Nigeria has taken the lead in foreign exchange trading across the African continent as a result of the country’s rapidly expanding middle class, which is also becoming more connected and tech-savvy.
This is as a result of the fact that more Nigerians than ever before are actively engaged in the world of online business.
If you want to be successful in trading, it is extremely vital for you to sign up with a Forex broker who offers a risk-free trading environment, competitive pricing, and a choice of trading products. Here, we discuss the best Forex brokers for Nigerian traders.
1. Exness
Overview
Through the Russian CFD broker known as Exness, which is one of the most popular forex brokers in Nigeria, contract-for-difference options can be traded on more than one hundred different currency pairs, a large number of digital currencies, and more than seventy different stock indexes and commodities.
More than 200,000 people in different countries are among the company’s clientele.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
2. AvaTrade
Overview
For those who are new to the world of CFD trading, AvaTrade provides a trading environment that is both safe and competitive, as the company holds licenses in a number of different jurisdictions all over the world.
The trading platform offered by AvaTrade is known as AvatradeGO, and it has garnered a substantial number of awards and excellent feedback from users thus far.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
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3. HF Markets
Overview
HF Markets has emerged as a prominent choice as a foreign exchange broker among Nigerian investors seeking a trading account that uses the Naira as its base currency and provides STP trade execution.
HF Markets provides customers with the ability to choose from a wide range of account types, as well as the industry’s most extensive range of trading assets and the highest quality software. In addition, trading conditions on HotForex are advantageous, and the company provides quick order execution.
Pros and Cons
| Pros No deposit or withdrawal fees Competitive spreads | Cons High commission charges on the Zero account |
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0,0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
4. XM
Overview
XM provides new traders with a trading program that is simple to use, in-depth market analysis, and fees that are affordable.
XM is a wonderful solution for the majority of traders in Nigeria due to its large customer base and excellent reputation. In addition, there is a comprehensive selection of trading instruments, as well as alluring bonuses and other alluring incentives for clients.
Pros and Cons
| Pros Low minimum deposit Comprehensive educational offering Streamlined account opening process | Cons Inactivity fee charged after 90 days on live accounts Limited product portfolio |
Features
| Feature | Information |
| Regulation | IFSC, ASIC, CySEC, FCA and DFSA |
| Minimum deposit from | $5 |
| Average spread from | 0.1 pips |
| Commissions from | $3.5 commission per $100 000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | $30 Trading Bonus |
| Customer Support | 24/5 |
5. Tickmill
Overview
The spreads on commission-free accounts at Tickmill are a little bit higher than they should be; however, the spreads on commission-based Pro and VIP accounts are lower, which results in lower trading costs.
Customers of Tickmill are required to deposit a minimum of $100 into their trading account before they can begin trading with the company.
Pros and Cons
| PROS | CONS |
| Competitive pricing Well regulated High leverage Advanced trading software STP model |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.1 pips |
| Commissions from | 2 per side per 100,000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |
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