Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,548,716 members, 5,870,946 topics. Date: Tuesday, 22 September 2020 at 09:02 AM

Which Forex Platform Should I Trade With? - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / Which Forex Platform Should I Trade With? (582 Views)

Where Can I Trade My Bitcoin For Naira..... / Which Forex Broker Is Best For Nigeria / I Trade for Freedom. Tutorials, Signals and Investments (2) (3) (4)

(1) (Reply)

Which Forex Platform Should I Trade With? by valentinenw(f): 4:21pm On Jul 26, 2019
When I wanted to start forextrading, I faced a big dilema... Which platform should I trade with? WHich platform is the best for Nigerians?
After trying our some platforms and being unable to try out some platftroms due to regional restrictions, I made some observations and wish to share with you.

1. Be wary of the huge deposit bonuses sites offer, sometimes due to the complexity of the terms and conditions, you may not be able to withdraw that money till after about 500 trades which could take months if the money is still there either way, the money is as good as gone.

2. Ensure you confirm that there is a withdrawal option for Nigerians, see the number of days or hours it takes to deposit and to withdraw your funds.

3. Confirm that they accept the kind of valid ID card that you have. For example, a site may only accept dirvers license and International passports for Nigerian accounts while you may have only voters card and national ID slip.

4. You would also want to confirm the number of spreads the broker offers. Standard practice is 1.1 - 3pips depending on the pair. Some wonderful brokers charge as high as 4 to 5pips for the regular currency pair and 7 - 12pips shocked for the exotic pairs.

5. Are they reachable? Do their phonelines ring? Do they have a physical office in Nigeria or a reachable call line from Nigeria? It will be very bad when things go wrong and you can't even talk to anyone. It will be too late then to start checking out their addresses.

6. Rule number 6 is not set in stone but try to avoid anysite offering you $500 for signing up or $250 for referring your friends to join, they are usually one chance. If you wish to proceed with them, do so very cautiously.

7. Read online reviews from at least 5 -8 websites. Simply go to google and search for: websitename.com scam
For example, if you want to read the reviews about sanctuaryforexbroker.com, go to google and search for: sactuaryforexbroker.com scam (sanctuaryforexbroker.com is an imaginary website). Make sure you read from at least at least 5 websites and look for details like broker licence and customer comments on the websites. Pleasemake sure you check at least 5 websites because scam brokers now pay some review sites to post fake happy reviews and they also pay people who comment like customers to promote them on sites but after reading from several sites, you should be able to tell who the liars are.

8. Finally, you must have about 2 to 3platforms already that you are considering. Both may be legit quite alright but not all platforms may flow with your person. I had a demo on a platform where I was making about $200profit per day, while on another site, I was struggling to make $50 profit. Both sites are very legit but I found I enjoyed trading on one while I was put off by the other. It may be the color, the arrangements, the buttons but overall, one site will appeal to your senses more than the other and you don't want to find that out after you have deposited money on another platform so open a demo account and explore everything you can find. From inficators to signals etc

If you do all these, those fake brokers wont see your dime. I wish you a safe trading and may plenty pips fall on us. cheesy grin cheesy grin

If you want me to reconmend a site grin grin I reconmend Forextime. You can check it out and earn a small commission too: https://www.forextime.com/refer-a-friend?raf=d3a69414

1 Like

(1) (Reply)

How Much Can I Budget For The Completion Of A 4 Bedroom Flat Around Mowe Ibafo / Bitcoin Minning Lovers Enter Now / What Is The True Measure Of Financial Wealth?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 49
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.