Copy trading in the Forex market is quite popular in Nigeria. Many Nigerians earn passive income in the financial markets. However, in order to earn a profit in this sphere, it is important to choose a suitable trading platform. Not all platforms are user-friendly. Traders Union experts chose the best trading platform in Nigeria for copy trading, having compared 9 companies.
What is copy trading?
Copy trading is one of the most popular ways of earning passive income in the financial markets. The simple explanation is that a trader subscribes to a more experienced colleague offering trading signals. After that, the trades are automatically copied to the trading platform of the trader and they can earn profit from successful trades of the signal provider.
Signal providers charge fees for their services. These could be a percentage of the trade amount, percentage of profit, monthly fee, etc. Some brokers also allow for setting up copy trading options, for example set the lot size, maximum trade amount, list of specific assets, etc.
Best copy trading platforms in Nigeria
Traders Union experts compared 9 companies in order to choose the best copy trading platform in Nigeria. The list features the following companies:
- IC Markets
IC Markets is recognized as the best broker with a copy trading feature. The broker provides access to MyFxBook and Zulutrade platforms, and offers attractive conditions.