- About Forex Brokers in Nigeria
- Top Nigerian Forex Brokers List
- 1. Tickmill
- 2. FBS
- 3. Exness
- 4. FXTM
- 5. Pepperstone
- 6. IC Markets
- 7. HotForex
- 8. AvaTrade
- 9. OctaFX
- 10. FP Markets
- Is Forex Trading Legal in Nigeria?
- How Do I Trade With Forex Brokers in Nigeria?
- Choosing The Best Forex Brokers in Nigeria
- Pros and Cons of Forex Trading
One of the largest trading markets is a foreign exchange market, with the largest daily turnover of 6.5 trillion US dollars globally. This is considered a huge amount when compared with stock markets around the world that are integrated.
Trading activities carried over by the interbank market allow the users to execute trades 24 hours, 5 days a week, starting from Monday to Friday. Forex trading is the process of purchasing and selling foreign currencies to make a profit speculated in the forex market around the world. Users can execute their trades in the forex market that allows them to trade Forex currencies; the FX market is preferred by institutions, investors, retail traders, and banks.
The Forex in Nigeria is quite porous. Before you decide to trade the Forex trading market, each trader should assess the risk due to the weak laws and regulations of the regulatory authorities. Although best forex brokers in Nigeria are legalized and are regulated by the Central Bank of Nigeria (CBN) or Securities and Exchange Commission, Nigeria (SEC). There is no exclusive broker list provided by the central bank of Nigeria.
About Forex Brokers in Nigeria
One of the best ways for Nigerian investors is to speculate on the increase and decrease in the currency price fluctuations. Nigeria has become one of the most popular countries where the investors daily estimated trading volume is 300 to 450 million Naira. This country is rich in oil reserves, and it is one of the gateways to the African continent. This country is also known for its history of different types of financial scams, and a Nigerian trader should find the best forex and trustworthy broker to proceed to trade with them.
Finding the best, trustworthy, reliable, and regulated Nigerian Forex broker is a bit of a difficult process. Even though several brokers accept Nigerian traders, is our opinion you should check whether these best forex brokers suit your trading needs and allow you to trade with the country’s currency, the Nigerian Naira. Here are the trading brokers to consider in Nigeria based on your strategy:
Best Forex Brokers in Nigeria
- Tickmill:- Best Broker for Beginners & Experienced Traders
- FBS:- The Best Broker for Tradable Assets, Spreads, & Bonuses – No Deposit Bonuses
- Exness:- The Best Broker for Secure Streamlined Trading Environment
- FXTM:- Best for Copy Trading and Social Trading Feature
- Pepperstone:- Best Because of Low Cost Offerings
- IC Markets:- Best for User Experience
- HotForex:-It is the Best Broker for Extra Tools & Minimal Fees
- AvaTrade:- Best Forex Broker for Forex & CFD Traders
- OctaFX:- Best Forex Broker for Wide Range of Assets with Technical Charting Tools
- FP Markets:- Best Forex Broker for Scalping
Top Nigerian Forex Brokers List
In our review, we have reviewed a list of registered forex brokers in Nigeria with their features, pros & cons, and fee structure. So below are the best brokers for forex in Nigeria discussed:-
Tickmill is the best forex trading broker with a top brokerage company that provides a platform with technology combined with functionality for its users. This trading platform provides its users with a range of trading materials that gives access to traders to understand the broker’s platform and to become familiarized with trading in the market, which will help them to master trading. It also provides a $30 no deposit bonus to its traders.
Tickmill is a good platform best suited for forex traders who would like to trade by using a range of technical indicators; They also allow traders to use advisors where the users can automatically use the copy trading function to carry out trading functions.
This broker platform is much preferred by traders for day trading and scalping. It is best suited for both advanced and florida sports betting traders; this broker firm is good for trading short-term strategies and also provides robotic trading to give algorithmic trading based signals.
|Regulated By||FCA, FSA, CySEC|
|Best For||Best for Beginners & Experienced Traders|
|Tradable Assets||Stock, Forex, Indices, Metals, Bonds, Oils, Cryptocurrencies|
Tickmill is a regulated FX broker with a license by the UK financial conduct authority (FCA UK) and the Seychelles Financial Services Authority. It is also regulated by the Cyprus Securities and exchange commission CySEC. This means that the users are guaranteed the safety and reliability of their funds. It is best suited for beginners and experienced traders.
Tickmill was founded in 2014 August in Seychelles. The trading platform’s retail brokerage services started in 2015 January and started its CFD trading operations by offering services to UK, US, German, European, and Japanese markets. Tradable assets that are offered by the Tickmill platform are stock, forex, indices, metals, bonds, oils, and cryptocurrencies. However, check our honest Tickmill review and learn a lot more about this fx trading platform.
Pros and Cons of Tickmill
|You would be able to open an account in an easy and fast way if you are a beginner.||This platform needs to be updated.|
|You will be able to get benefit from low forex fees.||You can get a basic florida sports bettings feed that is appropriate for beginners.|
|Withdrawals and deposits are free.|
Tickmill is one of the few best forex brokers Nigeria with a low fee structure that could be used by all various Nigerian traders. This trading platform charges low Forex fees, and CFD fees are average. It doesn’t charge fees for withdrawal, deposit, or inactivity. The users can trade forex and CFDs depending on the different available currency pairs and these are EUR, USD, stocks, indices, precious metals, cryptocurrencies, and bonds.
You can get the pro account spreads from 0.0 pips; in this account type, the users should pay the commission for 2 currency units per lot on their Pro account. When compared with other Nigeria forex brokers with Tickmill, Tickmill provides a standard commission which is considered to be the lowest around the world to give an opportunity to trade more.
FBS is one of the best online broker comes in the list of registered forex brokers in Nigeria that has gained popularity within a short time; this broker has the highest overall rating and also has a great reputation among the traders. FBS brokers offer no deposit 100 bonus trade, you can get $100 of free funding. This platform has more active users, and currently, it has more than 17 million traders that offer its membership. It provides trading options that are in stocks, CFDs, cryptocurrencies, and more to their clients in Nigeria.
This platform also has international clients, and it is regulated by FCSA and IFSC regulations. This broker platform is regulated by CYSEC for UK and EU clients, thereby offering leverage of 500:1 when you decide to trade. For clients in Australia, it is regulated by ASIC (Securities and Investments Commission) regulation and provides leverage 30:1.
|Regulated By||ASIC, CySEC, IFCA, FSCA|
|Best For||Best for Tradable Assets, Spreads, & Bonuses|
|Maximum Leverage||up to 3000:1|
|Tradable Assets||CFDs, Currencies, Stocks, Indices, Metals, Energies, Cryptocurrencies|
FBS is a regulated forex broker licensed by the Australian Securities and investment commission (ASIC), Cyprus securities and exchange commission(Cyprus), International financial services commission (IFCA, Belize), Authorized financial services providers (FSCA, South Africa).
It is a forex broker which is best suited for advanced traders, and FBS brokers offer several choice of trading accounts like micro account, fixed spreads, standard account has some varying leverages that vary depending on the requirement of a higher minimum deposit. It is also best for beginners and helps to choose different kinds of tools that are offered by the platform.
FBS was founded in 2009 and the minimum deposit required by FBS is 1 USD. Although, the maximum leverage offered is 3000:1 and tradable assets offered by the platform are CFDs, currencies, stocks, indices, metals, energies, and cryptocurrencies.
Pros and Cons of FBS
|FBS gives access to a free demo account for its users to help them understand how to trade strategically especially for beginners.||This platform charges for the deposit, withdrawal.|
|With good overall rating, it offers lower spreads and commissions that you can use.||FBS is restricted in certain countries.|
|FBS offers a free social trading app for you.||You can only get slim product portfolio for trading.|
|Offers a higher leverage 1:3000.|
|Provides multilingual customer service when you might need support.|
Regarding fees, the commissions begin from 20 USD; this platform also charges fees such as deposit and withdrawal fees from its users.
Founded in 2008, Exness is a part of the brand name Nymstar limited, a well-known securities dealer. This company is registered in Seychelles, and it is regulated and are authorized by the FSA (Financial Services Authority) of Seychelles, and Vlerizo pty Ltd, a well-known financial service provider, fast execution, regulated and are authorized by the FSCA (Financial Sector Conduct Authority).
The broker has some of the highest overall rating and with over more than 200 tradable assets on Forex, Shares, energies, cryptocurrencies, metals, Forex, and CFDs. The broker also provides service on both the MT4 and MT5 (Metatrader 4 and Metatrader 5) for windows, web, and Mac.
|Regulated By||FCA, CySEC|
|Best For||Best for Secure Streamlined Trading Environment|
|Maximum Leverage||up to 1000:1|
|Tradable Assets||Metals, Currencies, Oil, Stocks, Digital Currencies, Indices|
Exness is regulated by Nigerian forex brokers with commission free trading, and it is licensed by the Financial Conduct Authority in the United Kingdom and Cyprus securities and exchange commission (Cyprus). Exness is preferred by advanced traders who would not like to deposit huge capital or will not be trading often with no commission.
The minimum deposit is $10. Although, there are so many tradable assets that are available on the Exness platform, such as metals, currencies, oil, stocks, digital currencies, and indices. It offers up to date financial florida sports bettings and technical analysis charts. Although, read our honest Exness reviews and explore the platform well.
Pros and Cons of Exness
|Offers a range of CFD instruments and tight spreads from 0.0 pips for the MT5 and MT4 accounts.||Exness is not available in all regions.|
|Trading is available commission-free for you.||You can get website only with basic interface.|
|Leverage that you can use while trading is unlimited.||It do not provide the benefit of no deposit bonus.|
|Deposits and withdrawals are free.|
Regarding commissions and fees, being one of the top, Exness offers a flexible structure such as if a trader chooses a classic account, this account require a minimum deposit of 2000 USD, starting spreads from 0.1 pips, and there are no commissions charged.
FXTM is a short form of Forex time and is a well-known trading platform that focuses on foreign exchange. The platform is an international forex broker specializes in several sectors that offer trading platforms and with a lot of forex trading tools including risk management to choose from. They also offers several pairs that include minor, major, and exotic pairs and leverage 1000:1. 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), Cyprus securities and exchange commission, CYSEC, and other top tier regulators from the EU. This is one of the best forex brokers that have offices in Nigeria.
Demo account and swap free Islamic account is provided to its users to practice and familiarize themselves with different tools to stay up to date and that are available with the broker. This is the great way to begin your trading journey.
|Regulated By||CySEC, IFSC, FCA UK|
|Best For||Best for Copy Trading and Social Trading Feature|
|Tradable Assets||FX, Metals, Stocks, Commodities, FX Indices, Indices, Stock CFDs, Stock Baskets|
Being some of the of the top broker, FXTM is regulated and overseen by Cyprus Securities and Exchange Commission, International Financial Services Commission (IFSC), 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 MT4, MT5 trading platforms.
FXTM was founded in 2011. A minimum deposit of ₦10000 is required to start trading. FXTM trading platforms that offers leverage of 1000:1 and it offers assets such as CFDs on commodity futures, Forex, commodities, and Cryptocurrencies you can trade. It takes charge on a local bank transfer or Neteller.
Pros and Cons of FXTM
|Spreads are competitive and offering tight spreads from 0.0.||The product portfolio is limited.|
|Fast and easy account opening. It offers Islamic account too.||The platform do not provide no deposit sign up bonus to it users.|
|It offers lower fees on forex trading that can benefit traders.|
|Faster deposits and withdrawals.|
FXTM offers variable spread and it not charges commission to users. So traders will get 100% of deposit amount. The trading platform offers no charge or any fees for NGN Nigeria Local Bank Transfer.
Founded in 2010, Pepperstone is one of the most well-known reputed forex brokers Nigeria that have a global online presence. Being the biggest broker it provides CFDs with margin, forex, as well as social trading around the world. Pepperstone is supervised and well regulated by reputable regulatory authorities, and it is headquartered in Australia. To trade on this platform, the traders can add a low minimum deposit of 200 USD when they sign up on the platform. You can sign up with your email address.
Pepperstone also offers a demo account to learn before you invest with real money as well as Islamic account to Nigerian traders to familiarize themselves with the Pepperstone platform as well as to try out various trading strategies. The leading and award winning broker platform is useful for traders, whether they are florida sports betting or experienced it is the best suit for any trader, who are willing to trade the forex market. It also offers a wide range of financial instruments including bonds, share and several currency pairs (like EUR, USD) for its users.
|Regulated By||FCA, ASIC, DFSA, CMA, SCB, CySEC, BaFIN|
|Best For||Best for Low Cost Offerings|
|Minimum Deposit||No Minimum Deposit Requirement, and a Minimum Deposit of $200 is Recommended|
|Tradable Assets||CFDs in Forex, Index, Commodities, Cryptocurrencies, Shares, and Currency Indices|
Pepperstone is well regulated by the ASIC (Australian Securities and Investments Commission), DFSA (Dubai Financial Services Authority). This broker platform is well suited if you’re a beginners and experienced traders who want to trade in the Forex market.
The recommended minimum deposit to fund the account with Pepperstone is 200 USD for Nigerian Traders. It offers maximum leverage of 400:1 and there are many tradable assets offered by the pepperstone platform such as shares, equity, indices, energy, commodities, cryptocurrencies, and metals that you can trade.
Pros and Cons of Pepperstone
|Pepperstone is a regulated broker offering low minimum deposit accounts.||The features of trading platform needs to be improved.|
|User can get access to wide range of in depth educational materials which are offered to understand how to trade with broker.||You will not be provided with interactive courses, educational quizzes for market analysis.|
|Customer service is dedicated and knowledgeable available for you.||No deposit bonuses available.|
|They claim to provide powerful trading tools. Also, they offer swap free Islamic accounts to their clients.|
This broker charges low level of non-trading and forex fees, and it do not charge any account or inactivity fee. But, it charges CFD financing rates, that is the charges for holding CFD positions overnight, which are high for certain assets.
IC Markets is a most well-known online best forex broker in Nigeria, which has CFDs, spread betting, forex, share trading, and digital currency trading for its traders with raw spread. It was founded in 2007 and provides both MT4 and MT5 (Metatrader 4 and Metatrader 5) and cTrader trading platforms for its users along with swap free accounts.
IC Markets headquarters are located in Australia. The account minimum deposit required for opening a trading account is 200 USD. It provides a demo account where you can sign up for practice before you trade with real money. It also provides an Islamic account for its users who would like to get acquainted with the IC markets platform and to test different strategies. The leading and award winning platform is an ASIC regulated broker trading platforms that offers Forex trading at a very competitive fees.
IC Markets Features
|Best For||Best for User Experience|
|Tradable Assets||Commodities, Forex, Indices, Stocks, Cryptocurrencies, Bonds, Futures|
IC Markets is authorized and regulated by the Australian Securities and investment commission. This trading platform IC Markets has been rated the highest overall, and it is best suited for all kind of traders who are willing to take benefit of lowest spreads, whether they are florida sports betting or experienced traders.
The initial deposit required to open a trading account with IC Markets is 200 USD. Although, it offers leverage of 500:1 and some of the tradable assets offered by the IC Markets platform are such as the commodities, Forex, indices, stocks, bonds, and cryptocurrencies.
Pros and Cons of IC Markets
|Account has benefit of faster opening.||You will get limited tradable assets.|
|In IC Markets deposits and withdrawals are free.||IC Markets customer support needs to be improved.|
|You will get ultra low forex fees.|
IC markets offer different kind of trading accounts with raw spread and not charging commission; it does not charge any trading fees on the standard account, but it charges 0.1 pips for EUR/USD spread. The broker IC Markets is considered as World’s most reliable liquidity providers.
CFDs are complex financial instruments and may not be suitable for all traders and you should be aware about the high risk of losing any of your money when trading CFDs with real money and how much do you strategize to invest.
Hot Forex was established in 2010, and is one of the top brokers known in the marker. It has a geographic presence with over 100+ countries along with offices in Nigeria. It also offers services to traders internationally. This trading platform has the highest overall rating, which has competitive spreads and commissions, enhanced charting, different trading account types, financial analysis tools, educational offerings, and value-added functionality for its users. The ultra low spread forex broker provides an amount of $30 no deposit bonus is provided to its users.
The features of HotForex account provides different 5 trading accounts such as the MT4 and MT5 (Metatrader 4 and Metatrader 5) for both mobile and desktop devices; it also provides their own proprietary app where the users can track their preferred assets, stay updated with the current market situation, and perform technical analysis.
|Regulated By||CySEC, CMA, DFSA, FCA, FSCA, FSA|
|Best For||Best for Extra Tools & Minimal Trading Fees|
|Minimum Deposit||$5 (Micro Account) |
$100 (Premium Account)
$200 (Zero Spread Account)
|Maximum Leverage||1000:1 for Micro Account|
|Tradable Assets||Commodities, Stocks, Shares, Indices, Cryptocurrencies, Bonds, Energy|
HotForex is a regulated forex broker licensed by FCA (financial conduct authority) in the UK, and it is also licensed in South Africa, Cyprus, the UAE by Dubai Financial Services Authority, and Saint Vincent and the Grenadines to offer financial services to their Nigerian clients.
This platform is best for Nigerian traders who are looking for flexibility with low minimum deposit account balances, commissions, and has a low spread. The initial deposit required for HotForex is 200 USD for zero spread trading. The leverage offered by Hotforex is 1000:1, 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 assets 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.
Pros and Cons of HotForex
|This platform offers 5 different trading account types for its users such as the micro, premium, low minimum deposit account and more.||Does not provide proprietary trading platform.|
|A wide range of resources and value-added tools is also available.||This broker firm is not available in a few countries in compare to other brokers.|
|It has great overall rating and provides an enhanced trading experience.|
Commissions are charged based on the type of trading accounts. The zero accounts offered by the Hotforex platform have low spreads and also have commissions on a Forex trading. Other trading accounts have no forex trading commissions, but shares, ETFs, cryptocurrencies, indices are charged a commission of rates displayed on website across different account types. The website supports local deposit.
AvaTrade is one of the best forex brokers in Nigeria for providing CFD trading, Forex trading, spread betting trading, copy trading, and social trading, expanding its office in Poland. It was founded in 2006, and it caters to all types of traders; it has several millions of active users trading on its platform internationally.
It offers the MT4, MT5 trading platforms and provides great trading conditions to speculate trades of commodities, Forex, ETFs, bonds, equities, cryptocurrencies, and more. This broker company is regulated under reputed authorities in the World. It does not charge trading fees for deposit or withdrawal, and it is commission-free. Avatrade also offers a fixed spreads and Islamic account for its users. It comes with its own risk management tool known as AvaProtect. This will help you buy time to decide if you want to reverse your trade.
|Regulated By||ASIC, FSA, IIROC, FSP|
|Best For||Best for Forex & CFD Traders|
|Maximum Leverage||Up to 400:1|
|Tradable Assets||Cryptocurrencies, Commodities, Forex, Bonds, ETFs, CFDs, Equities, Indices, Stocks|
Avatrade is regulated and licensed by the following 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 available for all types of traders who want to trade Forex along with a demo account to practise and needs time to learn.
The minimum deposit required to Forex trade with this broker platform is at least 100 USD. It offers leverage of 400:1 and some of the assets that can be traded on the Avatrade platform are cryptocurrencies, commodities, Forex, bonds, ETFs, and equities. Although, read our Avatrade forex review to learn more about this platform.
Pros and Cons of AvaTrade
|Avatrade offers one of these demo account where you can sign up with your email address for practise.||It offers an average forex fees.|
|You will have a wide range of tradable assets.||Funds transfer can take time, and withdrawals can take more than 10 days.|
|Avatrade offers support in multi-languages, and trading platforms are also provided in different languages.|
|Controlled by multiple top tier regulatory authorities.|
If the user wants to trade Forex with the best Forex brokers in 2022, this broker overall does not charge any trading fees or commissions, but it charges the user 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. Avatrade also charges an administration fee of up to 100 USD and if you do not use their account for 12 consecutive months.
Founded in 2011, OctaFX is one of the most popular international ECN broker and provides Forex trading for experienced and florida sports betting traders with a minimum deposit as low as 5 USD. It also provides a demo account for its traders that helps them to get acquainted with the broker’s platform and to test various trading conditions or strategies.
Traders can easily deposit, and the withdrawal process is easy. OctaFX provides the MetaTrader 4 MetaTrader 5, cTrader ecn account, micro account provided for its users. It also provides a mobile app exclusively for Android and IOS devices for mobile trading. OctaFX has won lot of the industry awards in the past few years and does not charge any trading fees or commissions on CFD assets.
|Regulated By||CySEC, FCA|
|Best For||Best for Wide Range of Assets with Technical Charting Tools|
|Tradable Assets||Currency Pairs, Cryptocurrencies, CFDs, Stocks, Commodities|
OctaFX is regulated and licensed by the FCA (Financial Conduct Authority). This platform is best suited for different types of investors in the World who are looking to trade with a trader that offers a wide choice of assets with technical charting tools that can be used in your trading.
To start trading on this platform, the minimum deposit is required of at least 25 USD. OctaFX provides leverage of 500:1 and some of the tradable assets that are offered by the OctaFX platform are currency pairs and few of these are like USD, Euro, GBP with live quotes, cryptocurrencies, CFDs, stocks, and commodities in exchange to your money.
Pros and Cons of OctaFX
|The account opening process is easy that you can take benefit from if you’re a beginner.||Customer support is not available 24/7.|
|Users are offered leverage of up to 500:1.||You will get limited currency and forex pairs in contrast to most brokers.|
|It does not charge a commission on trades of assets or registration fees with perks of minimum deposits.|
|You will have negative balance protection.|
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.
Founded in 2005, FP Markets brokers’ is a well-regulated online broker with a Forex trading service for its users. This is an ECN broker offering raw account that has its head office in Australia and provides its services to international players. The initial deposit is USD 100; the broker also provides a demo account where the traders can check tools, trading conditions, a wide range of instruments, and number of currency pairs offered by the FP Markets platform. Also, it offers the MetaTrader 4 Forex trading platform and swap free islamic account type for its traders. FP markets can also be accessed through mobile apps for android and an IOS devices to aid in trading ease.
FP Markets Features
|Regulated By||CYSEC, ASIC Australia|
|Best For||Best for Scalping|
|Minimum Deposit||100 AUD for MT4/MT5 accounts|
|Tradable Assets||Forex, Cryptocurrencies, Metals, Indices, Commodities, Shares|
FP Markets is regulated for trader and authorized by tier 1 regulator ASIC (the Australian Securities and Investment Commission) by providing negative balance protection and segregating Nigerian clients funds. This broker is regulated in the EU by CYSEC (Cyprus securities and exchange commission).
The features of FP Markets offers trading conditions for scalping and EAs (Expert Advisors) to carry out forex trading. This broker offers the Metatrader 4 Metatrader 5 that is suitable for experienced traders and if you are a beginner in Nigeria. The amount of 100 AUD is required as a minimum deposit and it offers leverage of 500:1. Although the brokers tradable assets are Forex, cryptocurrencies, metals, indices, commodities, and shares.
Pros and Cons of FP Markets
|A live account opening process is quick for florida sports betting trader and easy Islamic account available.||The broker’s product portfolio is limited.|
|This platform provides MetaTrader 4 that you can utilize and it charges lower forex fees with minimum deposits.||The desktop platform needs to be improved in compare to other brokers.|
|Deposit and withdrawal are quicker available to Forex traders in Nigeria.||The research tools can be improved.|
|This broker provides a demo account to practise for traders and ultra-tight ECN spreads via its raw account.|
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.
Is Forex Trading Legal in Nigeria?
Nigerian investors are showing an interest in trading in the FX market as it has expanded in recent years due to the country’s economic growth. It is very difficult to identify licensed and reputable brokers in the Nigerian forex industry; your trading needs cannot be met without the Forex brokers in Nigeria. The best Forex brokers in Nigeria need to be regulated by the CBN authorities. Later the trader can proceed opening an account with them. Central Bank of Nigeria (CBN) is an authority body to regulate brokers.
How Do I Trade With Forex Brokers in Nigeria?
Being one of the Frequently Asked Questions in the nation, Forex trading in Nigeria is gaining popularity due to the Nation’s abundance of natural resources and its economic growth. Even though Nigerian Forex trading is accepted and legal, the earnings received through trading are taxable under the law in Nigeria. Since Forex trading is florida sports betting in Nigeria and due to this people are showing interest to find the best Forex brokers in the country. We highly recommend the users to research for the 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 as well. There are several steps the user should take if you want to trade with best forex brokers in Nigeria. In this article we have listed few steps and they are as follows:-
- The first step is to find the central bank of Nigeria that offers a list of forex brokers in Nigeria for review. This regulatory body makes sure the Forex trading in Nigeria is regulated, monitored, pricing transparency, and supervised.
- The next step is to check whether the forex broker’s platform provides all the technical tools, guaranteed stop loss, features, is user-friendly, and also see if there is any no deposit bonus available. The user should check what is the fees and commissions charged by a CBN regulated forex broker. Is it low and affordable?
- The next step is to check what types of trading accounts like micro account, standard account the forex broker has in store for the users. Next, they should check the customer support and other additional services offered by the broker.
In Nigeria, the users can trade with best Forex brokers in the country anytime from the comfort of their florida sports betting, 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 demo trading option offered by the CBN regulated forex broker available to Forex Nigerian traders.
The user should check whether the chosen Forex broker is a scam broker or not. This can be checked whether the forex broker is approved by any regulatory authority or not before finalizing for any platform. After completing the basic details with regulated Forex brokers in Nigeria. The trader can start using the FX platform. In our opinion you should choose a best forex trading platform in the World that allows you to make money hassle-free on any of assets you choose to trade.
Choosing The Best Forex Brokers in Nigeria
As there are many scammers available in Forex trading, as a trader, you should find a trustworthy and reliable broker since it is important to protect your money that is hard-earned from money launderers, illegal brokers, and scammers. Here is the list of the important pointers you should consider and will help forex traders choose the best Forex broker in Nigeria.
First ask what is the restriction imposed to broker if any by CBN. The best brokers are usually the ones who have the clean track record. One of the most important factors about forex regulation is you have to check whether the broker is regulated through the CBN or they are regulated by any other recognized authority in Nigeria like Securities and Exchange Commission, Nigeria (SEC) to avoid forex scams and avoid losing your money. Several Forex brokers in Nigeria provide their traders with trading platforms. Most Forex brokers in Nigeria provide many opportunities to trade with them using your money. They also provide high leverage and lower margin requirements that you can consider before deciding your platform.
Most of the the best Forex brokers in Nigeria offers various currency pairs, leverage 50:1, and provide a 5% margin requirement. Several brokers operate in many countries without a license; if this is the case, broker can be prosecuted by the regulators of the country.
The local forex market of Nigeria is regulated through the CBN or SEC. The main objective of the central bank of Nigeria is to ensure the efficient, transparent, and smooth functioning of the markets. This is done by offering licenses to the forex brokers to both foreign and local brokers where they need to follow the industry strict rules and regulations set by the CBN.
The Central Bank of Nigeria (CBN) has been the best consumer protection wing that checks the different complaints sent by the traders and investors. In this it will be analyzed if a broker offering trading platform is found guilty and who does not adhere to the regulations are heavily fined, and their license will be revoked. On their website every regulated brokers are required to display their licence number.
The best Forex broker should be regulated and licensed by regulatory authorities to offer brokerage services. The topmost regulated authority should license each broker offering various online trading services. It is important to ensure that they are members of a regulatory organization regardless of any safety perks written on the website.
If the forex broker in Nigeria is not regulated, the user should know that the funds are not secure. The main objective of independent regulation is to make sure that any disputes among most brokers and traders are resolved quickly. Ensure your listed brokers are all trustworthy to well being of your money.
Support Nigerian Naira
Several online brokers may not be supporting Nigerian Naira (NGN) as an option for funding the account, which will increase the exchange costs as per the latest rate. You should find the best licensed broker that allows local deposit, ensure it is a regulated Forex broker that offers account minimum deposit in Naira. Rest it will be a tedious process in Nigeria. When trading in Forex the user should do their research and analyze a Forex broker with updated market trends that supports Nigerian Naira, a local currency that allows traders to invest in native currency.
One of the crucial factors you need to keep in mind before choosing a broker is to check for forex brokers in Nigeria who charge huge amounts of commission and may charge fees hidden on rollover fees, trades, and a high level of fees on all withdrawals and deposits. The user should consider different account types, transparency and fees charged by a Forex broker before one opens an account with the forex broker in Nigeria.
The trader should select a broker that provides the lowest funding fees and spreads. Spread can be described as the difference between the asking price and the bid price of a particular currency. If the spread is lower in this selected broker, it is ideal for the user as they need to pay less to the broker for fast execution of an order if you are planning to invest.
While searching for a best Forex broker in Nigeria, one of the major factors you have to check is the forex trading platforms. Several Forex brokers in the Nigerian forex trading industry offer the MT4, MT5; if the broker offers Metatrader 4, then the user can consider opening an account with a broker. The user should also check whether that forex trading platform has an easy-to-use interface and technical tools. Check whether they offer a choice of different types of accounts (standard account, micro account), chart station, offering lowest spreads, and different types of assets like metals, currencies, indices, and 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 the demo trading, this is an easy way to learn, they can use this to analyze the different strategies and to choose one that is best 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 in 2022 are offering attractive deals these days.
Several forex brokers in Nigeria have flexibility to offer different types of deposit withdrawal methods for their users. Also, they provide Metatrader trading platforms like MT4, MT5 that helps the users to trade easily on their platform. The user should check whether the copy trading and the backtesting functions are integrated into the trading software. If you are copy trading then you can also check how the trading strategy works. You might check a few forex trading platform offers copy trading services where the trader can copy the profitable strategy of the other forex traders.
Good Customer Support
A good Forex broker in Nigeria should provide great customer support for their users. The user, before signing up with the FX platform, you may have to check the customer support and how they can be contacted either via live chat, email, or phone. They should also check whether the customer service is offered in their native language is available online 24 hours a day throughout the week. This is the 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 great customer service and customer support when needed.
Pros and Cons of Forex Trading
|Forex trading in Nigeria can be easily accessed, and it is one of the easiest markets to open and register an account and proceed with trading. Registering in an online Forex trading account is very easy, and it can be done within the next few minutes. Since the major criterion is that the device should have a stable internet connection.||Since the FX market is not regulated, and several online brokers platform in Nigeria provide guaranteed stop-loss. Based on all the jurisdiction of the brokers, if the user is based in the UK or US zone, they cannot trade with the best Forex brokers in nation who are regulated by CFTC (Commodities futures trading commission), FCA (the financial conduct authority) in the UK, or the CYSEC (the Cyprus Securities and exchange commission) in the EU.|
|The FX market has high liquidity that is not matched by any central bank or other capital markets. With sudden increase or decrease in exchange rates, political events and major changes in the economic scene can affect the liquidity of the currency pairs, which might affect the FX market.||One of the major disadvantages when trading in the FX market is volatility. The major concern is if the user trades for the short term, regardless of past experience it becomes difficult to deal with volatility.|
|Trading forex costs are low when compared with other markets including commission fees. If the user trades with some of the major forex pairs, the spreads can be very tight, which might reduce trading costs. When trading in the Forex trading market, dealing with exotic and minor currency pairs can be wider, and it might also increase trading costs of these pairs.||For retail Forex traders in Nigeria, they should know that they are trading with professionals, National Central banks, and large multinational corporations who have a large presence in the forex market. Trading in the forex market allow you to make money that also come with a high degree of risks.|
|Several Forex trading platforms provide a demo trading account if you are planning to practice for their users to practice trading. This helps the users to get themselves acquainted with the online brokers’ trading platforms offered by the broker.||As the FX market needs constant updating, the user should know about events around the world, macroeconomics, and political events. If they want to achieve consistent profits over the trades, they should limit trading to currency pairs. They should research every country’s currencies to proceed with informed decisions before trading.|
|Trading the FX market in Nigeria provides quick returns and offers profitable positions. When the positions are liquidated, it is available for the users to withdraw based on the type of Forex broker used.||Trading the markets with leverage can be taken as a double-edged sword which might even magnify the profits, and at the same time, it might also lead to losses. If the trader proceeds with leverage trading which is also called margin trading, it can offer both profit and losses.|
|When compared with the stock market, which requires the purchase of stocks, forex markets are based on exchanging currencies. The user can leverage stock trading positions with a margin account of 2:1 ratio; Forex trading has max leverage of 1000:1 in a few locations. There are restrictions on leverage ratios for all forex major and minor currency pairs in the US, while there are few limits on retail Forex and leverage ratios for major and minor repairs when trading in the UK.||If you are trading in this FX market, lots of patience is required for successful trading. To get more profits, the trader can use a demo account, if you’re a beginner and eager to understand how to invest in the markets. This might offer the traders in Nigeria to gain a lot more experience.|
|The Forex trading market is open 24 hours a day, 5 days a week. It functions with different trading sessions corresponding to some of the global major money centers like Tokyo, New York, and London. They will also offer different types of liquidity when specific currency pair are used.|
|When compared with stock markets, Forex trading in Nigeria doesn’t have any rules that prevent the users from going long or short. It helps the traders in Nigeria to buy and sell currencies freely when a user takes a position trading in this FX market; trader can take both short and long positions simultaneously.|
|Based on the depth and size of the FX market, it is very difficult to manipulate this market for large corporations. Hence, Central banks can’t manipulate the FX market even though they can mitigate movements when trading in the market in favor of any currency.|
Conclusion on Nigerian Forex Brokers
To conclude, several regulated Forex brokers in Nigeria are available for international trade. Registering and trading with them is very simple. The Nigerian traders should use the best forex brokers regulated by the FSCA (financial services conduct authority of Nigeria), formerly known as FSB. Even though most brokers look similar, few differences can make every broker unique, and it should be adopted by different types of traders in a local trading market.
Risk Warning: Trading with the FX market carries risk, and the user should be aware of the risk involved in trading with CFDs and forex. Before proceeding to trade the market, the user should evaluate their risk, realize their objectives, and their willingness to face the type of risk when trading CFDs. The user should seek professional advice before proceeding to trade in this FX market to minimize loss to your capital.
Frequently Asked Questions (FAQs)
Which Broker Is the Best for Nigerians?
According to our review, among all Forex brokers in Nigeria, the best forex broker is Avatrade. It is one of the best forex broker for executing Forex trading.
Is Forex Trading Legal in Nigeria?
Forex trading is legal in Nigeria and regulated by the CBN (Central Bank of Nigeria), and Forex brokers in Nigeria are allowed to operate abiding by certain rules that can be regulated.
Which Forex Broker in Nigeria Charges the Lowest Fees?
In our experience of all the brokers available, one of the best brokers that charges the lowest fees in Nigeria is the IC Markets because of the low spreads offered by the broker. It is based in Australia regulated by tier 1 regulators ASIC Australia. IC Markets charges low brokerage fees that include the lower commissions for Forex traders that use the MetaTrader 4, MetaTrader 5, provides low spreads on exotic and major and different types of currency pairs and does not charge withdrawal or deposit fees.
Risk Disclaimer – CFDs and forex involve a significant risk of loss for your capital, so trade with capital that you can afford to loose. 80% of retail investor accounts lose money when they will trade with forex. Forex trading instruments are not suitable for everyone, and we strongly advise you to trade with the money you can afford to lose. 80% of retail investor accounts lose money when trading CFDs, this is why trade CFDs with cautions. Content of this article is for information purpose only and to help understand whether forex trading is for you or not. Any of the loss of money will not be covered by us.