RMB Nigerian Stockbrokers Review Is Rmbstockbrokers.com.ng Legit

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RMB Nigerian Stockbrokers Review: Is Rmbstockbrokers.com.ng Legit?

Rmbstockbrokers.com.ng Review: this is the name of a brokerage company that is based in Nigeria. Is RMB Nigeria Stockbrokers legit or scam?

The company claims to be registered and licensed under The Nigerian Stock Exchange commission and when we checked, this was confirmed. They were incorporated under the authority in January 2020 and their address is in Lagos. As registered company, they have some advantage.

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Licensed brokers are recommended because the commission under which they operate places a mandate on them to trade fairly. Although, this license may not be top notch like the stricter European ones, but it means something that it exists.

They mention that they are the “best-in-class equities” and “brokerage solutions”. Also, the company leverage a strong trade execution and research platform in Nigeria and beyond. If they target citizens of other countries, RMB Nigeria Stockbrokers would have to provide more license details than they currently do.

How to Invest in RMB Nigeria Stockbrokers

This seems to be a grey area as we find no information on the page regarding this. However, when we dug deeper we found some steps that are useful in investing on the Nigerian Stock Exchange. First, the price requirements range from $700 to $15,000 according to www.investingafrica.net

To start, investors will need to fill the Central Securities Clearing System (CSCS) form that would be provided by the company to get a CSCS account number. Then the client would be provided with an account opening form after which they would be required to provide proper identification. Finally, if they complete the process they would be required to fund their account.

This may be the same process for RMB Nigeria Stockbrokers but we find no mention of minimum deposit requirement. It is unusual to find this and we also see from the above that the requirements are quite higher than we are used to. The obtainable average among European top brokers is $100 – $250.

Deposit and Withdrawal Methods on RMB Nigeria Stockbrokers

This is another information gap and it seems that attention to details is quite lacking. We are used to brokers informing clients the means that are allowed for funding accounts and withdrawing funds. Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

RMB Nigeria Stockbrokers Trading Platform

Again, nothing is said about the trading platform that is made available for clients using the RMB Nigeria Stockbrokers. But since they are mainly dealing on stocks, the tools may not be the same with Forex traders. Yet, it is good to inform clients as well.

Most are used to the MetaTrader platforms because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

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Leverage is touched on but the maximum offered is not stated. High leverages can lead to huge loss of funds as well.

Is RMB Nigeria Stockbrokers Licensed?

Yes. Like we have stated, the brokerage company is registered and authorized to operate in Nigeria by the Nigerian Stock Exchange commission.

Licensed brokers are recommended because the commission under which they operate places a mandate on them to trade fairly. Although, this license may not be top notch like the stricter European ones, but it means something that it exists.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

There is an online message form for clients to fill and send their enquiries in as well as the phone number: +234 (0)1 463 7900 and email address: [email protected]

Conclusion

The fact that RMB Nigeria Stockbrokers is licensed by the NSE is an advantage. But for better rating, the company should provide more details for investors to know what they are getting into. It is not usual to have to find out all the details via phone when they could be published upfront on the website.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Ftmo.com Review: Is FTMO A Legit Forex Broker Or A Scam?

FTMO Review: this is the name of a Forex broker that offers traders a funded account and no location information. Is Ftmo.com legit or another scam broker?

We start out our reviews with the location of the company in order to find out the commission that regulates trade in that region. But for this broker, we have no detail on where it is based. It makes it impossible for us to find out under which authority it should be listed.

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Readers are to be aware that offshore locations are not regulated by any commission. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

FTMO on the other hand seems like an “Introducing Broker” whose job is to garner clients for some other brokerages. This kind of brokers offer tempting conditions and then require their clients to open trading accounts with the companies they are partnering with. They mention some brokers like IC Markets, XM, Bossa, Admiral Markets and so on.

How FTMO Works

FTMO claims that if traders can meet their trading objectives they can get a funding of up to $10,000,000. But the requirements are high, clients are to use a capital of $100,000. Then within 10 days, they are to make a target of $10,000. The daily loss is set at maximum of $5,000.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

FTMO Trading Platform

FTMO offers traders the MetaTrader 4 and 5 trading platform. There is also an option of using the CTrader platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are not mentioned and this is an unusual find which we find discouraging. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is not mentioned and we find nothing on spreads as well. We are uncomfortable with this information gaps.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on FTMO

The means of making payments are: Bank wire, VISA, MasterCard, PayPal, and Skrill. We find that a popular e-wallet is available and this is encouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit seems to be the $100,000 we found mentioned on the page. This is higher than the obtainable average of $100 – $250 among brokers. Withdrawal fees are not stated and this is not encouraged as we prefer the broker to mention if they apply or not.

It is unclear if the trading is done on a simulated account or a live one.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FTMO Licensed?

No. We do not find any mention of a registration or license on the page and we find it important to warn readers about this. Trading with brokers lacking license has never been wise.

Misappropriated funds may not be recoverable by the government as well. Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

If you want to find out more about this broker or reach the customer support for assistance, fill the online form but this requires one to register as a member first.

Conclusion

We do not find anything encouraging about FTMO and we want traders to know that what the broker is offering is common and for cheaper rates as well. The broker seems shady and information is restricted on the website, we would like more details to be made available before giving it better rating.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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