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Best Copy trading brokers allowed to trade in Nigeria. Rating with real reviews

FP Markets is a low-cost broker that allows you to trade forex and CFDs - provided you use the MetaTrader platform. Although the Iress platform suite has well over 8,000 symbols that can be traded, it is primarily a share trading platform and tends to be more expensive. Forex and CFD traders can find a flexible, affordable MetaTrader option at FP Markets. However, they won't have the industry experts' research and educational content.
FP Markets Pros
FP Markets was founded in 2005. It is regulated by one tier-1 and one tier-2 jurisdictions, making it a safe broker (average risk) for trading forex or CFDs.
FP Markets offers MetaTrader Suite, as well as ultra-competitive spreads via its Raw ECN account.
FP Markets was again voted Best in Class for MetaTrader and Commissions and Fees in 2022.
FP Markets offers access to Iress Platform Suite which has over 8,800 tradeable symbol.
FP Markets Cons
Although the new mobile app by FP Markets is a welcome addition, it still lacks many features that are common in top mobile trading apps.
Although the educational content of FP Markets isn't particularly strong, it has improved over time with podcasts and more articles.
FP Markets' Iress platform focuses more on share trading than forex. Data fees can quickly add up if you are not an active trader or have a high-balance accounts.
FP Markets' social trading portal is compatible with MetaTrader 4 but lacks advanced performance metrics like copy trading leaders.
IC Markets' low prices and scalable execution make them a great choice for algorithmic traders. Although it offers a wide range of third-party plugins and tools, IC Markets education and research offerings are less impressive than those offered by industry leaders.
IC Markets Pros
It is a safe broker (average risk) that maintains regulatory status in one jurisdiction tier-1 and one jurisdiction tier-2. This makes it an acceptable broker for trading forex and CFDs.
Competitive pricing for all account types, with low average spreads.
Third-party research tools and trading plugins are available to enhance the IC Markets MetaTrader service.
IC Markets is the top-ranked MetaTrader broker for 2022.
It has significantly increased its market coverage from 204 symbols up to more than 3500.
IC Markets' low-cost and scalable execution makes it a great fit for traders who are interested in running algorithmic strategies.
IC Markets Cons
Trails the best Forex brokers in terms of its market research scope and educational content.
A proprietary trading app is not available.
OctaFX provides a low-cost, basic MetaTrader platform experience along with its social copy-trading platform. Although it has made significant progress in pricing options for traders but lacks a wide range of tradeable instruments as well as a variety of educational content, OctaFX is still a poor choice. OctaFX is also a holder of one regulatory license.
OctaFX Pros
OctaFX was founded in 2011 and is regulated by only one tier-2 jurisdiction (Cyprus). This makes it a high-risk broker in forex and CFD trading.
Keeps an increasing number of well-organized research with trading ideas, weekly forecasts and third-party content.
OctaFX is a brand new platform for social copy-trading.
OctaFX Cons
Customers who are served by the broker's offshore non-regulated entity in Saint Vincent & the Grenadines, (SVG), do not receive any regulatory protection.
OctaFX seems to have competitive trading costs. However, its listed spreads don't have corresponding date ranges and are paired only with a small selection of over 50 tradeable symbol pairs.
OctaFX is unable to compete in education with multi-asset brokers.
OctaFX no longer offers cTrader's platform.
XM Group, a MetaTrader-only broker, offers a remarkable selection of market research and educational content. XM is not as competitive with the best brokers in this market, due to its limited pricing and range of markets.
XM Group Pros
Offers 1,230 CFDs, which include 57 forex pairs.
In-house research is complete with Autochartist and Trading Central.
If you wish to trade non-CFD securities, the XM Shares account will require a $10,000 deposit.
Great research content, including daily videos, podcasts, organized articles, and other media.
Live recordings and TV-quality video content are available for in-house broadcasting.
An extensive selection of educational webinars, articles and Tradepedia courses.
MetaTrader Suite - Offers complete MetaTrader suite, which includes signals market for copy trading and Analyzzer algorithm.
XM Group Cons
Standard account spreads can be more expensive than industry leaders.
Average spreads for the commission-based XM Zero account are not published.
Plus500 is a global trusted brand that provides an easy-to use trading platform for online traders. It also offers access to share trading and a wide selection of CFDs. Plus500's simplified trading platform is a great choice for beginners who are looking for an easy-to-use experience. However, active traders will be disappointed by its lack of educational content and limited market research.
Plus500 Pros
Plus500 was founded in 2008 and is publicly traded on London Stock Exchange (LSE : PLUS) and is part the FTSE 250 Index.
Plus500 is licensed in four tier-2 and three tier-1 jurisdictions. This makes it a safe broker (low risk) for online trading.
The Plus500 web-based trading platform proved to be very user-friendly. It is a solid choice for beginners. Disclosure: A trading platform that is recommended for beginners doesn't make it easy to make money. It is risky to trade.
Plus500's mobile app and web platform feature robust charting that is consistent across all devices.
This site offers a wide range of tradeable symbols that include CFDs, shares and more than 2,000.
Plus500 seems to offer spreads that are close to the industry average for most of its major forex pairs.
CFD option contracts can be purchased on 24 most popular symbols.
Offers cash rebates to active traders through its Professional Account.
Plus500 Cons
Plus500 is a basic platform that makes it less appealing to active traders.
Plus500 doesn't offer extensive educational content for learning financial markets.
The Plus500 platform suite does not have a news calendar.
Plus500's research content is limited to a handful of daily articles and lacks market analysis or updates.
OANDA is a trusted global brand that stands out for its quality market research and reputation. OANDA's strong regulatory record and support for third-party functions bolster its overall offering. OANDA's low-quality CFDs and pricing places it behind , the best forex brokers.
OANDA Pros
OANDA was founded in 1996 and is licensed in six tier-1 jurisdictions. This makes it a safe broker (low risk) for forex trading.
Market Pulse hub offers high quality market research articles as well as daily analysis updates.
OANDA has its own podcast series, Market Insight. I found it informative.
The fxTrade app for mobile is well-balanced and easy to use.
OANDA's market analysis, news and research tools are excellent.
ZuluTrade allows you to trade social copy, but it does require a $500 deposit.
TradingView platform available alongside many VPS services to host MT4 servers.
OANDA Cons
It offers fewer market updates than its competitors.
OANDA's educational content is excellent, but it isn't comprehensive. Most of the video content is platform tutorials.
OANDA offers multiple options for algorithmic trading via API, as part of its Algo Labs offering.
Spreads at OANDA are lower than average and trail discount leaders CMC Markets (IG) by a large margin.
OANDA's fxTrade desktop is great, but not great - and trails platform leader IG and Saxo Bank.

Is copytrading a good idea?

One reason people fear trying new things is that they aren’t equipped to do the job. Copy trading can be an attractive option for novice traders. You can start slow and learn how you trade. Forex trading in Nigeria is easy to learn. A great way to boost your confidence is to be able profit by following proven guidelines from the beginning of your trading journey. It is literally saying that you will be supported hand in hand by some of the most experienced Forex traders throughout every trade that you make.

Is Copy trading good for beginners?

Copy trading can be a good way to get started, especially if you don’t have much trading knowledge. Instead of investing your energy and time into learning the markets, copy trading allows you to simply follow the example of an experienced trader.

Can you get rich copy trading?

If the trader discovers a successful trader, copy-trading in Nigeria can yield high profits. Market risk is the greatest risk for traders when copy trading. Failure to follow a trader’s strategy could result in them losing money. When markets are volatile, traders also have liquidity risk. If the product they trade experiences sharp declines, rallies, traders may be at risk of being exposed to systemic risks.

How do I get into copy trading in Nigeria?

• Select a trader. Find traders by assets, performance, risk score, etc.
• Amount Enter a total number for the copy. It will automatically calculate the proportions.

• Click Copy. Click on the “Copy” button to automatically copy the positions of the trader.

It is easy and quick to set up your copy trade. You simply need to choose the user you wish duplicate, enter the amount you would like to allot, and click on COPY. You will automatically duplicate their positions in real time and in direct proportion. You can at any point stop or start copying a user.

Is copy trade legal in Nigeria?

Yes, you can copy trade in Nigeria provided your broker’s regulation by the Commodity Futures Trading Commission(CFTC) for forex and Securities and Exchange Commission(SEC) (for stocks).

How much does it cost start copy trading in Nigeria

It doesn’t matter how much money you have, there is no minimum investment required to begin copy trading here in Nigeria. While you can start your copy trading business with only $100, there are limited opportunities for those with less capital.
If you start with a very small amount, it is worth narrowing down your choices of signal providers to just one. You will otherwise quickly exhaust your margin. A few signal providers have minimum investment requirements to ensure trades will go through for the copier.

Which broker can you trust for copy trading in Nigeria?

  • List of the Top Copy Trading Platforms In Nigeria

 

JustForex.

• Firm Fountain.

• Pepperstone.

• Trade360.

• HotForex.

• Trading 212.

• Alpari Limited.

• Vantage.

• XTB Online Trading.

• The Exness

Does copy trade require you to pay?

While you are able to replace any existing accounts at any point, it is important that each trader you follow will have their own Invest account. There are no extra fees to use the copy trade function. The only exception is the payment you make to the Strategy Manager for any profit.