Maybe you’re not a seasoned forex trader (yet). That doesn’t mean you need to settle for anything less than a great broker. You still require low spreads, fast execution, outstanding customer support and world class education.
But don’t let this daunt you. For new traders, simply choosing a trading platform can be one of the hardest parts in getting started. Based on educational offerings, spread ranges, account minimums and reputation within the industry, we narrowed down your choices to help you find a trustworthy broker to begin your journey with.
Why do I need a trading platform?
The forex market is completely electronic, which means there’s no central marketplace, so you’ll need to trade through a forex broker. Although you can buy or sell currencies directly through banks and other similar places, the advantages of forex brokers are all the added value they offer you – like trading platforms and analysis tools (more on this later).
Finding a broker that you trust means it’ll free your time up to focus on making the most of your hard-earned investment through analysis and strategy.
Getting to know your broker
If you want to find a forex broker you can trust, make sure they have rules, programs and services that govern their practices – and a decent forex broker will make this information easy to find and view.
You’re looking for a forex broker that commits to protect you from fraud, manipulation and abusive practices, whilst also encouraging open, competitive and stable markets.
Sounds easy right? Don’t be suckered in by a professional looking website – it doesn’t guarantee that the broker is reputable, just that they’ve spent a hefty portion of their marketing budget on a website.
What you’re looking for however, should be easy to spot on their website – their regulators. On their ‘about us’ page they should say state which agency they’re regulated and governed by.
Every country in the world has a regulatory body that you can research, so you can check that your potential broker is affiliated with them. In the U.S., brokers should be registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant and Retail Foreign Exchange Dealer. They’ll also be a member of the National Futures Association (NFA).
WHY CHOOSE AVATRADE?
One of the largest dealers in the World, AVATRADE NIGERIA is one of the Best Forex & Stock Broker in Nigeria that’s known for offering multiple markets for both small accounts and large ones, meaning it’s a good starting place for new traders. Thoroughly regulated, it offers access to forex plus other stocks for more experienced traders.
It offers fixed spreads and its trading platform (MetaTrader 4) is well known for stability and reliability. Used for years, it has an auto trader feature that uses pre-programmed strategies.
You need an opening deposit of anything greater than US $100 and it offers a great range of deposit and withdrawals options, including credit card, and electronic transfers.