Best Forex Brokers in Nigeria for 2022,Best Forex Brokers in Nigeria
AdVocê é um comerciante experiente? Use nosso bônus para testar suas estratégias. Você é um comerciante iniciante? Use nosso bônus para aprender sem risco 05/07/ · In Nigeria Forex isn’t overregulated; according to the foreign exchange forex trading company registration in nigeria issued by the Central Bank of Nigeria in November Go to "stake" and click on "register your account" To use a trading service on your android device, the trading service must first be downloaded. Bitcoin was created by an anonymous ... read more
They offer 0. But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. They have local support options available, as they have phone number on their website for traders in Nigeria. Their support is also available on Whatsapp. also read our in-depth AvaTrade review. Visit Alpari. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review.
The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms. Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. This makes them a really interesting option.
Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help. read our complete Alpari review. Visit IC Markets. IC Markets is an ASIC regulated ECN type broker that offers very Forex trading at very competitive fees.
If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option. Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds.
The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws. Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. Also, remember that not all regulations are the same.
Many CFD brokers register their clients under offshore regulation like IFSC Belize , FSA Mauritius etc. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators. A good forex broker will be regulated with multiple Tier-1 regulations like FCA, ASIC, CySEC etc.
Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information.
Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number. Another critical aspect to monitor is the reputation and reviews of the broker.
There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers. Did other traders experience any issues with the broker? How is the feedback of the users of the mobile app on Play Store? Is the broker active in responding to serious issues? By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision on which broker you should choose.
If a broker a lot of negative reviews related to issues such as withdrawals, manipulation of price, spread widening etc. then it should be a red-flag that you should not ignore.
Multiple users reporting the same issues is generally a sign that something may be wrong. Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering. Usually, the best brokers in the business will give you multi-platform access i.
the ability to execute trade orders from anywhere and from any device. There are some brokers which only allow you to trade only through a web-based interface. All the brokers that we have included in our list will allow you to trade on the most popular forex trading platforms i.
Normally, the brokers will list all their available platforms on their website. And it matters to check it! For example, many traders in Nigeria prefer MetaTrader 4 platform over others. So, you should check out this information before signing up, whether the platform of your choice is available or not. But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned. It is really important that you carefully consider the various fees a broker might charge you before signing up.
Spread is basically the difference between the bid price and the ask price of a currency. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.
Similarly you can check the spread for other instruments by checking contract specifications for every instrument on ForexTime. So, it would make sense to open Advantage account for lower fees. Commissions: Also check if there is any extra commission per lot with the account type. Some brokers like XM, OctaFX offer spread only trading accounts. While HotForex, FXTM, IC Markets also have trading accounts with Raw spreads plus commission per lot. Both these depend on the instrument that you are trading.
For example, if you are trading 1 Standard Lot EURUSD at HotForex, with Zero account their typical spread for this instrument is 0. Swap Fees: This is the fees charged by forex brokers for overnight trades. This fees depends on the broker, some brokers have very high Swap Rates, while some have lower. The Swap fees at XM are very high as compared to other forex brokers. You will find the reference to the Swap Fees under the specifications of instruments at forex brokers.
The overall fees would be higher if any of the spreads, or commissions or overnight fees are higher. One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support.
Make sure to check that the broker has customer support available via the following channels: a. Email Support c. Local Phone Support in Nigeria. Check how they respond to your questions, and were all your queries answered. Also, if the forex broker has a local office in Nigeria, then it is considered a positive thing.
You should check carefully whether the instrument or currency pair that you want to trade is available at the broker or not. So you would be able to check it before making a decision about a broker. On the SEC website, we can see this note related to Proliferation of Unregistered Online Investment in Foreign Markets :. The best forex broker in Nigeria video is below:. Forex trading in Nigeria is not regulated by Nigeria SEC.
However, Nigerian residents usually invest in major world forex brokers regulated outside Nigeria by FCA, FSA, BaFIN, CySEC, etc. However, as per BIS, this currency is not on the top trading currencies. The CBN Central Bank of Nigeria has set strict directives for the stock market and brokers dealing in forex trade because of the financial sector regulations. However, the Securities and Exchange Commission SEC regulates trading in Nigeria.
Forex Trading has already gained quite popularity among many. When done correctly, it can yield good profits in no time. Especially in Nigeria, there are plenty of brokers operating every day. Some of them are reliable and trustworthy. However, its effectiveness depends on the institutional setup and the various policies. In Nigeria, similar trends have been witnessed over the years. Many middle-income people are interested in foreign trade and are looking for the best forex broker in Nigeria.
With local currency trading getting more profound and more mature, several renowned forex trading brokers have set up their regional offices in the capital of Nigeria Abuja. A list of forex brokers in Nigeria that operates outside of Nigeria and are regulated by A-grade regulation institutions are:.
The best forex broker in Nigeria in the last ten years is HFM , based on excellent customer support and a wide range of deposit and withdrawal options. The MT4 and MT5 platforms are safe and reliable. Kindly note that HFM is associated with various regulatory authorities like FSCA, FCA, and CySec. HFM supports local bank deposit and withdrawal methods for all Nigerian traders. Additionally, there are several wallet options too. Hotforex trading platform can be accessed via your smartphone.
Whether you own an Android smartphone or an iOS device, HFM can be easily accessed via it. Plus, the site can also be accessed via desktop too.
For the existing customers, the platform offers a good loyalty program. VISIT HFM. Avatrade offers excellent support for the Muslim population in Asia and Africa.
The platform is well-known to be a trusted and reliable forex broker site. Two renowned authorities regulate it, like ASIC and FSCA. The most significant advantage of this platform is that Avatrade is a fixed spread broker platform, i. In addition, this platform charges a zero processing fee on all deposits and withdrawals.
Also, the platform has a local support number, which can be used to reach out to the customer support executives of Avatrade for any immediate help and assistance.
The live chat support option for Avatrade is available only during their company business hours. Although the platform features a fixed spread broker, their spread can be higher for minor and exotic currency pairs.
VISIT AVATRADE. com is one of the youngest brokers but has rapidly growing new customers. They have the most significant number of crypto coins for CFD trading and an excellent design of the trading dashboard. VISIT CAPITAL. This forex trading platform is also quite popular among Nigerian traders.
It was founded in , and since its inception, the platform has rapidly gained many active forex brokers. This is also a trusted and regulated platform with approvals from two well-known regulatory authorities, CySEC and FCA. Exness allows you to choose from more than primary and minor currency pairs. Their deposit requirement is also relatively low.
Coming to the deposit options, the platform allows you to place a deposit via local banks applicable only to Nigerian traders. The customer support option for Exness is very prompt, helpful, and well-responsive.
Instant withdrawal options are too general, which are applicable for e-wallets. XM Forex. This forex broker platform is recommended to Nigerian traders.
The platform has been operating since the year of This makes the Nigeria Forex brokerage industry a free and open market allowing the residents of Nigeria to choose from very many on-line Forex brokers.
Unfortunately such variety brings in certain dangers — there are many scam brokers that seek to steal traders’ money and there are also brokers that claim to be offering excellent services but in reality offer nothing more than high spreads and some poor trading platform. So, a great care should be applied in choosing a Forex broker — it is a good idea to select only those brokers that were checked by the experienced traders and are known for their quality.
A good list of honest Forex brokers was compiled by Forex Nigeria, so you could easily start trading without having to do your own due diligence on any broker, forex trading company registration in nigeria. It is possible, that in the near future, Nigerian government will change the way of Forex market regulation.
If more problems will be encountered by the Nigerian citizen, government can introduce some institute to register and regulate all Forex brokers. If this happens, the brokerage market will be very limited for a period of time.
But until this happens, residents of Nigeria can enjoy the completely free Forex trading. Forex in Nigeria. Forex Start Learn Regulation. org is in no way responsible for any of your losses. comted Reading Time: 8 mins Mar 09, · The Commission wishes to remind the investing public that a framework for the regulation on online retail forex trading is still being developed thus it is yet to register any online forex broker in Nigeria.
Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task. In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. Visit FXTM. They are safe for Nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, CySEC in Cyprus, FSCA and FSC of Mauritius.
FXTM is our recommended forex broker for Nigerian traders. This makes FXTM a very good choice for Nigerian traders. The typical fees depends on your trading account. On average the typical spread for major like EURUSD with the Micro Account is 1.
This is higher than many other brokers. Apart from forex trading, FXTM also offer other instruments such as CFDs on Commodity Futures and CFDs on spot metals making them a very attractive choice for traders looking to diversify their trades.
FXTM also has NAS instrument available to traders in Nigeria. FXTM allows users to create a demo account in order to build their confidence and learn the art of trading. Plus the also offers a wide range of educational material to its clients, including trading webinars. also read our in-depth FXTM review. Visit HotForex. HotForex is our recommended low cost forex broker for Nigeria.
HotForex was established in the year Also, they offer extremely competitive spread of 0. Their typical spread for forex pairs is lower than most other brokers. All the trading accounts at HotForex can be opened with Naira as the Base currency. You can also open account in USD, EUR as the account currency.
There are 53 Currencies available for trading on their platforms. Overall, the range of trading instruments are wide, but there are higher number of currency pairs available at other brokers like Exness. Further, HotForex offers trading on various platforms that can be accessed from Android, iPhone and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world. Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, and there are many wallet options as well.
Plus, Hotforex have ongoing deposit bonus promotion available for traders in Nigeria. read our HotForex review. Visit OctaFX. OctaFX is a SVGFSA regulated forex broker that also accepts Nigerian clients. They have 2 account types i. Both these accounts have floating spreads starting from 0.
But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, Gold CFDs and 5 main crypto CFDs against USD Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. The typical spread at OctaFX for EURUSD is 0. This fees is lower than the typical spreads at other forex brokers compared.
Their support is also very responsive in handing issues. They also have WhatsApp text support available. They offer instant funding via Skrill, Neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their GTBank account.
also read our detailed OctaFX Nigeria review. Visit XM Forex. XM Forex is another CFD broker that we recommend to Nigerian traders.
They are regulated by CySEC Trading Point of Financial Instruments Pty Ltd since , and by the Australian Securities and Investments Commission ASIC since XM broker offers 57 forex currencies, and more than CFD instruments on their platform.
Another plus is their no re-quotes policy. XM broker also offers free research through its own in-house team of analysts. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web. also read our in-depth XM forex review. Visit Exness. Exness is 5 in our recommended forex broker list for Nigerian traders. They offer market Execution but it is very fast , very competitive spread of as low as 0. This is quite wide compared to other brokers. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed.
In addition to this, Exness offers tight spreads with their three major account types. Minimum spread for FX starts from 0. Exness does not charge any commissions with two of its account types.
This payment method is instant even during withdrawals. Exness does not offer Naira base currency account at the moment. The broker offers up to date financial news and technical analysis charts to its users so that they can invest better.
Further, customer support is available 24X5 in eight languages and 24X7 in three languages. Another key feature is that withdrawals via some methods is executed instantly upon request. The support at Exness is not good. The email support is slow to respond to queries. There is a long hold time on their Live chat, and normally you have to wait for a few minutes before connecting with their live chat agent. Visit AvaTrade. AvaTrade is a well regulated fixed spread European Forex broker.
They offer 0. But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. They have local support options available, as they have phone number on their website for traders in Nigeria. Their support is also available on Whatsapp. also read our in-depth AvaTrade review. Visit Alpari. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review.
The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms. Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help.
read our complete Alpari review. Visit IC Markets. IC Markets is an ASIC regulated ECN type broker that offers very Forex trading at very competitive fees. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option.
Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws.
Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. Also, remember that not all regulations are the same. Many CFD brokers register their clients under offshore regulation like IFSC Belize , FSA Mauritius etc. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators.
A good forex broker will be regulated with multiple Tier-1 regulations like FCA, ASIC, CySEC etc. Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information.
Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number. Another critical aspect to monitor is the reputation and reviews of the broker.
Forex Trading in Nigeria in 2022. – Forex Brokers in Nigeria,How to start trading Forex in Nigeria -- Strategy
05/07/ · In Nigeria Forex isn’t overregulated; according to the foreign exchange forex trading company registration in nigeria issued by the Central Bank of Nigeria in November Go to "stake" and click on "register your account" To use a trading service on your android device, the trading service must first be downloaded. Bitcoin was created by an anonymous AdVocê é um comerciante experiente? Use nosso bônus para testar suas estratégias. Você é um comerciante iniciante? Use nosso bônus para aprender sem risco ... read more
com is one of the youngest brokers but has rapidly growing new customers. Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, and there are many wallet options as well. This fees is lower than the typical spreads at other forex brokers compared. The most important is the regulation of the broker, make sure that the broker that you are about to choose is regulated with minimum 1 Top Tier regulator like FCA, ASIC, CySEC or FSCA. There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers.
The platform has been operating since the year of Ranks 1 Open Account Read Review. They offer PAMM accounts for investors. This makes FXTM a very good choice for Nigerian traders. also read our in-depth XM forex review.
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