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With the rapidly growing Nigerian economy, it was no wonder that the Nigerian forex market has witnessed rapid growth during the past decade, as more and more middle class Nigerians have been joining the fx market. This boom has led to many scams and fraud taking place. The national watchdog has been therefore cracking down on unregulated scam forex brokers who promise riches to newbies since the past few years.
The fx industry in Nigeria now tries hard to regain its good reputation. We strongly urge you to start trading only with regulated fx brokers! Central Bank of Nigeria www. African continent, especially Nigeria is well known for a widespread forex scam. It is therefore important to protect your hard earned cash from fake forex gurus, crypto scam, ponzi schemes, get rich quick schemes and various con artists.
Do yourself a favor and deposit your hard earned money only into the safe forex trading platform! Skip to content We compared the best forex brokers in Nigeria. Beginners in forex have peculiar needs. It takes approximately 18 months of consistent coaching, mentoring and practice to be able to cross from the realm of being a beginner to the realm of being an intermediate-level trader. The question is: what does the beginner do for the 18 months that it will probably take to make that transition?
A lot of practice on demo and live accounts as well as a lot of study of all kinds of materials that range from the actual trading process, to trader psychology will have to be done. Notice that we have mentioned the fact that a lot of trading will have to be done, both on demo and on a live account. So traders will have to understand the kind of platforms that they will need to use in order to get a lot of learning from those platforms. This article describes the forex trading platforms that beginners will need to use to take their skills to the next level.
Almost every retail forex brokerage offers the MT4 platform. If you are going into warfare, common sense reasoning dictates that you practice with the same weapon which you will have to use on the warfront, as no one goes into battle with an unproven rifle or unproven skills for that matter.
So if you are going to start off trading any real money, you simply have to start your learning journey with the MT4 platform. Apart from the fact of practicing with the platform that will be encountered in live trading, the MT4 has certain features which will actually boost the trading skills of the beginner if used properly.
Some of these features are as follows:. The MT4 comes as a browser-based version known as the Webtrader. So for any beginner in forex, the MT4 is the 1 st trading platform that you must acquaint yourself with. The MT5 is the next level platform in the MetaTrader platform series. While it retains many features of the MT4, there are some enhancements and outright changes that have been included. Initially launched as a replacement for the MT4, the MT5 has found it hard to achieve the kind of market penetration that the MT4 got.
So Metaquotes seems just content with allowing retail brokers run along with both platforms. Some forex brokers have tried to push the usage of the MT5 by only allowing certain trading assets on the MT5.