have their bad side also. Experience has shown that FXTM Nigeria has a very high spread. In other words, what they charge per trade you enter is usually high.
But as for me, I don’t bother much about spread because as long as you can trade, you will always win most of your forex trades.
In addition, their overnight commission is also high, which makes it difficult to leave your trade for a very long time.
Apart from these 2 disadvantages, they are the safest broker to trade with. After all, is better to pay a higher commission than an agent running away with your money completely.
If you want to start trading today with this broker then Click Here to visit the official website
www forextime.com is the website to go over to now.
2. Hot Forex Nigeria
Hot Forex Nigeria is a broker I can reliably recommend because they are fully present here in Nigeria. I was in there office at 90 Allen Ave, Allen, Ikeja to see things for myself, and really they are out to do business with Nigerians.
I have not personally traded with this broker but I was opportune to ask some of their clients I met on ground the day I went there some questions.
According to most of them, they choose Hot forex as the best forex trading platform in Nigeria because they have one of the lowest spread ever.
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Also, their commission is very reasonable when compared to other brokers in Nigeria. Further investigation revealed that they also have a good education plan for their clients.
They have provision for forex e-courses, free video lessons and tutorials, and webinars. They equally have a lot of instruments you can trade on.
In fact, their trading platform is so versatile such that you can trade cryptocurrencies, CFDs, stocks, commodities and many more.
The most important of all is the safety of your fund, and that is guaranteed by hotforex because they are licensed and regulated by FCA (Financial Conduct Authority ) in the UK.
Evidence gathered from traders also shows that you can easily fund and withdraw your gains from their platform. Also, you can fund in Naira and withdraw in Naira. In fact, they are one of the best forex brokers you can rely on.
Click Here to Register with this broker
Disadvantages of Trading with Hot Forex Nigeria
As usual, no forex trading broker is 100% perfect, hotforex inclusive. According to traders using this broker, their major challenge is poor customer service.
They all agreed that the time of response is too slow, which makes it very difficult to get your problems resolved easily.
Another problem that they all claimed to be facing with this broker is the difficulty of executing a trade in a very volatile market.
But on the overall rating, they are all happy because the platform is completely reliable and free from manipulation.
My research shows that the delay in response is a result of the number of clients they have. Yes, they have so many clients. Though they promised to improve on their customer service because the complaint is getting much.
Best Forex Trading Platform in Nigeria- Wrap Up
Obviously, these are the 2 forex trading platforms that are very much reliable in terms of fund safety, trading education, and speed of doing business.
They are very much present on ground. In case of any problem, you can easily walk to their offices to get a solution to your problem.
Remember, there are other forex trading agents on ground that promises you heaven and earth if you register with them. But the truth is that you can’t make money with these people because they manipulate their platforms. And they can even run away with your money as in the case of liteforex agent.
So, to trade with confidence and profitably register with any of these best forex brokers because they have the best forex trading platform for Nigerians.
Here is the registration link to the FXTM Nigeria www.fxtm.com
Here is the registration link to Hot forex Nigeria www.hotforex.com
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