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Broker Regulation Specifications

Additional FAQ

Generally, there are five major factors to consider when choosing a broker and they are:

  1. Level of regulation: You need to know if the broker is subject to the regulations of the Central Bank of Nigeria and if they operate accordingly. A lack of regulation should be a red flag and set off alarm bells in your mind.
  2. Trading platform: How does the trading platform look? Is there a registration number on the website that can be verified? Is a demo account available where you can test strategies and other account features?
  3. Currency pairs being offered: What kind of currency pairs does the broker have on offer? Is it just the minor pairs or exotic pairs that have low liquidity? Are major pairs that have high liquidity and are more profitable available?
  4. Account features: how are charges and commissions deducted and what are the percentages? What kind of leverage and margin accounts are offered? And what are the terms of deposit and withdrawal? 
  5. Customer service: Is the customer service reliable? Can they provide succinct answers to your inquiries?

Continue Reading at Identifying Fake Forex Brokers in Nigeria

  1. IC Markets: If you fund your capital using Skrill on IC Markets, it will be processed instantly, but they only accept AUD, USD, JPY, EUR, SGD, and GBP currencies.
  2. FP Markets: In this broker, Skrill payments only accept USD, EUR, and GBP currencies.
  3. FBS: Skrill deposits are free, but there's a 1% commission for withdrawals.
  4. HF Markets: The minimum deposit is $10 and will be processed within 10 minutes with no fee.
  5. OctaFX: If you keep your funds in your Skrill account in Euro, depositing the OctaFX Euro account requires no conversion.
  6. Vantage: Payment using Skrill in this broker only accepts USD, EUR, GBP, and CAD currencies that will be processed within 24 business hours.

Continue Reading at Skrill for Forex Traders: Benefits and Brokers to Choose

Here are some helpful tips to find out a forex broker that accepts Neteller payment:

  1. Check the payment method page or the section that explicitly explains the deposit and withdrawal methods.
  2. If a broker provides Neteller as the payment method, it will show the service's logo on the main page (usually near the footer area). You can also check the FAQ section about funding, deposit, withdrawal, and payment methods.
  3. Check the Exclusive Offers page. Brokers accepting Neteller usually display some information about offers on certain platforms that are supported.

Continue Reading at Using Neteller for Forex Trading

When anything is described as "subject to change," there is a potential that you may incur more losses in terms of money, time, and effort.

  • Your brokerage company may execute trades with a different model than what they are supposed to
  • The platform changes. You are used to using MT4. All of sudden, you have no choice but to move to MT5. 
  • The stop-out level is increased. A higher stop-out level will cause you greater loss as it will let your losing position run its course until you have nothing left in the account.
  • Changes in spread and/or commission. Anything related to trading costs should be a sensitive matter as it influences one's profitability in the long run. 
  • Leverages are lowered for no reason. This limitation may result in higher margin requirements and thus inflict on any trader who are used to trade with high leverage. 
  • Your pair leaves you
  • Obvious stop hunts. This often happens in market maker brokers who trade against the traders. In this case, you will find your stop losses getting executed just before the price moves in your favor. 

Continue Reading at Broker Red Flags: Signs You Should Leave Your Broker