How to Choose Best Forex Broker in Nigeria

Choosing Best Forex Broker

Financial markets are primarily associated with stocks and shares. However, currencies are also bought and sold, and shifts in corresponding exchange rates bring considerable profits to traders. With Alpari as a Forex broker, South Africans can now access the global marketplace with ease. But what exactly does a trustworthy broker do?

Understanding the Basics

In essence, these companies function as intermediaries between parties willing to act on the Forex market and the marketplace itself. Aside from individual traders, large entities (such as banks and hedge funds) also engage in currency trading. In fact, an overwhelming majority of transactions are completed by institutions, which constitutes over 94% of the overall turnover.

Users in South Africa may benefit from currency exchange by using one of the digital platforms supplied by brokers. Alpari, a well-established name in Forex trading, is a popular choice for a good reason.

Advantages to Look For

There are several distinctive features that aspiring traders in Nigeria should be looking for. Here are just a few of such competitive advantages, which are all demonstrated by Alpari International.

First, it is part of a prominent brand with over two decades of experience in the realm of currency transactions. This company as its part has been rendering first-class services since 2014. It boasts favorable spreads, effortless deposits and withdrawals, regular incentives and rewards, and much more.

The range of finance instruments is impressively broad. Traders gain access to roughly six dozen currency pairs, cryptocurrencies, global equity indices, and commodities. Whether you are keen on digital or conventional assets, there is a service for you. From gold to Ethereum, it’s all here.

Currencies in Use

These are always traded in pairs, the most popular is the GBP/USD combination. It reflects the value of the British pound (base currency) in relation to the US dollar (the quote currency). The other base currency options are Euro, USD, and the Nigerian Naira. All currencies may be bought or sold depending on their relation to one of the quote currencies.

Money transfers to and from personal accounts are simple, with a broad choice of means, from bank cards to Skrill. Naturally, the more is deposited, the more favorable the spread offered by the broker, and the more you eventually stand to gain.

Execution models offered: there are two possible options available. Both are covered by Alpari International. Its clients choose between the ECN and market maker schemes.

Very favorable leverage: the term refers to the opportunity to trade with bigger volumes than your actual account balance. In the most generous scenario, the indicator reaches 1000 to 1.

Inclusion of swap-free option: also known as Islamic accounts.

Adherence to Rigid Regulation

Check your broker’s legal status in the region. Are its operations overseen by a reputable control body? For example, in the case of Alpari International, the controlling entity is the Financial Services Commission (FSC) in Mauritius, where it is registered and headquartered.

Software to Access the Market

A trader accesses the currency marketplace via dedicated software tools. Alpari provides two cutting-edge platforms. Both (MetaTrader 4 and MetaTrader 5) are customizable platforms with intuitive interfaces and multiple charting tools.

The embedded strategies, indicators, and scripts facilitate forecasting and trading. The second version is more advanced, with trading robots, new scripts, and indicators in MQL5, as well as speedy back-testing.

Naturally, both programs have been successfully adapted to portable devices. Whether it is your smartphone, tablet or laptop, you gain access wherever you are.

Copy Trading and Its Benefits

This service is indispensable for those who wish to trade, but do not have sufficient time to follow the trends and conduct transactions. In essence, they delegate the job to an expert (strategy manager), whose trades are copied into their account.

Easily Reachable Support

The support team has to be efficient and contactable. The customer care squad at Alpari is headquartered in Lagos & Abuja. It works around the clock on weekdays.