In Nigeria, online trading is more popular than ever. This year, lockdown restrictions have disrupted economic connections around the world. For a country so dependent on oil exports, the effects are far-reaching. Traditional sources of income are restricted, and residents have turned to new ways of work. This crisis has spurred digitization and accessibility of online trading. But what software does it require?
Different Platforms
Reliable Forex trading software is the trader’s primary tool. All actions are taken via this virtual environment. From trend analysis to the withdrawal of profits, all features should be responsive and convenient to use.
Platforms and apps give instant access to live quotes, news, and account information. The best examples offer 1-click trading, so you can quickly seize profitable opportunities.
1. Look for a Regulated Broker
The same software may be offered by different companies. For example, MetaTrader 4 and MetaTrader 5 are generic choices due to their efficiency and vast functionality. Make sure you will be using an account with a trusted brand that is licensed.
Sadly, the Nigerian Forex market is unregulated at the moment. This means that traders are easy targets for fraudsters. Forex scams can take different forms, but their goal is the same — to seize clients’ funds and vanish. This is why traders must be extremely vigilant in their search for a provider.
As local regulations are non-existent, choose brands authorized by reputable foreign entities. For example, ForexTime is monitored by the CySEC in Cyprus, the FCA in the UK, or the FCSA in South Africa. These financial institutions check compliance with industry norms, and they authorize brokers that play by the rules.
2. Are Different Devices Supported?
Few people can stay in front of their PC all day. Today, consumers are used to doing everything remotely. Mobile versions of desktop terminals allow trading on the go. Both iOS and Android are supported.
You may also be interested in web-based terminals, as they work on any device. These systems are opened via popular browsers. If your computer has little memory, or you do not want to install software, online platforms are perfect.
3. Check Tools for Analysis
Traders predict market movements using different data. There are two major schools of thought. Technical analysts look at price history to deduce patterns. Other traders use fundamental indicators like GDP, trade deficit, and interest rates, to foresee the direction of the market. It is also possible to combine both systems.
Each approach requires a set of tools that can be accessed via the best Forex trading software. Technical analysis is based on price charts, which should be easily customizable. Traders may need to switch time frames depending on their strategy. For instance, the MetaTrader 4 terminal has 30 technical indicators and 24 analytical objects like arrows, shapes, lines, channels, etc.
Meanwhile, fundamental analysts need access to the latest financial news. They monitor events that affect their currency pairs. For instance, someone trading USD/ZAR should focus on the economic systems of the USA and South Africa. Generally, the American dollar is the number of currency worldwide, and also the key reserve currency. It is part of most currency pairs.
4. Is Demo Trading Available?
It is reckless to put capital at stake until you have confidence in your trading foresight. This is why newbies should practice with a demo account. It is free and easy to register. Just head to your brokerage website and fill out a basic form. Login and password are generated immediately, so you can unlock the terminal for safe training.
In the demo mode, platforms imitate real market conditions. Users familiarize themselves with the features and navigate the trading environment. They learn to analyze charts and make effective decisions.
The best software systems (e.g., MetaTrader 4 or the FXTM Trader app) include both live and demo modes. You may learn to open, modify, and close trades. There is no rush, so users can work at their own pace. This prepares them for the live market, where profits and losses are real.
5. What About Support?
Make sure the broker assists when you need it. Reputable brands have support centers that work around the clock. This is a sign of excellence.
Conclusion: Choosing a Platform
These are some key features that traders seek. The best Forex platforms can work on any device, and they are packed with tools that facilitate all popular strategies. Choose a comprehensive system and make sure the broker is legit.