Is FXTM Legit in Nigeria?
FXTM websites in Nigeria were blocked by the National Communications Commission (NCC) on the orders of the Nigerian Government.
The FXTM Mobile App was also blocked from Google & Android Play stores by the Nigerian Government.
The barring was because the Nigerian Government accused FXTM of encouraging speculation on the Naira by offering the USD/NGN currency pair.
At that time, the Naira value was deteriorating really terribly & the government blamed actors like FXTM, Octafx & Binance.
So FXTM is not allowed to operate in Nigeria and I will not advise you trade with them because scammers could impersonate them.
This is what I know so far about FXTM in Nigeria
Basic search on Google indicates that there is no legally licensed forex broker in Nigeria, so, no, FXTM is not licensed to operate in Nigeria.
FXTM does have licenses under other African regulators FSCA (South Africa) & CMA (Kenya). But they are not legally regulated by the market regulator(s) in Nigeria.
If you are trading with FXTM from Nigeria, you are doing so at your own risk, there will be no investor protection of funds. Also, as per their website, they register Nigerian traders under 'Exinity Limited', which is an offshore entity based on Mauritius, regulated by their local regulator FSC.
Plus, as someone indicated above, it does seem from the news that FXTM, along with many other forex & crypto brokers are blocked by ISPs in Nigeria since Feb 24. So, there is also a risk that scam/clone brokers may try to take advantage of it, pretending to be ForexTime.
My suggestion is that you should be careful.
Basic search on Google indicates that there is no legally licensed forex broker in Nigeria, so, no, FXTM is not licensed to operate in Nigeria.
FXTM does have licenses under other African regulators FSCA (South Africa) & CMA (Kenya). But they are not legally regulated by the market regulator(s) in Nigeria.
If you are trading with FXTM from Nigeria, you are doing so at your own risk, there will be no investor protection of funds. Also, as per their website, they register Nigerian traders under 'Exinity Limited', which is an offshore entity based on Mauritius, regulated by their local regulator FSC.
Plus, as someone indicated above, it does seem from the news that FXTM, along with many other forex & crypto brokers are blocked by ISPs in Nigeria since Feb 24. So, there is also a risk that scam/clone brokers may try to take advantage of it, pretending to be ForexTime.
My suggestion is that you should be careful.
FXTM is a legit broker but in Nigeria I think they have issues with the government that caused their platform to be blocked.
I advise you don't risk it, find another broker to trade with.
FXTM is a legit broker but in Nigeria I think they have issues with the government that caused their platform to be blocked.
I advise you don't risk it, find another broker to trade with.
Online forex trading is not even regulated in Nigeria so every Nigerian forex trader faces a counterparty risk of some sort.
Now FXTM has been blacklisted by the Nigerian authorities so you cant even access their website or mobile app.
Anybody can emerge and claim to be FXTM at this point thus elevating the risk of fraud. Best bet is to be cautious and look elsewhere.