Top Forex Brokers In Nigeria
All fx trading platforms are available as desktop, webtrader, and mobile app platforms. Each option comes with a free demo account that allows Nigerian traders to test out forex brokers and platforms for 30 days. A maximum of AUD $50k in virtual funds can be traded over this duration on CFDs and forex markets. There are also platform enhancements available for Pepperstone traders, including MetaTrader 4 smart trader tools, cTrader Automate, Autochartist, and API trading. These third-party tools give traders the edge on the most popular forex trading platforms.To get more news about https://www.wikifx.com/en/best..../best-forex-brokers- best forex brokers in nigeria</a>, you can visit wikifx.com official website.
Pepperstone is the best forex broker in Nigeria, not just for their platforms but also their fees. There are two forex accounts available. The first is the standard account, which has no commissions but slightly higher spreads, which is how the forex broker makes its money. The second is the Razor account (often called an ECN forex account) where the spreads are primarily determined by the market (not the fx broker). Instead, the forex broker makes its money from commissions. Overall, the Razor account has some of the tightest spreads of any forex broker worldwide.
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Razor Account
The Razor Account was designed with scalpers and algorithmic traders in mind, offering tight ECN-style spreads plus low commission fees. With straight-through processing and no dealing desk execution, Pepperstone provides an institutional-grade trading environment for experienced traders.
As you can see from the spread comparison below, Pepperstone is ultra-competitive across most major forex pairs.Please note that all average spreads are sourced directly from the broker’s website and are updated monthly for increased accuracy.
With ECN-style accounts, forex brokers make money from commissions that apply to the Razor account. Below shows how the Razor account commission is very low at USD $3.50 for MetaTrader 4 and 5.
If you select cTrader the commission is 7 unit charges per lot based on the base currency. This means that if you are trading 100,000 units of EUR/USD, you will pay a commission fee equal to 0.0035% of the base currency, in this case, €3.50 per side. All commissions can be reduced for high-volume traders through Pepperstone’s Active Trader’s program.
The final way forex brokers make money is through deposit and withdrawal fees. There are no such fees for Pepperstone. The minimum deposit of Pepperstone is $200, although the forex broker is open that they will accept a lower initial deposit from traders. Below shows the overall costs for different brokers with our exclusive forex brokerage calculator.
Pepperstone is the most awarded CFD provider in customer service. This includes investment trends that survey actual forex traders to gauge their performance. Pepperstone customer support ranges from global call centres, live chat, and e-mail.
To avoid forex scams, it’s important to choose a broker that is regulated. Pepperstone is regulated by the two most credible regulators:
IC Markets have no charges on any account deposits or withdrawals to any forex account. Any fees that may be charged will be from the local bank if an international bank transfer is chosen. Below shows the funding methods available with IC Markets.
AvaTrade is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs. As a market maker broker, AvaTrade uses internal liquidity pools and a dealing desk to execute orders. Following a fixed pricing model, the broker’s fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do.
AvaTrade’s commission-free fixed spreads are offered across all the broker’s CFD trading platforms – MetaTrader 4, MetaTrader 5 and the broker’s proprietary trading platform, AvaTradeGO. While AvaTrade charges no commission fees, there are general trading and account costs that customers may incur. For instance, if you hold a forex and CFD position open for longer than one day you will pay (or receive) overnight financing fees, also known as swap rates.
