Forex Brokers That Accept Bitwallet Payment Method for Deposit and Withdrawal

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

Forex brokers can be categorized into several types, each serving a distinct group of traders:

1. Prime Brokers: These brokers are primarily used by professional and experienced traders.

2. PoP (Prime of Prime) Brokers: PoP brokers primarily cater to retail traders and deal directly with liquidity providers.

3. STP (Straight Through Processing) Brokers: STP brokers often label themselves ECN or STP model brokers and aim to provide direct access to the market without a dealing desk.

4. DD (Dealing Desk) Brokers: DD brokers create their market and act as the liquidity provider.

Continue Reading at Trading Commission Based on Forex Broker Types

None at all. All welcome bonuses from the 5 brokers cannot be withdrawn immediately but must be used for trading first. It is the profits earned that can be withdrawn.

Continue Reading at USD30 Welcome Bonuses by Forex Brokers in 2023

Unlike fly-by-night brokers and pyramid schemes, bucket shops do have functioning trading activities, albeit for malicious intents.

Bucketing itself refers to practices by which brokers illegally generate profits from their clients' trades, such as frequent price misquotes or re-quotes,s in order executions, etc.

For example, a trader executes a buy position of EUR/USD at 0.8294. The broker confirms the transaction has been made while the truth is the order will be executed later when the price is at 0.8298.

The difference of 4 pips is kept by the broker as their own profit; a fact that will never be revealed to the trader.

Continue Reading at Top Blacklisted Forex Brokers You Should Avoid