If you’re new to the forex market, you might wonder which broker to use to invest in the market. Many options are available, including MT4, Neteller, Skrill, and bank transfers. But which is the best choice for you? Let’s take a look at some of the pros and cons.
MT4
OctaFX is a global broker that has been in business since 2011. The company supports local economies and small and medium enterprises around the world. Moreover, it has won numerous awards, including Best ECN Broker and Best Forex Broker Nigeria 2022. In this OctaFX review, we’ll look at this broker’s features and advantages.
One of the significant advantages of OctaFX is that it accepts deposits and withdrawals to local Nigerian bank accounts. Depending on your payment type, OctaFX will credit or debit your account within a few minutes or hours. The company also allows users to make withdrawals in cryptocurrencies. However, the minimum withdrawal amount is $5.
Bank transfers
OctaFX is a global forex broker offering online trading services since 2011. They have been recognized for their ethical standards and involvement in numerous charity initiatives to benefit local communities and small and medium enterprises. As a result, the company has won several awards, including Best ECN Broker and Best Forex Broker Nigeria 2022.
OctaFX accepts deposits and withdrawals from local Nigerian banks. They also have a deposit bonus if you make a deposit using a local Nigerian bank. You can make your deposit using NGN currency, which will instantly appear in your account. OctaFX also accepts Bitcoin, Ethereum, and Litecoin.
Education
The forex industry is incredibly lucrative for many people but also comes with a high-risk factor. The average person who joins a Forex trading platform has very little or no experience trading in the market, so looking for a reputable company that offers educational resources is essential. OctaFX, for example, offers free demo accounts and supports traders who want to practice. It also offers leverage up to 500:1.
Although OctaFX is an international broker, it is unregulated in Nigeria and is limited in its selection of instruments. The broker only offers 32 different Forex pairs, five commodities, ten indices, and 30 cryptocurrencies. However, OctaFX offers a low-cost brokerage, has an easy-to-use mobile app, and promotes a wide range of bonuses. In addition, it offers high leverage in Forex, which is essential for people in Nigeria who want to trade in a wide range of currencies.
Bonuses
OctaFX Nigeria offers several attractive bonuses for new traders, including a 50% deposit bonus. The bonus is available for as long as you keep making deposits, and you can withdraw it whenever you like. The company also offers contests, lucky draws, and giveaways. Moreover, they give a free demo account to new clients in Nigeria.
In Nigeria, OctaFX is partnered with the Guaranty Trust Bank, making it easy for you to deposit and withdraw money. You can also deposit in Naira, Nigeria’s official currency. Deposits are processed almost instantly.
