Markets.com Account Types
Markets.com provides 2 different account types, the MarketsX account, and a Marketsi account, The Islamic account, and demo account options are also available. Each account type has its own set of conditions. Markets.com has a Trust Score of 97% out of 100.
Account Types Overview
Pros and Cons
Markets.com Account Types Overview
👉 According to research in Nigeria, Markets.com was founded in 2008 and is a well-respected Market Maker and STP broker with more than 8,000 tradable financial products across many asset classes on robust, adaptable trading platforms. Markets.com is well-regulated and well-respected even though the broker is not regulated by the Central Bank of Nigerian (CBN).
👉 There are more than 5 million traders registered with Markets.com, and the site experiences large trading volumes every day, month, or year. Markets.com is renowned for its competitive trading conditions, low spreads, and advanced trading technologies.
👉 A subsidiary of Playtech, Finalto Limited, owns and operates Markets.com, which is a publicly-traded firm on the London Stock Exchange and the FTSE 250 index, further adding to the legitimacy and popularity of this forex and CFD broker.
👉 The ASIC, CySEC, FSCA, FCA, and BVI FSC are just a few of the regulators that Markets.com is regulated and approved by via its parent businesses and subsidiaries. There are offices in South Africa, the United Kingdom and Cyprus for Markets.com’s services, as well as in Australia, Cyprus, and the United States.
👉 Markets.com has just received the UK Forex Awards’ Best Forex Trading Platform (2017) and FX Scouts’ Best Trading Platform (2020). With Markets.com, customers have access to multi-channel customer service representatives who are available at all hours of the day and night.
Markets.com At a Glance
|🏛 Headquartered||The British Virgin Islands|
|🏢 Nigerian Based Office||No|
|✔️ Accepts Nigerian Traders?||Yes|
|📊 Year Founded||2008|
|📞 Nigerian Office Contact Number||None|
|📲 Social Trading Platforms||• Facebook
|⚖️ Regulation||ASIC, CySEC, FSCA, FCA, BVI FSC|
|💯 License Number||• Cyprus (Safecap Investments) – 092/08
• British Virgin Islands (Finalto) – SIBA/L/14/1067
• South Africa (Finalto Pty Ltd) – 46860
• South Africa (Safecap Investments Limited) – 43906
• United Kingdom (Finalto Trading Ltd)- 607305
• Australia (Finalto) – ABN 82158641
|⚖️ CBN Regulation||None|
|🤝 Regional Restrictions||The United States, Japan, Canada, Belgium, Israel, New Zealand, Russia, Hong Kong, and several other regions|
|☪️ Islamic Account||Yes|
|📊 Demo Account||Yes|
|📈 Retail Investor Accounts||2|
|✔️ PAMM Accounts||No|
|📈 Liquidity Providers||Several Tier-1 partnerships, banks, and others|
|💵 Affiliate Program||Yes|
|✔️ Order Execution||Market and Instant|
|✔️ Execution Venues||0.8 pips EUR/USD|
|📊 Average spread||Variable, from 0.0 pips EUR/USD|
|📞 Margin Call||50%|
|📉 Minimum Trade Size||0.01 lots|
|📈 Maximum Trade Size||100 lots|
|✔️ Crypto trading offered?||Yes|
|✔️ Offers an NGN Account?||No|
|🤝 Dedicated Nigerian Account Manager?||No|
|📈 Maximum Leverage||1:300|
|📊 Leverage Restrictions for Nigeria?||None|
|💵 Minimum Deposit (₦)||41,000 Nigerian Naira|
|✔️ Nigerian Naira Deposits Allowed?||No, only USD, ZAR, GBP, and EUR
|💰 Active Nigerian Trader Stats||1.3 million|
|🤝 Active Nigerian-based Markets.com customers||Unknown|
|💰 Nigeria Daily Forex Turnover||$1.25 million+|
|💵 Deposit and Withdrawal Options||• Bank Wire Transfer
• Credit Card
• Debit Card
|💳 Segregated Accounts with Nigerian Banks?||No|
|💻 Trading Platforms||• MarketsX
• MetaTrader 4
• MetaTrader 5
• MarketsX App
|✔️Tradable Assets||• Shares
• Primary CFDs
|💵 Offers USD/NGN currency pair?||No|
|📊 USD/NGN Average Spread||N/A|
|📈 Offers Nigerian Stocks and CFDs||None|
|📊 Languages supported on Website||English, Spanish, Thai, Vietnamese|
|🤝 Customer Support Languages||English, French, Spanish, Italian, Arabic, German, Bulgarian|
|📞 Customer Service Hours||24/5|
|👥 Nigerian-based customer support?||No|
|💰 Bonuses and Promotions for Nigerians||None|
|📚 Education for Nigerian beginners||Yes|
|📊 Proprietary trading software||Yes|
|📈 Most Successful Nigerian Trader||Uche Paragon ($20 million net worth)|
|✔️ Is Markets.com a safe broker for Nigerians?||Yes|
|📈 Rating for Markets.com Nigeria||7/10|
|✔️ Trust score for Markets.com Nigeria||97%|
|👉 Open An Account||👉 Open Account|
Markets.com Account Types
👉 Markets.com provides traders with a variety of investing and trading accounts that provide them access to a diverse selection of tradable assets, clear fee schedules, and some of the finest trading conditions available.
👉 Markets.com allows Sharia-compliant Muslim traders to convert their live trading account into an Islamic Account, which eliminates overnight costs. Markets.com also provides a helpful demo account that may be utilized for a variety of purposes.
Markets.com Account Features
👉 Markets.com is committed to keeping fee schedules transparent and competitive so that traders can make well-informed trading decisions. Markets.com’s upfront pricing information enables traders to see precisely how much their trade will cost before it is performed.
👉 The MarketsX Account’s spreads are incredibly low and competitive in comparison to other trading platforms. If Nigerian traders are looking for the best service and lowest spreads in the market, Markets.com’s MarketsX platform is an ideal choice.
|📉 Minimum Deposit||41,000 Nigerian Naira|
|📊 Average Spreads||From 0.8 pips on major forex pairs|
|💵 Leverage||Up to 1:300 for non-EU traders|
|💻 Trading Platforms||MetaTrader 4, MetaTrader 5, MarketsX and Marketsi|
|📞 Customer Support Offered||Yes, 24/5|
|🚨 Trading Signals||Yes, from experienced traders|
|🔧 Trading Tools offered||Yes, in addition to market news and analysis|
|📲 Trading Alerts and Notifications||Yes, customizable alerts|
|📱 Range of Markets||More than 8,000 financial instruments|
👉 Additional features on this account include, but is not limited to:
➡️ Nigerian traders can use fundamental, technical, and sentimental analysis on markets
➡️ Advanced charting capabilities
➡️ Financial commentary from ForexLive.com
➡️ Thomson Reuters Stock report
➡️ Fast and reliable trade execution speeds
👉 With the Marketsi Account, traders will have access to a complete investment account that offers competitive trading conditions, transparent fees, as well as outstanding tools and information that will assist them in making educated and correct investing choices.
👉 Commissions are eliminated for the first three months that Nigerian traders have a Markets.com share dealing account. After the first three months, investors may anticipate the following commissions:
➡️ US shares – from 2c and a minimum of 15 USD
➡️ UK shares – from 0.1% and a minimum of 8 GBP
➡️ EU shares – from 0.1% and a minimum of 10 EUR
➡️ AU shares – from 0.1% and a minimum of 10 AUD
👉 Nigerian traders must note that there are additional trading conditions when they use the Markets.com share dealing account. These conditions include the following:
➡️ Spreads on share trading accounts are not marked-up.
➡️ Custody costs begin at 0.15% with a minimum charge of 5 EUR each month. After the commission-free time expires, investors will be charged at a rate of 0.12% with a minimum monthly charge of 10 EUR.
➡️ During the commission-free period, investors will be charged at a rate of 0.50% for currency conversions if the account currency is not the asset currency. After the commission-free time expires, a 1% currency conversion charge is levied.
➡️ Investors should be aware that stamp duty on UK equities begins at 0.5%.
➡️ All large-cap French stocks are subject to a 0.30% Financial Transaction Tax (FTT).
➡️ For every $1 million exchanged on US exchanges, a $20.70 cost is assessed.
➡️ US shares are subject to an administrative fee of up to $0.05 per individual share.
👉 Lastly, Nigerian traders could be subject to stock exchange fees if they trade shares with Markets.com:
➡️ Australian Securities Exchange – 20 AUD or 6,000 NGN for private investors and 95 AUD or 28,000 NGN for professional investors.
➡️ NASDAQ – 1 USD or 400 NGN for private investors and 24 USD or 9,900 NGN for professionals.
➡️ Bats Europe – 25 GBP or 13,600 NGN for professionals.
➡️ New York Stock Exchange – 1 USD or 400 NGN for private and 45 USD or 18,600 NGN for professional investors.
➡️ NYSE AMEX and ARCA – 1 USD or 400 NGN for private and 23 USD or 9,500 NGN for professional investors.
Markets.com Demo Account
👉 Markets.com provides traders with the advantage of a demo account, which they may use to gain expertise before trading live markets with real money. Markets.com also provides a demo account for more seasoned and professional traders who want to evaluate their trading tactics in a risk-free environment.
Markets.com Islamic Account
👉 The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
👉 Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.
👉 Markets.com allows Nigerian Muslim traders who adhere to Sharia law to convert their live trading account to an Islamic account, which exempts them from earning/paying overnight fees while holding positions open for an extended period, without being subject to additional fees or commissions that offset the absence of swaps.
Markets.com Pros and Cons
|✔️ Pros||❌ Cons|
|Markets.com is well-regulated by several reputable and strict entities||The proprietary trading software could be too simple for advanced traders|
|There are more than 2,200 financial instruments available for trading||There is no dedicated Naira trading account or NGN deposit currencies|
|There are accessible and information investor and trading educational tools offered||There are no local deposit and withdrawal methods offered to Nigerian traders|
|Commission-free trading is offered||There is an inactivity and currency conversion fee applied|
|Competitive trading conditions are offered|
|There is outstanding customer support offered by an expert trading team|
|The broker offers a demo and Islamic Account|
|There are several deposit and withdrawal methods|
Markets.com Final Verdict
Markets.com is a well-regulated brokerage in five jurisdictions and a member of FTSE250-listed gaming software company Playtech PLC.
Does Markets.com offer a Nigerian Naira Account?
No, Markets.com does not offer an NGN-based account.
Is Markets.com regulated by the Central Bank of Nigeria?
No, Markets.com is not regulated by the Central Bank of Nigeria.
Who regulates Markets.com?
Markets.com is regulated by ASIC and the FCA
Does Markets.com offer Nigerian shares or other instruments?
No, Markets.com does not offer Nigerian-specific instruments.
How many instruments can I trade with Markets.com?
You can trade any of the following instruments:
- Primary CFDs