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best forex signals for nigerian social traders review

5 Best Forex Signals for Social Traders in Nigeria

The 5 Best Forex Signals for Social Traders in Nigeria revealed. We tested and verified the forex signals for Nigerian Social Traders.

This is a complete list of forex signals for social traders in Nigeria.

In this in-depth guide you’ll learn:

  • What is a forex signal?
  • Which brokers offer forex signals?
  • Who are the best forex signal providers?
  • Our recommended $5 minimum deposit brokers for Nigerian Beginner Traders?
  • How to compare professional forex trading signals against each other?
  • Which forex signals are live and are updated daily?
  • What forex signals mobile apps are available?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best-tested forex signals for Nigerian Social Traders…

Let’s dive right in…

Updated : May 30, 2022

👉 Definition: a forex signal system is a set of analyses that a forex trader uses to generate signals to determine whether to buy or sell a currency pair at any given time.

Best Forex Signals for Social Traders in Nigeria – Comparison

🥇 Broker✔️ Offers Forex Signals?💸 Minimum Deposit (₦)✔️ Nigerian Naira-based Account?💰 NGN Deposits Allowed?👉 Open An Account
1. PepperstoneYes60,700 NairaNoYes👉 Open Account
2. eToroYes83,200 NairaNoNo👉 Open Account
3. FXCMYes10,000 NairaYesYes👉 Open Account
4. FP MarketsYes30,800 NairaNoYes👉 Open Account
5. AvaTradeYes41,500 NairaNoNo👉 Open Account
6. TickmillYes41,500 NairaNoNo👉 Open Account
7. OctaFXYes41,500 NairaNoNo👉 Open Account

5 Best Forex Signals for Social Traders in Nigeria (2022)

  1. Learn2Trade – Overall, Best Forex Signal for Social Traders in Nigeria
  2. PriceAction Forex – Best Signal with Daily Update
  3. 1000pip Builder – Best Signal with Technical Indicators
  4. Daily Forex Signals – Best Signal with Real-Time Alerts
  5. FX Premiere – Best Signal for Advanced Traders

1. Learn2Trade

👉 Professional traders with a combined total of more than 15 years of experience in the financial markets provide the signals for Learn2Trade. So far, this has resulted in a relatively high success rate for the signals (76 percent).

 

👉 Learn2Trade’s signals service will offer you between 3 and 5 trading opportunities every day, ensuring that you don’t miss out on any important trades that may come your way.

 

👉 This means that you don’t have to think about anything other than placing the transaction; all you have to do is follow the signal’s instructions. With Learn2Trade, you may test the waters with a free signal service that provides you with a total of three signals each week.

2. PriceAction Forex

👉 PriceAction Forex Ltd. is a well-known name in the Forex signal industry. This forex signals service generates approximately 2000 pips each month by sending out 6-8 successful signals per day.

 

👉 Market research by PriceAction Ltd is based on Smart Money Strategies that are derived from the daily price movement. On their Telegram channels, they frequently offer thorough technical analysis and explanations via audio and video.

3. 1000pip Builder

👉 1000pip Builder is another excellent signal service supplier. Professional trader Bob James, with over 10 years of expertise in London’s financial institutions, is in charge of this signals service.

 

👉 The signals generated by the 1000pip builder employ technical analysis, technical indicators, and fundamental analysis to identify trades that are more likely to succeed because of the market’s current trend.

 

👉 Every day, customers will receive 2-7 signals across a total of 15 currency pairs from this service. Users can expect a monthly profit of 350 pips from the service, which is backed up by trades from MyFXBook that have been independently confirmed.

 

👉 The monthly cost of 1000pip builder is $97 (about £68), however if you get the yearlong subscription, you may save 65%.

4. Daily Forex Signals

👉 Founded in 2014, Daily Forex Signals is a service established by a team whose members have a wealth of financial sector knowledge.

 

👉 Real-time alerts are provided through the Telegram forex signals app by Daily Forex Signals, allowing traders to conduct trades immediately. Daily Forex Signals claims a victory rate of 64.54 to 75 percent on their website, but this is not supported by actual trading data.

5. FX Premiere

👉 Through their VIP forex signals telegram group, FX Premiere ensures that their clients get a consistent flow of optimized trading possibilities throughout the week.

 

👉 Over 20 skilled forex traders make up the FX Premiere team, which looks for trading opportunities from over 50 different sources. This provider’s reviews on Trustpilot total over 2500, which lends credence to the quality of their work.

 

👉 Every trade that FX Premiere makes is shared with you, so you always know where your money is going. A wide range of asset types, including FX, gold, and oil, are traded on a daily basis.

 

👉 With the signals, FX Premiere gives graphs and data to back the trading opportunity, so that the trader knows there is plausible logic for it.

10 Best Forex Brokers with Forex Signals

Pepperstone

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

 

Overview

👉 Pepperstone, an online broker situated in Australia, promises to be the finest when it comes to social trading platforms in Nigeria.

 

👉 With spreads starting at 0.0 pips, access to 70 currency pairs, trading CFDs on six financial markets, rapid execution speed, and so much more, Pepperstone is a one-stop shop for all your trading needs.

 

👉 In addition to social trading networks, Pepperstone forex traders in Nigeria have access to automated copy trades as well as mirror trading options.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💰 Minimum Deposit (₦)60,700 Nigerian Naira
💸 Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indices
✔️ Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Pepperstone ensures client fund security by keeping it in segregated accountsNigerian traders do not have a Naira-denominated trading account
Pepperstone is both a multi-regulated and multi-award-winning brokerThere are additional fees applied to the Islamic account
Pepperstone caters for all types of traders despite their trading experience or styleThere are some leverage restrictions
Well-regulated by some of the top market regulatory entities
Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners
There is a demo account and Islamic account offered
There are several funding options offered to traders
Deposit fees and withdrawal fees are not charged

 

Trust Score and Nigerian Market Share

🥇 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.

eToro

Overall Rating

Min Deposit

USD 50 / 20725 NGN

Regulators

CySec, FCA 

Trading Desk

None

Crypto

Yes

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 eToro was voted the finest social trading platform. eToro is not only the first social trading network in the world, but it is also a licensed brokerage firm. The CySEC, FCA, and ASIC oversee one of the world’s largest social trading networks, operated by this Fintech firm.

👉 eToro offers a passive income potential to Nigerian clients that lack the necessary trading knowledge, lack the time to monitor the Forex market, or are Nigerian newbies to the copy-trading method.

👉 It is possible for those users in Nigeria to imitate the trading activity of other clients, mainly those with a proven track record, using the broker’s copy trading platform. eToro’s platform allows you to filter them based on a number of different factors.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account, Demo Account, Islamic Account
📱 Trading PlatformProprietary eToro copytrading platform
💰 Minimum Deposit (₦)83,200 Nigerian Naira
💸 Trading Assets• Forex Pairs
• Commodities
• Exchange-traded funds (ETFs)
• Indices
• Crypto Assets
• Stocks
✔️ Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?No
📊 Minimum spreadReferral programme
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
eToro has a strict and solid regulatory frameworkThere are limitations on leverage for retail traders
Client fund safety is guaranteed and there is consumer protection offeredThere is a limited selection of retail investor accounts
eToro offers commission-free tradingFixed spreads are not offered
There are over 2,000 complex instruments that can be tradedThere is an inactivity fee charged on dormant accounts
The broker offers several trading opportunities and a social trading feature
There is an award-winning proprietary platform offered

 

Trust Score and Nigerian Market Share

🥇 eToro has a high trust score of 91% and a market share of <5% in Nigeria.

FXCM

Overall Rating

Min Deposit

USD 300 / 124 350 NGN

Regulators

FCA

Trading Desk

No Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Copy trading services backed by the Trading Central artificial intelligence machine were selected by FXCM.

👉 Leading Forex trading services provider FXCM, regulated by the FCA, France’s AMF, Australia’s ASIC, and South Africa’s FSCA, provides its Nigerian clients with advanced pattern recognition software that utilizes AI algorithms to produce buy and sell signals.

👉 In price-improved transactions, FXCM customers in Nigeria can save money. The vast majority of FXCM’s deals are performed with zero or positive slippage.

👉 You must ensure that you acquire the best price possible for the copied transactions because the forex market prices are always shifting and changing.

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• Instagram
• YouTube
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💰 Minimum Deposit (₦)10,000 Naira
💸 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
✔️ Nigerian Naira-based Account?Yes
💳 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FXTM is a popular and multi-regulated trading providerThere are inactivity fees that will be applied if the trading account goes dormant
FXTM offers its clients quick deposit and withdrawal methods with short processing times
There are no deposit fees charged
There are several educational materials offered
FXTM offers dedicated, local support in multiple languages

 

Trust Score and Nigerian Market Share

🥇 FXCM has a very high trust score of 93% and a market share of <5% in Nigeria.

FP Markets

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

60

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FP Markets was selected as the finest MyFxBook broker in Nigeria. With over 40 international awards and over 15 years of business history, FP Markets is one of the leading CFD and Forex brokers regulated by ASIC. It is also regulated by CySEC, a Cyprus-based financial regulator, throughout Europe.

 

👉 To use MyFXBook AutoTrade, FP Markets’ real ECN methodology and raw prices make it the best choice in Nigeria.

 

👉 As a result of the broker’s extensive network of liquidity providers, major currency pairs on its Raw ECN Account can be traded with spreads as low as 0.0 pips. The average EUR/USD spread is also still 0.1 pip.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformMT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account
💰 Minimum Deposit (₦)30,800 NGN
💸 Trading Assets• Forex
• Shares
• Metals
• Commodities
• Indices
• Cryptocurrencies
• Bonds
✔️ Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FP Markets is a well-regulated broker that has a high level of trustworthinessThere are no fixed spread accounts offered
There is a wide range of markets that can be traded across asset classesThere is no dedicated Naira account offered to Nigerian traders
There are powerful trading platforms supported across devicesThere are withdrawal fees charged
Nigerian traders receive an ECN pricing model with raw and tight spreadsThere are administration fees charged on the Islamic Account
There is guaranteed fast trade execution through the Equinix servers
Commission-free trading is provided
There is a dedicated Islamic account option for Muslim traders
There are no inactivity fees charged on dormant accounts
Copy-trading and automatic trading is offered

 

Trust Score and Nigerian Market Share

🥇 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.

AvaTrade

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 In terms of MQL5 social trading, AvaTrade was chosen because it offers the finest trading conditions in Nigeria.

👉 AvaTrade is one of the world’s leading CFD and Forex brokers, with offices in nine countries and jurisdictions on five continents. Regulations from leading authorities have been met by the brokerage firm’s operations.

👉 As a result, AvaTrade clients in Nigeria can subscribe to trade signals from a wide variety of sources without ever having to leave their trading platform thanks to MQL5.

👉 Due to its global cloud architecture, MQL5 offers a variety of advantages to traders, including no hidden costs or commissions, no minimum deposit requirement, and faster signal execution.

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💰 Minimum Deposit (₦)41,500 Naira
💸 Trading AssetsForex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
✔️ Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.9 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
AvaTrade caters specifically to the unique needs of Muslim tradersThere are no variable spreads offered
There is a dedicated selection of financial markets that Muslim traders can tradeThere are inactivity fees applied as well as currency conversion fees
There is a demo account that can be used to test strategies, and practice trading
There are no additional charges on the Islamic Account
Professional traders can employ advanced technical indicators and access powerful research tools and resources
There is a large range of financial instruments offered

 

Trust Score and Nigerian Market Share

🥇 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.

Tickmill

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 A well-regulated STP broker, Tickmill was founded in 2014 and aims to provide an ideal trading environment for both novice and experienced traders in Nigeria.

 

👉 Experiential traders will benefit from the vast variety of currency pairs, and the inclusion of MT5 could expand traders’ access to additional assets.

 

👉 Even seasoned MetaTrader users in Nigeria who are looking to switch brokers will find Tickmill to be an ideal option.

 

Unique Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsPro Account, Classic Account, VIP Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit (₦)41,500 Naira
💸 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
✔️ Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No, only USD, GBP, EUR, IDR, CNY, VND, or RUB
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingCurrency conversion fees will apply for Naira deposits
Tickmill has a very high trust score and is known for its competitive trading conditionsThere are no fixed spread accounts offered
There are several convenient funding options available including Skrill, Neteller, and othersThe spreads are not the tightest
Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others

 

Trust Score and Nigerian Market Share

🥇 Tickmill has a trust score of 81% and an overall market share of <5% in Nigeria.

OctaFX

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 As a leading online trading platform and service, OctaFX.com has won multiple industry accolades for its outstanding online trading services and platforms since its start in 2011.

 

👉 If you’re looking for tight spreads on currency trading, OctaFX.com is your best option. Shariah-compliant Islamic accounts are offered for all three account kinds to traders in Nigeria.

 

👉 The OctaFX.com platform is also available as a demo account, allowing Nigerian traders to get a feel for it before committing to a live account.

 

Unique Features

FeatureInformation
⚖️ RegulationFinancial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC)
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit (₦)41,500 Naira
💸 Trading AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies
✔️ Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.6 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
OctaFX offers reliable, instant deposits and withdrawalsOffshore broker with tier-2 regulation, which is not ideal
The broker offers copy trading accounts through its proprietary trading appThere is a limited selection of trading instruments offered
Offers social trading opportunitiesThere is a limited selection between retail accounts
OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionalsLimited options for base currencies on accounts
The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable
Commission-free trading is offered on all retail investor accounts along with tight spreads
Offers an unlimited virtual trading account and an Islamic Account for Muslim traders
There is a range of advanced trading tools offered
OctaFX offers versatile and reliable payment methods for deposits and withdrawals

 

Trust Score and Nigerian Market Share

🥇 OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.

Overview

👉 Signals for trading forex pairs are a popular and unique financial instrument. In order to determine the optimal timing to enter or quit a trade, a trader or an automated computer generates forex signals.

 

Top 10 Brokers in Nigeria

Broker

Rating

Regulators

Min Deposit

Leverage

Sign Up Bonus

Spreads

Website

1

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 For Nigerian traders, a forex trading signal is simply a call to action to enter or quit a position (go long or go short). Technical or fundamental analysis can help identify forex signals, which are generally tied to specific dates, times, and prices. The Nigerian trader then has the option of acting on the indication or not.

How to use Forex trading signals

👉 The creation of forex signals was a logical by-product of the financial sector. The most difficult task for every Nigerian trader is to find the appropriate trading chances at the right moment, and this is where they come in.

 

👉 If you’re looking to make money in the forex market, you’ll need to follow a set of rules and guidelines to ensure that your trades are successful. The use of forex signals can benefit Nigerian traders of all skill and experience levels.

 

👉 Additionally, forex signals provide seasoned traders in Nigeria with the opportunity to increase their profits and get more trading expertise.

 

👉 Forex signals are advantageous to beginner traders in Nigeria because they allow them to make money while they are still learning about the markets and making a profit.

 

👉 In addition to helping them learn more quickly, the signals give them a better understanding of the underlying trading options that underlie each trade advice they receive.

 

👉 Trading signals may only be as beneficial as they are timely in an extremely quick and dynamic market like. This is because if a trader receives a signal at the wrong time, it may no longer be viable.

 

👉 Trading signals are delivered via SMS, email, and push notifications in order to ensure that Nigerian traders are alerted at the proper time. Traders can also use platform add-ons to obtain forex signals straight on their mobile devices.

The Best Forex Signals for Nigerian Social Traders

👉 One of the most popular marketplaces for Nigerian traders is the foreign exchange market, which may be traded via numerous brokers and platforms.

 

👉 Using a forex signal service, which does all of the research for you and provides an entry price and exit point in real-time, is one of the greatest ways to trade efficiently in this market.

 

👉 This guide examines the best Forex signals on the market today, highlighting the most important aspects to consider when selecting a service.

How to choose a forex broker

How to choose a forex broker

👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Regulations and Licenses

Regulations and Licenses

👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

Deposits And Withdrawals

👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

 

Range of Markets

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.

 

Customer Support

Customer Support

👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

Trading Platform

👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Nigeria

👉 In this article we have listed the best trading signals for Nigerian social traders, as well as the best Forex brokers providing excellent social trading conditions to Nigerian traders. Of these, we have further identified additional services provided for Nigerian traders.

 

Best MyFXBook Forex Broker for Nigerian Social Traders

Best MyFXBook Forex Broker for Nigerian Social Traders

👉 Overall, Pepperstone is considered a low-risk broker and can be summarised as a trustworthy and reliable agency-execution broker for social trading in Nigeria. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds for Nigerian social traders. In terms of users, Pepperstone has over 8000 registered clients in the UK.

 

Best copy trading platform broker for Nigerian social traders

Best copytrading platform broker for Nigerian social traders

👉 Overall, eToro is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for Nigerian social traders. Regarding spread and security, eToro guarantees fast trading speeds from a few milliseconds when social trading in Nigeria. In terms of users, eToro has over 24.8 million registered traders.

 

Best TradeStation Forex broker for Nigerian social traders

Best TradeStation Forex broker for Nigerian social traders

👉 Overall, FXCM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for Nigerian social traders. Regarding spread and security, FXCM guarantees fast trading speeds from a few milliseconds when social trading in Nigeria. In terms of users, eToro has over 200 000 registered traders.

 

Best ECN Forex broker for Nigerian social traders

Best ECN Forex broker for Nigerian social traders

👉 Overall, FP Markets is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for Nigerian social traders. Regarding spread and security, FP Markets guarantees fast trading speeds from a few milliseconds when social trading in Nigeria. In terms of users, FP Markets has over 10 000 registered traders.

 

Best proprietary social trading app broker for Nigerian traders

Best proprietary social trading app broker for Nigerian traders

👉 Overall, AvaTrade is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker for Nigerian social traders. Regarding spread and security, AvaTrade guarantees fast trading speeds from a few milliseconds when social trading in Nigeria. In terms of users, AvaTrade has over 300 000 registered clients around the world.

 

Best MQL5 Forex broker for Nigerian social traders

Tickmill

👉 Overall, Tickmill is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for Nigerian social traders. Regarding spread and security, Tickmill guarantees fast trading speeds from a few milliseconds when social trading in Nigeria. In terms of users, Tickmill has over 38 000 registered clients in the UK.

 

Best Forex broker offering Islamic accounts to Nigerian social traders

Best Forex broker offering Islamic accounts to Nigerian social traders

👉 Overall, OctaFX is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for Nigerian social traders. Regarding spread and security, OctaFX guarantees fast trading speeds from a few milliseconds when social trading in Nigeria. In terms of users, OctaFX has over 800 00 registered clients in the UK.

FAQ

What are trading signals?

Signals for trading forex pairs are a popular and unique financial instrument. In order to determine the optimal timing to enter or quit a trade, a trader or an automated computer generates forex signals.

 

What is social trading?

Social trading, also referred to as copytrading, is the process whereby forex traders follow the best winning strategies of other Forex traders.

 

Are Forex signals worth it?

Forex signals are worth it as long as you are using those generated by leading and reputable signals providers, such as the ones listed in this review.

 

How do you use Forex signals?

Forex signals provide alerts which are sent to a device of your choosing to notify you of optimal trading opportunities

 

Is social trading good for beginner traders?

Yes, social trading can be a great option for beginner traders as it allows them to learn from other more experienced and successful traders

Conclusion: 

👉 We have provided the best trading signals for social traders in Nigeria thus far. However, to make the most of their social trading endeavours, traders in Nigeria should sign up with the best brokers that offer excellent conditions for social trading, which is why we have created this list of the best social trading Forex brokers in Nigeria.

Addendum/Disclosure:

No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.4/10 - (18 votes)

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