Best Forex Trading Platform in Nigeria
Forex trading in Nigeria has now become popular with an estimated daily trading volume of ₦300-450 million with over 200,000 forex traders. While retail Trading in Nigeria via online Contract for Difference (CFD) brokers is not illegal, forex trading is still unregulated and there are no locally regulated Forex brokers. Hence, a prospective trader must choose only a Tier-1 regulated CFD licensed forex broker to ensure the safety of funds.
The market in Nigeria is very porous as there are many traders in the industry. As the FX market expands the more, it gets hard to identify with trusted and reputable brokers. Without the regulated forex brokers, investors would not be able to place trades on their desired currencies. Forex brokers are the middle ground between buyers and sellers.
There are several Regulated forex trading brokers in Nigeria including FXCentrum, Hotforex, Exness, XM forex, and Octa FX, to mention a few. These brokers are regulated by tier-1 & Tier-2 foreign regulators. These are the chief statutory regulatory bodies that watch over financial markets including the forex market and they include Financial Conduct Authority (FCA), ASIC & FSCA, and CySEC. These statutory regulatory bodies also issue licenses to market participants such as the forex brokers that accept retail traders.
Introduction of FXCentrum Trading Platform
FXCentrum is one of the best forex brokers and trading platforms in Nigeria. It Offers commodity trading, CFD Trading, and indices trading with winning forex trading conditions and a stress-free trading experience. FXCentrum broker is the choice for many Nigerian forex investors because it accepts deposits and withdrawals in Nigerian naira. FXCentrum grants access to the CFD market through their unique forex trading app and the popular trading platform, MT5.
Our trading app is the best trading app for beginners in Nigeria as it combines distinct functionalities and features, low cost, great market access, and an easy interface.
FXCentrum trading platform also helps in simplifying research and analysis, making it simple to use even the advanced charting tools and EAs. Most importantly, the platform offers free access to its demo & live accounts.
The goal of FXCentrum is to provide total transparency and quality. They adhere strictly to their ethics and their employees are well trained in following their Customer Service Ethics Guidelines. They care about their reputation and also assume full responsibility for their offers. This ensures that their high standards are not in jeopardy.
FXCentrum was created by experts from the technology and finance industry. We build professional trading platforms and structures. technologically advanced and transforming the industry based on our best experience in a wide variety of countries and businesses.
Our goal is to provide the best solution on the market with the best quality direct customer service in your language.
Overal Best Forex Trading App in Nigeria
FXC trading platform and app are the best in Nigeria based on the following features that make them stand out
● Access to a flexible, standard, and easy-to-use FXCentrum trading app with MT5 and other trading tools
● over 1,000 instruments to trade, including forex pairs, metals, crypto CFDs, indices, commodities, and stocks.Instant Deposit and Withdrawals
● Extended customization and branding
● Cost-effective pricing packages
● Quick setup & Integration
● Easy Localization
● Intuitive and powerful HTML5 platform optimized to deliver high performance, reliability, and speed across all browsers.
● High-end design
● Superior trade execution
● Fully customizable interface
● Advanced charting tools
● Strong regulatory framework
● Built-in economics news, heat maps, market sentiment
● xAPI – full open front-end
● Safety and security
● Modern design
● Seamless user experience
● Full trade management
● Secure protocol and auto-login
● Battery and data-efficient
● Top movers, news calendar, advanced charts
● complete outsourcing solution
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Best Trading App in Nigeria for Beginners
FXC platform is the best for new traders because it is a simple user-friendly platform without any confusing indicators or complex order capabilities. It offers a low-cost
service, great market access, easy interface, fantastic customer support, and also provides investor education. In addition to a robust educational and informative platform, the FXC trading service is compatible across devices such as mobile, tablets, and also desktops, so as a beginner, you can trade on the go or remotely with ease.
The trading platform also offers a mobile interface that would allow you to open or close your orders, even when you are not in front of your trading screen. With FXC, you will be able to trade easily & conveniently.
Most Trusted Trading App in Nigeria
The FXCentrum broker is a Tier-1 regulated CFD licensed forex broker that guarantees the safety of funds.
Deposit, withdrawals, and order execution on FXC are easy and instant. You can make payments and withdrawals with credit/debit cards and there are no additional fees for deposits or withdrawals except for international banks.
FXCentrum constantly improves its platforms to make things easier for traders and investors. The trading app is quick to load, easy to place orders and close orders, and performs any action when required without hanging or freezing. These features together with their commitment to lowering commissions and costs for traders and investors while improving returns are the major reasons FXC will continue to be the best and most trusted overall CFD brokerage.
Best Trading App in Nigeria Based on Low Spreads
The spread & trading costs offered by the Nigerian brokers on their platform are extremely vital and need to be taken into consideration. Spread is the difference between the ask (buy) and the bid (sell) price of a currency pair or any CFD instrument. It is the commission brokers charge per trading position. On each trade executed, a trader will be charged a variable or a fixed spread by the broker. Spreads the broker’s fees, which is the difference between buying and selling price of instruments before profits can be settled.
In Nigeria, FXCentrum broker offers the best competitive spreads and lowest margin rates on major, minor, exotic crosses, and other CFD instruments on their platforms and there are no additional hidden charges imposed on traders that use their platform. In addition to that FXC broker does not charge extra fees for using their platform nor do they charge during investors’ inactivity.
Best Trading App in Nigeria for Day Traders
Day trading is a form of trading that involves actively buying and selling securities within a single trading day by trying to gain an advantage of short-term price changes. Day trading can occur in any marketplace but it is most common in the stock and foreign exchange (forex) markets. Day trading requires charts and patterns that help determine the most suitable moment to enter a trade.
FXCentrum trading app offers wide charting tools including trendlines, moving averages, Expert Advisors (EAs), ability to add technical indicators, to mention a few. On the FXC platform, you will have easy access to many technical tools for analyzing the CFD instruments and markets. The platform also has a wide variety of functionalities and features ranging from browsing charts, analysis tools, changing chart types, news updates scheduling and automatic transaction execution, alerts and notifications, technical indicators, analytical objects, and charting tools.
Best Trading App Based on Customer Support and Customer Experience
When choosing a broker as a Nigerian trader, there’s a lot to consider including the quality of the platform’s customer service. FXCentrum’s support service is extremely easy to reach, fast, and polite and you won’t have to worry about having your issues get solved.
When you are trading on many Nigerian brokerage platforms, you might find yourself with a big problem and realize that you’ve chosen the wrong broker. Having poor customer service can lead to traders and investors missing out on some important trades. As a beginner in CFD trading, especially when you are taking your first step in trading, you must register with the right platform whose customer service has a quick response rate and their customer support agent willing to offer a helping hand.
At FXC, their customer service agents are not only active and online 24/7, but they are also highly professional, and patient, and will always show concern about the problem you are facing.
How to Start Trading on FXC?
FXCentrum strives to make everything easy and convenient for its customers. Here are the three easy steps to start trading on FXC platform:
1. Register: registration takes 1-3 minutes. Click on “Start Trading” anywhere on the website to create your client zone. Your account will be verified through your email address.
2. Deposit: once your account has been verified, deposit to the payment provider of your choice. The minimum deposit is $10
3. Trade: you can use their trading resources, Daily Market takes, and the option of having your trading manager trade.
CFD Instruments Traded on FXC
1. Forex/ currency pairs – EUR/USD, GBP/USD, GBP/JPY, USD/CAD, USD/CHF, and many more
2. Metal CFDs – XAU/USD, XAG/USD, XPD/USD, XPT/USD, and many more
3. Indices – S&P 500, NASDAQ 100, US30, UK100, and many more
4. Stocks and ETFs – Amazon, Alibaba, Apple, Microsoft, and many more
5. Cryptocurrency CFDs – BTC/USD, ETH/USD, LTC/USD, DSH/USD, and many more
6. Commodity CFDs – UK Brent oil, US Natural oil, US crude oil, and many more
Forex / Currency Pairs
Forex (also known as foreign exchange or FX) trading refers to the exchange of one currency for another. The forex market is open 24 hours a day, from Sunday at 5 p.m. EST to Friday at 4 p.m. EST. It is the largest and most liquid market in the world, and in 2019 over $6.6 trillion worth of currency was traded daily. By comparison, the largest stock exchange in the world, the New York Stock Exchange, involves $1.1 trillion of average volume traded daily.
With the FXCentrum platform, not only will you be charged 0 commissions on all trades, but you can buy and sell foreign currency CFDs from anywhere as long as you have access to the internet or a phone.
The platform offers forex spot price CFDs such as those for the Euro vs US Dollar (EURUSD), Euro vs Turkish Lira (EURTRY), Great British Pound vs Japanese Yen (GBPJPY), and many more. Spot price means the current price an asset is trading for, as opposed to a futures price. CFD stands for contract for difference. These are contracts that essentially allow you to “bet” on the future price of the forex currency pair you are interested in at a certain date in the future. The best thing about trading CFDs is that you don’t need to physically go to exchanges or the bank nor find a buyer and fight for a suitable price.
You also don’t own the actual forex currency pairs. What you do is take either a long or short position on them. So, if for example, you hold a long position on EURUSD, you are predicting that the price of the Euro will go up in the future. If it does go up, you make money! If you take a short position, you are predicting the price goes down. Don’t know what long or short positions are? Click here to see our explanations of basic trading terminology.
The advantage of buying CFDs over the actual currency pairs is that leverage can be provided, and you can make a lot more profit with a lot less money.
FXC provides leverage of up to 1:1000 for clients wishing to trade using their platform. So, for every $1 you invest, FXC can lend you $1000. This means you could buy $100,000 worth of currencies with just a $100 deposit, depending on the margin requirements of the particular instrument. You can find all the details here. However, leverage can be risky, which is why you can choose the amount of leverage you want, or even none at all.
FXC also offers low spreads from 0.3 pips. Other brokers may offer even lower spreads but many charge commissions on top which could make trading even more expensive in the end.
There is a 0% deposit and withdrawal fee (every first withdrawal in a month is free). The platform is connected to all the payment providers you need, including Visa, Mastercard, OnlineNaira, and Wire Transfer. If you don’t see your favorite provider, you can contact them at email@example.com.
Apart from their FXC trader app, more advanced traders can utilize their MT5 Trading platform which provides all kinds of tools, charts, indicators, scripts, and more to inform your decisions.
When you hear the word “metals”, what do you immediately think of? Forget that and let us reintroduce you to a new way of thinking about it. If you’re looking for a way to grow your wealth, you need to be thinking about gold, silver, platinum, copper, aluminum, nickel, palladium, zinc, and others.
Taking gold as an example, buying physical gold—also called bullion—may be attractive. Gold has been associated with wealth and power throughout history, and it looks nice as well! Some people even buy gold jewelry as a form of investment. This can be risky as you may not be able to sell it for more than you bought it. Jewelers often markup the prices of their jewelry, and their resale value is usually nowhere near as high as their purchase price. Furthermore, the price of jewelry doesn’t mirror that of physical gold due to these markups.
Buying gold also means its value must go up for you to make a profit. This isn’t the case if you trade metal CFDs. You can short or sell metal CFDs to take advantage of price falls.
At FXC, you will be offered the opportunity to buy metal CFDs for gold, silver, platinum, and more.
FXC platforms are the best for trading metals CFD because they do not only charge 0 commissions on all trades, but you can buy and sell metal CFDs from anywhere as long as you have access to the internet or a phone.
Metal CFDs instruments offered include Gold vs US Dollar (XAUUSD), Silver vs USD (XAGUSD) Platinum vs USD (XPTUSD), and many more.
CFD stands for contract for difference. These are contracts that essentially allow you to “bet” on the future price of the metals you are interested in at a certain date in the future. The best thing about trading CFDs is that you don’t need to physically go to exchanges or the bank nor find a buyer and fight for a suitable price. You don’t own the actual metals. What you do is take either a long or short position on them.
So, if for example, you hold a long position on XAUUSD, you are predicting that the price of gold will go up in the future. If it does go up, you make money!
If you take a short position, you are predicting the price goes down.
The advantage of buying CFDs over the actual metals is that leverage can be provided, and you can make a lot more profit with a lot less money. We provide leverage of up to 1:1000 for clients wishing to trade using our platform. So, for every $1 you invest, FXC can lend you $1000. This means you could buy $100,000 worth of metals with just a $100 deposit, depending on the margin requirements of the particular instrument. You can find all the details here.
However, leverage can be risky, which is why you can choose the amount of leverage you want, or even none at all.
For your risk management needs, it is recommended you contact their FXC support team to help you book a consultation with their investment specialist manager.
Join their Highway to Wealth metals trading competition to put your skills to the test!
Indices measure the performance of a group of stocks in an exchange. Indices may use a number—whether small or large— of stocks to measure the performance of an entire stock exchange. Examples of indices offered by FXC are the S&P 500, Dow Jones 30, Nikkei 225, the DAX 40, and many more that you may have heard of before.
With FXC, indices trading involves buying and selling index futures CFDs. These are single instruments that, in essence, allow you to trade a large number of stocks in one click.
Take the S&P 500 for example. It is an index of 500 leading publicly traded companies in the US, so by buying the CFD for S&P 500 you are essentially “betting” on all 500 companies and, in a way, the US economy as a whole. Price movements of the S&P 500 are affected by many factors, including macroeconomic data, currency movements, or news within the country. Such price movements in turn affect other aspects, such as the capital gains you make on US equity.
Apart from the weather, there is no information that is more widely reported than the current levels of the Dow Jones and the S&P 500. This is because they provide information about financial market health and market direction.
Indices are measured in points and bought in the currency of the country where the index is located. These points represent the total value of the companies in the index, but not in a 1:1 ratio, as the total value of the companies in an index could be in the billions of dollars.
You don’t own the actual index. What you do when you make a trade on our platform is take either a long or short position on a pair. So, if for example, you hold a long position on a CFD, you are betting the price of the underlying index will go up in the future. If it does go up, you make money! If you hold a short position, you are betting it goes down.
Don’t know what long or short positions are? Click here to see our explanations of basic trading terminology.
Pros of FXC trading platform
1. Offers a wide variety of CFD instruments to trade such as forex pairs, metals, indices, commodity CFDs, crypto CFDs, and stocks.
2. There is no minimum limit or maximum limit for bonus size.
3. Offers trading on its FXC unique trading app & MT5 that has desktop, mobile & web-based versions.
4. Instant deposit and withdrawal with 0% deposit and 0% withdrawal fee on every first withdrawal in a month.
5. Supports deposit of a minimum of $10 only.
6. Lower spread than other forex brokers in Nigeria for most currency pairs and CFDs.
7. More technical indicators are available on their platform.
8. Support copy trading with HF Copy.
9. Supports news feeds, and multiple order types.
10. Quick order execution speed.
11. Supports limit & stop-loss orders.
12. Their trading platform supports multiple charts, order types, and EAs for
Cons of FXC trading platform
1. Although FXCentrum offers local funding & withdrawals in Nigerian Naira, Naira accounts are not available currently. Customers can open trading accounts in USD currency only.
2. They don’t support trading on the MT4 trading platform.
FXC trading apps
1. FXC Trader: this trading platform is designed to get the best results from trading. It has intuitive controls, reports, data, and analysis and it is very fast at executing orders. It contains all the trading tools a trader needs to trade comfortably on their brokerage platform from any device.
With the FXC Trader app, you can have access to global online markets, and CFD markets, including Forex, Stock Indices, Commodities, Stocks, and ETFs from around the world. The FXC platform is designed by traders for traders. It was created for beginners or even a professional who has all the necessary functions and tools.
2. MetaTrader 5: This is a next-generation of well-known and most successful forex trading platform. With FXC trading service, Nigerian customers can get complete access to the MT5 multi-asset trading platform with much more opportunities and functions.
This flexible trading system with market depth and support for all order types enables traders to execute any trading strategy on any financial market. In addition to the outstanding trading functions, you can offer professional technical and fundamental analysis tools to your traders. The platform ecosystem includes an impressive set of tools and services.
FXCentrum trading platform is considered the overall best trading platform that is recommended for Nigerian beginners and professional traders. The platform is exceptional and has a wide variety of features and functionalities and also offers numerous CFD instruments that can be traded such as forex pairs, metals, indices, commodity CFDs, crypto CFDs, and stocks.
Being an exceptional forex trading platform, FXC trader or investor is accessible to accurate forex quotes and reliable trade execution, trendlines, moving averages, Expert Advisors (EAs), technical and fundamental analysis tools, and strong data security and minimize system downtime.
Trading on FXC is conducted on their unique FXC Trader app which is designed to get the best results and the popular trading platform, MetaTrader 5 which is extremely.
versatile and popular in the currency market. These trading apps offer easy charting tools and quick placement of multiple orders, technical indicators for popular currency pairs, and analysis across time frames. These platforms also offer automated trading and social/copy trading features as well.
Hence, the best decision you can take on your forex and CFD trading journey is to choose FXC as your trading platform and brokerage service provider.