Money Tips for choosing a reliable forex broker in Nigeria


If you are a novice trader, you've probably already faced one of the most important decisions in your trading career - choosing a reliable broker. After all, you're entrusting your well-earned money to a company, expecting it to provide you with honest and transparent financial services. We created this article to help you figure out how to pick a credible broker and what you should look for to avoid scams.

1. Check if your broker is regulated

Make sure your broker is regulated in a country with a well-established financial system. The brokerage company you are going to work with will be handling your trades and storing your funds. In case of any claims or disputes that may arise regarding some of your trading transactions, you will need an unbiased mediator that will be able to resolve your issues in a quick and efficient manner. Besides, if your broker's activity is not regulated, how can you be sure that it won't disappear with your money in a month or two? To cut it short, to ensure that your interests are protected and your money is safe, you have to pick a regulated broker.

2. Choose trading conditions based on your needs

Now that you've selected a number of regulated brokers to choose from, decide what type of trader you are. What is your trading approach? Are you a novice trader? Then it makes sense to select a broker that offers high-level education and training courses, some insightful articles and tips from analysts and market experts and, of course, the ability to practice your trading on a demo account before you start trading live with real money. How much capital do you plan to invest? With a small amount of capital, you need to trade micro-lots. Choose a broker and account type (lot size) that matches your capital. Also, make sure that your broker offers various types of trading accounts, has ultra-fast order execution and low commissions. Brokerage fees are charged by every online brokerage for their service. They can vary from broker to broker and can affect your profits and your overall trading experience. Since the types of tools you need will depend on your goals, you should also do a quick check for the above-mentioned items to sift through brokerages that simply won't align with your needs.

3. Deposit and Withdrawal

When it comes to depositing and withdrawing funds from your account, different brokers offer various methods - bank cards, wire transfers and various e-payment systems. Fast and convenient withdrawals and deposits are essential. A reliable broker should offer a wide selection of payment options, including instant withdrawals. It will be a great advantage if your broker doesn't charge deposit and withdrawal commission. This way, you'll be getting all of your profit without having to pay additional fees.

4. Test your broker's trading conditions

Now that you have a few brokers left on your list, open demo accounts with them and test their trading conditions. See if your orders are executed instantly. Spreads should be narrow and the trading platform should work seamlessly, without any interruptions and technical failures. If the demo works well, open a live account and invest part of your capital. Trade on the live account for about a month. During this time, you can also test their customer support. Shoot them an email or ask a question via live chat to see how quickly they respond. Prompt and dedicated customer service is of great importance. It's them who will be dealing with all the technical issues and questions you may have about your account or trading conditions. Select a broker that offers round-the-clock customer service.

5. International awards

And last but not least. Every trustworthy broker should confirm its reliability and business success by participating in various expos and industry-related events. Check out which international awards and nominations your broker has won over the years. AMarkets online broker, for example, is constantly proving its leading positions in the industry by adding more and more awards to its shelf. Just recently, the brokerage got two more prestigious trophies, winning the Best Copy-trading platform Nigeria and the Best Affiliate Program Nigeria 2021 nominations at the International Business Magazine Awards.