Today, many individuals in Nigeria are participating in financial trading platforms, with the possibility of enormous returns from various investments. Online trading forex has risen in popularity over the last decade, owing to the simplicity with which it can be accessed. Retail traders from all over the globe are opting to trade forex currency pairs, CFDs and assets, either as a professional career or as a hobby.
Mobile trading platforms generally give users real market prices on which to trade and other trading tools such as graphing packages, news streams, and account management features. Some platforms have been developed to provide consumers with access to financial markets that were previously exclusively available to specialised trading businesses.
Because of the abundance of accessible platforms, choosing an online trading platform on which to trust these days is pretty simple. There are platforms for various assets and instruments, as well as platforms for various personalities and requirements. However, not all platforms are ideal for all traders, and you will need to do some research to discover the best platform for you. The following article gives insight into the top five factors to consider when choosing a mobile trading platform in Nigeria. So, let’s dive into it.
- Safety and transparency:
The security of your hard-earned money is more important than monetary profits on your assets. Regulation and transparency of the investing platform can assure safety. It is essential to confirm that the relevant financial regulatory bodies regulate the chosen mobile trading platform. Transparency of financial accounts and assets can boost trust even further.
Although trading forex in Nigeria and CFD brokers are not yet licensed in Nigeria, it is not unlawful. Many Nigerian traders deal with top-tier international regulators such as FCA, ASIC, FSCA, CySEC, and others to ensure their funds’ safety. The majority of African forex traders deal through South African forex brokers that the FSCA licences.
Application for trading crypto must adhere to the Central Bank of Nigeria’s regulatory framework. However, the CBN’s new crypto prohibition puts Nigerian crypto traders in danger, as most of them have now resorted to P2P networks. However, the fact that the SEC is collaborating with the CBN to regulate cryptocurrency trade in Nigeria may be good news.
- Trading fees:
Lower costs can always enhance profits on investing, but they should not be the sole consideration when choosing a trading platform. Platforms that provide extremely low-cost services can deceive traders and investors if regulators do not authorise them in your region. Spreads and broker commissions are included in trading costs in FX and CFD markets. Spreads are generally flexible and vary based on market circumstances, whereas commissions are fixed. Some brokers will also provide fixed and insignificant spreads in exchange for greater fees. Before selecting a broker, the spreads and commissions must be thoroughly examined and contrasted.
When comparing forex and CFD brokers, non-trading costs such as transaction fees, inactivity fees, currency exchange fees, and so on must also be evaluated. The fees charged by bitcoin wallets and trading applications range from 0.1 to 1% of the transacted value. If the 30-day trading volume is larger, the costs may be reduced. For bitcoin trading applications and wallets, deposits and withdrawals are usually free.
- Graphs, charts, tools and features:
This is not a simple task, but whether you are a newbie or an experienced user, we recommend you take the platform for a test drive before deciding on which tools to use. Nothing is more frustrating than joining a mobile trading platform, depositing funds, and beginning your first analysis only to discover that the platform lacks the functionality and graphs you require to trade correctly. If you’re new to trading and don’t know what to look for, the best advice is to read platform evaluations and reviews from more professional ones. It is critical that you study the platform to ensure that it includes all the tools you require for trading.
- Customer support service:
The last item on our list is prompt and committed customer service. Check to see if the platform is accessible when you require it. It’s ideal if your broker provides 24-hour client service. Open a trial account with the platform of interest, then send it an email or a live chat inquiry. Examine how wholly and quickly the customer service representative responds. Eliminate this trading platform from your list of prospective options if the customer support is poor.
- Deposit and withdrawal options:
Withdrawals and deposits that are quick, easy, and seamless are also crucial factors. A reliable trading platform should provide a diverse range of payment alternatives. Bank cards, wire transfers, and different e-payment methods are examples of these. There is no need for an open and transparent marketplace to make profit withdrawal complicated. If the platform offers a variety of payment options, immediate withdrawals, and no commissions, it implies that it is committed to making your transactions as quick and easy as possible.
Before agreeing to a platform or forex broker, it is critical to understand as much as possible about them by conducting extensive research to decrease the possibility of losing money on your transactions. Learn everything there is about the company and its trading circumstances, and be sure to choose a platform with the functionality, tools and assets you want.