Does Ic Markets Work In Nigeria?

Does Ic Markets Work In Nigeria?

IC Markets operates in Nigeria, providing Nigerian traders with access to a wide range of financial products. These include Forex, Commodities, Shares, Cryptocurrencies, Indices, and Bonds. The platform supports various trading terminals such as MetaTrader 4 & 5, cTrader, and TradingView, ensuring a comprehensive trading experience.

Nigerian traders can benefit from features like Raw Spreads, Ultra Fast Order Execution, and Institutional Grade Trading. Additionally, IC Markets offers different account types, including Live Accounts, Demo Accounts, and Islamic Accounts, catering to diverse trading needs. The platform also supports automated trading systems and various trading tools, making it a versatile choice for traders in Nigeria.

Fees and Charges for Using IC Markets in Nigeria

Here are some general costs that users might encounter when using IC Markets in Nigeria:

• Minimum Deposit: USD 200
• Trading Cost: USD 8
• Commission: 7 USD per lot for Raw Spread Account, 6 USD per lot for cTrader Raw Spread Account
• Spread: Average spread for EUR/USD is 0.10 pips on the Raw Spread Account
• Currency Conversion Fees: IC Markets does not offer accounts denominated in NGN (Nigerian Naira). Nigerian traders can open multiple accounts with different base currencies to avoid paying conversion fees.
• Withdrawal Fees: 20 AUD for international bank transfers, free for other methods (Mastercard, Neteller, Paypal, Skrill, Visa)
• Deposit Fees: Free for all methods
• VPS Service: Free if trading volume exceeds 15 lots per month, otherwise a monthly subscription fee applies
• Additional Costs: Associated with using third-party tools like Autochartist and Zulutrade

Is IC Markets the Best Option in Nigeria?

Even though IC Markets is available in Nigeria, it might not be the best option for users due to certain limitations and restrictions.

• Regulatory Oversight: Nigerian traders are onboarded through IC Markets’ Seychelles-based entity, offering limited regulatory oversight.
• Currency Conversion Fees: IC Markets does not offer accounts in NGN, leading to potential currency conversion fees.
• Withdrawal Fees: A 20 USD fee applies for international bank transfer withdrawals, which can be costly.
• Moderate Licensing: The Financial Services Authority (FSA) of Seychelles has moderate licensing requirements, providing less protection.
• Leverage Restrictions: Nigerian traders are subject to the FSA's regulations, which do not impose leverage restrictions.

Alternatives to IC Markets in Nigeria

1) OneSafe

OneSafe is a leading alternative payment solution in Nigeria, offering ease of use, lower fees, and superior customer support. With features like simple onboarding, multi-currency support, and seamless global payments, OneSafe stands out as a superior option for businesses seeking efficient financial operations.

OneSafe Reviews

OneSafe has received positive feedback from users who appreciate its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. Users have praised the platform for its support for most businesses, making it a reliable choice for financial operations. While specific achievements or awards are not mentioned, the positive reviews highlight the company's commitment to providing excellent banking solutions.

2) Wise

Wise offers a robust alternative payment solution in Nigeria, featuring multi-currency accounts, low fees, and fast transfers. Users can send and receive money globally, manage finances across multiple currencies, and utilize a Wise debit card for international transactions. Its transparency and security measures make it a reliable choice.

Wise Reviews

Wise has an overall rating of 4.7 out of 5 based on 87 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval.

Check out more Wise reviews here.

3) Paypal

PayPal offers a secure and convenient alternative payment solution in Nigeria. Key features include encrypted transactions, the ability to send and receive money globally, and various financial management tools. Users can also benefit from PayPal's multiple payment options, such as Pay in 4 and PayPal Credit, enhancing flexibility and ease of use.

Paypal Reviews

PayPal has a rating of 4.4 out of 5 stars. Users have reported high transaction fees, issues with exchange rates, and occasional account blocking. Check out more PayPal reviews here.

Frequently Asked Questions about IC Markets in Nigeria

Is IC Markets regulated in Nigeria?

No, IC Markets is not regulated in Nigeria. It operates under its Seychelles-based entity.

What is the minimum deposit for IC Markets in Nigeria?

The minimum deposit required to start trading with IC Markets in Nigeria is USD 200.

Are there any withdrawal fees for Nigerian traders?

Yes, a 20 USD fee applies for international bank transfer withdrawals for Nigerian traders.

Does IC Markets offer accounts in Nigerian Naira (NGN)?

No, IC Markets does not offer accounts denominated in NGN. Traders must use other currencies.

What trading platforms are available on IC Markets?

IC Markets supports MetaTrader 4 & 5, cTrader, and TradingView for a comprehensive trading experience.

Begin Your Journey with OneSafe Today!

Choosing the right payment solution in Nigeria is crucial for seamless financial operations. OneSafe offers a robust alternative with its ease of use, lower fees, and superior customer support. Explore OneSafe to enhance your financial management. Sign up today!