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What brokers dominate in Nigeria?
Some of these international forex brokers are HF Markets and Deriv. As one of the most used international brokers by Nigerian traders, HF Markets is regulated by the Financial Conduct Authority (FCA) in the UK, the FSCA of South Africa, and the Cyprus Security Exchange Commission (CySEC).
As for Deriv, it is regulated by the Malta Financial Services Authority (MFSA), the Vanuatu Financial Services Commission (FSC), the British Virgin Islands Financial Services Commission (FSA), and the Malaysian Labuan Financial Services Authority.
Continue Reading at Is It Safe to Trade Forex in Nigeria?
What are the benefits of trading with Seychelles forex brokers?
Trading with Seychelles Forex brokers can offer several benefits to traders. Here are some advantages:
- Seychelles Forex brokers often provide access to a wide range of financial instruments, including major and minor currency pairs, commodities, indices, and even cryptocurrencies. This variety allows traders to diversify their portfolios and explore different markets.
- Usually, they offered leverage that can reach 1:500, 1:1000, 1:2000, and even higher.
- Lower initial deposit amounts compared to brokers in more established financial centers. Moreover, the minimum deposit can be as low as $1.
- Offer tight spreads, which can reduce trading costs for traders.
- Lower taxes.
Continue Reading at Discovering Seychelles Regulation for Forex Brokers
Why day trader can't use any brokers out there?
Another important point about day trading is the right broker because not all brokers are ideal for day trading due to the high volume of trades involved. In this case, traders have to carefully those who have platforms built to cater to the needs of day traders, advanced charting tools, and make it possible to place and modify complex orders in quick time.
This is why brokers with high speed, low costs of executing trades, and reliability are more suited to the high volume trades that are constantly seen with day trading.
Continue Reading at Is IC Markets Good for Day Trading?
What does it mean to be an FCA-licensed forex broker?
FCA-licensed forex brokers are generally considered trustworthy, because:
- The company has fulfilled FCA's minimum capital requirement. A dealer's license that allows the company to run a "market maker" business needs EUR730,000. An intermediary license where the company could facilitate STP execution needs EUR125,000. The cheapest is a restricted broker license in which the company cannot hold client funds, as it only needs EUR50,000.
- FCA will monitor the company continuously to ensure the segregation of client funds, monthly report and audit, efficient management including AML and KYC procedures, and proper risk disclosure for clients.
- FCA-licensed forex brokers are prohibited from manipulative trade practices, such as entering into positions against their clients. Brokers also should not make unrealistic promises or offering monetary benefits to encourage clients to take risky trading decisions.
- FCA-licensed forex brokers should not offer extreme leverage. Since mid-2019, FCA requires brokers to limit leverage on CFD trading between 30:1 and 2:1.
Continue Reading at UK FCA vs ASIC, Which Forex Regulator is More Reliable?