So, I am considering picking a new forex broker that accept Nigerian traders, but which forex brokers are banned from operating in Nigeria, is there such a list of banned brokers?
I'm not going to use the word "banned" but you're going to have difficulty trading with the brokers FXTM & Octafx because the Nigerian government went out of their way to ensure their websites were blocked.
@mic4_forex FXTM was one of the first forex brokers to allow trading the USD/NGN currency pair and when President Tinubu assumed office the naira was crashing so I guess some of his advisers may have told him people were speculating on the naira with forex brokers and that the speculation was part of the reason the naira was crashing. This caused the government to ask the Nigerian Communication Commission to block the websites of FXTM & OctaFX in Nigeria. Ever since then, FXTM has not been visible in Nigeria, if you search for their website nothing will come out.
Octafx and XM were also banned in Singapore for operating without authorization. These brokers may not be as honest as we think. This is the thread on the reason for their ban https://www.mytradingland.com/thread/is-xm-broker-allowed-to-74e78b#f3a1d1
