11 rows · InstaForex – Best No Deposit Forex Bonus. OctaFX – Best Analytics and Education. Tifia – Best The best forex brokers in Nigeria in Our analysts have compared brokers providing trading services in Nigeria and selected the 8 best forex brokers in Nigeria, regulated by A list of forex brokers in Nigeria that operates outside of Nigeria and are regulated by A-grade regulation institutions are: HFM; Capital; Avatrade; Exness; XM; Alpari; What is the best forex 16/11/ · Best Forex Brokers in Nigeria. Our 10 best-registered & regulated forex brokers in Nigeria are: Tickmill: Best Broker for Beginners & Experienced Traders. FBS: The 2/11/ · Best Forex brokers in Nigeria for Asian Broker: Rating: Demo: Leverage: Bonus: Platforms: Min Deposit: Payments: LiteFinance 8: yes: For this you can check our ... read more
The broker divides the trading accounts into 2 categories: standard 2 account types and professional 3 account types with one of the highest leverage on the market — The first group fits beginners traders. The second one is for professionals with big experience and large capitals. Spreads on professional accounts from 0 points.
The processing of deposit or withdrawal transactions is made automatically. The broker does not withhold any commissions for the transactions. Exness is a professional forex broker of international standard regulated by prestigious regulatory agencies. Minimum spreads on standard accounts from 0. Wide range of funding channels, including local online banks available in Nigeria. Huge selection of trading instruments: currency pairs, 13 cryptocurrencies, 81 stocks, indices.
Withdrawals are automatic and commission-free. Cons of Exness The broker would be more in demand if it developed a bonus program or promotions. The Forex broker offers a wide range of trading opportunities for traders: round-the-clock support in 17 foreign languages, trading in more than 50 currency pairs, CFDs on commodities and raw materials, indices and cryptocurrencies.
For those customers who are not planning to delve into the intricacies of the foreign exchange market, there are programs for automated trading through two platforms to choose from: ZuluTrade, which collects signals to open transactions or DupliTrade. Avatrade is regulated by the FSCA and ASIC. Wide range of trading instruments — over 1, Fixed spread that does not change depending on market conditions. No deposit or withdrawal fees. Disadvantages of Avatrade. The broker does not have a British FCA license.
Some currency pairs minor and exotic have higher spreads. Alpari is a good ECN broker with minimum deposit. The company has offices and representative offices in many major cities around the world, there is an office in Abuja. The broker promotes interesting trading conditions: low spreads, a large selection of trading accounts for any level of training, promotions, multi-lingual customer support, which makes the company an interesting option for Nigerian traders.
Trading instruments are currency pairs from 33 to 46, depending on the account type , metals and CFD. There are no additional commissions besides the spread. Our support team is online 24 hours a day and accessible both in Nigeria and in any other country. One of the oldest Forex brokers in the world with more than 2 million active traders.
Minimum deposit starting at 0 Naira or US Dollars. Low spreads. Investors can work with PAMM accounts, active traders can become asset managers and earn additional income. Limited selection of trading tools: maximum 46 currency pairs, 2 precious metals and 18 CFD assets.
IC Markets is a large international broker, controlled by the CySEC license regulator in Cyprus. It offers a large selection of trading instruments: more than assets, among which there are 60 currency pairs, cryptocurrencies 10 items , commodities, indices and stocks. The broker implements trading on three types of accounts, the main difference in which is the absence or presence of a spread. In order to know in detail the internal peculiarities of trading conditions, account opening and maintenance it is necessary to have practical experience in dealing with brokers.
One of the key factors in choosing a broker was the registration and regulation on the territory of Nigeria or any authoritative financial center such as UK, Europe, Australia or South Africa, because the regulatory authorities located in these countries can protect the interests of Nigerian traders in case of disputes or conflicts. The next important thing when getting to know a broker is to study the trading platform, trading instruments, the quality of the support service, the timing of financial transactions on accounts.
Around the world, the financial services industry has developed rules that brokers who offer financial instrument trading services, whether it is forex or other exchange traded investments, must abide by. These rules protect clients depositing their accounts with brokers from fraudulent schemes and actions. In our list we have considered only those brokers that have top level licenses from financial regulators Financial Conduct Authority UK or CySEC Cyprus. Thus, companies, if they want to operate in the financial markets, have to provide clients with transparent and clear conditions of trading, disclose any information regarding commissions or other fees on accounts and comply with laws.
It should be noted that not all licenses are equally reliable. Many forex brokers are licensed by supervisory authorities located in offshore zones, which creates serious obstacles to justice when fraudulent schemes are discovered. Such zones and licenses are considered to be: a common license obtained in Belize — IFSC, or FSA, a certificate issued in Saint Vincent and the Grenadines by the Financial Services Authority.
A reliable Forex broker is licensed by one of the most respected and trustworthy of the major league regulators — FCA, FSCA and CySEC. The optimal variant is to have all three certificates at once. The presence of one or another license is reported by the broker on the main page of the official website. Reliable brokers place the registration number and the license issuance date at the bottom of the homepage, so that the client is not looking for the certificate, but can find it at once.
For example, one of the leaders in the list of the best brokers in Nigeria, FXTM, has licenses from all major regulators — FCA, FSCA and CySEC, which makes the company a reliable partner, which can be trusted with a deposit. The HotForex broker is similarly regulated, with all three major FCA, FSCA and CySEC licenses on its books as well. This will help to avoid fraudsters who give numbers of non-existent licenses.
An important indicator for choosing a broker is the feedback from real users who trade with the company. In them you can find out the special conditions, which are disclosed in active trading. The presence of a large number of negative references or no specific information should be alerting, because real traders always describe the facts and specific features that are manifested in the process of trading. For example, how fast the pending orders are executed, if there are slippages or requotes, how spread changes when there are important news.
It is impossible to conduct the full-fledged trading without using a convenient and modern application. It is important that the broker considers the needs of clients and offers trading solutions through which you can deposit your account in any way.
There are brokers that limit the range of provided trading terminals or ways to work with them, for example, the platform is only available on a PC or in the web version.
It is better not to cooperate with such companies. Any decent broker today can offer trading from any device: laptop, tablet or cell phone. So having a mobile application is one of the important criteria for choosing a forex broker. The brokers included in our rating of the best in Nigeria offer different types of trading platforms.
The special place is occupied by the most popular and favorite by millions of traders around the world — MetaTrader 4 or MT5, which is considered the standard of a convenient terminal that contains all the necessary functions for successful trading — a news feed, a wide range of indicators and charts for the analysis, convenient opening and execution of orders on the market or pending positions.
Statistics show that many traders in Nigeria prefer to work with the classical MT4 application, but sometimes brokers offer instead of MT4 their own terminals for trading or instead of MT4 a platform of version 5, which, although slightly different, but different from Metatrader 4.
It is important that the commissions are not higher than the market average and are specified in the trading conditions. Some companies charge a commission for all operations — depositing or withdrawing money from an account, spreads, swaps.
Even the spread sizes vary from broker to broker. For example, one broker offers a fixed spread of 1. The latter option can be beneficial for the client if he knows exactly what currency pairs he will work with.
The lower the spread, the more favorable to the client. The accounts offered by some brokers with zero spread look attractive, however, for each lot of currency pairs the commission will be withdrawn which may exceed several times the spread set by the same broker for the currency pairs. Before choosing a partner and an account, you should compare conditions for different types of accounts: with zero spread or with classic floating or fixed spread.
The absence of deposit and withdrawal fees is an additional criterion of choosing a Forex broker. A trader never knows when he will need help in closing a deal or in verification, when there will be questions about the list of provided documents.
Since Forex trading takes place 24 hours a day, it is important for the support team to be available 24 hours a day and always be in touch. Special attention should be paid to those brokers which assign a personal manager to their clients. Most forex brokers offer a wide range of forex trading instruments to attract clients. Among the most popular are currency pairs, CFD on commodities or raw materials, cryptocurrencies, indices some brokers limit the list to 5, others will offer more than 10 and stocks.
Other brokers, like the forex broker HotForex discussed earlier, go further and offer clients to work with bonds or ETFs. XM developed a special account for investors who want to trade only stocks, where more than of the most popular issuers are represented. Therefore, before choosing a broker, the client should familiarize himself with the trading instruments and the specification of the contracts. The information is usually freely available on the website. In this way, the trader can verify the presence of the required instrument at the broker.
Even the currency pairs are available from each broker with a different number of currencies, some offer trading 28 currency pairs, while other companies extend the list to 55 or more. Before opening an account, it is necessary to check if the broker has additional tools that reduce the risks for the deposit, among the main ones: protection from negative balance, guaranteed stop-loss, the possibility of reducing the level of leverage at the request of the client.
It is also important that the applications offered by a broker support the basic functions of account management and trading, allowing the use of indicators for high-quality analysis of the price chart, which traders are used to. As an option to test the trading platform in practice — open a demo account.
For beginners, the choice of a broker should be based on the following important parameters: the mandatory availability of a practice account, low spreads, minimum first deposit requirements and a wide range of training materials and daily analytics. After researching more than 30 forex brokers in Nigeria, we can recommend the best brokers for beginners such as:.
According to the research, among the brokers listed in the rating, only 2 brokers — FXTM and HotForex have opened offices in Lagos, Nigeria so far. Three Forex brokers — OctaFX, FXTM and HotForex — offer to fund an account in Nigerian currency. It is also offered to open an account with these brokers in the local currency.
In order to start trading in the foreign exchange market, a trader needs to follow the following 3 steps:. There are a number of rules to follow in order to choose a reliable forex broker. The choice of the worthy partner is the key to successful and profitable forex trading. The first thing you should notice about the broker is that he or she has a license and one of the top level regulators, such as FSCA, CySEC, FCA or ASIC. Minimum initial account investment requirements, availability of a virtual account and no deposit or withdrawal fees at least for some payment services.
Another important criterion is to check reviews about the broker, which will give an idea about the real work of the broker with clients who have already made deposits. This shows that the broker cares about its clients and that the opinion of each user is important. Best Forex Brokers in Nigeria This broker platform is regulated by the Cyprus Securities and exchange commission Cysec for the United Kingdom and EU clients, thereby offering leverage of when you decide to trade.
For clients in Australia, it is regulated by ASIC Securities and Investments Commission and provides leverage FBS is a regulated forex broker licensed by the Australian Securities and investment commission ASIC , the Cyprus securities and exchange commission CySEC , the International financial services commission IFCA, Belize , and Authorized financial services providers FSCA of South Africa.
It is one of the best forex brokers with many features which is best suited for advanced traders in Nigeria. So start trading forex and sign up for an account with a broker that is regulated.
A broker that is best for beginners and helps to choose different kinds of trading tools offered by the platform along with MetaTrader 4 Support. Learn more about the best forex brokers in this region, in our FBS reviews and the list of features suitable for you. FBS was founded in , and the minimum deposit of 1 USD is required to start trading. Although the maximum leverage offered is , and trading instruments offered by the platform are one of the largest, they are currencies, stocks, indices, metals, energies, cryptocurrencies, Forex and CFD trading.
The commissions begin from as low as 20 USD; this platform also charges fees such as deposit and withdrawal fees from its users. and offers fixed spreads.
This company is registered in Seychelles and is regulated by the authority — the FSA Financial Services Authority of Seychelles, and Vlerizo Pty Ltd, as a well-known financial service provider, an fx broker with fast execution, a broker that is regulated and authorized by the FSCA Financial Sector Conduct Authority of S outh Africa.
The Exness has some of the highest overall ratings and over tradable assets on Forex, Shares, energies, cryptocurrencies, metals, Forex, and CFDs, making it a top broker list. You should also know that the broker also provides services on MT4 and MT5 Metatrader 4 and Metatrader 5 trading account for windows, the web, and Mac along with an Islamic account and micro account.
A Nigerian forex brokers regulate Exness; the Financial Conduct Authority licenses it in the UK and the Cyprus securities and exchange commission CySEC.
Exness has been preferred by advanced traders who would not like to deposit huge capital or will not be trading often with no commission commission-free trading. It offers up-to-date financial news, trading instruments, analysis tools, and technical analysis charts. Although, read our honest Exness reviews and explore the platform well. Regarding commissions and fees, Exness offers a flexible structure if a trader chooses a classic account. This account requires the minimum deposit of USD, starting spreads from 0.
FXTM is a short form of Forex time and is a known trading platform and that focuses on foreign exchange. The platform is an international forex broker with specializing in several sectors that offer trading platforms and a lot of forex trading tools, including risk management.
FXTM is open 24 hours and operates 5 days a week; this broker firm is functional in Cyprus and is licensed by IFSC international financial service commission , the Cyprus securities and exchange commission CYSEC , and other top tier regulators from the EU.
That is one of the best forex brokers have offices in Nigeria. The best forex brokers provide a demo-free account, and a swap-free Islamic account type is provided to users to practice and familiarize themselves with different tools to stay up to date, which are available with the broker. Which is a great way to begin your trading journey. Being the top brokers, FXTM is regulated and overseen by Cyprus Securities and Exchange Commission CySEC , International Financial Services Commission IFSC , FCA of the UK Financial Conduct Authority , and several other top-tier regulators around the EU.
It is the best forex broker Nigeria suited for traders who are well versed in using the MetaTrader 4 MetaTrader 5, and more trading platforms. FXTM was founded in FXTM has trading platforms that offer leverage of and one of the largest collections of financial instruments such as CFDs on commodity futures, Forex, commodities, and Cryptocurrencies you can trade. It takes charge of a local bank transfer or Neteller. Get more insight about the platform in our FXTM broker review , where we have covered everything.
FXTM offers a variable spread, and it does not charge a commission to users. The trading platform offers no charge or fees for NGN Nigeria Local Bank Transfer. It offers 0. Founded in , Pepperstone is a known reputed forex brokers Nigeria that has a global online presence when dealing with foreign exchange.
Being the most prominent broker, it provides CFDs with margin, tight spreads , and social trading around the world. Pepperstone is supervised and is well-regulated by reputable regulatory authorities, and it is headquartered in Australia. The traders can add a low minimum deposit of USD when they sign up on the platform to trade on this platform.
You can sign up with your email address and your account is ready. Pepperstone also offers a demo account to learn before you invest real money in a live account and an Islamic account for Nigerian traders to familiarize themselves with the Pepperstone platform and try out various trading strategies. The leading and award-winning broker platform is helpful for traders; whether they are new or experienced, it is the best suit for any trader willing to trade the forex market.
Pepperstone is well-regulated by the ASIC Australian Securities and Investments Commission , FCA of the UK Financial Conduct Authority , and DFSA Dubai Financial Services Authority. The recommended minimum deposit to fund the account with Pepperstone is USD for a Nigerian Traders. It offers maximum leverage of , and there are many tradable assets offered by the Pepperstone platform, such as shares, equity, energy, forex, commodities, cryptocurrencies, indices, and metals that you can trade.
But, it charges CFD broker financing rates, that is, the charges for holding CFD positions overnight, which are high for certain asset classes. IC Markets is a most well-known online best forex broker in Nigeria, which provides foreign exchange for CFDs, spread betting, forex, share trading, financial instruments, and digital currency trading for traders with raw spread.
One of the best forex brokers in this region was founded in and provides both MT4 and MT5 Metatrader 4 and Metatrader 5 and cTrader trading platforms for its users, along with a swap-free account type.
IC Markets headquarters are located in Australia. The minimum account deposit required for opening a trading account is USD for Nigerian traders. It provides a demo account where you can sign up for practice before you trade real money. This award-winning platform also provides an Islamic account for users who would like to get acquainted with the IC markets platform and test different strategies.
IC Markets is authorized and well-regulated by the Australian Securities and investment commission. This trading platform IC Markets has been rated the highest overall with smooth trading conditions , and it is best suited for all kinds of traders who are willing to take benefit of the lowest spreads along with several trading tools whether they are new or experienced traders. The initial deposit required to begin trading for your account with IC Markets is USD for Nigerian traders.
Note: Your capital is at risk as CFDs are complex financial instruments and may not be suitable for all traders, and you should be aware of the high risk of losing any of your money when trading CFDs with real money and how much you strategize to invest. So always make sure to choose a broker with a good repo. Free deposits and withdrawals with low spread. Hot Forex was founded in and is the top brokers known. This trading platform has the highest overall rating, with competitive spreads and commissions, enhanced charting, different trading account types, financial instruments , educational offerings, and value-added functionality for its users.
The features of the HotForex account provide different 5 trading accounts, such as the MT4 and MT5 Metatrader 4 and Metatrader 5 , for both mobile and desktop devices. It also provides its proprietary app where the users can track their preferred asset classes, stay updated with the current market situation, analysis tools, and perform technical analysis.
HotForex is a well-regulated forex broker with tons of features and is licensed by the FCA Financial Conduct Authority in the UK, and it is also licensed in South Africa by the F inancial Sector Conduct Authority , the UAE by Dubai Financial Services Authority, and Saint Vincent and the Grenadines to offer financial services to Nigerian clients.
This HotForex is the best for Nigerian traders who are looking for flexibility with low minimum deposit account balances and commissions and the spread is very low. The initial deposit required for HotForex is USD for zero spread trading. The leverage offered by Hotforex is , which is high than most other brokers; the high degree of leverage can affect you both positively or the other way around. These are some of the tradable asset classes offered by the broker, which are commodities, stocks, shares, indices, cryptocurrencies, bonds, energy, and customer support is decent.
However, read our review to know all the insights of the Hotforex trading platform in detail. Commissions are charged based on the type of trading accounts. The zero accounts are offered by the Hotforex platform, which has very low spreads and has commissioned Forex trading. Other trading accounts have no forex trading commissions, but shares, ETFs, indices, and cryptocurrencies are charged a commission of rates displayed on the website across different account types.
The website supports local deposits with minimal trading fees. AvaTrade is one of the best forex brokers in Nigeria and is also known for providing CFD trading, Forex trading, spread betting trading, copy trading, and social trading, expanding its office in Poland. It was founded in , and it caters to all types of traders; it has several millions of active users trading on its platform internationally.
It offers the MetaTrader 4, MetaTrader 5, and more trading platforms in Nigeria and provides excellent trading conditions to speculate trades of Forex, commodities, ETFs, bonds, equities, cryptocurrencies, etc. Reputed authorities regulate this broker company in the World. It does not charge trading fees for the deposit or withdrawal, and it is commission-free. Avatrade also offers fixed spreads and an Islamic account for its users also called a swap-free account. It comes with its risk management tool known as AvaProtect.
That will help you buy time to decide if you want to reverse your trade in Nigeria. Avatrade is a well-regulated and licensed platform by the tier 1 authorities of the Australian Securities and investments commission ASIC , Central Bank of Ireland, Financial services authority FSA , the British Virgin Islands, the financial service commission, and the Financial stability board.
Avatrade is a famous trading platform and that is available for all types of traders who want to trade Forex and CFDs with an easy sign-up for a demo account to practice and need time to learn. The base currency support is USD mostly and is commission fees are nil. The minimum deposit required for Forex trade for this ECN broker platform is USD. It offers leverage of , and some of the assets that can be traded on the Avatrade platform are cryptocurrencies, commodities, Forex, bonds, ETFs, financial instruments, the spread, and equities.
Although, read our Avatrade review to learn more about this platform that is supported in Nigeria and which accepts Nigerian traders. If the user wants to trade Forex with the best forex brokers in , this broker does not charge any trading fees or commissions but charges the traders through the bid-ask spread.
It also charges inactivity fees of up to 50 USD if the user does not use their trading accounts for three consecutive months. T he spread offer is depends on the chosen instrument and no commission fees. Founded in , OctaFX is a popular international ECN broker that is providing Forex trading for experienced and new traders with a minimum deposit of 5 USD. Traders can quickly deposit, and the withdrawal process is easy.
OctaFX provides the MetaTrader 4, MetaTrader 5, cTrader ecn account, demo account, and micro account provided for its users. It also provides a mobile app exclusively for Android and IOS devices for mobile trading. OctaFX has won many industry awards in the past few years and does not charge any trading fees or commissions on CFD assets in Nigeria and other countries as well.
OctaFX is well-regulated and licensed by the FCA Financial Conduct Authority of the UK. This platform is best suited for different types of investors who are looking to trade for a trader that offers a wide choice of assets with technical charting tools, analysis tools, and financial instruments that can be used in your trading, even for beginner traders and the base currency is generally USD. To start trading on one of the best platforms, an OctaFx minimum deposit of at least 25 USD is required.
OctaFX provides leverage of , and some of the tradable assets offered by the OctaFX platform are currency pairs. A few of these are GBP, USD, and Euro, with live quotes, cryptocurrencies, CFDs, stocks, and commodities in exchange for your money in Nigeria.
This platform accepts Nigerian traders so the overall process is always smooth. OctaFX does not charge any fees from its Nigerian clients. But the user should be aware that there are specific fees that may be charged in certain cases in Nigeria as we as your respective country.
Founded in , FP Markets Broker is a well-regulated online broker with a Forex trading service for its users. It is an ECN broker offering the raw account with its head office in Australia and provides its services to international players.
For Nigerian traders, it offers the MetaTrader 4 forex trading platform, demo account, and swap-free Islamic account type for its traders. FP markets can also be accessed by traders through mobile apps for android and an IOS devices to aid in trading ease. This broker is also well-regulated in the EU by the Cyprus securities and exchange commission CySEC. FP Markets offers trading conditions for scalping and EAs Expert Advisors to carry out for forex trading. Great customer service as well.
The amount of AUD is required as the minimum deposit to start trading , and it offers a leverage of If you want to learn more about the platform check out our FP Markets review and the list of features as it also accepts Nigerian traders. FP Markets charges low non-trading and forex fees, and it does not charge inactivity fees. On the contrary, this broker may be charging a high level of fees for international bank withdrawals.
Nigerian investors are showing an interest in trading in the FX market as it has expanded in recent years due to its economic growth. It is challenging to identify licensed and reputable brokers in the Nigerian forex industry; your trading needs cannot be met without the best forex brokers in Nigeria. The best forex brokers in Nigeria need to be well-regulated by the CBN authorities.
Later the trader can proceed with opening an account with them. The Central Bank of Nigeria CBN is an authorized body to regulate brokers. Thus it is legal to trade in Nigeria because of the supporting regulations. Even though Nigerian Forex trading is accepted and legal, the earnings received by traders through trading are taxable under the law in Nigeria.
Since Forex trading is legal in Nigeria , people are showing interest in finding the best forex brokers in the country. We highly recommend that users research the well-regulated and reputable forex broker in Nigeria based on the recommendations and reviews offered that you can use while choosing the top forex brokers in Nigeria.
Several fx brokers in Nigeria offer a generous deposit bonus for their users. There are several steps the user should take if you want to trade with the best forex brokers in Nigeria. In this article, we have listed a few steps that will provide you with great trading conditions , and they are as follows In Nigeria, the users can trade with the best forex brokers in the country anytime from the comfort of their home, using the internet.
The main requirement for trading Forex is that they should have the appropriate laptop with a stable internet connection. The user can check their trading strategy using the CBN-regulated demo trading option, as this fx broker is always available for Nigerian traders. The best forex brokers in Nigeria users should check whether the chosen forex broker is a scam broker or not. They should also check whether any regulatory authority approves the forex broker before finalizing any platform after completing the essential details with regulated forex brokers in Nigeria.
The trader can start using the FX platform in Nigeria. In our opinion, you should choose the best forex trading platform in the World that allows you to make money hassle-free on any of the assets you choose to trade.
As there are many scammers available in Forex trading, as a trader, you should find a trustworthy and reliable broker since it is essential to protect your money i. e, hard-earned from money launderers, illegal brokers, and scammers.
Here is the list of the essential pointers you should consider to help forex traders as they will choose the best forex broker in Nigeria. While searching for the best forex broker in Nigeria, the significant factors you must check is the forex trading platforms. Several forex brokers in the Nigerian offer MT4, MT5, and more platform support; if the brokers offer Metatrader 4 or 5, the user can consider opening any types of accounts with the broker.
The user should also check whether the forex trading in Nigeria platform has an easy-to-use interface, live chat support, whether it is commission-free, has an ECN broker, and offers a variety of forex trading technical tools. Check whether they offer different types of accounts standard account, micro account , chart station, the lowest spreads, and assets like metals, currencies, and indices. You may need to check them with different time frames.
The user can also check whether they offer technical indicators and try out different types of trading strategies through the demo trading offered by the broker.
Most forex brokers in Nigeria have demo accounts to offer. If they use demo trading, this is an easy way to learn; they can use it to analyze the different strategies and choose the best one for them. Also, the user should check whether the broker offers mobile apps for android and IOS devices to ease mobile trading.
Many best forex brokers that are in are offering attractive deals these days. Several forex brokers in Nigeria have the flexibility to offer different types of deposit withdrawal methods for their users. The user should check whether the copy trading and the backtesting functions are integrated into the trading software. If you are copy trading, you can also check how the trading strategy works. You might check a few forex trading platforms that offer copy trading services where the trader can copy the profitable strategy of the other forex traders.
A good forex broker in Nigeria should provide excellent customer support for their users. Before signing up with the FX platform, you may have to check customer support and how they can be contacted via live chat, email, or phone. They should also check whether the customer service offered in their native language is available online 24 hours a day throughout the week, and it is a good sign of their support.
After checking the customer service, if the user finds problems, questions, or issues that the customer support team does not solve, it is better not to engage with that forex broker. You might try searching for another best forex broker in Nigeria for beginners that provides excellent customer service and customer support when needed.
To conclude, several regulated forex brokers in Nigeria are available for international trade.
To help Nigerian forex traders choose a broker, we compared the fees and forex trading platforms to find the best forex brokers in Nigeria. With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally.
Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees. Fact Checked. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. Pepperstone has the three top forex trading platforms based on popularity:. All fx trading platforms are available as desktop, webtrader, and mobile app platforms.
Each option comes with a free demo account that allows Nigerian traders to test out forex brokers and platforms for 30 days. There are also platform enhancements available for Pepperstone traders, including MetaTrader 4 smart trader tools, cTrader Automate, Autochartist, and API trading.
These third-party tools give traders the edge on the most popular forex trading platforms. Pepperstone is the best forex broker in Nigeria, not just for their platforms but also their fees.
There are two forex accounts available. The first is the standard account, which has no commissions but slightly higher spreads, which is how the forex broker makes its money. The second is the Razor account often called an ECN forex account where the spreads are primarily determined by the market not the fx broker. Instead, the forex broker makes its money from commissions.
Overall, the Razor account has some of the tightest spreads of any forex broker worldwide. If you are new to trading forex and want a no commission account type to keep things simple, Pepperstone is a great option with tight spreads. spreads are taken from each broker's website and updated monthly.
Compare Standard Account Spreads. The Razor Account was designed with scalpers and algorithmic traders in mind, offering tight ECN-style spreads plus low commission fees. With straight-through processing and no dealing desk execution, Pepperstone provides an institutional-grade trading environment for experienced traders. As you can see from the spread comparison below, Pepperstone is ultra-competitive across most major forex pairs.
With ECN-style accounts, forex brokers make money from commissions that apply to the Razor account. If you select cTrader the commission is 7 unit charges per lot based on the base currency. The final way forex brokers make money is through deposit and withdrawal fees. There are no such fees for Pepperstone. Below shows the overall costs for different brokers with our exclusive forex brokerage calculator.
Pepperstone is the most awarded CFD provider in customer service. This includes investment trends that survey actual forex traders to gauge their performance.
Pepperstone customer support ranges from global call centres, live chat, and e-mail. Pepperstone is regulated by the two most credible regulators:. Pepperstone is also receiving regulatory approval from the Financial Services Conduct Authority of South Africa. IC Markets is based in Australia ASIC regulated and offers the lowest brokerage fees, including:. The table below compares IC Markets to other major forex brokers in Nigeria for average spreads. Across many currency pairs, IC Markets has the lowest spreads.
They also were awarded in with the best forex Islamic account. IC Markets have no charges on any account deposits or withdrawals to any forex account.
Any fees that may be charged will be from the local bank if an international bank transfer is chosen. Below shows the funding methods available with IC Markets. AvaTrade is a broker that only offers fixed spreads. This can make AvaTrade a good choice for scalpers, as spreads are predictable and for traders wanting a level of protection in a volatile market.
AvaTrade is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs. As a market maker broker, AvaTrade uses internal liquidity pools and a dealing desk to execute orders.
While AvaTrade charges no commission fees, there are general trading and account costs that customers may incur. For instance, if you hold a forex and CFD position open for longer than one day you will pay or receive overnight financing fees, also known as swap rates.
With this feature, you can buy time to decide if you wish to reverse your trade. This feature can be handy in the event price movement goes against you for a set amount of time after your trade.
Besides AvaProtect, all AvaTrade clients will get negative balance protection. AvaTrade also offers a mobile app specifically designed for options trading. Options trading can be complicated and many standard CFD trading platforms lack design features that allow you to truly make the most of the potential with options trading.
Although the broker only offers one main forex and CFD trading account as all spreads are fixed and commission-free, AvaTrade caters to Islamic traders by offering a swap-free account type. Islamic Accounts are designed for traders that follow Sharia law where you cannot earn or receive interest.
Rather than interest rate-based payments, Islamic traders pay a flat-rate daily administration fee for forex positions held open overnight. There are certain CFD products Islamic Account holders cannot trade, including cryptocurrencies and forex pairs that include the ZAR, RUB, MXN or TRY. FP Markets is a top ECN broker offering STP trading with tight spreads and fast execution speeds. Regardless of the account type or trading platform you decide on, you can enjoy excellent trading conditions with low spreads and fast trade execution.
The no dealing desk broker executes your orders using straight-through processing STP and multiple liquidity providers. The broker is popular among the Nigerian forex trading community as it is overseen by multiple top-tier financial authorities. Overall, FP Markets is a great option for Nigerian traders wanting a trusted STP broker. With STP order execution, the broker can offer ultra-tight ECN spreads via its raw account, or low no commission spreads through its standard account.
Both account types enjoy excellent trading conditions with fast execution speeds on MetaTrader 4 or MetaTrader 5. ForexTime offers two NGN account funding methods through bank wire transfer or Neteller. This allows individuals to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency like the GBP, USD or EUR.
ForexTime offer social trading copy trading which means a trader:. ForexTime also offers local seminars in Nigerian locations such as Port Harcourt.
This is run by industry experts and complements the forex trading e. webinars offered on the website. ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile. With the highest leverage of any Nigeria fx broker of 1,, detailed training and social trading options, they are ideal for time-poor traders who want to test CFDs financial markets.
FXTM proves itself to be a reliable broker because of the amount of global regulatory licences that they hold:. HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of , which is higher than most other brokers will permit.
The key features of HotForex include:. While most brokers offer a maximum of and in Europe leverage when trading, HotForex allows trading with with their Micro account. HotForex offers a choice of 5 trading accounts.
Most retail traders will want the Micro, Premium or Zero Spread account, as these are built for traders that plan to manage their own trading activities.
Each of these accounts can be summarised as:. HotForex also offers two unique accounts. These are designed for a trader that wishes to use trading automation or copy trading. HF Forex has a large range of bonus offers, which means extra cash to trade with. HotForex bonus offers include:. Visit HotForex. Nigeria has the largest population of Muslims in West Africa, so it makes sense we should mention a trading broker that offers trading account complaints with sharia law.
Key offerings of NovaFX include:. If you are an Islamic trader and need to comply with Sharia law, then NovaFX has an account that does not charge swaps or interest for active positions held overnight. This means there are no overnight or rolling fees which sharia law does not permit. GBPUSD will cost you 4. This account has a flat fee for every 3 days you keep an open position. This fee is applied on a weekly basis. NovaFX offers a choice of 3 trading platforms.
These are MetaTrader 4, MetaTrader 5 and cTrader. While the MetaTrader platform is going to be the most likely choice as these are the most popular trading platforms worldwide, cTrader is a worthwhile platform to consider. While cTrader is available with several other brokers, one feature that NovaFX offers few other cTrader brokers offer is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide.
NovaFX offers a choice of 3 trading accounts. These are MT4 Micro Account, MT5 Pro Account and cTrader ECN account. The MT4 Micro account is a good choice if you desire an account with a low minimum deposit, no commissions, and want to trade small amounts. One benefit of this account is that you can choose between floating and fixed spreads.
2/11/ · Best Forex brokers in Nigeria for Asian Broker: Rating: Demo: Leverage: Bonus: Platforms: Min Deposit: Payments: LiteFinance 8: yes: For this you can check our A list of forex brokers in Nigeria that operates outside of Nigeria and are regulated by A-grade regulation institutions are: HFM; Capital; Avatrade; Exness; XM; Alpari; What is the best forex Increased disposable income among the country’s affluent middle class has fostered investment and forex trading activity. Forex trading is legal in Nigeria, but earnings are taxable under Nigeria Forex Trading Forex Trading and Forex market in Nigeria has been through an evolution throughout years and reached its current state due to several factors, including The best forex brokers in Nigeria in Our analysts have compared brokers providing trading services in Nigeria and selected the 8 best forex brokers in Nigeria, regulated by 11 rows · InstaForex – Best No Deposit Forex Bonus. OctaFX – Best Analytics and Education. Tifia – Best ... read more
The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws. This is a factor that could have a significant impact on currency pricing. Within the MetaTrader community, trading robots are known as Expert Advisors EAs. Then, open a demo account and start to practice. Hot Forex was founded in and is the top brokers known. 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.This fee is applied on a weekly basis. A few of these are GBP, USD, and Euro, with live quotes, cryptocurrencies, CFDs, stocks, and commodities in exchange for your money in Nigeria. Between 7 pm and 2 am GMT when the Tokyo and Sydney exchanges operate. Tiếng Việt. Does not provide a proprietary trading platform.