Best Forex Brokers in Lagos
The best Forex broker in Lagos - FXTM
Best Forex brokers in Lagos are:
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FXTM - Top trading platforms; several deposit and withdrawal options; 1,000+ assets
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AvaTrade - Copy trading service; ser-friendly research and education tools; real-time trading signals
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InstaForex - Faster trade execution; deposit bonuses; ForexCopy system
In Africa, Nigeria, and specifically Lagos, is where you will find most of the educated and technology-driven individuals with a passion for online investments. This is why citizens in Lagos are open to different genuine online endeavors like Forex trading, provided it fetches them money to improve their living standards. But to become a profitable Forex trader, you need the best Forex brokers in Lagos.
You will need the best trading app in Nigeria for various reasons if you want to trade and earn like other traders in other countries. One of the main justifications for joining the top online Forex brokers in Lagos is to avoid Forex scams. And when we talk about the best Forex brokers, we are talking about regulated brokers with locations in Lagos or other cities in Nigeria or authorized foreign brokers who welcome traders from Nigeria.
TU experts will present you with the best Forex brokers in Lagos suitable for new and seasoned Forex traders.
Best brokers for Forex trading in Lagos compared
FXTM - top trading platforms; several deposit and withdrawal options; 1,000+ assets
FXTM is a good choice for traders from Nigeria. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
ForexTime provides services in 150 countries. The use of innovative technologies that allow increasing the speed of order execution is among the broker's priorities. Here, you can trade currency pairs, precious metals, as well as CFDs on indices, and global and European stocks. It has operated for more than 10 years in the Forex markets.
A few figures about FXTM that will be of interest to traders choosing a broker:
More than 10 years of active work in the Forex market
Provision of services in 150 countries of the world
Has over 2 million customers
Minimum deposit starting from $10
More than 25 international awards
84% of withdrawal requests are processed within 5 minutes
Avatrade - copy trading service; ser-friendly research and education tools; real-time trading signals
With many online brokers offering citizens investment opportunities in Nigeria, the challenge is knowing which ones are the best. When considering trading CFDs, you must verify the broker's track record, regulatory status, and reputation. AvaTrade emerges as a pioneering broker and is among the best options for those seeking where to invest money in Nigeria.
Avatrade, founded in 2006, is a safe broker for Nigerians with lower fees, better support, a good bonus, and security. The FSCA, the Bank of Ireland, and other leading regulators oversee AvaTrade. AvaTrade provides several cost-free deposit and withdrawal methods.
With a $100 minimum deposit, AvaTrade offers new customers a 20% deposit bonus. Additionally, you can trade instruments like Forex and CFDs on commodities, shares, indices, metals, and more. Avatrade offers leverage of 1:30 to 1:400 and spreads ranging from 0.9 to 3 p.
AvaTrade offers traders the option of automated trading using trading advisors, indicators, and other analysis tools with no restrictions on trading or scalping.
InstaForex - faster trade execution; deposit bonuses; ForexCopy system
Founded in 2007 and already among the best trading platforms in Nigeria and other countries, InstaForex is what investors need to know about. InstaForex, a prominent name in online FX trading, offers the best trading environment with European regulation.
Even though InstaForex is regarded as a lower-risk Forex broker, it ensures the security of Nigerian traders' funds with transparent investment practices. InstaForex's service integrity earned them the UK Forex Best Social Broker Award in 2016. And they went on to win the prize for the best Forex trading platform for cryptocurrencies in 2018.
Is Forex trading legit in Lagos?
Yes. Forex trading is legal in all the states in Nigeria, including Lagos. The enticing bonuses and offers on many Forex platforms in Nigeria should not tempt traders to sign up with unreliable brokers. Therefore, it is advised that traders only transact with licensed local and foreign Forex brokers. Well-regulated brokers ensure traders in Nigeria get the best trading experience.
Is Forex trading safe in Lagos?
With the strict regulatory standards set for brokers operating in Nigeria by top international financial institutions, trading Forex in Lagos is safe. Trading with a broker who is regulated by financial organizations in the EU or Australia is secure.
However, keep in mind that even after you begin trading, signing up with a licensed broker does not guarantee the safety of your assets. Market risks still exist. The trader may have to integrate various risk-management and trading strategies to avoid losing trades.
How to choose a Forex broker in Lagos?
Trading Forex is easy and profitable when you trade with the best Forex brokers in Nigeria. Finding the best Forex brokers in Lagos is the only difficulty potential traders might encounter. But if you know what factors to consider, you will have no trouble locating the best Forex broker in Lagos. Below are factors to consider before registering with a Forex broker in Lagos.
Research to see if the broker is regulated and has offices in Lagos
Analyze the broker trading conditions offered and read the terms of service on the platform
Check the various account types and the minimum deposit for each
Find out which reading platforms the broker integrates; for example, if they support MT4, MT5, cTrader, etc
Examine the trading resources and software, the maximum leverages, spreads and swap rates, and available currency pairs
Read reviews left by clients who traded with the broker before you conclude that they are reliable
What is the best Forex broker for beginners in Lagos
The best Forex brokers for beginners provide traders with options like:
Passive income options - copy trading and PAMM trading capabilities
Educational materials and other trading resources
Low minimum deposit
Special accounts (demo, cent)
While there are many top Forex brokers in Nigeria, InstaForex is among the best Forex brokers for beginners in Lagos.
InstaForex review
InstaForex, founded in 2007, is among the best forex brokers for beginners in Lagos for several reasons. This broker offers a broad range of Forex trading products with cutting-edge technology and an easy-to-use platform. In addition to contests and numerous bonus programs, they provide a demo account, a swap-free account, the Forexcopy system, and the PAMM System.
Forex newbies will enjoy low-cost deposit options, professional education, and an analysis section that allows traders to execute trades confidently. The Financial Services Commission (FSC) in the EU oversees InstaForex services. The platform complies with all Forex trading compliances and regulations to guarantee that its customers and investors receive the best support possible.
They also offer users many other advantages, such as compensation, balance protection, etc. In comparison to other trading platforms, the fees charged by this platform are reasonable, and it offers the best availability of leverage.
Forex Trading Sessions in Nigerian Time
In Africa, Forex trading continues to gain remarkably in popularity, and Nigeria is among the biggest Forex trading nations on the continent. It is crucial to comprehend the Forex trading sessions in Nigeria if you are a Forex trader with interests in the Nigerian FX market. This is because the opening and closing times for the various Forex trading sessions globally do not coincide with Nigerian time. Here are the Forex sessions in Nigeria.
1. European session
Trading for the European session begins at 8:00 a.m. and ends at 5:00 p.m. (09:00 a.m. to 6:00 p.m. local Nigerian time). The European session is held in London. During the European sessions, EUR/USD, GBP/USD, and EUR/GBP are the three best currency pairs to trade.
2. Asian session
Trading for the Asian session begins at 12:00 a.m. and ends at 9:00 a.m. (01:00 a.m. to 10:00 a.m. local Nigerian time). The Asian session is held in Tokyo. During the European sessions, USD/JPY, GBP/JPY, and EUR/JPY are the three best currency pairs to trade.
3. North American session
Trading for the North American session begins at 2:00 p.m. and ends at 11:00 p.m. (03:00 p.m. to 12:00 p.m. local Nigerian time). The North American session is held in New York. During the North American sessions, EUR/USD, GBP/USD, and EUR/GBP are the three best currency pairs to trade.
4. Pacific Sessions
Trading for the Pacific session begins at 4:00 a.m. and ends at 1:00 p.m. (5:00 a.m. to 2:00 p.m. according to local time in Nigeria). The Pacific session is held in Sydney. During the Pacific trading session, AUD/USD and NZD/USD are the three best currency pairs to trade.
FAQs
Which Forex broker is the best in Nigeria?
Among the best Forex brokers in Nigeria are FXTM, RoboForex, Avatrade, InstaForex, FxPro, Exness, XM Broker, and HF Markets.
Who is Nigeria's richest foreign exchange trader?
Uche Paragon tops the list of the wealthiest Forex traders in Nigeria (net worth: $20 million).
Which broker is the best for beginners in Nigeria?
RoboForex and InstaForex are among the best Forex brokers for Beginner traders in Nigeria.
Which forex broker is best in Africa?
XM, RoboForex, and AvaTrade are among the best Forex brokers in Africa.
Glossary for novice traders
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Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
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CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
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Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).