Legitimate forex traders

In his four-part series, journalist Mobeen Azhar finds out how investors lost millions of pounds after getting caught up in forex - foreign exchange - schemes. In Scam City: Money, Mayhem and Maseratis, Mobeen discovers: investors were added to WhatsApp groups managed by unlicensed and unregulated so-called traders; allegations of investors being told that they couldn't withdraw their cash; and investors - after losing everything - realising that their investments, made through a firm called Infinox registered in the Bahamas, were not subject to UK regulation or the control of the Financial Conduct Authority FCA. In Autumn , a video clip of a man handing out cash to strangers on Plymouth High Street went viral. But in trying to track down the year-old pictured above , it turned out there were different versions of the story. To many, he was simply handing out money to strangers because he'd made it big in the world of online trading and he wanted to give something back. But Gurvin wasn't talking.

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WATCH RELATED VIDEO: The Best Forex Broker For U.S. Residents

Is Forex Trading a Scam or Legit?

Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task. In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. Visit FXTM. FXTM is our recommended forex broker for Nigerian traders. The typical fees depends on your trading account.

This is higher than many other brokers. FXTM allows users to create a demo account in order to build their confidence and learn the art of trading. Plus the also offers a wide range of educational material to its clients, including trading webinars.

Visit HotForex. HotForex is our recommended low cost forex broker for Nigeria. HotForex was established in the year Also, they offer extremely competitive spread of 0. Their typical spread for forex pairs is lower than most other brokers. All the trading accounts at HotForex can be opened with Naira as the Base currency. There are 53 Currencies available for trading on their platforms. Overall, the range of trading instruments are wide, but there are higher number of currency pairs available at other brokers like Exness.

Further, HotForex offers trading on various platforms that can be accessed from Android, iPhone and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world. Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, and there are many wallet options as well.

Plus, Hotforex have ongoing deposit bonus promotion available for traders in Nigeria. Visit OctaFX. They have 3 account types i. This fees is lower than the typical spreads at other forex brokers compared. Their support is also very responsive in handing issues. They also have WhatsApp text support available.

Visit XM Forex. XM broker offers 57 forex currencies, and more than CFD instruments on their platform. Another plus is their no re-quotes policy.

XM broker also offers free research through its own in-house team of analysts. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web. Visit Exness. Exness is 5 in our recommended forex broker list for Nigerian traders. They offer market Execution but it is very fast , very competitive spread of as low as 0. This is quite wide compared to other brokers. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed.

In addition to this, Exness offers tight spreads with their three major account types. Minimum spread for FX starts from 0. Exness does not charge any commissions with two of its account types. This payment method is instant even during withdrawals. Exness does not offer Naira base currency account at the moment. The broker offers up to date financial news and technical analysis charts to its users so that they can invest better. Further, customer support is available 24X5 in eight languages and 24X7 in three languages.

Another key feature is that withdrawals via some methods is executed instantly upon request. Visit Avatrade. Avatrade is a well regulated fixed spread European Forex broker.

They offer 0. But Avatrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. Visit Alpari. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review. The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms.

Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only.

The broker does not charge any extra commission other than the spread. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help. Visit IC Markets. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option.

Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws.

Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. Also, remember that not all regulations are the same. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators.

Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information. Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number. Another critical aspect to monitor is the reputation and reviews of the broker.

There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers. By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision on which broker you should choose.

Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering. Usually, the best brokers in the business will give you multi-platform access i.

There are some brokers which only allow you to trade only through a web-based interface. All the brokers that we have included in our list will allow you to trade on the most popular forex trading platforms i. Normally, the brokers will list all their available platforms on their website. And it matters to check it!

For example, many traders in Nigeria prefer MetaTrader 4 platform over others. But some of the brokers like Plus for instance does not offer MetaTrader, they instead only have their own proprietary platform for traders. So, you should check out this information before signing up, whether the platform of your choice is available or not.

But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned. It is really important that you carefully consider the various fees a broker might charge you before signing up. Spread is basically the difference between the bid price and the ask price of a currency. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.

Similarly you can check the spread for other instruments by checking contract specifications for every instrument on ForexTime. So, it would make sense to open Advantage account for lower fees.

Commissions: Also check if there is any extra commission per lot with the account type. Both these depend on the instrument that you are trading. Swap Fees: This is the fees charged by forex brokers for overnight trades.

This fees depends on the broker, some brokers have very high Swap Rates, while some have lower. The Swap fees at XM are very high as compared to other forex brokers.

You will find the reference to the Swap Fees under the specifications of instruments at forex brokers. The overall fees would be higher if any of the spreads, or commissions or overnight fees are higher. One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support.

Check how they respond to your questions, and were all your queries answered.

Best Forex Broker And FX Trading Platform

Want to jump straight to the answer? The foreign exchange or forex market is an entirely legitimate decentralized marketplace where national currencies are swapped for one another at a market-determined exchange rate. Trading forex involves speculating on exchange rate movements. Online brokers make trading in the forex market easier than ever, although some scams do exist. Read on to get information about the scam warning signs that aspiring forex traders should watch out for. Forex trading is not a scam, and you can trade currencies legitimately via reputable and well-regulated online brokers like FOREX.

Successful Forex Traders Can Improve. If you're already a successful forex trader but want to improve your techniques, look for more information.

Beware 'bedroom traders' boasting of fortunes made from currency bets

Read this review to see why EliteForexTrade and its long list of clones is a scam investment program made to rip you off. It is a very dangerous fraud. EliteForexTrade is presented as an investment platform focused on blockchain technologies cryptocurrencies. The platform will allow you to exchange different currencies, but the most important feature is the investment plans. There are four of them. But the presentation of the EliteForexTrade investment plans is confusing, because it does not say what time frame applies to the return on investment rates. The minimum investment amount is USD. Which would make it a legit company. But is it true?

10 Best Online Forex Brokers in Nigeria & their Minimum deposit – 2021

legitimate forex traders

Forex trading is one of the most prevalent financial activity the world over. It is available for trading daily. This explains why forex trading has been popular among young Nigerians in the last few years. Forex trading means buying and selling of currency pairs which implies that once you sell one currency, you also buy another currency at the same time. Forex trading involves predicting the actual rising and falling of currencies and leveraging from it.

And unfortunately, many newcomers to forex trading have unrealistic expectations about how it works and how profitable it can be.

Best Forex Brokers Kenya 2022

Financial markets continue to evolve, and technology is at its core. Many financial firms resemble a tech company more than a financial services firm, and FinTech drives innovation. Trading with one of the best automated Forex brokers adds to the long-term profitability, and we have identified some excellent choices. AvaTrade , Highly regulated, choice of fixed or floating spreads. ZuluTrade , Social trading system that works with dozens of brokers. While traders cannot deploy a Forex trading robot or engage in automated Forex trading, as its below-average trading platform lacks support for it, traders have one of the largest trading communities to follow.

Best Forex Brokers in the World for 2022

Forex trading interests lots of people because of the potential returns. However, trading this asset class is extremely difficult. This is further compounded by the fact that many scammers are out there trying to take money from people, making forex a market that is difficult to trust. The forex market is a legitimate trading market. No value is added through trading currencies which means there is the potential for increased risk of scams. Often a quick Google search will do the work for you. Companies House also showed that his company was set up just a few weeks ago, along with the Facebook page that he was running ads from. Trading forex, or foreign exchange, is the buying and selling of currencies in search of profits.

You can report the firm or scam to us by contacting our Consumer Helpline on 08or using our reporting form. If you've invested with.

Here Is The List Of Fake Forex Brokers

Self-Serve Portal. Mortgages Private Sales. Claiming Property Unclaimed Property Holders.

Top best forex brokers (Companies) in Nigeria

RELATED VIDEO: Your Forex Broker is probably on this list! - How to avoid scam fx brokers

This is according to cyber security firms, which told ITWeb the COVID crisis has resulted in South African consumers increasingly looking for new investment opportunities and financial products due to the economic challenges and uncertainty. Many are being swindled out of their hard-earned cash by unregulated and illegal online trading brokers, who promise them a good return on their investments. While there are various variations of online trading scams, including those trading in stocks, crypto-currency, precious metals, commodities and binary options, forex trading scams have emerged as the most lucrative for criminals in recent months, according to security experts. Forex trading is a fast-growing legal career for professionals with a financial background; however, since the onset of the lockdown period in SA, criminals are increasingly taking advantage of this trading method, by using online brokerage platforms built on fake software not plugged into real forex exchanges. It now averages 1 per month.

The foreign exchange Forex market is a large and profitable one. Many investors have found great success trading on it, and currencies have quickly become one of the most widely preferred assets to invest in.

5 Best Automated Forex Brokers in 2022

Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task. In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. Visit FXTM. FXTM is our recommended forex broker for Nigerian traders. The typical fees depends on your trading account.

What is the difference between Forex and a Forex trading scam? How Forex trading scams fool their victims. Forex aka FX is the real time financial market that investors can trade a wide variety of international currencies.

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