FXTM 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 FXTM
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
FXTM is a reliable broker with the TU Overall Score of 7.82 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FXTM 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.
ForexTime is a progressive broker that actively uses innovative technologies to provide the best trading terms for traders, regardless of their trading experience. ForexTime fits both novice and experienced traders. The company provides its services in 150 countries and ensures full safety and security of its clients' funds because they are kept in segregated accounts.
Detailed Review of FXTM in Nigeria
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 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.
Advantages of FXTM for trading in Nigeria
Traders Union analysts conducted a detailed analysis of FXTM 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:
optimal leverage;
auto trading is allowed;
clients’ funds are stored in segregated accounts;
multi-lingual personal managers;
the ability to use MT4 indicators;
the ability to trade using a VPS;
is licensed by a financial regulator.
The FXTM broker does not restrict traders in choosing a trading strategy, but standard account types have restrictions on the maximum number of open and pending transactions.
Analysis of the Main Features of FXTM in Nigeria
Traders Union analysts analyzed the key features of FXTM 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 FXTM 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 FXTM 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, FXTM Trader
|
---|---|
📊 Accounts: |
Micro, Advantage, Advantage Plus
|
💰 Account currency: |
USD, EUR, GBP, NGN
|
💵 Replenishment / Withdrawal: |
Visa and MasterCard, electronic payment systems, bank transfers
|
🚀 Minimum deposit: |
$10
|
⚖️ Leverage: |
Up to 1:2000
|
💼 PAMM-accounts: |
No
|
📈️ Min Order: |
0.01
|
💱 Spread: |
From 0.0 pips
|
🔧 Instruments: |
Currency pairs, precious metals, CFD contracts on stocks, commodities, and indices
|
💹 Margin Call / Stop Out: |
40-60%; 50/80%
|
🏛 Liquidity provider: |
-
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Instant execution, Market execution
|
⭐ Trading features: |
Stock trading; VPS server; Income and pips calculators; Currency converter; MT4 indicators.
|
🎁 Contests and bonuses: |
Yes
|
FXTM Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FXTM for traders from Nigeria. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The trading conditions of ForexTime were analyzed by Traders Union specialists for the presence of trading and non-trading commissions. There are no hidden fees in the company, no fee is charged for replenishing a trading account, and the commission for withdrawal is set by payment systems and ranges from 0.5% of the withdrawal amount to €30. On the Advantage account, spreads start from 0.0 pips, but the trader is charged a commission of $0.4 to $2 per lot.
Account type | Spread (minimum value) | Withdrawal commission |
Micro | From $15 | Depends on the payment system |
Advantage | From $0,4 | Depends on the payment system |
Advantage Plus | From $15 | Depends on the payment system |
There is a fixed swap commission for transferring orders to the next day. We have compared FXTM's trading commissions to those of competing companies and brokers were assigned low, medium, or high commission levels.
FAQs
Is FXTM legal in Nigeria?
Yes. FXTM operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with FXTM? Does the broker offer courses for traders from Nigeria?
Yes, FXTM offers good trading courses and a lot of educational information for clients from Nigeria.
Can FXTM be trusted? Has the broker been operating in Nigeria long?
FXTM has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with FXTM.
Is FXTM suitable for novice traders from Nigeria?
Yes. FXTM offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is FXTM customer support in Nigeria?
FXTM offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has FXTM had any incidents involving theft of funds of clients from Nigeria?
No. FXTM provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if FXTM violates my rights?
Yes. If FXTM violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can FXTM clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of FXTM is available for the clients from Nigeria.
Does FXTM provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by FXTM.
How can I withdraw funds from my account at FXTM in Nigeria?
FXTM 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.