AMarkets Nigeria Review 2024 - TU expert opinion
Is the Forex market legit in Nigeria?
Performance of foreign currency buy/sell transactions in the Forex market is fully legal. Specialists of the Central Bank of Nigeria regulate the transactions and the income from trading must be declared and taxed. Forex trading industry is actively developing in the country, without foreign brokers entering the market, although the sector is weakly regulated at the moment.
Under the law of Nigeria, traders need to pay taxes and declare income. The financial regulator of Nigeria does not impose restrictions on trading any assets. Trading in the financial markets with licensed brokers in Nigeria is carried out 24/5.
How to Trade Forex in Nigeria
In order to start trading in the Forex market in Nigeria, you need to choose a reliable brokerage company and register a trading account. Next, you need to pass verification and deposit money to your account. You can use a demo account for testing strategy or gaining experience, before you start real trading.
Our Evaluation of AMarkets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
AMarkets is a reliable broker with the TU Overall Score of 7.24 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by AMarkets clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
AMarkets is a broker that is more suitable for professional trading. Everything here is designed to accommodate trading with EAs and that is the broker’s strength. The weakness of the broker is that it won’t be easy for traders without experience to work here.
Detailed Review of AMarkets in Nigeria
AMarkets 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.
AMarkets has been providing access to international financial markets since 2007. The company is interested in seeing its clients succeed, trying to create the best conditions for trading. Today, AMarkets is a company ranked among the Top 5 European brokers in terms of the number of successful clients. For this reason, the broker offers novice traders a free comprehensive trading course, daily webinars with professional traders and also nice bonuses for a quick start.
AMarkets in figures:
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1,000,000+ clients worldwide;
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550+ trading instruments;
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18+ international awards.
Advantages of AMarkets for trading in Nigeria
Traders Union analysts conducted a detailed analysis of AMarkets for traders from Nigeria. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Compensation fund in the amount of EUR 20,000 in case of unforeseen situations;
Professional analytics and unique instruments for manual and automated trading;
One of the fastest order execution speed in the market;
A possibility to earn passive income by using copy trading.
AMarkets does not limit the use of various trading methods: algorithmic trading is supported, locking and hedging is allowed and there are no limitations on the minimum position holding.
Analysis of the Main Features of AMarkets in Nigeria
Traders Union analysts analyzed the key features of AMarkets for traders from Nigeria. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for AMarkets traders from Nigeria
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of AMarkets trading conditions for traders from Nigeria. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, МТ5 (all modifications), AMarkets App
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📊 Accounts: |
Standard, Fixed, ECN, Crypto
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💰 Account currency: |
EUR, USD, RUB, ВТС
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💵 Replenishment / Withdrawal: |
Visa/Mastercard, Bank Transfer, МИР, UZCard, HUMO, Perfect Money, Neteller, FasaPay, Bitcoin. Ethereum, Litecoin, Tether (USDT TRC20, ERC20). AdvCash, Skrill, QIWI (for certain regions)
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🚀 Minimum deposit: |
$100 / €100
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⚖️ Leverage: |
Up to 1:3000
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
ECN - floating from 0 pips, Standard - floating from 1.3 pips, Fixed - fixed from 3 pips, Crypto - floating from 1.3 pips.
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🔧 Instruments: |
Currencies, assets of stock and commodity markets, cryptocurrencies
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💹 Margin Call / Stop Out: |
50–100% / 20–40%
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🏛 Liquidity provider: |
N/A
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Instant Execution, Market Execution (depending on the account)
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⭐ Trading features: |
Cryptocurrency trade; COT indicator; Cayman indicator; Autochartist.
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🎁 Contests and bonuses: |
Yes
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AMarkets Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by AMarkets for traders from Nigeria. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union analysts have analyzed trading conditions and the offer of AMarkets to check for evident and hidden fees. There are no hidden fees and the deposit fee is not charged. The broker charges a withdrawal fee, which depends on the type of the transfer and the payment system. On average, the fee ranges from 0.5% to 0,5-1.8% and does not depend on the account type.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | from 13$ | Yes |
Fixed | from 30$ | Yes |
ECN | from 0$ | Yes |
Crypto | from 13$ | Yes |
Additional fees are single and triple swaps for transferring positions overnight and a fixed fee for the ECN account of $2.5 in one direction ($5 per 1 full standard lot). A comparative analysis of AMarkets’ spreads with those of other brokers was also carried out. The EUR/USD currency pair and the ECN account (or its analogues with tight spread) were compared. Spread is expressed in USD per full standard lot.
FAQs
Is AMarkets legal in Nigeria?
Yes. AMarkets operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with AMarkets? Does the broker offer courses for traders from Nigeria?
Yes, AMarkets offers good trading courses and a lot of educational information for clients from Nigeria.
Can AMarkets be trusted? Has the broker been operating in Nigeria long?
AMarkets has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with AMarkets.
Is AMarkets suitable for novice traders from Nigeria?
Yes. AMarkets offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is AMarkets customer support in Nigeria?
AMarkets offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has AMarkets had any incidents involving theft of funds of clients from Nigeria?
No. AMarkets provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if AMarkets violates my rights?
Yes. If AMarkets violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can AMarkets clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of AMarkets is available for the clients from Nigeria.
Does AMarkets provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by AMarkets.
How can I withdraw funds from my account at AMarkets in Nigeria?
AMarkets supports bank transfers and debit/credit cards of the banks operating in Nigeria.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
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.