FxPro 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 FxPro
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
FxPro is one of the top brokers in the financial market with the TU Overall Score of 8.5 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
FxPro is a reliable broker company that offers market access to all traders, regardless of their level of knowledge and experience. Broker's clients are protected from negative balance; their activities are carried out in comfortable conditions and with competent professional support.
Detailed Review of FxPro in Nigeria
FxPro 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.
The company prioritizes the development of innovative technologies and trading tools that allow traders to carry out not only profitable, but also convenient trading.
The broker offers CFDs on Forex, stocks, such as: Nvidia stock, Apple stock, Google stock, Tesla stock, indices, futures, metals and energy. FxPro is proud to offer Base Metals & Gold Future CFDs. In addition to existing metals, the company now offers Aluminium, Zinc, Copper & Lead, and Gold Futures to trade. The company provides its customers with the prime liquidity and it is characterized by improved execution without the intervention of dealing.
This summary outlines the figures of the FxPro, which will help to make the right decision when choosing a broker:
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the company's capital - €100,000,000 (level 1);
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retail and institutional clients in more than 170 countries;
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over 85 international awards;
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4 trading platforms;
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7 international sponsorship projects;
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6 asset classes;
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execution speed — <14 ms;
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more than 7,000 orders executed in 1 second.
Advantages of FxPro for trading in Nigeria
Traders Union analysts conducted a detailed analysis of FxPro 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:
the ability to hone the strategy and test the trading adviser by opening an FXPro MT4 account and gaining access to interbank liquidity. There are low and moderate spreads, and no commission on this account;
negative trader balance insurance;
wide selection of trading platforms;
additional free services for VIP clients;
segregated accounts;
wide range of deposit and withdrawal options;
learning from experienced professionals;
6 asset classes;
narrow spread. Available at the broker - accounts with a fixed and floating spread ;
there is free analytics, news, calculator, and calendar features.
Analysis of the Main Features of FxPro in Nigeria
Traders Union analysts analyzed the key features of FxPro 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 FxPro 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 FxPro 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: |
MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge
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📊 Accounts: |
FxPro MT4 Instant (with fixed spreads), FxPro MT4 Instant (with floating spreads), FxPro MT4, FxPro MT5, FxPro cTrader
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💰 Account currency: |
USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY
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💵 Replenishment / Withdrawal: |
VISA/MasterCard, Maestro, UnionPay, Cryptocurrency transfers, Perfect Money, Skrill, Neteller
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🚀 Minimum deposit: |
100 (USD, EUR, GBP, CHF)
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⚖️ Leverage: |
Up to 1:500 subject to the jurisdiction. For example, maximum leverage for certain jurisdictions is up to 1:30 for currency pairs.
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
From 0.01 lot
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💱 Spread: |
from 0.0 pips
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🔧 Instruments: |
Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies.
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💹 Margin Call / Stop Out: |
25/20
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🏛 Liquidity provider: |
12+
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution
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⭐ Trading features: |
Scalping - for all types of financial instruments; Negative balance protection for customer accounts; 24-hour multilingual support, 5 days a week; Advisors; Algorithmic Trading.
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🎁 Contests and bonuses: |
No
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FxPro Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FxPro 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 professional team has analyzed FxPro trading conditions for commissions. For comparison and reference convenience, the results have been presented in the table.
Account type | Spread (minimum value) | Withdrawal commission |
FxPro MT4 Instant | From $10 | 0 |
FxPro MT4 Fixed | From $5 | 0 |
FxPro MT5 | From $5 | 0 |
FxPro cTrader | From $3 | 0 |
FxPro Platform | From $1 | 0 |
Also, TU experts analyzed other fees of the broker and compared spreads to those of its competitors. Trading conditions give fixed fees subject to the trading volume on certain accounts. For example, $7 for each full standard lot is charged for currencies and metals. The EUR/USD pair was taken to compare spreads, which was converted from pips into monetary value.
FAQs
Is FxPro legal in Nigeria?
Yes. FxPro operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with FxPro? Does the broker offer courses for traders from Nigeria?
Yes, FxPro offers good trading courses and a lot of educational information for clients from Nigeria.
Can FxPro be trusted? Has the broker been operating in Nigeria long?
FxPro has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with FxPro.
Is FxPro suitable for novice traders from Nigeria?
Yes. FxPro offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is FxPro customer support in Nigeria?
FxPro offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has FxPro had any incidents involving theft of funds of clients from Nigeria?
No. FxPro provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if FxPro violates my rights?
Yes. If FxPro violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can FxPro clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of FxPro is available for the clients from Nigeria.
Does FxPro provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by FxPro.
How can I withdraw funds from my account at FxPro in Nigeria?
FxPro 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.