NordFX 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 NordFX in Nigeria
NordFX 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.
NordFX is a broker worthy of traders' attention. It offers the widest range of services in the Forex market.
The convenient website of the company allows you to quickly evaluate, analyze, and compare all offers for active and passive trading.
Comprehensive service and customer focus raised the company to one of the leading positions in the Trading Union broker rating.
A few figures that could be interesting for traders choosing a broker:
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operates in 18 countries;
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over 1,250,000 registered accounts;
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Over 25,000 partners;
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Over $30,000,000 paid to partners;
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more than 12 years working in the Forex market.
Advantages of NordFX for trading in Nigeria
Traders Union analysts conducted a detailed analysis of NordFX 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:
6 asset classes;
advanced CPA up to $700;
support is available in 14 languages.
second-level commission up to 10%;
low spread; accounts with fixed, floating spreads;
free analytics.
The brokerage company took into account the needs of clients. Close cooperation with global marketing leaders during 12 years of work has helped the broker to reach its highest level. A professional team helps their clients to master the heights of business in the Forex market.
Analysis of the Main Features of NordFX in Nigeria
Traders Union analysts analyzed the key features of NordFX 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 NordFX 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 NordFX 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: |
MT4 MultiTerminal, MetaTrader Mobile, MetaTrader 4
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---|---|
📊 Accounts: |
Demo, Fix, Pro, Zero, Savings
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💰 Account currency: |
USD, BTC, ETH
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💵 Replenishment / Withdrawal: |
Perfect Money, Neteller, WebMoney, Skrill, PayWeb, Payza, HandyBank and Elexnet, FasaPay, EgoPay, DIXIPAY, Payment, bank cards, bank transfer
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🚀 Minimum deposit: |
Fix — $10, Pro — $100, Zero — $500, Savings - $500
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⚖️ Leverage: |
1:1000
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.01
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💱 Spread: |
From 0.9 pips (floating), from 2 pips (fixed)
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🔧 Instruments: |
Currency pairs, cryptocurrency (11 pairs), 6 CFDs on indices, oil, gold, silver
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💹 Margin Call / Stop Out: |
Fix - 40%/20%, Pro - 40%/20%, Zero - 60%/40%
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🏛 Liquidity provider: |
Multiple
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Order execution: instant and market
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⭐ Trading features: |
Cryptocurrency trade; Copy Trading; RAMM service; Free analytics.
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🎁 Contests and bonuses: |
n/a
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NordFX Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by NordFX for traders from Nigeria. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
NordFXtrading conditions were reviewed by Traders Union analysts for the presence of explicit and hidden commissions. There is no commission for replenishment; commission for withdrawal depends on the type of account and in some cases, it is also absent.
Account type | Spread (minimum value) | Withdrawal commission |
Fix | From 2 pips | No |
Pro | From 0.9 pips | No |
Zero | From 0 pips | 0.0035% for the transaction (in each direction) |
Also, our experts have compared trading commissions at NordFX with those of the broker's competitors. As a result of comparing the brokerage company, we assigned a level: low, medium, high.
Expert Review of NordFX
The brokerage company NordFX has proven itself as a reliable partner by its cooperation with the International Traders Union. Members of the Union especially appreciate the three types of trading accounts offered by the broker. You can choose a trading account with the best conditions for you.
For over ten years of cooperation, there have been no significant complaints from traders against the broker. All issues were resolved in the client's favor.
The Traders Union recommends NordFX as a reliable partner with optimal trading conditions for traders with different levels of expertise.
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FAQs
Is NordFX legal in Nigeria?
Yes. NordFX operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with NordFX? Does the broker offer courses for traders from Nigeria?
Yes, NordFX offers good trading courses and a lot of educational information for clients from Nigeria.
Can NordFX be trusted? Has the broker been operating in Nigeria long?
NordFX has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with NordFX.
Is NordFX suitable for novice traders from Nigeria?
Yes. NordFX offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is NordFX customer support in Nigeria?
NordFX offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has NordFX had any incidents involving theft of funds of clients from Nigeria?
No. NordFX provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if NordFX violates my rights?
Yes. If NordFX violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can NordFX clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of NordFX is available for the clients from Nigeria.
Does NordFX provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by NordFX.
How can I withdraw funds from my account at NordFX in Nigeria?
NordFX 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.
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.