Forex Brokers in Nigeria

Restrictions are being placed in some countries limiting and restricting Forex broker activities in a bid to better regulate the market.

Investors are thus able to be dealing in a safer trading environment and at the same time, it shuts the door to some brokers thus not allowing for a level playing field. This is a lot of ways creates a scenario in which some of these unregulated Forex brokers offer low services.

The Central bank of Nigeria is the apex financial body in the country. It issued a manual in November 2006 which stipulates that everyone can participate in the foreign currency exchange activities as long as it passes through the banks or brokerage firms registered with the authorized dealers.

This makes currency trading unregulated in Nigeria. So far Forex brokers in Nigeria remain unsettled yet.

Spot forex market which of course is the hub for leveraged trading which no real currency delivery, is faced with fewer restrictions and regulations from the government of Nigeria.

It is different in the United States where we don’t get to see regulations for brokerage firms, making it possible for a registered Nigerian firm or that of any other country to accept investors from Nigeria.

The forex brokerage industry in Nigeria is an open and free market that allows its citizens to select from the variety of online brokerages available. On a sad note, it should be stated that such complexities have its demerits – we get a number of fraudulent brokerage firms that seek to lure investors off their life savings via the excellent services they lie about.

In a real sense, most of these brokerages offer high spreads and in most cases a poor trading platform that freezes on you. Go for brokers that have been doubled checked by seasoned traders.

FXOpen Forex broker is sure to meet your currency trading needs – it has grown into one of the largest forex brokerage firm. This has ushered in the benefit of unflagging clientele base, as it prides itself on unique services, reliable customer support principles, innovative products and s sure trading condition.

You’ll be able to get a wide variety of account types on FXOpen, multi-language support style, skills, and experience.

Open an account with FXOpen, choose the best of Forex brokers in Nigeria TODAY!

Posted by January 4th, 2018