Start Trading In Nigeria

Forex has gained a lot of popularity lately in Nigeria. The Foreign exchange market is actually the largest and most liquid market in the world with an average trading volume exceeding 7 trillion dollars daily, isn’t that mind boggling? 🤔🤔🤔

Forex Overwiew

Foreign exchange trading or currency trading entails trading of currencies from two different countries against one another. Not only currencies can be traded though, but this decentralised market also allows trading of Bonds, energy, indices, cryptos currencies, commodities, stocks, shares etc.

Forex trading is done in a decentralised global market, making transparency and security a major relevance. Foreign exchange trading in Nigeria is not regulated even though the market is most active across Nigeria.

Since it has not been regulated  this high liquid & volatile market does not attract any charge because current pricing is carried out based on supply & demand of currency traders.

 

How To Trade The Forex Market

In order for individuals to gain access to this global market, two tools are required namely;

Forex trading platform
Forex broker
Forex broker is a firm that gives its client access to the foreign exchange market;

Forex brokers operate as a Middleman between you(client) and the market. One key Factor in being successful in Fx trading is choosing a good broker.

This article would explain extensively crucial things to consider when choosing a broker and Best Forex brokers in Nigeria!

Top 5 Best Forex Brokers In Nigeria

hotforex
5/5
5/5

 

 

Low Spread Broker

OCTAFX
4.5/5
4.5/5

 

 

 

No Swap Broker

Go to Website

fxtm
4.5/5
4.5/5

 

 

Fast Execution Broker

deriv
4.5/5
4.5/5

 

 

Best Synthetic Broker in Nigeria

4.5/5
4.5/5

 

 

Best For automated trading strategies

6 Crucial Metrics To Consider When Choosing a Broker

  • Security
  • Transaction cost
  • Deposit and withdrawal methods.
  • Trading platform
  • Execution
  • Customer service

 

Security of funds is the major characteristics a good broker must exhibit. Fortunately checking the reliability of forex brokers isn’t complex. Though Forex trading is not regulated in Nigeria they are top-tier regulatory agencies/bodies worldwide that differentiate fraudulent brokers from the legit ones.

List of Countries with Regulatory Bodies
The United States—National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)

United Kingdom— Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

Australia — Australian Securities and Investment Commission (ASIC).

Switzerland— Swiss Federal Banking Commission (SFBC)

Germany— Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)

France — Autorité des Marchés Financiers (AMF)

Canada— Investment Information Regulatory Organization of Canada (IIROC)

Mauritius— The Financial Services Commission (FSC)

Before thinking of putting funds in a broker make sure it is regulated by one of these bodies listed above.

 

This is a software that enables we the investors and Traders to place a trade and monitor over a network with a financial intermediary. Trading platforms are like the interface that makes trading possible. The most recommended platform for Forex trading is the META TRADER application. It has a list of numerous brokers, trading community, indicators for analysing the market, news for fundamental analysis, tool for determining future price action such as Fibonacci retracement, channels, trendline and graphical representations.it also provides pioneering automated trading systems with expert advisors.

 

Every trader must submit to transaction cost every single time they place an order(enter a trade), You have to pay for either the spread or a commission to the broker.


A good forex broker would allow its client to deposit and withdraw funds without stress because brokers hold clients money to facilitate trading and make it easier for its client. A good broker makes a withdrawal of clients funds swift and smooth.


A good broker must fill you at the best possible price for your orders. If a market is stable (low volatility, low liquidity, or no surprise events on news releases) and you place an order, A good forex broker should get you filled at that price. The speed at which brokers fills orders is very relevant, particularly for scalpers.

 


Nothing is perfect even brokers. They are bound to be problems may be due to Technical faults or maintenance, so withdrawal or deposits of funds may be delayed. A good broker must allow smooth communication between the firm and its customers when a problem arises.

FAQ about Betting Sites in Nigeria

Any quick questions about betting sites in Nigeria? Wondering which betting sites have the best odds or best bonuses? Check these frequently asked questions!

There are so many great betting sites in Nigeria; and all of them have their strong and weak areas.

In our opinion, the betting site that ticks most boxes is betway. Betway is a very user-friendly betting site.

On betway Nigeria, you will find a nice welcome bonus, good odds, quality sportsbook and many more.

You can also check out top betting sites like 1xBet and Betwinner.

There are so many great betting sites in Nigeria; and all of them have their strong and weak areas.

In our opinion, the betting site that ticks most boxes is betway. Betway is a very user-friendly betting site.

On betway Nigeria, you will find a nice welcome bonus, good odds, quality sportsbook and many more.

You can also check out top betting sites like 1xBet and Betwinner.

All betting sites in Nigeria are football betting sites. They all have football betting in their catalogues.

However, if you are looking for the best of the best, look no further than 1xBet.

They have an incredibly large football market, with exciting options and features.

Join 1xBet today and start betting on football

How do I bet on a betting site?

Very simple.

Wanna bet on a betting site in Nigeria? The first thing to do is to join a betting site. You can join any of the betting sites we have recommended on Bookies Bonuses. They are all trustworthy and reliable.

After signing up on a betting site, your next step is to deposit some money into your betting account.

When you have money in your account, you can now start betting.

To place a bet,

Log into your betting site
Enter the sportsbook
Navigate to the event you want to bet on
Make your selections by clicking the odds
Enter your stake in your betslip
Confirm your bet

Conclusion - Sign Up on a Betting Site in Nigeria

Now that you know all about betting sites in Nigeria, you are ready to join a bookie and launch your betting experience.

Check the list below for another quick rundown of the very best betting sites in Nigeria!