Forex4you 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.
Detailed Review of Forex4you in Nigeria
Forex4you 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.
Forex4you is one of the leading companies providing services in the Forex market. The company sets the implementation of innovative data transfer technologies as its priorities, as it will reduce the trading time to a few milliseconds. Forex4you also introduces new trading tools that open up even more opportunities for traders to earn money. Forex4you is planning to expand the range of trading instruments by adding over 10 major cryptocurrencies.
A few figures about Forex4you that will be interesting for traders choosing a broker:
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1.4 million open trading accounts;
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more than 1 billion of executed transactions;
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more than 12 years of work in the Forex market.
Advantages of Forex4you for trading in Nigeria
Traders Union analysts conducted a detailed analysis of Forex4you 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:
insurance of trader's risks by an independent company in case of unforeseen situations;
segregated accounts - customer accounts separated from the brokerage account for operations;
5 asset classes with over 150 CFD tools, including cryptocurrencies;
relatively narrow spread. There are accounts with fixed and floating spread;
there is a social trading platform with instant copy trading and a unique risk assessment system;
there is free analytics.
There are no restrictions on strategies - hedging and locking are allowed, there are no requirements for the minimum hold time in the market.
Analysis of the Main Features of Forex4you in Nigeria
Traders Union analysts analyzed the key features of Forex4you 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 Forex4you 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 Forex4you 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, Forex4you, МТ5
|
---|---|
📊 Accounts: |
Demo, Cent Fixed, Classic Fixed, Cent Pro, Classic Pro, Classic Standard
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💰 Account currency: |
EUR, USD
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💵 Replenishment / Withdrawal: |
WebMoney, Neteller, Skrill, VISA, MasterCard
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🚀 Minimum deposit: |
From 0 USD
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⚖️ Leverage: |
Up to 1:1000
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01 — 200/1000
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💱 Spread: |
From 0.1–2.0 pips
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🔧 Instruments: |
currency pairs, CFDs on stocks, stock indices, metals, and energies
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💹 Margin Call / Stop Out: |
50-100%/10-20%
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🏛 Liquidity provider: |
MarketPlace (unique aggregator)
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📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Instant Execution, Market Execution
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⭐ Trading features: |
Cryptocurrency trade; Relatively narrow spread; Free analytics
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🎁 Contests and bonuses: |
Up to 100% for replenishment, up to 50% cashback
|
Forex4you Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Forex4you 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 experts analyzed Forex4you trading conditions. Cent Pro and Classic Pro have fixed fees per each full lot of $0.1 and $8 respectively in addition to spreads. There are no deposit fees, but withdrawal fees are 0.8-2.5% subject to the payment method.
Account type | Spread (minimum value) | Withdrawal commission |
Cent Fixed | from $0.2 | Yes |
Cent Pro | From $0.01 | Yes |
Classic Fixed | From $20 | Yes |
Classic Pro | From $1 | Yes |
Classic Standard | from $9 | Yes |
There are swaps (commission for transferring the position to the next day). We also made a comparative analysis of trading commissions in Forex4you with similar indicators of competitors. Based on this comparison, each broker was assigned a level from low to high by this criterion.
Expert Review of Forex4you
Forex4you has established itself as a reliable partner that offers high quality trading conditions. There are cent accounts for beginners as well as professional ECN accounts with narrow market spreads. I would specially focus on the responsible approach to forming the rating of traders on the Share4you social trading platform, which allows traders to rank managers by risk level.
The brokerage company Forex4you is suitable both for those who just start to get acquainted with trading through to professional traders who build their own trading systems and entice investors to them. The broker has been cooperating with the Traders Union for more than a year, and during this time there have been no significant complaints about the work of this broker. Any issues that do arise, the customer support resolves quickly and with maximum benefit for the client.
The company's website allows you to quickly evaluate, analyze and compare all offers of active and passive trading. Due to a comprehensive full-featured service and a ‘client-first’ approach, the company gains the rightful leading position in the Traders Union ranking of Forex brokers.
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FAQs
Is Forex4you legal in Nigeria?
Yes. Forex4you operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with Forex4you? Does the broker offer courses for traders from Nigeria?
Yes, Forex4you offers good trading courses and a lot of educational information for clients from Nigeria.
Can Forex4you be trusted? Has the broker been operating in Nigeria long?
Forex4you has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with Forex4you.
Is Forex4you suitable for novice traders from Nigeria?
Yes. Forex4you offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is Forex4you customer support in Nigeria?
Forex4you offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has Forex4you had any incidents involving theft of funds of clients from Nigeria?
No. Forex4you provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if Forex4you violates my rights?
Yes. If Forex4you violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can Forex4you clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of Forex4you is available for the clients from Nigeria.
Does Forex4you provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by Forex4you.
How can I withdraw funds from my account at Forex4you in Nigeria?
Forex4you 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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!