SafeForexBrokers.ng is a broker research website, founded in 2022. Our mission is to help Nigerian forex traders stay safe while trading online by educating on how to identify & avoid unregulated platform.
We do this by reviewing the popular Tier-1 & Tier-2 regulated forex brokers that operate in Nigeria, based on unbiased factors.
We spend many hours to research every regulated forex & CFD broker in different region. We then compare these regulated Forex & CFD brokers based on our methodology of vetting a broker against our 12+ factors. After that we grade these brokers out of 10 on each of those factors (with different weightage), and then publish of final ratings, for different broker categories.
New traders can also read our in-depth educational guides on the basics of forex trading, or read reviews of the forex brokers.
Avoiding Fake & Scam Brokers
We also try to help traders identify fake forex brokers, by providing information in our broker research guides on what traders should look for when trying to spot if the broker is genuine or not.
In our guides, we explain our methodology for that guide in-depth. We explain why that factor matters in our research & how exactly can you evaluate the broker based on those factors.
Our 12+ Ranking Factors
We rank forex brokers based on multiple factors. To each factor we give different weightage, and then aggregate the brokers.
Our Broker Ranking factors include:
- Regulation of the Forex Broker: The broker must be regulated with at-lest one more Top tier regulator. We give higher weightage to brokers that are regulated with local regulators. But since there are no locally regulated forex brokers in Nigeria, we compare the foreign Top-tier regulated forex brokers.
- Overall Fees: We compare the overall fees, not just the Trading Fees. The overall fees is the Trading fees (spread + commissions + swap fees), and the non-trading charges (deposit/withdrawal charges, inactivity fees etc.).
- Local Customer Support: We check if the forex broker has local support including office, phone no. (in Nigeria) & chat support. There are many forex brokers that don’t have an office or local phone support in Nigeria.