Traders Union experts ranked the best Forex Managed Accounts in Nigeria
Nigerians are known for their drive for success and seize opportunities to boost their bank accounts. Forex trading offers such opportunities, but its complexities can deter some potential investors. However, not being able to trade should no longer be a hindrance. Managed Forex accounts in Nigeria provide a way for individuals to generate passive income without actively trading. TU experts explored the seven best Forex managed accounts in Nigeria for 2023 and answered how to invest in Forex without trading.
Seven Best-Managed Forex Accounts in Nigeria
In the ever-changing world of forex trading, access to the best-managed forex accounts can have a significant impact on your investment journey. To help you navigate this landscape, trade analysts at Traders Union have compiled a list of the top seven managed forex accounts available in Nigeria in 2023.
- FxPro Pamm Account: Ideal for investors seeking multiple PAMM managers.
- RoboForex CopyFx: Suitable for traders with a low initial deposit requirement for copy trading.
- IC Markets PAMM: A top-tier platform recommended for novice traders.
- FP Markets: Best PAMM account Forex broker for beginners.
- FBS: Offers the best cent account with a bonus.
- FXOpen: Ideal for ECN, STP, micro, and crypto trading accounts.
- Forex4You Copy Trading: Suited for professional traders.
Types of Forex Investment Accounts
There are various types of managed Forex accounts offered by brokers. TU analysts particularly focus on forex copy trading, PAMM accounts, MAM accounts, advisory services, managed portfolios, and other specialized accounts. It’s important to note that some of these “types” may not be technically managed accounts, but they closely utilize the expertise of experienced market participants.
- Forex Copy Trading: Copy trading allows investors to mimic the trading movements of expert traders. This can be incorporated into a managed Forex account, where the account manager utilizes copy trading strategies.
- PAMM/MAM Accounts: PAMM (Percent Allocation Management Module) accounts distribute trading activity, including trades, profits, and losses, among managed portfolios based on predetermined ratios. MAM (Multi-Account Manager) accounts allow money managers to assign different leverage ratios to sub accounts based on investors’ preferences.
- Advisory Services: Advisory services provide holistic portfolio recommendations and financial consultations to investors. These services go beyond basic account management and offer strategies, best practices, and market recommendations.
- Managed Portfolio: A managed portfolio is an investment portfolio managed by a professional forex trader or financial expert. It typically includes a diverse range of investments beyond forex trading, such as stocks, bonds, ETFs, and mutual funds. The manager charges a fee based on the portfolio’s size.
- Other Services: Managed forex accounts can also include individual accounts tailored to specific client goals and pooled accounts that involve multiple investors. Each type of account requires a different minimum deposit.
In Nigeria, is it legit to invest in Forex?
Copy trading and managed Forex accounts are legal forms of Forex trading in Nigeria. While there is no formal organization in Nigeria that regulates the Forex market, the Securities and Exchange Commission (SEC) oversees behind-the-scenes regulation. It is important to use a licensed broker regulated by a reputable authority when engaging in such transactions.
Earning Potential of Forex trading
The profits from managed Forex accounts in Nigeria are not fixed and depend on various factors, including the account type, the manager’s abilities, and potential management fees. While successful managers may achieve monthly returns between 30 and 50 percent, analysts at TU note that no investment account can guarantee fixed gains.
To summarize, experts argue that managed Forex accounts provide a way for Nigerians to invest in the Forex market without engaging in active trading. By selecting reliable brokers and exploring various types of managed accounts, individuals can generate passive income. The first step is to choose a trustworthy Forex broker, followed by finding a managed account provider. Once the account is funded, the manager can allocate the funds to different Forex trades as soon as they become available. For more information and resources on forex-managed accounts, visit the Traders Union website.