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Investor needs to think how to choose a good broker before starting to invest. The quality of a broker will affect the quality of investor' daily trading. A legal broker can become a good long-term trading partner of investor, while an illegal broker can make an investor' property disappear overnight.

Every forex broker runs forex business in Nigeria with the thepermission ofthe Central Bankof Nigeria(CBN). Therefore, investor should consider to choose firstly the forex brokers regulated by CBN for capital security.

Abstract: As a newbie in forex market, what should you pay attention to？

Investor needs to think how to choose a good broker before starting to invest. The quality of a broker will affect the quality of investor' daily trading. A legal broker can become a good long-term trading partner of investor, while an illegal broker can make an investor' property disappear overnight.

Every forex broker runs forex business in Nigeria with the thepermission ofthe Central Bankof Nigeria(CBN). Therefore, investor should consider to choose firstly the forex brokers regulated by CBN for capital security.

In addition to the regulation of the CBN, another important factor is thesettlementcurrency of tradingaccount.

As we all know, US dollar is the settlement currency of forex trading, namely, forex trade is generally made in US dollar. So most forex brokers provide the USD-based trading accounts for their users. However, in Nigeria's forex market, the local investors may want to use a trading account based on local currency.

Regarding this situation, CBN provide Naira-based accounts specifically for Nigerian investors. Having an account based on local currency has several advantages, especially it can protect investors from the rapid changes in exchange rates. For example, an investor has to convert the money in his account from US dollar to Naira, and at the same time, the dollar suddenly rises sharply. The Investor may end up getting less Nairas than he expects. If the forex brokers who are supervised by CBN provide Naira-based accounts , they will benefit a lot from it.

Conclusion:

The most messages that WikiFX received from Facebook are focused on which one broker can be trusted and whether it is regulated or not. The following are some brokers which are regulated by CBN and attached with official score from WikiFX App as a reference.(The score in WikiFX App only represents the current performance of brokers . The score will change according to brokers‘ real performance. For the safety of your investment, please pay attention to the brokers’ score at all time.)

1: FOREX.com

2: FXTM

3: instaforex

4: HotForex

5:FXOpen

6: Alpari

Reminder: recently, there have been a large number of frauds pretending to be brokers on social media. Please be more vigilant.

Declaration:

The article evidence exposed by WikiFX is verified by the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and recording videos from victim).

2: These evidences will be evaluated and verified by expert who has been work in forex industry for many years.

3: The editor will review it again before the article is published.

WikiFX App is a third-party inquiry platform for company profiles.WikiFX has collected 17001 forex brokers and 30 regulators and recovered over 300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong Kong Special Administrative Region of China, mainly provides basic information inquiry, regulatory license inquiry, credit evaluation for the listed brokers, platform identification and other services. At the same time, Wiki has set up affiliated branches or offices in Hong Kong, Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted WikiFX to global users in more than 14 different languages, offering them an opportunity to fully appreciate and enjoy the convenience Chinese Internet technology brings. WikiFXs social media account as below:

Facebook:

Singapore Area：https://www.facebook.com/wikifxsingapore/

USA Area：https://www.facebook.com/WikiFX.US

Nigeria Area：https://www.facebook.com/WikiFX.ng

LinkedIn:

Nigeria Area：https://www.linkedin.com/company/31506916

Twitter：

Nigeria Area：https://twitter.com/WikiFX_NG

Wiki Fair Forum Function:

In order to help more investors, WikiFX has launched the “Wiki Fair” forum, which aims to provide urgently needed and professional services to Nigerian forex investors.

The exposure function of “Wiki Fair” includes the following features:

1: Allow investors who have been defrauded by illegal broker to complain directly in the forum (as shown in the screenshots)

As long as there is sufficient evidence, a review panel and an executive team will contact the broker to discuss the complaint or expose it directly through the media. Here are the exposure channels:

2: Block low score brokers from entering the forum

3: Monitor suspicious communication in real time, and directly spot and deal with suspicious fraud;

4: Negotiate with highly reliable brokers selected by WikiFX in the secure environment of Wiki Fair.

WikiFX APP exposure channel: https://activities.wikifx.com/gather/indexng.html

Information page to understand forex scam and exposure channel: https://activities.wikifx.com/gather/indexng.html

Website exposure channel: https://exposure.wikifx.com/ng_en/revelation.html

More details about how to download WikiFX App:

Please download WikiFX APP from links below or scan QR code ：

iosAppStore: https://apps.apple.com/us/app/fxeye/id1402501387？l=zh&ls=1

Googleplay: https://play.google.com/store/apps/details？id=com.foreigncurrency.internationalfxeye

If you have any questions, please feel free to contact us at wikifx@wikifx.com