Currently, in Nigeria, youths’ awareness about the monetization of skills has tremendously increased. One of the numerous skills you could monetize is currency trading. It involves purchasing and selling foreign and digital currencies in other to make a profit. Popular examples of digitally accessible currencies are Cryptocurrencies, stocks, and foreign currencies, etc. However, for traders to be effective with their trades, they need to utilise a good trading platform.
Asides from charges, trading platforms and brokers are the topmost priority for traders. It is expected that a good platform should be available for usage on Desktop, Mobile, and via the web. This guidepost would provide a list of the best forex trading platforms in Nigeria. The platforms would be considered based on certain features such as live data, trading capacity, custom views, and so on. All of these features are expected to help you maximize profit.
How do you know the best Forex Trading Platforms in Nigeria?
There are many varieties of available forex platforms for traders, albeit you have to ask the best questions, to discover a good one to use. New traders are advised to look for platforms that make it easy to place traders. Such platforms should be user friendly and be less complicated to use.
Professional traders should utilise platforms with more advanced features such as code add-ons and Expert advisors. Nonetheless, when choosing a platform, always consider those which align with your trading strategy. A good forex platform should be simple to use in analysing the financial markets.
You should choose a platform that would work well with your unique trading skills and techniques. However, you should always look for forex trading platforms in Nigeria that enables; faster order execution, live data, EAs, and adjustable charting tools.
You can use the following tips in selecting the best forex trading platforms in Nigeria.
- Allows Multiple Order Types
A trader needs to place various order types such as stop entry order, limit entry order, market order, stop-loss orders, trailing stops, and so on. Any good forex trading platform must have many of the listed order types. This is a priority for advanced traders, unlike beginners who may need only stop loss and limit orders. So, you should always clarify what order types are supported on a platform.
- Available Tools for Technical Analysis
Analysing the financial markets requires a good number of charting tools. Well, for successful trading, you would need tools like trendlines, moving averages, RSI, etc. The best forex trading platforms in Nigeria has amazing technical tools you can add to your arsenal. In addition, extra functionalities are also a necessary criterion.
These platforms should be able to schedule and automate trades, send alerts and news updates, switch between diverse chart types, feature technical indicators, and so on. So, scrutinise a trading platform properly with some of these features in mind.
- Low Spread Accounts
Always consider the broker’s spread and fees. This is because, you will always be charged a spread – whether fixed or not – on each executed trade. Therefore, before your profits can be finalised, the broker will get their fee. This fee is the difference between your entry and exit price. Now you know to always use a broker with the lowest spread. Pay heed also to hidden charges and commissions.
Do you know that some brokers charge for usage of their platform, even when you are not active? Even though many platforms are free to use, some still charge users. So keep in mind that you may earn less when you choose the wrong broker and platform.
- Fast Trade Execution
Even if a trading platform has checked all the aforementioned tips, it must execute trades successfully too. Any platform that freezes or hangs in any stage of your trade is a no-no. This is because a delayed execution can affect a profitable trade. So you should choose any of the forex trading platforms that have a low record of downtime, and also places trade instantly.
- Accessible via mobile, Web, or Desktop
Lastly, platforms that have a desktop interface are vital as well as mobile or web-based versions. It is smart to use a platform that is compatible with all your devices for an on-the-go trade. For instance, with a platform that has a mobile app, you can place trades anywhere – even when you are not in front of your desktop. To trade conveniently, you should check for platforms that are accessible on many devices.
Best Trading Platforms in Nigeria
We have established that trading platforms greatly influence the success of your forex trades. So this section would highlight the best forex trading platforms in Nigeria that you can utilise to place your next trade.
Let’s begin with…
The FXTM MetaTrader software is one of the best for Nigerian traders because of its vast features. The software can be accessible on Ipad, Iphones, Laptops, and Android devices. It also has an MT5 web trader platform.
Traders are provided with over 250 trading instruments, a news feed interface, fast trade execution, trading signals, and many order types. With the technical analysis package you get to access 2000+ free custom indicators and you can also buy more indicators. You would also get tools such as Fibonacci and Gann. In addition, this trading tool enables you to utilize different order types. This is why FXTM software is the No. 1 on our list of forex trading platforms in Nigeria.
Compared to other trading platforms, HotForex offers the lowest spread on pairs and instruments. It gives you a spectacular 1:1000 leverage ratio, which may be risky. With an in-built economic calendar and their up-to-date news feed, the fundamental analysts can make better predictions about the market.
Another impressive feature is the one-click trading, which allows you to enter the market at the right time. Apart from that, you can access multiple order types, numerous technical indicators and tools, and also get trades executed swiftly. Luckily, the software can be used on your Iphone, Ipad, Android phone, Desktop, and also through the web. These are impressive features that can make you more successful with trades.
Many traders would be excited to have access to cTrader as well as MT5 on the same platform. OctaFX is one of those platforms that offers its users both cTrader and MT5, although it is only offered to ECN users. The platform offers three packages which are the Micro account (MT4), Pro Account (MT5), and ECN account (cTrader). Here, you could scalp, hedge, or even use a trading robot.
Another awesome feature is that you can fund and withdraw from your account locally. On the flip side, you can only get to trade about 50 pairs and instruments. Aside from this, it is one of the best trading platforms in Nigeria, also considering it has 97.5% quick and successful order execution.
On ForexTrading, Alpari got a rating of 8/10, which is an impressive score. Alpari has both a trading app (MT4 and MT5 platforms) and an Investment app (for Investors and PAMM account holders). Just like some of the platforms mentioned above, the software is effective in order execution. They also provide their users with a news feed, multiple order types, multiple pairs and instruments, technical indicators and tools, and so on. Since it is also has a low spread of 1:1000, you should keep this platform on your radar.½
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At this point, you have discovered some of the key things that a trading platform should offer. We have also discussed the 4 best forex trading platforms in Nigeria.
Now let’s hear from you.
Which of the features do you consider most important for you on a trading platform? Is it swift execution of orders, low spread, or technical tools?
Comment your opinions in the section below.