The retail Forex market, which emerged in the 1990s, enables millions of people to gain profits from currency trades. Today, it is advanced, with cutting-edge platforms and forecasting aids that help participants make the right finance decisions. Traders in Nigeria may choose between dozens of brokers, but only a few of them are as trustworthy as Alpari forex Broker Nigeria. Here is why.

Beware of Scammers

The wild popularity of the exchange has given rise to all sorts of scams involving stocks and currencies alike. To check that you are dealing with a reputable broker in South Africa, there are a number of criteria to bear in mind. Here are the primary questions to answer.

  • Is the broker compliant with local regulations?
  • What regulatory body is it subject to control by?
  • Can you find honest client reviews?
  • How much do they charge?
  • Are there hidden fees?
  • How much is the minimum accepted deposit?
  • How convenient are the deposit and withdrawal methods?
  • Does the company offer support and guidance?

Alpari: Overview

This is a well-established brand the history of which dates back to 1998. It has gained worldwide recognition through its consistent quality of service and ability to keep up with the times. Alpari International as its part has been operating since 2014, and it is subject to rigorous control by the Financial Services Commission (FSC) in Mauritius, where it is registered and headquartered.

Not only is this broker among the oldest, but it also boasts immense trading volumes. Clients in South Africa will also appreciate the existence of their office in Abuja.  Some of the other distinctive benefits include these:

  • intuitive and convenient software optimized for portable devices (MetaTrader 4 and 5),
  • competitive spread (particularly low on EUR/USD),
  • low minimum deposit (zero for Nano accounts),
  • beneficial promotions and loyalty bonuses,
  • local deposit options with zero fees,
  • 30% bonus for newbies,
  • low fees for ECN accounts,
  • around-the-clock support in Nigeria (on weekdays).

The range of financial instruments is no less impressive. In addition to foreign currency, clients may also trade cryptocurrencies, contracts for difference on indices & spot metals. Overall, there are six types of accounts, and the only fee charged is the spread.

Security as Priority

Every trader signs an official agreement with the company, in which all the principles of the provider are clearly spelled out. All the client funds are stored separately for security reasons. All user data is encrypted, and transactions are conducted using super-secure SSL layered technology.

Any Drawbacks?

The functionality of the most basic account types (Nano & Standard) is fairly limited in terms of both currency pairs & CFDs. However, the more advanced ECN accounts give access to 48 pairs, 18 CFDs, and 2 metals.

Alpari vs Forextime

Another popular choice in Forex trading, this competitor offers instant execution of orders and low deposits. However, it looks less preferable at the moment for a number of reasons.

First, no deposit bonuses are available (as opposed to the 30% bonus for new traders on Alpari). Secondly, the minimum deposit is 2,000 Naira (compared with zero for Nano Alpari accounts). Finally, the spread of the most popular pair EUR/USD for Standard accounts is 2.0 pips (as opposed to 1.1. with Alpari).