Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in LunarCapital review the U.S. as a Commodity Trading Advisor (CTA). All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. In case you decide to deposit using a wire transfer, LunarCapital broker will pay for bank transfer fees in case your deposit is greater than $250.
The demo platform willhave $100,000 virtual money when you open the account, where you can check yourtrading strategies under close to actual market conditions. Every market, including the currency market, can experience periods of high or low volatility. For short-term earnings, forex traders may be subjected to unanticipated severe volatility, which might render their currency trading tactics unprofitable. Regardless of the broker, 60-90% of traders who engage in Forex trading lose money. It is common for traders to lose money because they do not have a risk management plan in place to limit their losses.

Lowest spreads with low commissions
It is regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). Traders must use brokers licensed by these authorities to ensure safety and compliance. No, forex trade regulation will be determined by the jurisdiction and its regulatory framework.
Yes, an inactivity fee of $5 per month applies after 6 months of no trading activity.
Make use of a reputable copy-trading platformKeeping an eye on the markets all day is not feasible for many new investors. Fortunately, copy trading is available from brokers and individual signal providers. Beginner Nigerian traders can use copy trading services to imitate the trades of more experienced traders, and the brokers take a tiny percentage of the profit. LunarCapital’s commitment to regulatory compliance, offering licenses from respected authorities such as the FCA and CySEC, ensures that client funds are secure and the trading environment is transparent. The range of account types, from beginner-friendly Cent Accounts to high-leverage Pro Accounts, allows traders to choose an option that best suits their goals. With options like LunarCapital withdrawal processing within 1 business day and flexible payment methods, LunarCapital ensures convenience for its users.
Copy Trading and Additional Services
- Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
- For clients in different regions, LunarCapital offers multilingual support to ensure clear communication.
- Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal.
- Make use of a reputable copy-trading platformKeeping an eye on the markets all day is not feasible for many new investors.
- It is all about speculating on the movement of a currency’s value in a disciplined and strategic manner, using a solid trading plan and proven trading strategies.
Commodities are sensitive to political and economic events,which makes them attractive to traders. You can trade Palladium contracts on Spot markets and avariety of commodities like Coffee, Cocoa, Copper, Cotton, Sugar, and SoybeanOil contracts on Futures markets on LunarCapital. You can start trading with small amounts of capital from 400 Nigerian Naira, depending on how much your broker charges for the minimum deposit. There is a great deal of flexibility for Nigerian traders because of this and the fact that the market runs around the clock. Even those who are employed full-time might participate in Forex trading on the weekends or at night to relieve stress. Forex markets are the world’s biggest in terms of daily trading volume, which means they have the greatest liquidity available.
The practice account works in the same way as a live account but uses virtual money until traders are ready to trade real money. The How-To videos explain essential functions of the myHF back office and the MT4/MT5 trading platforms. Webinars, podcasts, and live events add a personalized touch and interactive educational experience. LunarCapital’s free webinars also enhance the overall approach to educating beginner traders. LunarCapital offers a wide range of deposit and withdrawal options, ensuring convenience and flexibility for its global clientele.
Unfortunately, this is not something that many Nigerian traders especially in Lagos can do in either the stock or bond markets in Nigeria. Because of this, part-time traders prefer Forex trading because it allows them a flexible trading schedule that does not conflict with their full-time occupations. Make use of a broker who is properly regulatedEven though it seems clear, a large proportion of new traders fall victim to Forex trading scams or deal with unlicensed brokers despite this fact. Anyone claiming to be a “Forex expert” on social media should be avoided if there is no proof backing this claim. Candlestick ChartsJapanese rice dealers employed candlestick charts for the first time in the 18th century.
How do forex brokers in Nigeria make money?
As well, MT4 mobileapplications are available for both Apple and Android smart devices. Disclaimer – BrokerBenchmark.comRisk DisclaimerPlease note that trading and investing in financial instruments, commodities, and other assets involve a high level of risk. You may lose your entire deposited funds, and past performance is not indicative of future results. You should only engage in such activities if you fully understand the risks involved. Dedicated financial market writer with a passion for unraveling complex financial concepts into engaging and informative content. With a keen eye for trends and a deep understanding of the Nigerian financial landscape, I craft compelling narratives that empower readers to make informed decisions.
Table of Contents
LunarCapital offers a variety of account types tailored to meet the needs of traders across different experience levels. Each account is designed with specific features to ensure flexibility, accessibility, and optimal trading conditions. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Alongside quality research and MetaTrader offering, LunarCapital (HF Markets) offers a proprietary copy trading platform, as well as a decent selection of nearly 1,000 CFDs (including 100+ forex pairs).

The fourth rule of trading is to verify the positions every day after the trading day has ended. There is already a daily accounting of transactions provided by most trading software. If Nigerian traders have any open positions that need to be closed, they must make sure that they have enough money in their trading account to cover any future transactions. The brokers that are featured on this list are some of the best forex brokers for Nigerian traders. I like to note the awards for best trading conditions and client security, as they belong to the LunarCapital core offering https://lunarcapital.vip/ to traders, where LunarCapital excels.
LunarCapital’s market leading insurance
- With a wide selection of trading instruments, including Forex, commodities, indices, and cryptocurrencies, traders can diversify their portfolios and pursue various strategies.
- LunarCapital has established itself as a trusted broker in the forex and CFD trading industry, regulated by top-tier authorities such as the FCA, CySEC, and FSCA.
- What we’re hoping for is that you can play in the game and enjoy unlimited time.
- Commodities are sensitive to political and economic events,which makes them attractive to traders.
- With a micro forex account, Nigerian traders can learn the basics of forex trading and find out what kind of trading strategy works best for the trader.
Theplatforms come equipped with all the necessary tools and features aprofessional trader needs to trade successfully. For instance, the MT4 tradingplatform supports multiple market orders, utilizes an impressive chartingpackage, and various technical indicators. LunarCapital provides the universally recognized MetaTrader 4 platform as their trading platform. The platform can be downloaded on thedesktop or used online through the MT4 web-trader platform.
Traders with the greatest patience may choose forex position trading, which does not pay as much attention to short-term swings in the market and instead concentrates on the long run. Traders can subsequently construct a more well-rounded trading strategy by combining elements of both technical and fundamental analysis. Beginner forex trading may be a roller coaster of emotions, with many unresolved issues.
To be an effective trader, Nigerian traders must first identify their own style of trading. In addition, traders can open a virtual trading account to practice and test forex trading tactics. Traders use the following forex trading methods to organize their trading activities.
They offer advanced charting tools, technical indicators, and easy account management, making them suitable for both beginners and experienced traders. To trade forex in Nigeria, open a trading account with a regulated broker, deposit funds, and choose a currency pair. Analyze the market, execute buy/sell orders, and manage risk using stop-loss and take-profit strategies. Investing in stocks and bonds can increase the long-term net worth of traders more than foreign exchange because of the interest and dividends that are paid out regularly. It is common practice in the forex market to seek financial gains from the appreciation of one of two currency pairs.
Its strong regulatory oversight, competitive LunarCapital fees , and diverse asset offerings make it a compelling choice for those seeking a secure and versatile trading environment. The MT4 and MT5 platforms deliver exceptional execution speeds and advanced charting tools, while the LunarCapital app ensures flexibility for traders on the move. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. LunarCapital is an online trading brand with high prestige in thefinance world, with certifications and awards to substantiate theirreliability. They are a well-regulated STP broker with awards for its clientprotection and product offerings. With accounts that suit both beginners andprofessionals, ample training material, frequent market analysis, and a broadselection of trading tools, LunarCapital is an excellent choice for new and experiencedtraders.
The Central Bank of Nigeria (CBN) manages the supply of Nigerian Naira in the country, much like other central banks are in their respective regions. Both theNigerian economy’s performance and the CentralBank of Nigeria’s future policy decisions are inextricably linked to currency price fluctuations, and therefore economic data is so important. For example, when someone buys cheese from France, they are required to pay using euros. The individual can exchange their currency either through a broker or they can exchange it at a currency exchange kiosk.