Forextime is no doubt one of the best Forex investment platforms in Nigeria. They are also one of the few forex brokers with a local office and phone lines in Nigeria. Forextime is secure and safe for Nigerian forex traders. The platform is regulated under various legal laws in countries such as UK, Belize and Cyprus.
Herein, how do I know if a Forex broker is legit?
How Do I Know if a Forex Broker is a Scam?
- Visit the site. …
- Check the forums. …
- Look for negative reviews of the broker. …
- Look out for complaints about not being able to withdraw funds. …
- Read all the fine print before you open an account. …
- Try out the broker.
Considering this, is OctaFX trusted?
Top Takeaways for 2021
Founded in 2011, OctaFX is regulated in only one tier-2 jurisdiction (Cyprus), making it a high-risk broker for forex and CFD trading. Customers are also served by the broker’s non-regulated offshore entity in Saint Vincent and the Grenadines (SVG).
Who is the richest forex trader in Nigeria?
Do banks trade forex?
Commercial & Investment Banks
Banks facilitate forex transactions for clients and conduct speculative trades from their own trading desks. When banks act as dealers for clients, the bid-ask spread represents the bank’s profits.
Do forex brokers want you to lose?
Your forex broker assumes that you will lose money over the long run when you trade. Given that 95% of forex traders lose money, it is a very safe assumption. Every broker has to decide whether a new account will belong to the group (95%) of traders that loses money, or the group (5%) that makes money.
Can Brokers steal your money?
While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Can Forex make you rich?
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. … While this could be interpreted to mean that about one in three traders does not lose money trading currencies, that’s not the same as getting rich trading forex.
Why Forex is a bad idea?
The currency market is the largest and most liquid of all financial markets. However, the percentage of successful traders is very low. Lack of proper trading strategy and indiscipline are generally the reasons for trading losses.
Do forex brokers report to IRS?
FOREX. FOREX (Foreign Exchange Market) trades are not reported to the IRS the same as stocks and options, or futures. FOREX trades are considered by the IRS as simple interest and the gain or loss is reported as “other income” on Form 1040 (line 21).
Can I trade forex with $100?
Most Forex brokers will allow you to open an account with as little as $100. … While it is possible to grow a $100 account, you will want to learn all you can from other Forex traders first as well as practice in a demo account before depositing real money.
Who owns OctaFX?
Joanna Archer
Who is the owner of OctaFX?
Georgios D. Pantzis
Can I withdraw money from OctaFX?
Select the account you want to withdraw money from on the main screen. Then press Withdraw. We usually process withdrawal requests for 1–3 hours, but it’s up to your payment system how long it will take the money to reach the destination. …