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Trading Platform

This is especially important given the risks involved in trading forex from a margin account. https://dotbig-reviews.com/ typically offer a range of contract sizes so you can fine-tune the size of your trade – which will determine how much risk you are taking for a given profit target. ForexBroker.com’s proprietary Trust Score ranks forex brokers based on their reliability and overall trust. We evaluate and track dozens international regulatory agencies; click here to learn more about Trust Score. Are you looking to speculate that the Euro currency will go up in value against the U.S.

forex brokers

Clients tend to be impatient, especially when they have questions or concerns. It would be a bonus if the Forex broker could provide some sort of entertainment to kill boredom while customers are waiting to be attended to.

Trading Platform

Nigerian traders have the benefit that they can connect to any of these sessions according to their unique trading strategy and trading horizon. MetaTrader 4 is widely considered as the best trading platform in Nigeria and the overall trading industry. RoboForex has a trust score of 66% as an offshore Forex broker broker with a market share of less than 5%. LiteFinance is a Cyprus-based forex and CFD broker that has been in operation since 2005. InstaForex has a trust score of 90% and a market share of more than 7% in Nigeria. IG Group has a high trust score of 99% and a market share of less than 5% in Nigeria.

  • Users who create spam reviews will receive a warning and possibly be banned from posting to the website.
  • The Forex market accounts for over $5 trillion in terms of volume being traded every day, making it the largest and most complex financial market in the world.
  • The broker can divide its customers and hedge the trades of some of the customers to an LP (A-Book or STP) and keep the rest “in-house” (B-Book).
  • When the price reaches a certain level, a stop-loss order will automatically terminate the transaction.

In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you. Traders can use trading platforms to place buy and sell orders in the foreign exchange market. For the benefit of their customers, https://www.forbes.com/advisor/investing/what-is-forex-trading/ make these tools readily accessible. Many brokers today offer a proprietary trading platform or trading app that can be used for order processing and research.

Cbn Redesigns Naira To Fight Counterfeit, Money Laundering

Long-term gains are expected from this method.Position trading in Forex is best suited for Nigerians who cannot devote hours of their day to trading but have a deep grasp of market basics. Subsequently, it is critical to maintain a level of emotional stability DotBig broker regardless of the trading positions’ successes or failures. Ask refers to the lowest price at which traders are willing to buy a currency pair. Exchange rates are set in real-time here on the principal forex market based on supply and demand.

forex brokers

To do so, you would trade the EUR/USD currency pair, which is a forex investment. The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week. No, forex trade regulation DotBig broker will be determined by the jurisdiction and its regulatory framework. Not all regions have such a framework in place, which means that forex traders in these regions are subject to risks. The Central Bank of Nigeria oversees a strict regulatory framework in Nigeria.