Last update 2121.01.18
In the 1970s, the forex market became more popular in Nigeria after an increase in crude oil that boosted the economy of the country. A recent report released by Dailyfx in 2020 stated that forex traders in Nigeria and Cameroon trade currency positions worth up to $ 1.25 million daily.
While Nigeria boasts the largest economy in Africa, the restrictions surrounding the COVID-19 pandemic have left more than 200 million residents unemployed. Because of this, recently unemployed Nigerians are looking for new ways to make money and many have found their way into the forex market.
Want to invest automatically with AI through FXCM? Get started here.
Forex trading takes place all over the world and is open 24 hours a day. This means that you can trade currencies at any time which gives you time flexibility. You don’t have to wait for an opening bell or struggle to fill your order before the daily market closes. Thus, you have the option of being aggressive or passive as you choose to trade at your desired pace.
It is important to note that Nigerian citizens can invest with foreign brokers, although forex trading is not yet regulated by Nigerian regulators. Knowing this, in this article, we will present the best forex broker for Nigerian investors: FXCM!
Why use FXCM to trade forex
The most important key points to look at when choosing a broker are regulation, trading experience, fees, trading platforms, and payment methods.
When all of these things are combined, FXCM is a good match. What this means is that when selecting a forex broker to begin a journey as a forex trader, you should not consider only one or two isolated advantages.
Founded in 1999, FXCM is regulated by the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). FXCM is part of Leucadia Investments, a publicly-traded company and it is considered one of the best forex brokers overall.
Account review for Nigerian Investors
FXCM provides two types of accounts available: standard and premium (Active Trader) for high volume investors.
For Nigerian investors, the broker’s minimum initial deposit is $100. To deposit funds into your account, FXCM offers several options: debit and credit cards, bank wire, Skrill, Union Pay, and Neteller. You can check these options and the cost of operation here.
The Active Trader Rebate Program provides benefits such as rebate pricing (for a minimum of USD 10 million monthly), dedicated support, API trading, among others.
Even on the standard account, FXCM provides low commission rates and average tight spreads. We searched average spreads of major Forex pairs for standard accounts, listed below:
- EURUSD: 1.1 pips
- GBPUSD: 1.7 pips
- USDJPY: 1.2 pips
- USDCAD: 1.6 pips
- USDCHF: 1.6 pips
- AUDUSD: 1.2 pips
- NZDUSD: 1.6 pips
FXCM has its platform called Trading Station, which includes various types of orders, advanced charting applications and indicator presets. In addition to this platform, other trading platforms are also available: MT4, ZuluTrade e Tradingview.
You can trade forex automated with an AI trading system in FXCM!
By using the AI trading system, artificial intelligence will automatically invest in your FXCM account from just $100. You can monitor the AI trading performance in real-time directly on our Wiseinvest’s dashboard or FXCM trading station.
You can also trade manually with the AI forex signals at your own pace. In this case, it is just to copy each forex signal and paste it into the trading room.
Open a trading account with the forex broker FXCM by clicking here.
Check out how to link FXCM with the AI trading
Then copy your token number and paste it into our dashboard by clicking here.
This is an example of where you need to paste your FXCM token. Then just click on Enable AI-Trading and update the information.
What happens after linking a forex broker account with AI trading
- The AI will automatically invest on average every 12 hours in your account.
- There will be up to 60 trades per month (Monday – Friday).
- You can enable and disable AI whenever you want.
- Check your trades on our dashboard or the brokerage.
- You can link more than one broker at the same time.
- You don’t need MT4 / MT5. It’s all on our dashboard.
- Your capital is protected under the broker.
- Your personal data is protected by us.
Would you like to try our automated AI trading for free in a risk-free practice account? Get started free here.
Can I trade on FXCM with forex signals?
Yes, you can trade with forex signals through FXCM. With Wiseinvest you can have free forex signals that perfectly fit into FXCM. Just manually copy and paste it in the trading station room. Plus, you can have unlimited AI forex signals as a premium member.
How to invest in forex with AI trading
You can diversify your investments and invest Automated with AI trading in forex through FXCM. Check out the 3 simple steps to get started.
By trading forex automated with AI, you will save time and improve your performance without monitoring the market and managing trading platforms.
With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account every time that our AI system identifies a new worthy trading opportunity. You can monitor the AI trading performance in real-time directly on our dashboard.
Don’t you have a broker account yet? Our AI is integrated to trade automated with the brokers Oanda and FXCM. Click here to open an account with FXCM or here to open one with Oanda. Those are some of the best forex brokers in the world.
Why trust Wiseinvest instead of other trading solutions
These are the main reasons why forex traders at all levels trust us, rather than other trading solutions.
- Our automated AI trading is efficient, simple, safe, and affordable. You do not need MT4 or other complicated platforms to trade forex.
- We are a legitimate and reliable company with extensive experience in finance. We combine 19 years of trading experience and extensive academic research in the financial markets.
- Our AI outperformed the investment market with an average annual return of 43% over the past 10 years (2011-2020).
- The automated AI trading works with some of the best forex brokers.
- When using our AI solutions, all your money is protected by brokerage firms.
- We do not have access to withdrawals from our customers’ accounts.
- All of your data is encrypted and will never be shared.
What reasons may disconnect AI trading?
These are the reasons by which our automated AI trading system might be disconnected or not placing orders in your broker account:
- The AI is analyzing the market and has not identified a good entry yet.
- You may have manually disabled the AI or changed your brokerage account information.
- There may be a break in connection with the brokers’ servers. If the connection is lost, authorize our AI again.
- If the balance at the brokerage is insufficient, our AI will not be able to invest.
How about trading with forex signals?
If you do not have an AI trading subscription, you can use our AI forex signals to trade on FXCM. Wiseinvest provides free forex signals emitted by Artificial Intelligence. You can get started free here and use the signals to trade now.
Is FXCM regulated for my country?
FXCM is a multi regulated forex broker and they work in a great variety of countries. However, when considering to use FXCM as a forex broker, it is important to check if they provide forex trading accounts for your country. Not all countries are accepted and you can check it directly on their website by clicking here.
Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.
The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. FXCM warns that 74.74% of retail forex traders lose money trading CFDs.
The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.