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There is more personal interest than anywhere else in Nigerian retail stock and foreign exchange trading. A lot of companies advertise trading as an attractive source of income. But not everyone is capable of making money in this market. Equity and foreign exchange markets are legal but traders and traders and brokers must follow the rules to make money. Contrary to many mature countries like the USA, there is little regulation of the forex industry in Nigeria. Which is the best forex broker in Nigeria and how do I start forex trading?
Forex trading in the country is controlled by the Central Bank and brokers must comply with several conditions to be able to manage client assets. Moreover, income from trading activities is taxable and therefore must be declared accordingly.
Stock trading is also regulated, however, all procedures can be completed in a couple of days. These include opening a brokerage account, obtaining a Central Clearing System (CSCS) account, and then obtaining a clearing house number (CHN). When all is done, one can start investing and trading on the Nigerian Stock Exchange (NSE), where 169 companies are listed.
5 Best Forex Brokers with High Leverage in Nigeria
Given the growing interest in stock trading, investors need to consider the possible trading fees they will have to pay. It is best to familiarize yourself with them in advance.
But let’s focus on a selection of the best brokers:
- HotForex – offers high-leverage forex trading to Nigerian investors. It provides both retail and institutional traders with trading services and facilities. They provide two types of accounts: demo and live, offering different leverage and commission structures.
- OctaFX – is another excellent forex broker in Nigeria that offers its clients high leverage by providing them with various lot sizes. OctaFX provides traders with the ability to trade with up to 1:1000 leverage.
- Alpari – offers its clients a leverage of 1:1000. The broker offers traders a 100% bonus on deposits from $200 to $1000. Traders have many interesting options to choose from, including the ability to trade on MetaTrader 4 and MetaTrader 5 platforms in addition to Alpari’s trading platform, offering them a more convenient way to trade.
- FXTM – offers high-leverage forex trading to all its clients, offering a 1: 500 ratio. An impressive 100% bonus is available for deposits ranging from $200 to $1,000. With this promotion, traders can take advantage of several exciting opportunities. These include the ability to trade on the Alpari trading platform, as well as the opportunity to take advantage of an offer that allows you to win up to 55 bitcoins every month for free.
- Pepperstone – offers Nigerian traders 1: 500 leverage in the forex market. The broker offers traders the opportunity to start trading with a 100% bonus on their first 5 deposits, allowing traders to trade without risking their own money. Pepperstone also offers traders a weekly drawdown manager that helps traders prevent losses due to market fluctuations.
High-leverage forex trading offers traders the opportunity to trade forex based on brokers’ money, rather than their own, and not risk their money in the market. This makes it a very attractive proposition for Nigerian traders, especially for those who are new to trading.
It is also very important to note that leverage has its drawbacks, and new traders are advised to do their due diligence before taking large lot sizes with huge leverage.