Best Forex Brokers In Nigeria 2022
Find the very best Brokers In Nigeria And the Up sides!
Overview
Nigeria has risen to the top of the African continent’s foreign exchange trading as a result of the country’s fast-rising middle class, which is simultaneously becoming more connected and tech-savvy. There are many good brokers in Nigeria, but there are also numerous scam brokers in the market.
As a result, it is critical to select only trusted and authorized Nigerian forex brokers and avoid fraudulent ones. To assist you in finding the best forex broker, we have researched and evaluated many brokers that allow Nigerian traders and have selected the top 5.
Table of Contents
1.What is a Forex Broker?
2. How to Trade in The Forex Market
3.Best Forex Brokers in Nigeria Ranked.
4. Factors To Consider When Selecting a Broker
What is a Forex Broker?
A broker is a site where buyers and sellers can go to purchase and sell commodities such as currencies. The forex broker acts as a go-between you and the market. In other words, if you want to find a buyer or seller of currencies, you can go to a broker, who will connect you with either a seller or a buyer. It functions as a middleman between traders and the interbank market, which is a global market where you may trade foreign currency. A forex broker would traditionally buy and sell currencies on your behalf. However, there are numerous online forex brokers that provide trading platforms enabling you to trade currencies on your own.
Best Forex Brokers in Nigeria Ranked.
Low Spread Broker In Nigeria
Regulatory Body:FCA,FSCA,CySEC.
👍Pros
- Low spreads
- Reliability
- A wide selection of trader resources and informational products
- Great website design
- Enhanced trading experience with a host of value-added tools.
- A wide selection of trader resources and informational products
- Over 1000 stocks and almost 50 forex pairs available to trade
- Their commission per lot is more than that of other brokers, with majors paying $6 Roundturn and minors paying $7 with no account.
Minimum Deposit:$5
max leverage:1:1000
Black Market Rates Applies for Naira Deposit.
Hotforex SUMMARY
HotForex is one of the best forex brokers in Nigeria and many other countries over the globe. HotForex has been in business for over 12 years, and as award-winning forex and CFD trading broker, HFM has been regarded as one of the trading providers offering some of the greatest advantages to Nigerian traders.
With competitive spreads and costs, superior charting, numerous trading account types, financial instruments, educational programs, and value-added features for its users, this trading platform has the greatest overall rating. It also offers a unique application through which users can track their favorite asset classes, remain up to speed on current market conditions, use research tools, and undertake technical analysis.
This HotForex is perfect for Nigerian traders seeking flexibility, with minimal minimum deposit account balances and commissions, and a very low spread.
HotForex requires a $5 minimum deposit for zero-spread trading. Hotforex provides leverage of 1:1000, which is higher than most other brokers; the high degree of leverage might affect you both positively and negatively. Commodities, stocks, shares, indices, cryptocurrencies, bonds, and energy are some of the tradable asset classes offered by the broker, but that’s not all, the customer care service is adequate.
No Swap Fees Broker
Regulatory Body— CySEC
👍Pros
- Offers proven platforms for trading such as MetaTrader 4, MetaTrader 5, and cTrader
- Tight spreads from 0.6 pips and no non-trading commissions from the broker for deposits or withdrawals of funds
- Execution of more than 97% of orders without slippage
- The ability to choose the type of spread (floating or fixed) on MT4 accounts.
👎Cons
- Cryptocurrencies and CFDs cannot be traded on cTrader accounts
- Lesser CFD trading instruments on their platform as compared to other forex brokers.
Octafx Summary
OctaFX is a Forex and CFD company that was established in 2011. They provide two types of accounts: MT4 accounts and MT5 accounts. Both of these accounts have floating spreads that begin at 0.6 pips, and you can choose the account type based on the platform you prefer. Their accounts all feature attractive trading conditions, as well as help for scalping and hedging.
OctaFX only offers forex trading on 35 currency pairs, as well as CFD trading on metals, energy, indices, and cryptocurrencies. They do, however, offer competitive spreads on their trading assets, especially for traders looking to trade key currency pairs, Gold CFDs, and 5 main crypto CFDs against USD (Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin).
The normal spread for EURUSD at OctaFX is 0.6 pips with an MT4 account, and there is no additional commission per lot. This price is smaller than the average spreads charged by other forex brokers. There are no additional costs for financing or withdrawals. Their customer service is also quite responsive in dealing with concerns. Their live chat help is available seven days a week, and email assistance is available 24 hours a day, seven days a week.
They also offer WhatsApp text help. However, they do not currently have a Nigerian phone number. OctaFX offers a wide range of funding and withdrawal alternatives to Nigerian traders. They provide instant funding with Skrill and Neteller, as well as quick zero-fee funding through bank transfer, cash, or ATM in their GTBank account. They also provide BTC funding and withdrawal.
Best Synthetic Broker in Nigeria
👍Pros
- Good customer service support
- Best For synthetic Trading
- Low minimum deposit
- A wide range of payment options
- Trading instruments of various types are available, including currency pairs, equities, indexes, commodities, and so on.
- Broker regulation by several authorities from different countries
- 24/7 customer service
- The broker does not serve clients from several countries, such as the USA, Canada, Malaysia, Israel, and some others
Minimum Deposit:$5
max leverage:1:1000
Black Market Rates Applies for Naira Deposit.
Go to Website
Deriv Summary
Deriv is a brokerage firm that began operations in 1999. The objective of Deriv is to make trading more accessible. As a result, the company has modest minimum deposit requirements while maintaining high-quality working conditions. DTrader is one of the proprietary trading platforms offered by the company. DBot and DMT5 are two more.
Deriv provides its clients with the ability to trade Forex instruments, stocks, indices (including synthetic indices), CFDs, commodities, and options. Deriv is a global broker that is licensed and regulated by the UK Financial Conduct Authority (FCA), Vanuatu Financial Services Commission (VFSC), Malta, and the Labuan Financial Services Authority (MFSA and Labuan FSA). The Financial Commission, of which Derive is also a member, protects traders’ rights.
Fast Execution Broker
👍Pros
- FXTM Invest CopyTrading scheme
- FXTM has a large volume of training material, including videos, webinars, and a searchable glossary of new vocabulary to help new traders get started.
- Fast local Bank Withdrawals in Nigeria
- Low minimum deposit
👎Cons
- FXTM has a higher spread with their Micro Account compared to other brokers.
- Swap Rates for overnight trades are a bit higher than other Forex brokers
Minimum Deposit:$5
max leverage:1:2000
Black Market Rates Applies for Naira Deposit.
FXTM SUMMARY
FXTM was created in 2011 and is an FCA-regulated forex broker, which is a Top Tier regulation, so we believe they are a safe broker. They provide three account types, all of which can be filled in USD or Naira and have extremely low minimum deposit requirements, beginning with ₦10,000 with the Micro Account. As a result,
FXTM is an excellent choice for Nigerian traders. The standard fees are determined by your trading account. The normal spread for major currencies such as EURUSD with the Micro Account is 1.9 pips. This is greater than the average for brokers. For a lower spread, choose the Advantage account, which has a normal spread of 0 pips for popular currencies such as EURUSD, plus a cost of $4.88 that decreases as you trade more. Besides forex trading, FXTM also offers CFDs on commodity futures and CFDs on spot metals, making them a particularly appealing choice for traders wishing to diversify their trades.
They have also recently expanded their currency selection, now offering 57 major and minor currency pairs. FXTM also offers the NAS100 instrument to Nigerian traders. Another essential feature we look for in a broker is their promptness with support and withdrawals, and FXTM easily outperforms other brokers in this regard. ForexTime offers local deposit and withdrawal options in Nigeria, and you may deposit and withdraw in Naira with no fees. FXTM has local offices in Lagos and Abuja.
They provide English-language customer service via phone, live chat, and email. FXTM offers 19 deposit and withdrawal options for Nigerian traders, including NGN bank transfers and card payments. FXTM allows customers to open a demo account to gain confidence and master the art of trading. Furthermore, the provides its clients with a wide selection of educational materials, including trading webinars.
👍Pros
- Largest sportsbook in Nigeria
- Numerous deposit methods
- Highly competitive betting odds
👎Cons
- Site can appear too busy at times
- Customer support needs improve
Minimum Deposit:$5
max leverage:1:500
Black Market Rates Applies for Naira Deposit.
Go to Website
ICMarkets SUMMARY
IC Markets, based in Australia, is one of the world’s major FX CFD providers by daily trade volume, with over $15 billion in foreign exchange activity and over 500,000 orders processed daily. The broker, which is regulated by the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and the Financial Services Authority (St Vincent and the Grenadines), presently welcomes clients from more than 140 countries and has over 100,000 active clients.
IC Markets provides its clients with tight variable spreads starting at 0.0 pips on major currency pairings. The broker is well-known for its ultra-fast order execution, with transactions typically completed in less than 40 milliseconds, making it an ideal habitat for high-frequency trading, algorithmic methods, and institutional investors. Although the minimum deposit of $200 is slightly greater than that of other major FX brokers, it is still a manageable figure that welcomes both newbies and pros. Deposits can be made using a variety of methods, including credit and debit cards, bank transfers, PayPal, Skrill, Union Pay, and Neteller, among others. To add an added layer of security, all customer monies are maintained in separate accounts and are fully insured.
How to Trade in The Forex Market
Learning how to trade the forex market on your own can be daunting. However, to learn how to trade in the Forex market, there are just a few simple steps to help you get started:
- Decide how you’d like to trade forex
- Learn how the forex market works
- Open an account
- Build a trading plan
- Choose your forex trading platform
- Open, monitor and close your first position
Key Factors To Consider When Selecting a Broker
When selecting a broker, there are certain things to keep an eye on for a better trading experience which includes:
Security
First thing to keep an eye on is the security level. When you open an account with an online forex broker, you will be needed to provide sensitive financial and personal information. You will be needed to send copies of your utility bills, passport, credit card numbers, and bank account details, for example. If the online broker does not provide adequate security protections, your personal financial information may be stolen, trading may be disrupted, and you may face identity theft. As a result, it is critical to do due research to guarantee that the broker employs excellent security features.
Ensure that the broker is regulated
Many customers overlook the need for regulation when choosing an online forex broker. Proper regulation helps to ensure that the forex broker has enough money in the event of a trading loss. It also ensures that the broker adheres to industry norms and protects your funds. To be on the safe side, choose an online forex broker with a clean regulatory background, such as Gain Capital (NYSE: GCAP). In this manner, you can be confident that your hard earned money is safe. The majority of developed countries have laws that govern online forex dealers. However, regulatory standards commonly diverge. Make sure the broker you choose provides you with the documentation that verifies he or she has been licensed, as well as the registration number.
Deposit and withdrawal methods
It is critical to fund and withdraw money from your account. You should inquire about the funding options provided by the broker. Almost all brokers, for example, allow credit/debit cards, bank wire transfers, Skrill (Moneybookers), and PayPal. It is advised that you investigate all of the potential funding options and the expenses associated with them. Check to see whether the broker has any deposit or withdrawal minimums.
Transaction cost
Transaction costs are high and can have a significant impact on your total profitability as a trader. This is particularly crucial for high-volume traders. Quality does not have to be costly. Take your time and look for an internet broker who is dedicated to providing high-quality services at a price you can afford. However, you should not compromise service quality in order to save money. Sometimes cheap can turn out to be costly.
Trading platform
When selecting a trading platform, it is critical to select one with robust features that are simple to use. It must include everything you require to accomplish your trading requirements. Most respectable online trading brokers frequently provide demo accounts to give you an idea of what to expect when you join up for a genuine account. Take your time and examine the sample account to determine whether it will satisfy your trading demands before making your final decision. There are numerous online trading systems available, including social trading, web-based trading, mobile trading, and Meta Trader.
Good Trade Execution
If you want to receive the best offer, go with a broker who uses good transaction execution procedures. This ensures that your trades are filled at the best market rates and in a timely fashion. You can basically select between two sorts of brokers. They include individuals who operate dealing desks as well as those who route customer orders to the interbank market. For example, if you choose dealing desk brokers, the broker will be your direct counterparty, which means they will make a loss on your trade if it earns a profit, and vice versa.
Customer service
Since Forex is traded 24 hours a day, you should expect your broker to be able to provide you with uninterrupted customer service. By attempting to get in touch with them through all possible means, you can determine whether their customer care staff is available. It is crucial to receive a response quickly, and this is especially true for the live chat service. Sometimes there may be technical issues, and you don’t want to have to wait for hours to get assistance. Before opening an account with a Forex broker, you should also think about the quality, attentiveness, and attitude of the customer service.
FAQ about BRokers in Nigeria
Any quick questions about forex brokers in Nigeria? Check these frequently asked questions!
What is Forex?
Forex is an abbreviation for foreign exchange, which is the exchange of one currency for another. This procedure can be carried out for a variety of reasons, including commercial, tourism, and international trade. Forex is exchanged on the forex market, which is open 24 hours a day, five days a week to buy and sell currencies and is utilized by banks, corporations, investment firms, hedge funds, and retail traders.
Can I trade forex in Nigeria?
Yes. There are lots of forex trading apps in Nigeria you can start from like the ones mentioned above.
What is the best forex broker in Nigeria?
Our picks for the best forex brokers in Nigeria are:
- Hot Forex
- OctaFX
- FXTM
- ICMarkets
- Deriv
How Much Do You Need to Start Forex Trading in Nigeria?
It all depends on the trading platform or broker you want to start with. You can begin trading with as little as 400 Nigerian Naira, depending on what your broker charges for the minimum deposit
Is Trading Forex Legal in Nigeria?
Yes. Forex trading – and all forms of trading for that matter, is legal in Nigeria. You do, however, need to ensure that you use a regulated brokerage firm.
Which is the Best Broker for Beginners?
Here are the best forex brokers to use in Nigeria based on your strategy:
HotForex broker — Lowest spreads, high leverage and well regulated
OctaFX broker—Islamic traders swap-free accounts
Deriv broker —Best Synthetic Broker in Nigeria
IC markets broker—True Ecn Broker
Fxtm broker—Fast executions Broker
Conclusion Best Forex Brokers in Nigeria
There you have it guys! Foreign exchange trading, also known as currency trading, involves exchanging currencies from different countries against one another. Not only currencies can be exchanged on this decentralized market, but also bonds, energy, indices, cryptocurrencies, commodities, stocks, and shares. The following is a list of the finest Forex brokers in Nigeria. These brokers are all reliable, have cheap costs, and offer excellent trading instructions to beginner traders. To compile this list, we examined 160+ Forex brokers that welcome Nigerian clients, including the most reputable FSRCC-regulated firms in Nigeria.
Copyright © signup.ng