Trade Nation is considered a low-risk and can be summarised as trustworthy and reliable. Trade Nation has a trust score of 79 out of 99 and is regulated by the FCA, ASIC, FSCA, and SCB.
Trade Nation at a glance
|🏛️ Headquartered||London, United Kingdom|
|🏛️ Nigerian Based Office||No|
|👍 Accepts Nigerian Traders?||Yes|
|📅 Year Founded||2014|
|📱 Nigerian Office Contact Number||None|
|⚖️ Regulation||FCA, ASIC, FSCA, SCB|
|🔎License Number||United Kingdom – 525164
Australia – ACN 158 065 635, AFSL 422661
South Africa – 2018/418755/07, FSP 49846
Bahamas – 203493 B, SIA-F216
|⚖️ CBN Regulation||No|
|✴️ Regional Restrictions||United States|
|☪️ Islamic Account||No|
|📈 Demo Account||Yes|
|📈 Retail Investor Accounts||2|
|📊 PAMM Accounts||None|
|📊 Liquidity Providers||Barclays|
|📊 Crypto trading offered?||No|
|🚀 Offers a Nigerian Account?||No|
|💻 Dedicated Nigerian Account Manager?||No|
|📈 Maximum Leverage||1:200|
|📈 Leverage Restrictions for Nigeria?||No|
|💳 Minimum Deposit (₦)||0 Nigerian Naira|
|💳 Nigerian Naira Deposits Allowed?||No, only GBP, USD, EUR, AUD, ZAR, DKK, NOK, and SEK|
|💰 Active Nigerian Trader Stats||1.3 million|
|💰 Nigeria Daily Forex Turnover||$1.25 million+|
|💳 Deposit and Withdrawal Options||Credit Card
Bank Wire Transfer
|💰 Segregated Accounts with Nigerian Banks?||No|
|💻 Trading Platforms||MetaTrader 4, Trade Nation|
|💰 Tradable Assets||Indices
|🌐 Offers USD/NGN currency pair?||No|
|🌐 USD/NGN Average Spread||N/A|
|📈 Offers Nigerian Stocks and CFDs||No|
|👨💼 Languages supported on Website||English|
|👥 Customer Support Languages||Multilingual|
|👥 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 Trade Nation a safe broker for Nigerians?||Yes|
|✔️Rating for Trade Nation Nigeria||6/10|
|✔️Trust score for Trade Nation Nigeria||79%|
|👉 Open an account||👉 Open Account|
Trade Nation Review – 16 key points quick overview:
- ✅Trade Nation Overview
- ✅Regulation and Safety of Funds
- ✅Account Types and Features
- Account Registration
- Trade Nation VS FBS VS OANDA – Broker Comparison
- Trading Platforms
- Range of Markets
- Trade Nation for Range of Markets – Broker Comparison
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- The process to Withdraw Funds from a Trade Nation Trading Account
- Education and Research
- Trade Nation Affiliate Program
- Verdict on Trade Nation
- Trade Nation Pros and Cons
- Frequently Asked Questions
Trade Nation Overview
👉 As a multi-regulatory brokerage, Trade Nation brings a new perspective to the world of online investing. In addition to CFDs on currency, indices, commodities, stocks, and shares of stock, they provide a simple trading platform that enables traders to trade a wide range of financial assets.
👉 Trade Nation is headquartered in the United Kingdom and does not have a designated office based in Lagos, Nigeria. While Trade Nation is not regulated by the Central Bank of Nigeria (CBN), Trade Nation is well-regulated by other reputable regulating authorities, including the Financial Sector Conduct Authority (FSCA) in South Africa, which provides Nigerian traders with investor protection.
👉 This Trade Nation review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders that use Trade Nation is as follows:
➡️️ South Africa – 20.63%
➡️️ Philippines – 16.01%
➡️️ United Kingdom – 10.48%
➡️️ Italy – 10.35%
➡️️ France – 9.07%
Popularity among traders who choose Trade Nation
🥇 The popularity amongst traders who choose Trade Nation falls within a Top 20 for Nigeria, with South Africa taking the lead on the number of active traders with this broker.
Regulation and Safety of Funds
👉 Trade Nation is a reputable international broker that operates through the following entities:
➡️️ Trade Nation is the trading arm of Finsa Europe Ltd. which is regulated by the Financial Conduct Authority (FCA) under reference 525164.
➡️️ Trade Nation is a part of Finsa Pty Ltd, serving as the trading arm for the firm. Finsa Pty Ltd. is a firm that is regulated by the Australian Securities and Investments Commission under ACN 158 065 635, AFSL No. 422661.
➡️️ Trade Nation Financial (Pty) Ltd is registered under 2018/418755/07 with regulation by the Financial Sector Conduct Authority under Financial Services Provider (FSP) number 49846.
➡️️ Trade Nation Ltd is registered in the Bahamas under 203493 B, with regulation through the Securities Commission of the Bahamas SIA-F216.
👉 Trade Nation is well-regulated and complies with the basic regulatory requirement associated with client fund protection. Trade Nation keeps all funds in segregated accounts with top tier banks in every region where it operates.
👉 In addition, United Kingdom clients are offered investor protection through compensation schemes up to 85,000 EUR.
Account Types and Features
👉 Trade Nation only offers one retail investor account with two leverage options, namely:
➡️️ Low Leverage Account (1:30)
➡️️ High Leverage Account (1:200)
👉 What sets these account types apart, is that clients who register under FSCA and SCB regulation qualify for leverage up to 1:200, while traders who register through ASIC and FCA only have access to leverage up to a maximum of 1:30.
👉 Trade Nation does not charge an initial deposit when traders register an account and there are no commission fees charged. Traders who want to register an account with Trade Nation can set their base currency to GBP, USD, EUR, AUD, ZAR, DKK, NOK, or SEK.
👉 The typical spreads that traders can expect when trading with Trade Nation are as follows, regardless of the account:
➡️️ Wall Street 30 – 1 pip with a margin requirement of 0.5%
➡️️ US 500 – 0.14 pips with a margin requirement of 0.5%
➡️️ Gold – 0.4 pips with a margin requirement of 0.5%
➡️️ UK100 – 0.4 pips with a margin requirement of 0.5%
➡️️ EUR/USD – 0.6 pips with a margin requirement of 0.5%
➡️️ GBP/USD – 0.8 pips with a margin requirement of 0.5%
➡️️ Crude Oil – 3 pips with a margin requirement of 2%
➡️️ USD/JPY – 0.7 pips with a margin requirement of 0.5%
➡️️ Germany 40 – 0.9 pips with a margin requirement of 0.5%
➡️️ US Tech 100 – 0.8 pips with a margin requirement of 0.5%
👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
👉 There is a certain degree of risk involved when trading financial markets and Trade Nation offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
👉 Trade Nation offers access to proprietary paper trading facilities where traders can practice their trading, test strategies, and test what Trade Nation offers in a risk-free environment where real money is not at risk because of complex instruments.
👉 To register an account with Trade Nation, traders can visit the official website of the broker and select the “Join Us” option. This will load a short registration form that traders can complete.
👉 The trader’s information will be processed, and traders must confirm their email address to continue with their application. Once traders have completed their account application, they must provide proof of their identity and proof of residence to complete the application.
👉 Once the trader’s information and documents have been reviewed for validity, the account will be approved, and Nigerian traders can start trading.
Trade Nation VS FBS VS OANDA – Broker Comparison
|🔥 Regulation||FCA, ASIC, FSCA, SCB||IFSC, CySEC||IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA|
|📱 Trading Platform||MetaTrader 4|
|💰 Withdrawal Fee||No||Yes||No|
|💳 Minimum Deposit||0 NGN||400 NGN||0 NGN|
|📊 Leverage||1:30/1:200||Up to 1:3000||1:200|
|📈 Spread||Fixed, from 0.4 pips||From 0.0 pips||Variable, from 0.1 pips|
|💰 Commissions||None||From $6||40 USD / 16,680 NGN|
|📊 Margin Call/Stop-Out||50%||40% and 20%||Stop-out of 50%|
|📊 Order Execution||Instant, Market||STP, ECN||Market|
|💰 No-Deposit Bonus||No||Yes||No|
|📊 Cent Accounts||No||Yes||No|
|📈 Account Types||High leverage|
|FBS Cent Account|
FBS Micro Account
FBS Standard Account
FBS Zero Account
FBS ECN Account
FBS Crypto Account
|🔥 CBN Regulation||No||No||No|
|💳 NGN Deposits||No||Yes||Yes|
|🖥️ Nigerian Naira Account||No||No||No|
|👨💼 Customer Service Hours||24/5||24/7||24/5|
|📈 Retail Investor Accounts||2||6||3|
|☪️ Islamic Account||No||Yes||Yes|
👉 The broker offers its Nigerian clients access to the financial markets using the Trade Nation trading platform, which is a proprietary platform provided by the broker.
👉 The platform allows retail traders to focus on the most critical aspects of their trading experience and development to achieve their trading objectives. The Trade Nation platform’s user-friendly design makes it easy to access customizable charting features.
👉 There are different kinds of interactive graphs, drawing tools, and a range of time frames from one minute to one month are all included in the Trade Nation trading platform. Limiting losses can be achieved by putting stop orders in place to close transactions with more risk than the trader’s risk tolerance.
👉 Web traders for Chrome, Firefox, Safari, and Microsoft Edge are all supported by the platform. However, for the best user experience, traders are urged to use the Google Chrome browser.
👉 Alternatively, traders can also opt for downloading the proprietary mobile platform, the Trade Nation app for Android and iOS devices.
👉 The MetaTrader 4 (MT4) platform is also offered by the broker to its customers. Many CFD and FX traders across the world rely on the MT4 trading platform, which is both complex and user-friendly at the same time.
👉 An extensive set of built-in market analysis and trading tools are available on the MT4 platform. It supports different order types, automated trading using expert advisors (EAs), one-click trading, and a host of other useful features.
Range of Markets
👉 Trade Nation offers the following financial instruments that can be traded:
➡️️ Precious Metals
Trade Nation for Range of Markets – Broker Comparison
Trading and Non-Trading Fees
👉 Trade Nation charges fixed spreads that remain the same despite the market conditions, ensuring that traders have transparency and that they can calculate their profits more accurately. Some of the spread costs that Trade Nation charges include:
➡️️ Wall Street 30 – 1 pip
➡️️ US 500 – 0.14 pips
➡️️ Gold – 0.4 pips
➡️️ UK100 – 0.4 pips
➡️️ EUR/USD – 0.6 pips
➡️️ GBP/USD – 0.8 pips
➡️️ Crude Oil – 3 pips
➡️️ USD/JPY – 0.7 pips
➡️️ Germany 40 – 0.9 pips
➡️️ US Tech 100 – 0.8 pips
Overnight Fees, Rollovers, or Swaps
👉 Overnight fees applied by Trade Nation are calculated according to the 1-month interbank rate for the financial instrument that is being traded. On long positions, for instance, if traders trade British pounds, Trade Nation will use the 1-Month London Interbank Offer Rate (LIBOR) with an additional 2.5% and 1.25%.
👉 On short positions, when the 1-month interbank rate falls below 2.5%, the percentage will be debited from the trading account. When the 1-month interbank rate is below 1.0%, Trade Nation will subtract it from 2.5%, which means that the interest rate will be 1.5%.
10 Best Forex Brokers in Nigeria for 2022
Deposits and Withdrawals
👉 Trade Nation offers the following deposit and withdrawal methods, with the benefit that there is no deposit fee or withdrawal minimums:
➡️️ Credit Card
➡️️ Debit Card
➡️️ Bank Wire Transfer
➡️️ Bank Transfers
The process to Withdraw Funds from a Trade Nation Trading Account
👉 To withdraw funds, traders can log into their Trade Nation account and select the option to withdraw funds. Traders must ensure that they have the right amount in their account before they withdraw, or the withdrawal will be canceled.
👉 Traders must select the payment method that they used when they deposited funds, enter the amount, and confirm the withdrawal before submitting the request.
👉 Once the request has been received, it will be processed during operation hours, typically within 24 hours, and the funds will be paid to the trader. Traders must ensure that the name in which they hold an account is the same as that with which they registered a trading account.
👉 Traders must also remember that certain payment methods will have a certain processing time depending on the method. While some methods offer instant withdrawals, others will take a few days to reflect in the trader’s bank account.
Education and Research
👉 Trade Nation offers comprehensive education material and tools on the Trade Nation website aimed at helping traders develop their skills and expertise.
👉 Traders will find a wide range of educational materials and resources for learning about the markets and trading in general. Trade Nation offers a helpful video that guides traders through the setup and operation of MetaTrader 4 and how they can link their Trade Nation trading account.
👉 Trade Nation offers a comprehensive “Trading Explained” section that covers CFD trading, forex trading, spread trading, and trading signals. There is also a trading simulator and comprehensive beginner guides that can direct beginner traders in making informed investment decisions.
👉 The research and trading tools offered by Trade Nation includes:
➡️️ Smart News
➡️️ Trading Signals
➡️️ News and Analysis
👉 If traders want to access news on only the markets they are interested in, Smart News can help them do just that. Breaking news from across the globe may be found on Smart News, which is sourced from hundreds of sources, including mainstream and social media.
👉 In addition, traders can receive free trading signals from FCA-regulated sources when they trade with Trade Nation. This helps traders receive trusted signals and avoid any forex scams.
Trade Nation Affiliate Program
👉 Trade Nation is aiming to improve the trading industry and to provide all traders with a fair and transparent trading experience. Trade Nation is one of the most reliable and user-friendly forex brokers that offer a variety of trading services.
👉 This provides partner clients access to hundreds of popular markets, a choice between trading platforms, and a bespoke account homepage. In addition, Trade Nation offers dedicated customer support, the lowest spreads, and several other benefits.
👉 Trade Nation offers affiliates a revenue share plan where they can earn from the revenue that the partner’s customers generate, a CPA plan that provides a fixed fee for every client referred, and a hybrid plan where partners can access different characteristics of both plans.
Verdict on Trade Nation
👉 Trade Nation is a well-regulated online market maker broker that offers competitive and transparent trading costs, a wide range of complex instruments, trading signals, a comprehensive mobile trading app, and flexible leverage according to the trader’s country of residence.
👉 Trade Nation may not offer a wide range of deposit options or withdrawal methods, but there are no withdrawal fees charged and there are no minimum withdrawal limits. There is also the benefit that the broker does not charge a minimum deposit, making it easy for Nigerian traders to start with an amount that is comfortable to them.
👉 Trade Nation offers fixed financial spread trading, which ensures that traders can calculate their overall trading costs accurately. Several broker reviews would agree that Trade Nation caters for traders of any experience level, providing beginners with educational content, inclusive growth, and a fresh approach to the trading journey.
👉 There may be some regulatory restrictions for countries that are not covered under the regulatory framework, but those who can trade with Trade Nation will agree that the broker is one of the best options.
👉 Apart from regulation through the Financial Conduct Authority, Trade Nation is also regulated by the ASIC, FSCA, and SCB, which ensures that Trade Nation is fully authorized to offer international trade.
Trade Nation Pros and Cons
|✔️ Pros||❌ Cons|
|Trade Nation does not charge a minimum deposit, offering Nigerian traders with flexibility||There is a limited selection of funding options|
|The broker offers transparent fixed financial spread trading across several asset classes||The spread costs are not the lowest in the industry|
|There is a powerful desktop platform, innovative mobile trading app, and web-based trading platform||There are leverage restrictions on the UK and Australian clients|
|There is commission-free trading offered||United States clients are not accepted|
|There is a wide selection of educational content and beginner guides as part of an all-inclusive education material package||Inactivity account fees may apply|
|There is a dedicated customer service team offered|
|There is an active business community offered along with a dedicated affiliate program|
|Trade Nation offers international stability through a well-established regulatory framework|
|There is no deposit fee or withdrawal fee charged on deposit or withdrawal methods|
|There are several base currencies to choose from when registering a retail investor account|
Frequently Asked Questions
Is Trade Nation a fake or scam?
Our review of Trade Nation reveals that the broker adheres to regulation by FCA, ASIC, FSCA and SCB and is considered an average risk broker.
What is the overall rating for Trade Nation out of 10?
Overall rating for Trade Nation is 7/10.
Is Trade Nation suitable for beginner and professional traders?
Yes, Trade Nation caters for both beginner and professional traders.
Does Trade Nation offer an Islamic account?
No, Trade Nation does not offer an Islamic account.
Does Trade Nation offer a demo account?
Yes, Trade Nation offers a practice account.