When is the Best Time to Trade Forex in Nigeria?
Forex trading sessions in Nigeria time
What is the Best Time to Trade Forex in Nigeria revealed. We tested and verified the best time to trade Forex in forex trading for Nigerian traders.
This is a complete guide to when the best time to trade forex in Nigeria.
In this in-depth guide you’ll learn:
- What is the best time to trade forex?
- Forex trading sessions in Nigeria.
- When does the markets open to trade forex in Nairaland?
- Which currency pairs can you trade at night in Nigeria?
- What is the difference between low and high currency pairs?
- When does the market open in Nigeria, every day of the week?
- Which sessions are only open Monday to Friday?
- Best trading times for beginner traders?
- London session forex time in Nigeria
- new york session forex time in nigeria
- Best time to trade eur/usd in nigeria
- Asian session forex time in nigeria
- Best time to trade eur/usd
- US session forex time
And lots more…
So if you’re ready to go “all in” with the best time to trade forex for Nigerians…
Let’s dive right in…
When is the Best Time to Trade Forex in Nigeria? (Updated 2023)
The Best Times to Trade Forex in Nigeria
👉 According to Nigerian local time, the optimum time to trade currency in Nigeria is between 2 and 6 pm. The London and New York trading periods begin to overlap at this point, bringing with them a flurry of market activity and opportunity.
Overview of the Forex Market
👉 The market for currencies and currency exchange is known as the FX market. As the world’s biggest and most liquid market by total cash value exchanged, it is open to all entities and countries. Forex trading sessions in Nigeria time is crucial to keep tabs on if you are a trader in Nigeria.
👉 There is no central marketplace for money exchange and trading is performed Over-The-Counter, or OTC for short.
👉 It is possible to trade currencies around the clock, five days a week, in the world’s main financial hubs on the forex market. In the past, forex trading in the currency market has mostly been the realm of huge financial organizations.
👉 Because of technological advancements like the internet, even novice investors may now purchase and sell currencies on foreign exchange platforms.
👉 The worldwide market for exchanging currencies among various nations is known as the foreign exchange market. The forex market is decentralized in such a way that there is no organization or government, that governs it.
👉 Governments (sometimes via their central banks) and commercial banks are the two most important participants in the market right now.
👉 Market participants include businesses like producers, exporters, and importers, as well as people who travel internationally. There are a few important principles we need to comprehend the market.
👉 The process of selling one currency (such as the Naira) into another is a simple definition of foreign exchange. The exchange rate, which is defined as the rate at which the two parties to a transaction agree to transact, may vary, posing a foreign currency risk.
👉 Two main kinds of exchange rates may be found in the FX market: spot and forward. In the smallest possible period, such as that of a single day, a “spot” exchange rate is the rate at which two currencies are exchanged directly between them.
👉 When landing at Tokyo’s airport, a traveller could use US dollars to convert some Japanese yen. The forward exchange rate is a rate established by two parties to exchange currencies for a future date, such as 6 months or 1 year from now.
👉 In addition, Nigerians must know that foreign currency risk could be easily managed in part by utilizing the forward exchange rate.
Why do forex trading times matter in Nigeria?
👉 It is common for first-time Nigerian traders to get right into trading forex. For them, the 24-hour, five-day-a-week foreign currency market is a handy method to trade all day long. They closely monitor different economic calendars and trade voraciously on every release of data.
👉 In addition to fast depleting a trader’s funds, this method may exhaust even the most tenacious of traders. Trading in the currency market may go on all day and night because it follows the regular business hours of four different time zones across the globe, unlike Wall Street.
👉 Trading in Nigeria requires that traders know when the market is open and set acceptable goals for themselves.
Forex Market Hours and Trading Sessions
👉 The New York session is open from 8 am to 5 pm Eastern Standard Time (EST). In terms of foreign exchange trading, the New York session is the second-largest in the world, with 90% of all trades using the US dollar.
👉 The New York Stock Exchange (NYSE) may have an immediate and significant impact on the dollar. When corporations combine and acquisitions are consummated, the dollar’s value might quickly increase or decrease.
👉 Tokyo in Japan was the very first Asian trading hub to open and market times are from 7 pm until 4 am. The Tokyo market captures the greatest portion of Asian trade, barely ahead of Hong Kong and Singapore.
👉 In addition, the USD/JPY, GBP/USD, and GBP/JPY are currency pairings that often see a substantial level of the trading volume.
👉 Because of the Bank of Japan’s (Japan’s central bank) substantial impact on the market, the USD/JPY is a particularly important pair to track when the Tokyo market is the only one open.
👉 Sydney, Australia is open from 5 pm until 2 am, marking the formal start of the trading day.
👉 Even though it is the smallest of the megamarkets when the markets reopen on Sunday afternoon there is a great deal of early activity since individual traders and financial institutions are attempting to recuperate after the long break since Friday afternoon.
👉 London, United Kingdom (open from 3 am until noon): The United Kingdom (U.K.) controls the global currency markets, with London serving as its principal component. According to a BIS estimate, London, the core trading hub of the globe, accounts for around 43% of global trade.
👉 The British central bank, the Bank of England, which sets interest rates and administers the monetary policy of the GBP has its headquarters in London, which has a considerable influence on currency movements.
👉 Forex trends often begin in London, which is an important fact for technical traders to remember. Technical trading includes analysing statistical patterns, momentum, and price movement to discover opportunities.
What High and Low Spread Tell traders in Nigeria
👉 When the gap between the bid price and the ask price is significant, this is referred to as a high spread. When compared to the spreads of major currency pairings, the spreads on emerging market currency pairs are often much wider.
👉 A spread that is much wider than average often points to either elevated levels of market volatility or low levels of liquidity caused by trading outside of regular market hours. Spreads may become much wider before news events or at times of major shocks, such as the Brexit or the US elections.
👉 When referring to the difference in price between the bid and the ask, a low spread indicates that the gap is narrow. Trading at times when spreads are narrow, such as during the big forex sessions, is highly recommended. When the spread is low, volatility is often low as well, and it often suggests that liquidity is strong.
Market Overlaps and what they mean for Nigerians
👉 The optimal time to trade is during trading overlaps between open marketplaces. Higher price ranges emerge from overlaps, creating more options. Here is a closer examination of the three daily overlaps:
➡️ US and London
➡️ Sydney and Tokyo
➡️ London and Tokyo
US and London – 8 am to Noon
👉 The United States and London markets have the most overlap between themselves. According to Lien, more than 70% of all deals occur when these markets intersect since the U.S. dollar and the euro (EUR) are the two most often traded currencies.
👉 In addition, high volatility (or price activity) makes this the most advantageous moment to trade.
Sydney and Tokyo – 2 am to 4 am
👉 This period is not as volatile as the overlap between New York and London, but it still offers an opportunity to trade at a period of greater pip fluctuations. EUR/JPY is the optimal currency pair to target since they are the two most impacted currencies.
London and Tokyo – 3 am to 4 am
👉 This is the least active of the three overlaps due to the timing (most US-based traders will be asleep at this time), and the one-hour overlap provides minimal chance to see major pip movements.
Forex Market times to avoid in Nigeria
👉 The best time to trade is not always the same time every day and the best time to trade is typically when the market is the most active.
👉 However, when more than one of the four markets is open at the same time, the trading environment is more active, resulting in more volatility in currency pairings.
Late Sunday evening or early Monday Morning
👉 The late Sunday or early Monday crossover is the most sleep-inducing period of the week to trade FX.
👉 As the week progresses, many traders use the crossover to evaluate their positions rather than engage in active trading during this time. You should follow most of the investors’ lead and avoid trading as the new week dawns.
👉 Even when you have some free time during holidays such as Easter or Christmas, you should not use that time to engage in any trading activities. For the currency market, bank closures on holidays are a significant indicator of the health of the market.
👉 During times when they are closed, the amount of currency transactions decreases significantly There is a risk that the market would become stagnant or volatile as a result. It is preferable not to trade at all since it does not follow the usual pattern.
When Major News is Released
👉 Traders are drawn to the currency market by news releases including financial information, economic statistics, and political developments. This may put you in the thick of things, but unless you know exactly how to trade the news, it is best to avoid it.
👉 The forex market might be thrown into a loop when fresh data, reports, or updates are released without warning. A forex economic calendar may help you remain on top of the latest developments in the financial markets.
👉 A trader’s ability to arrange a trading schedule is aided by an awareness of the markets and their interrelationships. However, there is one factor that should not be overlooked: the publication of news.
👉 A significant news release can stimulate an otherwise dull market session. When a significant revelation involving economic data is made — particularly when it contradicts the prediction — currency may lose or gain value within seconds.
👉 A trader does not need to be aware of the dozens of economic releases that occur each day in all time zones and affect all currencies.
👉 Nigerian traders must distinguish between news releases that must be monitored and those that should be monitored. The more economic growth a nation generates, the more optimistic foreign investors see its economy.
👉 There is a tendency for investment money to migrate to nations with favourable development prospects and, therefore, favourable investment possibilities, so boosting the country’s currency.
👉 Additionally, a nation with higher interest rates on its government bonds is more likely to attract investment money from international investors seeking high return prospects. Nonetheless, steady economic expansion and attractive yields or interest rates are inextricably linked.
👉 These are a few examples of major news events:
➡️ Adjustments to interest rates by central banks. When interest rates go up, more money will flow into the economy, strengthening the currency because of increased global investment and capital inflow.
➡️ The Consumer Price Index (CPI), gauges inflation and may influence central bank policy.
➡️ Cross-border capital flows are impacted by trade deficits or an increase in imports compared to exports.
➡️ When it comes to US and worldwide economic growth, consumer spending accounts for a sizeable portion of the total output of the economy.
➡️ Indicator of how consumers see the economy and how it affects their purchasing decisions: consumer confidence
➡️ All commodities and services generated in a nation are included in GDP data or Gross Domestic Product (GDP). Unemployment rates, which reflect the number of people who are out of work, are also included in GDP statistics or GDP.
➡️ Consumer spending is tracked by the retail sector, which also serves as a growth engine for the economy.
When there is a strange price action present in the market
👉 The price activity of a currency pair may sometimes be erratic, with no apparent cause or rhyme. Even though random market movements might provide excitement, they usually result in bumpy trading conditions.
👉 Understanding what is behind these price changes and the broader market attitude, may be quite challenging. Subsequently, when an unusual price movement happens, it is advisable to wait it out until the unusual market behaviour is over before taking any action.
Asian sessions when there is lower liquidity
👉 Liquidity problems, which are particularly prevalent in Asian sessions, could serve as a warning sign. For this reason, the average pip movements are too little to cover the wide spread of Asian currencies during Asian market sessions. This is particularly true at the time of the day’s end rollover.
Why is the Forex market open 24 hours a day?
👉 The foreign exchange market is the world’s most important financial market. The forex market does not operate from a specific location but uses electronic communication networks (ECNs) and telephones to connect traders in different markets throughout the globe.
👉 From Sunday at 5 pm EST to Friday at 4 pm EST, the market is open around the clock. All the markets are open at any one moment and the hours between the closure of one and the opening of another are overlapping.
👉 Because of currency trading’s global scale, there are always buyers and sellers for a given currency. The 24-hour nature of the forex market is due in part to the fact that deals are made across a network of computers rather than a single physical exchange that shuts at a certain time.
👉 The closing rate of the New York Stock Exchange, for example, is used to describe the value of the U.S. dollar. That is because money trades across the globe even after New York closes, while securities do not.
👉 This means that overseas investors are not needed to trade beyond the usual business day in their native country for domestic securities like stocks, bonds, and commodities.
👉 Because the focus is on the local market, there is not enough demand for trading to warrant keeping these exchanges open 24 hours a day. Therefore, only a small number of shares would be exchanged at 3 am in the United States.
Why do you need a solid trading strategy in the Forex Market?
👉 Timing is vital to achieving wins and profits on the forex market, but discipline in executing your trading plan is as critical for setting the groundwork for long-term trading success.
👉 Each trader’s trading strategy is a customized road map for achieving long-term success according to their own trading objectives.
👉 When evaluating trading possibilities, your method is unique, including the patterns and indicators you favour and taking into consideration your own personal risk tolerance.
👉 A great trading strategy is designed for long-term success, but it does not imply that it will be profitable on every deal. When a string of bad results disturbs your confidence in your trading approach, true troubles begin to emerge.
👉 Too often, traders lose their discipline and begin chasing profit possibilities by placing too much emphasis on data points, trends, and other information that is not supported by a more process-oriented trading technique.
👉 In other words, traders get rattled by poor outcomes and forsake established trading tactics to recoup their losses in addition, most of the time, they dig themselves an even deeper hole.
Trading strategies for different Forex Market times in Nigeria
Trading Strategies for Nigerians Overview
👉 It is all about time in forex trading. However, it is far easier said than done to time the market. When it comes to conventional stock markets, timing transactions around recessions and low-priced purchasing opportunities invariably end up costing you money in the long term.
👉 Prices will go up or down, but when they do so is a mystery because of the volatility of the market. It is possible to estimate the timing of these transactions with some degree of precision, but no technique is perfect.
👉 A broad variety of factors, such as government economic statistics and well-known chart patterns, may influence price movement and timing, but others, such as breaking business or economic news or rapid shifts in trader moods, can be difficult, if not impossible, to anticipate.
👉 To succeed as a trader, you need a technique that considers as many factors as possible and helps you discover chances when you can predict the timing of price changes with some accuracy—even though, in the long term, you are not going to get it right every time.
How to choose the right trading strategy
👉 Nigerian traders need to understand how to choose the right type of trading strategy and to help them, here are three elements they need to consider when evaluating a trading strategy:
➡️ Trading opportunities available
➡️ Overall Position Size
👉 Choosing a timeframe that complements your trading strategy is crucial. There is a significant difference between trading on a 15-minute chart and a weekly chart for a trader.
👉 If you are leaning toward being a scalper, a trader who seeks to profit from smaller market movements, then you should concentrate on the 1-minute to 15-minute charts.
👉 Conversely, swing traders are more likely to use a 4-hour chart in addition to a daily chart to identify good trading opportunities. Different trading techniques correlate to various timeframes (long, medium, and short-term).
Trading opportunities available
👉 When deciding on a strategy, you should consider how often you want to open positions. If you want to open a greater number of positions, you should concentrate on a scalping trading method.
👉 Conversely, traders who devote a greater proportion of their time and resources to examining macroeconomic data and fundamental issues are likely to spend less time in front of charts. Therefore, their favoured trading strategy is predicated on larger holdings and longer time horizons.
Overall Position Size
👉 It is of the highest significance to choose the ideal trade size. Successful trading methods need knowledge of your risk attitude. Risking more than you can afford is hazardous since it might result in greater losses.
👉 A common piece of advice in this respect is to establish a risk limit for every deal. For instance, traders often restrict their transactions to 1%, indicating they would not risk more than 1% of their account on a single deal.
Best Trading Strategies for Nigerians
👉 Once they have indicated a specific timeframe that suits their day, Nigerian traders can choose a position size and the number of trades they want to open at a certain time and over a certain period.
Using Stop-Loss Orders
👉 It is possible to allow your computer to act as your “trading buddy” and it is the most effective trading method for new Nigerian traders and those with limited time to trade.
👉 Because the foreign exchange market is notoriously volatile and hard to keep an eye on, it can be advantageous to be able to make use of trading software that enables you to put information technology to work on your behalf.
👉 Implementing stop-loss orders is another typical trading method. These orders safeguard your capital if the market makes an unexpected move in the opposite direction of your position.
👉 Price Action is ideal for mobile Nigerian traders who can only log into their mobile app occasionally (every 10 minutes, or so). These short but frequent trading sessions could be favourable for putting a price action trading strategy into action.
👉 Price action trading is analysing the currency pair’s technicals, such as charts, to inform transactions. Traders can examine up bars and down bars, which are bars that are either higher high, higher low, lower high, or lower low, respectively.
👉 The presence of up bars in a price chart indicates an uptrend, while the presence of down bars indicates a downtrend. Other price movement indicators may include inside or outside bars.
👉 Trading based on a chart period that is most accommodating to your schedule is essential to achieving success with this method.
Taking fewer positions
👉 You must have a solid understanding of the factors that influence the exchange rates of your currency pairings and that you have put in the effort to have a thorough familiarity with the market.
👉 Subsequently, after gaining an understanding of the market and picking certain currency pairings to focus on, a strategy that involves choosing a small number of positions and maintaining them for an extended length of time should be considered wise for part-time traders.
👉 Stop-loss orders are another prudent method that should be used with all your transactions to reduce the amount of money lost if the market goes against you.
Watching out for longer-term trends
👉 Instead of looking at charts updated every hour or even every four hours, it is beneficial to keep an eye on longer-term trends (daily and weekly). Because of this, you will only need to glance at your computer once each day to trade successfully.
Use trading orders
👉 You can avoid missing out on chances to join or leave positions by setting limit orders, stop-loss orders, or other entry/exit orders. Most trading platforms support these orders and do not charge any extra costs for doing so.
👉 It is a term used to describe the practice of buying and selling currency on a single trading day. The forex market is where day trading is most often employed, but it could be used in any market. According to this technique, all negotiations should be started and finished on the same day.
👉 No position should be open for more than 24 hours, allowing traders to reduce risks. Instead, day traders are more likely to stay in the market for the full day rather than just a few minutes. In addition, during the 30-minute and one-hour periods, day traders generate trading ideas.
👉 For many day traders, the news is a primary source of trading ideas. Economic data, interest rate fluctuations, GDP numbers, and elections all have a significant impact on the markets.
👉 In addition to positional limitations, day traders often set a daily risk limit. A common choice among traders is to set a daily risk limit of 3%. The safety of your account and funds will be a top focus here.
👉 Scalping is a popular trading approach in the Forex market that focuses on tiny market fluctuations. This strategy comprises starting many transactions to reap little profits on each one.
👉 Scalpers strive to increase the number of smaller victories to enhance their profits. This is the opposite of holding a position for hours, days, or even weeks.
👉 Scalping is a popular method in Forex because of its high liquidity and volatility. Investors seek price movement in a dynamic market to benefit from minor price movements.
👉 This kind of trader is focused on making 5 pips or less on each transaction. However, they anticipate that most agreements succeed since the revenues are consistent, reliable, and easy to attain.
👉 Scalping has disadvantages, such as the inability to stay in a transaction for an extended period. Therefore, scalping takes a lot of time and effort since you must constantly check the market for new trading opportunities.
👉 Position trading is a method of long-term investing. This kind of trading, unlike scalping and day trading, is concerned with the underlying economic realities.
👉 Minor market movements are not considered since they do not affect the broader market picture.
👉 Position traders are likely to monitor central bank monetary policies as well as political developments to spot cyclical trends.
👉 Only a few trades may be initiated by the most successful position traders over a year. These trades, on the other hand, are likely to have profit targets in the hundreds of pips range.
👉 We propose this trading strategy to traders who are willing to wait weeks, months, or even years to observe how their position plays out.
How to Choose the Right Forex Broker in Nigeria
👉 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
👉 This is the first vital 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 include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
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
👉 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 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.
👉 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 come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ 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 Forex brokers which offer spread betting platforms to traders in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Forex Broker in Nigeria
USD 0 / 0 NGN
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Metatrader 4 and Metatrader 5
Account Activation Time
👉 Overall, OANDA is the best MT4 forex broker in Nigeria. OANDA is a forex and CFD broker with three retail accounts that Nigerian traders may register. OANDA ranks as one of the best online brokers because of its transparency and quality of service. OANDA offers MetaTrader 4 across all devices.
Best MetaTrader 5 / MT5 Forex Broker in Nigeria
Account Activation Time
👉 Overall, Pepperstone is the best MetaTrader 5 forex broker in Nigeria. Pepperstone is one of the most prominent CFD and Forex brokers in the world. Pepperstone offers MT5 in combination with all live trading accounts. Nigerians can expect low costs and innovative technology with Pepperstone.
Best Forex Broker for beginners in Nigeria
USD 1 / 415 NGN
Account Activation Time
👉 Overall, InstaForex is the best forex broker for beginners in Nigeria. InstaForex offers Cent Accounts to beginner traders. InstaForex also has a demo account and a plethora of educational materials for beginner Nigerian traders.
Best Minimum Deposit Forex Broker in Nigeria
👉 Overall, Axi is the best Minimum Deposit Forex Broker in Nigeria. Axi was created by traders to cater for the needs of other traders of all skill levels. Axi does not require a minimum deposit when Nigerians register an account.
Best ECN Forex Broker in Nigeria
👉 Overall, Tickmill is the best ECN forex broker in Nigeria. Tickmill offers some of the best trading conditions and reliable trade execution speeds. Tickmill’s liquidity providers for its ECN model include Barclays and several other top banks and hedge funds from around the world.
Best Islamic / Swap-Free Forex Broker in Nigeria
👉 Overall, Exness is the best Islamic / Swap-Free forex broker in Nigeria. Exness offers an Islamic account on each of its retail account options. Exness offers unlimited leverage and provides an NGN-denominated account for Nigerian traders.
Best Forex Trading App in Nigeria
👉 Overall, XM is the best forex trading app in Nigeria. XM offers MT4 and MT5 mobile apps alongside its proprietary mobile app. XM serves millions of traders from 196 countries worldwide. XM offers multilingual customer support across several communication channels.
Best Naira Trading Account Forex Broker in Nigeria
USD 100 / 41450 NGN
Account Activation Time
👉 Overall, Alpari is the best Naira trading account forex broker in Nigeria. Alpari is one of the few brokers that have local offices in Nigeria. Alpari provides a Naira-denominated account. Alpari offers Nigerians a wide range of markets that can be traded.
Best Lowest Spread Forex Broker in Nigeria
👉 Overall, HF Markets is the best lowest spread forex broker in Nigeria. HF Markets charges spread that start from 0.0 pips on major currencies such as EUR/USD. HF Markets offers 5 retail investor accounts that can be used on MetaTrader 4, MT5, and the proprietary HF Markets app.
Best Nasdaq 100 Forex Broker in Nigeria
USD 1 / 430 NGN
FSA, CySec, FSCA, FSC
MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)
Account Activation Time
👉 Overall, JustMarkets is the best Nasdaq 100 forex broker in Nigeria. JustMarkets offers Nigerians leverage up to 1:3000 and this will help them start trading with lesser amounts of capital.
👉 JustMarkets offers several indices that can be traded as CFDs, and this includes Nasdaq 100.
Best Volatility 75 / VIX 75 Forex Broker in Nigeria
👉 Overall, IC Markets is the best Volatility 75 / VIX 75 forex broker in Nigeria. Nigerians can trade CBOE Volatility Index as a futures CFD with IC Markets.
👉 IC Markets is one of the largest true ECN brokers in the industry. IC Markets ensures that all Nigerian traders have access to deep liquidity and tight spreads.
Best NDD Forex Broker in Nigeria
👉 Overall, OctaFX is the best NDD forex broker in Nigeria. OctaFX does not operate a dealing desk and instead makes use of prominent and trusted liquidity providers to provide pricing. OctaFX does not charge any commission on trades and charges a spread from 0.6 pips on EUR/USD.
Best STP Forex Broker in Nigeria
USD 100 / 41450 NGN
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best STP forex broker in Nigeria. AvaTrade is a Market Maker and STP execution broker that provides transparent fee schedules and fair trading conditions. AvaTrade has more than 300,000 registered traders from around the world.
Best Sign-up Bonus Broker in Nigeria
USD 1 (415 NGN)
IFSC, FSCA (south africa), ASIC, CySEC
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
$140 (58 116 NGNFind out More)
Account Activation Time
👉 Overall, FBS is the best sign-up bonus broker in Nigeria. FBS provides a quick-start bonus to all new traders who register an account for the first time.
👉 When Nigerians start with FBS they can register a demo account followed by a Cent account to get them started. FBS has leverage up to 1:3000 and provides a proprietary mobile app to Nigerians.
👉 Even though the forex market operates 24 hours a day, certain times will be more beneficial for trading certain currencies. Nigerian traders must carry out technical and fundamental analysis to determine when they should trade and in which session.
What is the best time to trade forex in Nigeria?
The best time to trade forex in Nigeria is between 2 pm and 6 pm when the London and New York sessions overlap.
How much do forex traders make in a single day in Nigeria?
Some of the currency positions that are executed in Nigeria daily are over $1.25 million.
Which country has the most forex traders in Africa?
Nigeria is currently the African country with the most forex traders, followed by South Africa.
Who is the richest forex trader in Nigeria?
Uche Paragon is the richest forex trader in Nigeria. Uche has a net worth of approximately $16 million.
Can I trade forex without a broker in Nigeria?
No, as a private individual you are not allowed to execute trades by yourself. All trading activities must be carried out through a forex broker.