Best Forex Brokers in Nigeria,Best Brokers
AdLow spreads, local funding & fast online registration. Your capital is at risk. Join FxPro and fund via local bank with 0 fees from just $ Register now+ Instruments · Multi-regulated · Truly global broker · 95+ International Awards AdTraders choice for Global Forex Trading. A leading Forex and multi-product platform. Zero Fees on Deposits & razor-sharp pip spreads on our MT4, MT5 & Web blogger.com has been visited by 10K+ users in the past month 11 rows · 13/05/ · Here is our List of Top Forex Brokers Review in Nigeria: Pepperstone ... read more
As there are a lot of scam platforms and entities fronting as legitimate forex investment platforms and even forex investment companies. Forex trading or Foreign exchange trading can offer a path to financial freedom. It allows investors to exchange several national currencies against one another and make money off the margins if done properly. Getting a legitimate forex broker in Nigeria that you can start trading with can be sometimes difficult. Atimes people know enough genuine forex brokers in Nigeria they can use, but atimes they dont know which one to pick.
To help you know each forex broker as well as their disadvantages and their advantages. A forex broker is a financial company or platform that provides people access to buy and sell foreign currencies.
Forex brokers are also known as currency trading brokers or retail trading brokers. The forex market is a global hr market where large institutional finance firms, investment banks and traditional banks also speculate on the direction of currencies.
Then there are the retail currency traders like you and me. Forex brokers serve all these customers, allowing them to trade pairs of currencies of Nations.
This translates to buying Pounds GBP using dollars. If you want to end the trade you sell the pair, which means buying U. dollars with Pounds.
If the exchange rate is higher when you close the trade, then you make a profit. Pepperstone was founded in and has grown into one of the biggest forex brokers in the world by offering tech-based trading. That allows traders to embrace the challenge and opportunities available in the global market.
Pepperstone also provides third-party tools alongside their trading platforms to give traders an advantage. Some of these third-party tools are MetaTrader 4 smart trader tools, cTrader Automate, Autochartist, and API trading. This forex broker offers two types of trading accounts; a Standard account and a Razor account.
This standard account is available with MetaTrader 4 and MetaTrader 5 to Forex traders in Nigeria, especially beginner traders. The Razor account, also called an ECN forex account, has commissions but the spreads are determined by the forex market and not by Pepperstone. The Razor account has some of the tightest spreads of any forex account in the world. This account was created with algorithmic and experienced traders in mind.
Pepperstone is one of the top forex brokers in Nigeria to use if you want to keep things simple and use a no-commission account with tight spreads.
Also See: Best Forex Trading Apps in Nigeria. Started in the year , Octa Forex or Octa fx is now considered one of the best STP forex brokers.
This forex broker aims to provide a cost-effective trading experience for both beginner and experienced forex traders. They claim to have over 1. Octa Forex is also one of the few forex brokers in Nigeria that offers a trading account to Islamic traders looking to comply with sharia law.
Considering Nigeria has a large population of Muslims in West Africa. Octa Fx trading account for Islamic traders has certain features like swap-free trading account, choice of fixed or floating spreads MT4 Micro account only as well as the cTrader trading platform which comes with cTrader copy.
OctaFX also offers a feature few other cTrader brokers offer, which is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide. You can also choose between floating and fixed spreads with this trading account. The MT4 Micro account uses MetaTrader 4. The MT5 Pro account is for the more invested trader. This is a spread only account but it has a higher minimum deposit.
This account uses MetaTrader 5 trading platform. Then this account is very suitable for you. While the cTrader ECN account uses the cTrader trading platform and has commission costs over the spread.
One of the best forex brokers globally, Markets. com features include low spreads that are commission-free. This forex broker also offers 4 trading platform options to traders as well as a diverse range of 2, different CFDs that are derived from 8 different asset classes that include forex, indices, commodities, shares, ETFs, cryptos, bonds and blends.
These are some of the features that make markets. com one of the best forex brokers in Nigeria for traders. They are great for any trader regardless of their trading experience. The trading platforms that markets. Forex No Deposit Bonuses. Best Brokers. Visit Broker.
In this in-depth write-up you will learn: Who is the Best Suited Broker for Beginner Nigerian Traders? Pros and Cons of Forex Trading in Nigeria. Which brokers offer Naira trading accounts and how do they work — Step by step?
Lowest and minimum deposit forex brokers in Nigeria. How much money do you need to start trading forex in Nigeria? And finally, Is forex trading legal in Nigeria? and much, much more! USD ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA. MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central. Open a Real Account. CySEC, FSA, FCA, FSCA, FSC, and the Central Bank of Curaçao and Sint Maarten. MetaTrader 4, MetaTrader 5. USD 5. CySEC, FCA, FSA, DFSA, FSCA, CMA.
MT4, MT5. ZAR MetaTrader 4 MT4. Open a Trading Account. USD 0. FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF. MetaTrader 4. FCA, FSCA. MetaTrader 4, Trading Station.
FSCA, SCB. Meta Trader 4. CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA. CySec, FSCA. MetaTrader4, Metatrader 5. Author Details. Facebook Twitter Youtube Linkedin Instagram. Louis Schoeman. Table of Contents. You might also like. IOTA Review What is IOTA?
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The cookies is used to store the user consent for the cookies in the category "Necessary". cookielawinfo-checkbox-others 11 months This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. 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. Fixed spreads can be a good choice if you are not an experienced trader or when the market climate is volatile. Unlike variable spread, which can change dramatically in extreme events, fixed friends remain stable which gives you an element of protection when things go bad.
This account uses MetaTrader 4. The MT5 Pro account is for serious investors. Like the MT4 Micro account, this is a spread-only account but has a higher minimum deposit. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes because of the lower cost.
cTrader ECN uses the cTrader trading platform and, unlike the other account, has commission costs over the spread. OANDA operates across the six most credible authorities, including:. Along with regulation, OANDA has focused on pricing transparency and customer satisfaction. With pricing, they offer real-time data from liquidity providers and find mid-points across instruments. This is communicated to traders to be transparent about spreads.
Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material, and a plethora of free tools and resources. If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs. The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available.
Plus is a CFD broker with its own forex trading platform offering:. They offer the best range of Cryptocurrency trading with instruments, including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero. This can be traded on their real money or demo account to get a feel for these markets. Overall, Plus is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers an extensive list of tradable instruments from currency to crypto.
com is a global broker that offers low spreads, a diverse range of CFDs and the best trading platforms available.
Forex trading in Nigeria became popular in the s, now it has grown to a point where Nigeria is one of the fastest-growing forex trading nations in the world. Yet, a lot of Nigerians still find it difficult to find good forex brokers in Nigeria. As there are a lot of scam platforms and entities fronting as legitimate forex investment platforms and even forex investment companies. Forex trading or Foreign exchange trading can offer a path to financial freedom.
It allows investors to exchange several national currencies against one another and make money off the margins if done properly. Getting a legitimate forex broker in Nigeria that you can start trading with can be sometimes difficult. Atimes people know enough genuine forex brokers in Nigeria they can use, but atimes they dont know which one to pick. To help you know each forex broker as well as their disadvantages and their advantages.
A forex broker is a financial company or platform that provides people access to buy and sell foreign currencies. Forex brokers are also known as currency trading brokers or retail trading brokers. The forex market is a global hr market where large institutional finance firms, investment banks and traditional banks also speculate on the direction of currencies. Then there are the retail currency traders like you and me. Forex brokers serve all these customers, allowing them to trade pairs of currencies of Nations.
This translates to buying Pounds GBP using dollars. If you want to end the trade you sell the pair, which means buying U. dollars with Pounds. If the exchange rate is higher when you close the trade, then you make a profit. Pepperstone was founded in and has grown into one of the biggest forex brokers in the world by offering tech-based trading.
That allows traders to embrace the challenge and opportunities available in the global market. Pepperstone also provides third-party tools alongside their trading platforms to give traders an advantage. Some of these third-party tools are MetaTrader 4 smart trader tools, cTrader Automate, Autochartist, and API trading.
This forex broker offers two types of trading accounts; a Standard account and a Razor account. This standard account is available with MetaTrader 4 and MetaTrader 5 to Forex traders in Nigeria, especially beginner traders. The Razor account, also called an ECN forex account, has commissions but the spreads are determined by the forex market and not by Pepperstone.
The Razor account has some of the tightest spreads of any forex account in the world. This account was created with algorithmic and experienced traders in mind. Pepperstone is one of the top forex brokers in Nigeria to use if you want to keep things simple and use a no-commission account with tight spreads. Also See: Best Forex Trading Apps in Nigeria. Started in the year , Octa Forex or Octa fx is now considered one of the best STP forex brokers.
This forex broker aims to provide a cost-effective trading experience for both beginner and experienced forex traders.
They claim to have over 1. Octa Forex is also one of the few forex brokers in Nigeria that offers a trading account to Islamic traders looking to comply with sharia law.
Considering Nigeria has a large population of Muslims in West Africa. Octa Fx trading account for Islamic traders has certain features like swap-free trading account, choice of fixed or floating spreads MT4 Micro account only as well as the cTrader trading platform which comes with cTrader copy.
OctaFX also offers a feature few other cTrader brokers offer, which is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide.
You can also choose between floating and fixed spreads with this trading account. The MT4 Micro account uses MetaTrader 4. The MT5 Pro account is for the more invested trader.
This is a spread only account but it has a higher minimum deposit. This account uses MetaTrader 5 trading platform. Then this account is very suitable for you.
While the cTrader ECN account uses the cTrader trading platform and has commission costs over the spread. One of the best forex brokers globally, Markets. com features include low spreads that are commission-free. This forex broker also offers 4 trading platform options to traders as well as a diverse range of 2, different CFDs that are derived from 8 different asset classes that include forex, indices, commodities, shares, ETFs, cryptos, bonds and blends.
These are some of the features that make markets. com one of the best forex brokers in Nigeria for traders. They are great for any trader regardless of their trading experience. The trading platforms that markets. com offer to traders are: MetaTrader 4, MetaTrader 5, Marketsx or Marketsi.
HotForex is one of the top forex brokers in Nigeria as they offer high leverage of than most other brokers who offer a maximum of 1; HotForex also offers a choice of trading accounts as well as bonus offers.
Leverage trading which is also called margin trading is a great way to increase your profits with little capital if it is done successfully. The Micro, premium and Zero Spread accounts are suitable for traders that want to manage their trading activities themselves. While Auto and HFCopy accounts are for traders that want to use automation trading or copy trading. One of the best things about HotForex is the bonus offers they give.
Traders using HoTForex can have extra cash to trade with. Some of the bonus offers the broker gives are:. Read: Forex Investment Companies in Nigeria. One of the most popular forex brokers in Nigeria, FXTM was founded in and has gone on to become one of the global leaders in online forex trading.
FXTM or Forex time is quite known for its good customer support and diverse withdrawal options which is due to the fact that it has a local telephone and office line that customers can reach them on. It also offers a demo account for beginner traders. But FXTM offers two NGN account funding methods through bank wire transfer or Neteller. This forex broker also offers social trading copy trading to its Nigerian traders.
One of the forex brokers in Nigeria that offers fixed spreads, which gives some predictability and a layer of protection to traders in a volatile market. Avatrade offers a range of currency pairs and CFDs to traders that use its platform. This broker is multi-regulated as well. Avatrade uses the MetaTrader 4, MetaTrader 5 and AvaTradeGo as its trading platforms. Which will help you to buy back time to decide if you want to reverse your trade.
This is useful for when an event price movement goes against you for a set amount of time after your trade. Avatrade is also great for Islamic traders as it offers a swap-free account type, where they pay a daily flat rate administration fee for forex positions held overnight instead of interest-based payments.
This is one of the other legit forex brokers in Nigeria that offers a wide array of trading options to all types of forex traders in the market. IC Markets is a broker headquartered in Australia, and they offer some of the lowest spreads in the market. As well as low brokerage fees. Their trading platforms include MT4, MT5 and cTrader.
Alpari is one of the biggest forex brokers in Nigeria and globally when it comes to daily trading volumes on different types of trading instruments. Their 2 million customer base is a testament to this. Alpari International is a legit forex broker in Nigeria that has been existing over 20 years. They are in 8 global locations, with a local office in Abuja. They operate a 24 hours customer service, a local deposit option, and good promotions.
IQ Option offers CFDs on all the aforementioned instruments. IQ Option offers different deposit and withdrawal options to traders.
Its deposit methods include:. IQ Option offers 3 types of trading accounts. They are:. It is important to note that withdrawal with this forex broker in Nigeria may take up to working days, depending on the withdrawal method used.
And that IQ Option is only regulated in Europe. FP Markets is one of the safe forex brokers in Nigeria to trade with. They offer STP trading with tight spreads and fast execution speeds. FP Markets was Founded in Australia. It is authorised and regulated by the Australian Securities and Investments Commission ASIC , the Cyprus Securities and Exchange Commission, and is registered in St Vincent and the Grenadines. FP Markets offers in-depth education and market analysis sections for both beginners and more experienced traders alike.
FP Markets also offers several excellent trading tools to traders. Like the Autochartist which can be accessed for free. But tools such as VPS services and the Traders Toolbox require a minimum deposit of at least 1, USD. Forex traders can perform all types of trading strategies on FP Markets, including hedging, scalping, and copy trading. it is very legal to trade Forex in Nigeria as long as it does not contravene money laundering laws in the country.
Yes, forex trading can be profitable to forex traders that are very skilled, and knowledgeable about markets.
10 Best Forex Brokers in Nigeria 2022 (Regulated & Licensed),Regulations and Licenses
AdTraders choice for Global Forex Trading. A leading Forex and multi-product platform. Zero Fees on Deposits & razor-sharp pip spreads on our MT4, MT5 & Web blogger.com has been visited by 10K+ users in the past month 11 rows · 13/05/ · Here is our List of Top Forex Brokers Review in Nigeria: Pepperstone AdLow spreads, local funding & fast online registration. Your capital is at risk. Join FxPro and fund via local bank with 0 fees from just $ Register now+ Instruments · Multi-regulated · Truly global broker · 95+ International Awards ... read more
Day Trading Platforms. While forex trading is a very lucrative venture, it is not a get-rich-quick scheme. OANDA operates across the six most credible authorities, including:. You can trade over 2, different financial instruments, as well as use sentiment, technical and fundamental analysis tools when developing CFD trading strategies. cTrader ECN uses the cTrader trading platform and, unlike the other account, has commission costs over the spread.
Learn more this here. Each of these accounts can be summarised as:. Want to stay in the loop? What is a checklist to choose a forex broker? You might also like: Best Forex Brokers in Namibia. Top 10 Best Rated Brokers. Overall, Hotforex is the preferred ECN forex broker with a local office in Nigeria.
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