This is a factor that could have a significant impact on currency pricing. Trades will be made according to what Nigerian traders feel the currency is going to do, which may either increase or decrease demand for the Nigerian Naira. Nigerian traders' primary goal is to maximize their profit while minimizing their exposure to market risk. These Nigerian traders can use credit ratings in addition to interest rates and economic data when making investment decisions.

As a general rule, commercial banks and other investors prefer to invest in economies with a positive outlook. A favourable piece of news about a particular location may promote investment and enhance demand for that region's currency if it reaches the markets.

If more positive news about Nigeria and its economy emerges, there will be increased investment from foreign investors. There must be an equal or greater increase in the supply of money for the price to rise. In the same way, bad news may induce a decline in investment and a fall in the value of a currency. Currency values are influenced by the stated economic health of the area they represent. Central banks have the power to announce supply-control policies that have a substantial impact on the value of their currency.

Injecting more money into an economy, such as via quantitative easing, may lower the value of its currency. The Central Bank of Nigeria CBN manages the supply of Nigerian Naira in the country, much like other central banks are in their respective regions. The language of each market is distinct. Before getting into forex trading, Nigerian traders need to know these terms:. Every currency in the world is assigned a three-letter code, with the Nigerian Naira expressed as NGN in the forex market.

The US dollar USD is engaged in the great bulk of foreign exchange trading even though there are more than other currencies in existence. The euro code: EUR , which is used in 19 EU nations, is another popular currency in the foreign exchange market. All forex trades involve two currencies that form a currency pair.

Forex trading relies heavily on the following seven currency pairings, which are also referred to as the forex majors:. For each currency pair, the current rate of exchange between the two currencies is represented by the two currencies in the pair. Nigerian traders must note that the base currency is normally listed first, followed by the quotation currency. However, historical practice dictates that certain currency combinations be represented differently. Investing in the stock market is a lot like FX trading.

To begin a forex trading career, Nigerian traders can follow these simple steps. If Nigerians are new to trading, they need to take the time to learn as much as they can about forex. Nigerian traders must acknowledge that forex trading typically offers higher leverage ratios than any other financial market. In addition, the factors that drive the forex market are also different to those that drive equity market prices. Any political and economicalnews in Lagos, Nigeria can spart volatile movements in the forex market, either in an upwards or a downwards trend.

Traders who are just starting out have a plethora of training material, books, courses, classes, and other educational materials, tools, and resources at their disposal to ensure that they are thoroughly educated in forex trading. To get started in forex trading, Nigerian traders need to open an account with a brokerage firm. Some forex brokers make up their fees by charging a flat commission on trades.

However, other Forex brokers do not impose any fees for trading. It is instead via the spread in forex trading indicated in pips that exist between the purchasing and selling prices that they earn their money.

Micro accounts are ideal for beginner Nigerian traders because they have lower capital requirements, lower degree of risk, and smaller positions size of 1, units of base currency, in this case, Nigerian Naira depending on whether they are buying or selling currency.

To put things in perspective, one normal account lot is equivalent to one hundred thousand dollars. With a micro forex account, Nigerian traders can learn the basics of forex trading and find out what kind of trading strategy works best for the trader.

While the CBN approves forex trading and provides a regulatory framework, it is the responsibility of Nigerian traders to ensure that they only use the services of regulated brokers. Having a trading strategy can help Nigerian traders define broad rules and a road map for trading, even if they cannot always foresee and time market action. Traders must consider how much money they are willing to invest and the degree of risk they are prepared to face to avoid losing their initial deposit.

It is important to remember that forex trading is a high-leverage business. Those who are prepared to take the risk, however, will reap greater benefits. Traders must remain on top of their numbers. The fourth rule of trading is to verify the positions every day after the trading day has ended. There is already a daily accounting of transactions provided by most trading software.

If Nigerian traders have any open positions that need to be closed, they must make sure that they have enough money in their trading account to cover any future transactions. Beginner forex trading may be a roller coaster of emotions, with many unresolved issues. There are many uncertainties in forex trading and unanswered questions.

When it is time to close a position, traders must be strict about it. Nigerian forex traders use forex trading strategies, despite whether they are active traders who have a forex career, or they trade when they are home. Forex signals and technical indicators are typically part of a currency trading strategy. Automated or manual approaches may be used to identify these signals.

Trading chances are found by examining chart patterns and averages using manual approaches. Trading signals are generated, and transactions are executed automatically by algorithms based on a variety of predetermined circumstances.

Nigerian traders can utilize a wide variety of trading methods to help them make smarter selections when it comes to trading. Technical analysis, as well as fundamental analysis, may be used together in forex trading methods, just as in other trading systems.

Traders can subsequently construct a more well-rounded trading strategy by combining elements of both technical and fundamental analysis. Any forex trading strategy selection criteria must first be established. Nigerian forex traders must consider the following to help them narrow down the search on an ideal strategy:. Traders use the following forex trading methods to organize their trading activities.

These tactics may be used in any financial market, not only the currency market. To be an effective trader, Nigerian traders must first identify their own style of trading.

In addition, traders can open a virtual trading account to practice and test forex trading tactics. Scalping is best suited to forex traders that like short-term transactions lasting only a few minutes, or those who want to take advantage of many market changes. With forex scalping, the goal is to make modest but frequent profits while also trying to keep losses to a minimum while trading NGN. As a result of the huge leverage used in these short-term deals, a trader might still suffer large losses.

This forex strategy is best suited for Nigerian traders who can devote the necessary time and attention to the larger trading volumes and the resulting quick transactions.

The following are times of high trade volume:. Traders with the greatest patience may choose forex position trading, which does not pay as much attention to short-term swings in the market and instead concentrates on the long run. Investors who have a long-term view of currency markets may maintain holdings for months or even years at a time. Long-term gains are expected from this method.

Position trading in Forex is best suited for Nigerians who cannot devote hours of their day to trading but have a deep grasp of market basics. Day trading is an alternative to scalping if Nigerian traders wish to trade for short periods but are not comfortable with the fast-paced nature of the method. Each day, on average, just one deal takes place, and it is not held overnight. Intraday price movements in the relevant currency pair determine profit or loss. Because of the time and effort required for this form of trading, Nigerian traders need to partner with a broker that can grasp economic performance and factors that might have an impact on their trade.

Subsequently, the trading position may be adversely affected if any important economic developments occurred on that day.

Swing trading in the foreign exchange market Traders who want a mid-term trading strategy that allows them to hold positions for many days might use swing trading, which tries to benefit from movements in price. Even while it requires less attention to the market than does day trading, this method exposes Nigerian traders to overnight or gapping disruptions. A candlestick chart is the simplest and most often utilized chart style in the forex industry today that Nigerian traders can use.

Trading techniques can easily be developed using the trend lines that can be seen on a line chart. Price breakouts or trend shifts may be detected using the information contained provided in a trend line, for example.

Bar Charts In the same way that they are used in other contexts, bar charts are employed by advanced Nigerian traders to illustrate trading periods. Bar charts are known to be more informative than line charts, albeit being a little more complex.

Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal.

When prices rise, the colour green or white can be used to represent that, while when prices fall, the colour red or black is typically used. Candlestick Charts Japanese rice dealers employed candlestick charts for the first time in the 18th century.

They have a more pleasing appearance and are simpler to understand than the previous chart kinds. To show the opening and highest price point of a currency, Nigerian traders utilize the top section of a candle, while the bottom portion of a candle is used to show the closing price and lowest price point.

A down candle is coloured red or black, while an up candle is coloured green or white and signifies a time of rising prices. Candlestick charts may be used to determine the direction and movement of the market based on the formations and shapes they display.

Young Nigerians have become dedicated fans of forex trading, making it one of the most popular ways to make money in the country. Mobile devices and desktop computers can both use it, and it is accessible all the time, making them a great deal less expensive than other options. The only requirements are a cell phone and some capital. Mobile trading platforms have become extremely popular in Lagos as it allows Nigerian traders to remain updated on their trading while they travel.

It is common for traders to lose money because they do not have a risk management plan in place to limit their losses.

Make use of a broker who is properly regulated Even though it seems clear, a large proportion of new traders fall victim to Forex trading scams or deal with unlicensed brokers despite this fact. The licenses of all properly licensed brokers are listed at the bottom of their websites, and a quick check with the appropriate authorities reveals whether they are.

When Nigerian traders use well-regulated brokers, they are given access to negative balance protection. This is a vital risk management tool that ensures that the trading account does not go into a negative.

Nigerian traders can try their trading strategies using a demo account, with the most popular brokers offering this option. The practice account works in the same way as a live account but uses virtual money until traders are ready to trade real money. Keep leverage usage to a minimum Nigerian traders must be aware of the leverage that they are employing once you begin trading on a live account.

While increasing trading capital to more than 1, could seem like a good idea, the impact that leverage can have will apply to any losses that the trader incurs. Some brokers provide leverage of or even Until traders are confident about the impact of leverage on their trading, they should stick to a leverage ratio of no more than Trade Major Currency Pairs All currency pairs that include the US dollar are considered major forex pairs, with these also the most stable currencies.

When trading exotics, Nigerian traders should be aware that they are riskier and more expensive than trading major and minor currency pairs. Make use of a reputable copy-trading platform Keeping an eye on the markets all day is not feasible for many new investors.

Fortunately, copy trading is available from brokers and individual signal providers. Beginner Nigerian traders can use copy trading services to imitate the trades of more experienced traders, and the brokers take a tiny percentage of the profit. Always employ stop-loss orders Nigerian traders must always use a stop-loss on every transaction they open to avoid significant losses in Forex trading.

When the price reaches a certain level, a stop-loss order will automatically terminate the transaction. It is only natural for traders to want to stay on to a losing transaction in the hope that one day, it will turn around and be lucrative. However, this is not the way it always turns out, with most traders experiencing significant losses at this point. Many novice Nigerian forex traders struggle with the sheer volume of information on trading platforms and their inability to use them effectively while learning how to trade.

For clients of forex brokers, trading platforms are software applications that allow them to participate in the foreign exchange market. Trading platforms can be used across a series of devices, and they can either be web-based terminals, a mobile app, or software application. Traders can use trading platforms to place buy and sell orders in the foreign exchange market.

For the benefit of their customers, forex brokers make these tools readily accessible. Many brokers today offer a proprietary trading platform or trading app that can be used for order processing and research. Online trading platforms for individual and institutional customers are available from a broad range of brokers. Banking and brokerage firms may also construct their own custom trading systems to fulfil their own internal demands, which are then implemented through institutional trading channels.

Several platforms provide forex charting programs that Nigerian traders can use in combination with other technologies, such as predictive forecasting software and online trading, to get an advantage in the forex markets. While forex trading and the foreign currency market have significant hazards, they also include numerous benefits that may make them a profitable and appealing activity.

A fraction of a second in normal market situations is all that is needed to open and close a trade in any of the major currencies. There is a great deal of flexibility for Nigerian traders because of this and the fact that the market runs around the clock. Even those who are employed full-time might participate in Forex trading on the weekends or at night to relieve stress.

Unfortunately, this is not something that many Nigerian traders can do in either the stock or bond markets in Nigeria. Because of this, part-time traders prefer Forex trading because it allows them a flexible trading schedule that does not conflict with their full-time occupations.

The forex market offers a broad range of trading opportunities for investors. Hundreds of currency pairings are available for trading by any type of individual Nigerian trader regardless of their trading style or strategy.

Spot transaction or a future agreement are two more options available to them. To fulfil the demands of Forex traders, futures contracts are available in a variety of sizes and with a variety of maturities. In comparison to other markets, the forex market has minimal trading costs. Comparatively, the transaction costs of Forex trading are exceptionally cheap when compared to dealing in other markets, with Nigerian traders able to start with small initial Nigerian Naira deposits.

This is because the Forex market is run by dealers who issue two-way quotes to cover their own risks. In terms of financial asset markets, forex markets have the biggest leverage. Investors can use leverage in forex trading to boost their initial investment up to times because of the setup of this trading tool.

Both earnings and gains are increased because of this. Even though Forex market moves are often minor, retail traders wind up making or losing a large amount of money due to leverage.

Nigerian traders do not have to maintain as detailed records of their trading operations as dealers in other markets do to disclose their profits and losses on a tax return, thus simplifying the tax computation process. Automated trading techniques are also well suited to Forex trading. To automate trades, forex traders must first learn how to program entry, stop-loss, and limit prices in advance. Participants in the foreign exchange market have the option of trading on specific price movements or other market circumstances.

Several aspects and situations might make effective trading in the forex market more difficult than it seems. The following are some of the drawbacks of forex trading to keep in mind. Every market, including the currency market, can experience periods of high or low volatility.

For short-term earnings, forex traders may be subjected to unanticipated severe volatility, which might render their currency trading tactics unprofitable. On the global forex market, significant participants such as a network of banks, hedge funds, and other huge financial institutions still make up most of the trading. They have a natural edge in establishing pricing and influencing price changes in the market because of their volume of trade and their superior access to information and technology.

Investing in stocks and bonds can increase the long-term net worth of traders more than foreign exchange because of the interest and dividends that are paid out regularly. It is common practice in the forex market to seek financial gains from the appreciation of one of two currency pairs.

There are Forex brokers in Nigeria for trading on spot markets, forward markets, and futures markets, with the spot forex market as the largest market of the three. No, forex trade regulation will be determined by the jurisdiction and its regulatory framework. Not all regions have such a framework in place, which means that forex traders in these regions are subject to risks. The Central Bank of Nigeria CBN oversees a strict regulatory framework in Nigeria. The base currency is the first in the pair while the second currency in the forex pair is known as the quote currency.

You can start trading with small amounts of capital from Nigerian Naira, depending on how much your broker charges for the minimum deposit. Forex exchanges can be found around the world, which means that the forex market operates 24 hours a day, 5 days a week. The forex market opens at 5 pm EST on a Sunday and operates until Friday at 5 pm EST. Godwin Emefiele, the governor of the Central Bank of Nigeria, declared on Wednesday that the bank would issue new naira notes by December 15, Following sharp declines in the stock prices of Airtel Africa Plc, Beta Glass Plc, and NEM Insurance Plc last week, investors lost N1.

The stocks at the Nigerian Stock Exchange ended the week on a positive note after gaining 0. Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

Windsor Brokers Review. FXChoice Review. Scope Markets Review. FXPesa Review. Weltrade Review. How to Invest in Bitcoin in Nigeria. How to Invest in Crypto in Nigeria. Take advantage of low trading costs with no transaction fees or currency exchange rates.

Best Trading Platform. Broker Reviews. OPEN AN ACCOUNT. Fully Regulated. Expertly Reviewed. Transparent Fees. Mobile Friendly. Start here Best Forex Brokers in Nigeria. Forex Terminology. Currency Pairs. How to Start Trading in Nigeria? Forex Trading Strategies. Forex Charting. Forex Trading Risk Management. Forex Trading Brokers in Nigeria. Min Deposit. Official Site. Visit Broker. User Score. Sign Up. Overall Rating. Trading Desk. Total Pairs. Islamic Account.

Trading Fees. Account Activation Time. ASIC, FSA. MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central.

CySEC, FSC, FSCA. MetaTrader 4 and MetaTrader 5. USD 1 NGN. IFSC, FSCA south africa , ASIC, CySEC. MetaTrader 4, MetaTrader 5, FBS Trader — all in one mobile trading platform. Welcome Bonus. MetaTrader 4.

CySec, FSCA. FSA, CySec. IFSC, CySec, ASIC. Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform. No Just spread. No Regulation. on 7Bforex Website. USD 1. CySEC, FSC. Metatrader 4. FCA UK. CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA. Yes Availability subject to regulations. MetaTrader 4, MetaTrader 5, Web-based. USD Meta Trader 4. What is Forex Trading in Nigeria?

Here is a comprehensive Guide An overview of foreign exchange in Nigeria Beginner Nigerian traders who are starting in the foreign exchange market, and who have some disposable Nigerian Naira that they can afford to invest, may be wondering what forex trading is, how they can start trading forex from Lagos, Nigeria, and whether they are covered by the Central Bank of Nigeria CBN. The currency asset class has two main characteristics: It is possible to profit from the difference in the interest rates between two currencies.

Changes in the value of the dollar may be used to your advantage. In this article, you will learn about the following:. The basics of Forex trading in Nigeria The factors that drive forex prices Forex terms and definitions All that you need to know about currency pairs How you can start trading forex in Nigeria ASAP.

The forex trading strategies that you can consider A crash course on Forex Charting What you need to do to protect yourself in the forex market What trading platforms are and how they work The pros and the cons of forex trading to decide if it is suited to you. An Introduction Into Forex Trading Basics The foreign exchange market is the platform that facilitates the exchange of currencies globally. Traders can choose from the following three ways to trade forex: Spot Market.

Exchange rates are set in real-time here on the principal forex market based on supply and demand. Forwards Market. To secure an exchange rate for a certain amount of money at a future date, Nigerian forex traders might engage in a legally binding private contract with another trader instead of immediately completing a deal. Futures market. Traders may also select for a conventional contract to buy or sell a preset quantity of a currency at a predetermined exchange rate at a future date.

Factors that drive the Forex Market Because of the wide variety of currencies traded on the forex market, it is impossible to make accurate forecasts about the direction of exchange rates. Market Sentiment The overall market sentiment associated with forex is often influenced by recent events. Credit Ratings Nigerian traders' primary goal is to maximize their profit while minimizing their exposure to market risk.

News Reports As a general rule, commercial banks and other investors prefer to invest in economies with a positive outlook. Central banks Central banks have the power to announce supply-control policies that have a substantial impact on the value of their currency. Forex Terminology The language of each market is distinct. Before getting into forex trading, Nigerian traders need to know these terms: Currency Pair — all forex trades are carried out using currency pairs ranging from major pairs, minor pairs, and exotic pairs, with the Nigerian Naira falling into the category of an exotic currency.

Subsequently, a percentage in point refers to the one-digit change in the fourth decimal place of a currency pair. Ask refers to the lowest price at which traders are willing to buy a currency pair. The bid refers to the price at which the trader is willing to sell a financial instrument. Bid-Ask Spread, or just the spread, refers to the difference that exists between the purchase and sell prices for a currency pair. When Nigerian traders start a forex position, they will see two prices, like many other financial markets.

The purchase price is above the market price if traders wish to initiate a long position. The sell price, which is a little below the market price, is the price at which they buy to initiate a short position. Bear markets refer to times when prices decline in the forex market, showing Nigerian traders that there is a market downtrend because of depressing economic fundamentals, events, and other factors.

Bull markets refer to times when the prices increase in the forex market, indicating that there is an upward trend because of optimistic news. Contract for Difference CFD is a derivative and complex instrument that allowsNigerian traders to speculate on price movements for financial instruments without owning the underlying asset. Lot — Currencies are traded in lots and it refers to the batches of currencies that are used to standardize forex trades. Wider spreads mean lesser gain for the traders and higher revenues for the broker and liquidity providers.

Spreads are mostly floating or variable but some brokers can also offer fixed spreads on a few instruments. Swap fee is only applicable when a leveraged position is kept open overnight. If you prefer trades of more than a day, you must check the swap rates on instruments.

Each CFD instrument has different swap rates for long and short positions. Each instrument can have different spreads at different times of the day. Clients must get familiar with the timings when the spreads are lowest and trade accordingly.

Most forex brokers have a list of trading instruments on their website where they compare the spread for each instrument for different account types. You can use their search in the table to check the spread for any desired instrument. Similarly, all other forex brokers also have such lists on their websites where you can compare the spread. Any regulated CFD broker will always provide you with this information before as well as after opening the account. Platforms: Trading platform is meant to make trading comfortable.

MetaTrader trading platform MT4 and MT5 is often a good start for serious beginners. It is even better if the platform offered supports mobile trading.

Below is a picture of how MetaTrader 4 trading platform will look like on PC. There are plenty of features and tools on each trading platform that can enhance trading experience. It is important to spend time and effort learning about the features and use of a platform before trading real money.

Practicing demo trading with a broker that you are about to choose can help with the decision, but remember that live trading conditions would vary. Order Execution: Order Execution must be quick, without any re-quotes or slippage. Some brokers provide instant execution of orders mostly with market maker brokers while others provide Market Execution price is generated while execution, hence a possibility of slippages.

and provide quick responses to emails within hours. If there is a Nigerian phone number for support, then it is even better.

In our review of various Forex platforms, we found that HotForex and FXTM offer local phone numbers for support. Almost every regulated broker has live chat support. the quality of the support service can be different for each broker. Traders can raise a random query to check the quality of support service on their own.

Ease of Deposit and Withdrawal: The convenience of deposit and withdrawal can have a major impact on the trading experience with any of the forex and CFD broker. You may not want to trade with a broker that has limitations, restrictions, or penalties on your preferred mode of transaction. Traders must check all the conditions for the preferred method of transaction. You can also inquire the customer support executives about deposit and withdrawals methods and conditions.

Most Nigerian traders prefer to transact with Naira NGN from local banks but many offshore regulated brokers do not support deposits and withdrawals in Naira. The minimum amount, transaction fees, and currency conversion fees if any should be checked for every method of deposit and withdrawal separately. There are a few common mistakes the new traders do while searching for the best forex brokers in Nigeria.

Do not rely completely on suggestions of friends or family. You must do your own research. Checking reviews and gathering data can greatly assist but your selection should be based on your preference. A suitable broker for one trader may not be ideal for the other trader. You must not fall for the prey. Many fake or unlicensed brokers offer lucrative bonuses to attract new traders.

The bonus offers must be utilized but only after choosing a broker based on the above-mentioned factors.

Do not make a decision only due to low fees. Brokers with low fees are always preferred by beginners but fake brokers take advantage of this preference.

They may offer very low and unrealistic fees to get your deposits. Regulations must be checked thoroughly. Leverage is a two-edged sword. Involving leverage in trades allows traders to open large positions with a smaller account balance.

Profits can be increased with leverage but the losses will also be high with high leverage. Many countries have certain limits on leverage but no such limits are there in Nigeria. Beginners must not choose brokers only because they offer the high leverage. Instead, leverage usage should be kept low in the initial phase. CFD trading is not suitable for everyone. Forex or CFD trading should not be done because someone you know is doing it or someone has made too much money.

It is a risky financial market and may not be ideal for you. Identify your trading objectives, do some research and analysis combined with disciplined planning and strategy. Currently, there are no forex brokers registered with regulators in Nigeria. All the forex brokers that accept traders from Nigeria are foreign CFD brokers.

You can choose any forex broker that is regulated by major regulators like ASIC, FCA or CySEC. There are some brokers like Plus that offer their own proprietary platforms, but you should choose Metatrader brokers instead as you will get more customization options including support for EA, custom indicators, etc.

Currently only 3 forex brokers i. Hotforex, OctaFX , ForexTime have local offices in Nigeria, although they are not regulated by Nigerian regulators.

Most other forex brokers are operating from foreign countries. These brokers also accept local bank transfers as a deposit option in Nigeria, and also offer a Naira withdrawal option, so you can withdraw your trading balance locally. The trading charges can vary depending on the instruments. All these brokers also offer withdrawals in Naira to any local bank account in Nigeria. The withdrawal time for Bank transfers is varied depending on the broker.

FXTM processes it in 24 hours, while other brokers take longer. TradeForexNigeria Editor Last Updated: March 29, Leverage Available instruments Visit.

Available instruments: 62 currency pairs, 19 CFDs. Visit Hotforex. Multiple account types to suit the needs of different types of traders Hotforex has negative balance protection, and segregation of funds for investor protection. Plus, they also have a local phone number for support.

Accounts can be opened with NGN as base currency Hotforex has local office in Nigeria. Read detailed Hotforex Review. Visit XM. Read detailed XM Review. Visit Exness. What we like about Exness Low minimum deposit requirement Lower spreads than many of the regulated forex brokers in Nigeria A large number of currency pairs are available to trade Multiple choices of account types to suit different types of traders Exness allows local bank transfer in Nigeria. Read detailed exness Review. Visit FXTM.

What we like about FXTM Low minimum deposit requirement Multiple top-tier regulatory license Availability of NGN based trading account The research and education tools are excellent FXTM allows commission free local bank transfer in Nigeria Local office and local phone support available in Nigeria.

Read detailed FXTM Review. Visit OctaFX. What we like about OctaFX Low spreads on major currency pairs No commission involved The research and education tools are helpful OctaFX support commission free local bank transfer in Nigeria.

Read detailed OctaFX Review. Visit Tickmill. What we like about Tickmill Multiple top tier regulation makes it less risky multiple account types to suit different types of traders Local bank transfer available in Nigeria Live chat customer support is user friendly.

Read detailed Tickmill Review. Visit AvaTrade. What we like about AvaTrade Multiple top tier regulation makes it less risky No trading commission involved Live chat customer support is user friendly. Read detailed AvaTrade Review. Which forex brokers are registered in Nigeria? What are the best forex trading platforms in Nigeria? Which Forex brokers are registered in Nigeria? Which Forex Broker in Nigeria has the lowest fees?

Which forex brokers accept local deposits in Naira? Hotforex is 1 rated FX Broker Visit. Back To Top. Regulation s : FCA, FSCA, CySEC.

Leverage: with Micro account. Visit Broker. XM Forex. Regulation s : CySEC. Leverage: Regulation s : CySEC, FSCA. Regulation s : FCA, CySEC, FSCA. Regulation s : ASIC, FSCA, CySEC.

We've compared the best forex trading platforms for traders in Nigeria. Our comparison is based on no. Forex Trading is popular in Nigeria, but there are so many scam platforms targeting unsuspecting traders. You must gain enough knowledge about Forex and CFDs and trade on the right platform, only then can you trade safely.

If you are looking for a good forex trading platform in Nigeria, then you must choose a reputed broker. We have gone through all the forex brokers that accept Nigerians and have reviewed the best based on their ease of use, regulation, fees, deposit and withdrawal options, customer support, and trading platforms trading applications. All of these brokers offer the best Forex trading conditions for Nigeria traders.

HF Markets is an online forex broker that accepts Nigerian traders. HF Markets was formerly known as HotForex. HF Markets was launched in and provides trading of Foreign Exchange Forex and contracts for difference CFDs.

The parent company of HF Markets is authorised and regulated as HF Markets UK Ltd by FCA Financial Conduct Authority, UK , as HF Markets DIFC Ltd by the DFSA Dubai Financial Services Authority , and as HF Markets SA PTY Ltd by FSCA Financial Sector Conduct Authority, South Africa. HF Markets Trading Fees: Spreads on HF Markets begin from 1 pip on Micro, Premium, Auto, PAMM and HFCopy accounts and 0.

HF Markets provides a 7-days allowance for swap-free trading for new traders. HF Markets Non-Trading Fees: HF Markets charges no fees on deposit or withdrawal for most payment methods. HF Markets Account Types: HF Markets has 5 account types which are; Micro Account, Premium Account, HFCopy Account, PAMM Account and Zero Spread Account. HF Markets also offers Islamic account features which have no interest or swap fees. The maximum leverage on HF Markets is , HF Markets Copy Trading: CopyTrading is supported on HF Markets, and new traders can signup as followers to copy trades of experts or experts can signup to become providers of trading strategies.

HF Markets has a special account type for social trading, the HFCopy Account. HF Markets Order Execution: HF Markets is an STP Straight Through Processing broker and processes trade on its platform via a Market Execution policy.

Different account types require different minimum payments. Local bank transfers for traders in Nigeria are credited instantly while cards and e-wallet deposits take up to 10 minutes to reflect. HF Markets Customer Support: HF Markets customer support is available via email and live chat for 24 hours on business days days.

There is local HF Markets phone support in Nigeria available from Mondays to Fridays. Exness is a forex broker that accepts traders from Nigeria. Exness has been around since and offers Forex and CFDs brokerage services.

They are authorised by the Financial Services Authority FSA Seychelles. Traders in Nigeria are under this offshore regulation. Exness is also regulated by FCA as Exness UK Ltd, CySEC Cyprus Securities and Exchange Commission as Exness Cy Ltd, and FSCA as Vlerizo Pty Ltd. Exness Trading Fees: Spreads on Exness are relatively low, starting from 0. Swap fees on Exness depend on the trading instrument and the swap rate is determined based on your order, whether sell swap short or buy swap long.

Exness Non-Trading Fees: There are no deposits or withdrawal fees on Exness, no matter the payment method used. Exness does not charge dormant account fees. Exness Account Types: Exness has 5 trading account types for clients.

Exness has swap-free options on all account types for Muslim traders. The maximum leverage on Exness is , Exness Account Currency: There are many base account currencies on Exness including USD, NGN, EUR, AED, GBP, and others. Negative Balance Protection: Exness offers negative balance protection for traders if their trade order is not successful, traders cannot lose more than the money in their account.

Exness Copy Trading: Exness has copy trading features, called social or mirror trading, and new traders can copy the trades of professionals through the Exness Social Trading App. Exness Order Execution: Exness is a market maker with a dealing desk and offers Market Execution for all account types except the Pro Account, for which they offer the Instant Execution type.

Exness Deposits: Exness accepts many payment methods for deposits. Deposits via Nigerian online bank transfer and e-wallets Skrill, Neteller, etc.

are credited within 5 hours, deposits via bank cards are credited within business days, and bitcoin deposits are credited within 72 hours. Withdrawals to Nigerian local bank accounts from Exness are processed within 24 hours, e-wallets are also processed in business days, while bitcoin and card withdrawals take 72 hours to be processed, card withdrawals take about 10 business days.

XM is a Forex and CFD broker that was founded in and accept traders from Nigeria. XM offers CFD trading services on shares, indices, oil and natural gas, precious metals like gold and silver and more.

Traders from Nigeria are under this registration. XM Trading Fees: Spreads on XM are variable for all account types starting from 0. All accounts on XM are commission-free except the Shares Account, on which dividends can be added or deducted from the account. Swap fees are charged on all account types on XM.

Swap fees are charged once a day when a trade position is rolled over. The charge is made 3 times on Wednesday to cover for rollovers that happen during weekends. The swap-free option is available for Islamic accounts. XM Non-Trading Fees: XM does not charge clients any fees for deposits or withdrawals via any method of payment. XM Account Types: XM offers 4 account types to clients, Standard Account, Micro Account, XM Ultra-Low Account, and Shares Account.

Traders of the Islamic faith can choose to operate an Islamic Account with zero swap fees. The maximum leverage on XM is , and is adjusted based on equity. Negative Balance Protection: XM offers negative balance protection for all clients on all account types. Copy Trading: XM does not offer any copy trading, which means beginners cannot copy trades on XM.

XM Trading Instruments: XM offers Forex trading on 55 currency pairs, 1, stocks CFDs, 8 commodities CFDs, 24 Equity Indices CFDs, 4 metals CFDs, 5 energies CFDs, 31 cryptocurrencies and shares CFDs. Some payment methods may have higher minimum payments. While e-wallet deposits are credited instantly, card and online bank deposits take days to be credited. The withdrawal and deposit options can be viewed on your account.

XM Customer Support: XM offers customer service support 24 hours 7 days via live chat on their website, email, and an international phone number. FXTM is an online forex broker that launched in and offers trading services to all Nigerians.

FXTM is the trading name of ForexTime Ltd and Exinity. Nigerian Traders are under this regulation. The FXTM brand is also licenced by FCA as Exinity UK Limited and authorised by CySEC as ForexTime Ltd.

FXTM Trading Fees: FXTM spreads charges depending on the account type and is on a floating spreads basis. Micro and Advantage Plus Accounts have spreads starting from 1. Swap fees on FXTM are based on the trade positions opened, although no swap fees are charged on the Islamic Account. FXTM Non-Trading Fees: Deposits on FXTM are free of charge and withdrawals to Nigerian bank accounts are free as well.

FXTM Account Types: There are 3 trading account types on FXTM, Micro Account, Advantage Account, and Advantage Plus Account. There is also a provision for Islamic accounts which is swap-free, but holders of this account are not allowed to trade exotic Forex Pairs.

The maximum leverage on FXTM can be up to , floating. FXTM Account Currency: FXTM trading account currencies are NGN, EUR, GBP, and USD. Traders can access the platform via the web, or download it on desktop and from Google Play Store and Apple App Store. FXTM Copy Trading: FXTM offers a social trading program called FXTM INVEST. They have no special app for copy trading, clients simply need to create an investment account. FXTM Trading Instruments: There are about tradable instruments on FXTM, including Forex 60 currency pairs and CFDs on 5 metals gold and silver pairs , 3 spot commodities, 17 spot indices, 6 FX indices, 5 stock baskets, US stocks, and 50 European stocks.

FXTM Order Execution: FXTM offers Instant Execution for Micro Account and Market Execution for Advantage Account and Advantage Plus.

FXTM accepts deposits from many deposit methods, including local instant bank transfers, debit or credit cards and e-wallets which are credited instantly while wire transfers are credited in business days. Supported banks by FXTM in Nigeria are Access Diamond Bank, First Bank Plc, Guaranty Trust Bank, Keystone Bank, and Zenith Bank.

OctaFX is a Forex broker that officially launched in offering brokerage in Forex and CFDs trading and accepts traders from Nigeria. Vincent and the Grenadines with licence number , which is an offshore-based regulator. Nigerian traders are under this regulation. OctaFX is also licensed by the Cyprus Securities and Exchange Commission CySEC , a Tier-2 regulator, as Octa Markets Cyprus Ltd, European clients are under this license for trading.

OctaFX Trading Fees: The trading fees on OctaFX is often dependent on the account type. OctaFX operates a floating spreads system and their spreads begin from o. OctaFX charges zero commission for MT4 and MT5 trading accounts. OctaFX Non-Trading Fees: For any payment methods used, OctaFX makes no charges on either deposit or withdrawal fees.

No charge is also made on dormant accounts. OctaFX Account Types: OctaFX offers two types of trading accounts — OctaFX MT4 Account and OctaFX MT5 Account.

All accounts are considered to be Islamic as no Swap fees are charged. OctaFX Trading Platforms: OctaFX Trading app is available on the web, desktop, and Android devices for both MetaTrader 4 and MetaTrader 5 trading applications. OctaFX Copy Trading: OctaFX offers social trading for clients via its dedicated OctaFX CopyTrading App on which beginners can copy the trades of experienced Forex traders.

The copy trading app is only available on Android. OctaFX Trading Instruments: OctaFX offers trading instruments such as; Forex on 35 currency pairs, CFDs on 10 indices, 30 cryptos, 2 metals, and 3 energies. OctaFX Order Execution: OctaFX offers Market Execution for trade orders on its platform.

Marketsx tools allow you to observe significant events in real-time while analysing the effects on different financial markets. You can choose any forex broker that is regulated by major regulators like ASIC, FCA or CySEC. It is common for traders to lose money because they do not have a risk management plan in place to limit their losses. Two renowned authorities regulate it, like ASIC and FSCA. These third-party tools give traders the edge on the most popular forex trading platforms.

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