5 Best Forex Brokers in Nigeria

With a burgeoning middle class that is increasingly tech-savvy and connected, Nigeria has emerged as the leader in Forex trading on the African continent. This is due to the fact that Nigerians are participating more than ever in the online trading arena.

Signing up with a Forex broker that provides a risk-free trading environment, competitive pricing, and a variety of trading instruments is absolutely necessary if you want to be successful in trading. In this extensive guide, we go over the 5 different Forex brokers that are available in Nigeria.

 

1.   FXTM

Overview

FXTM, a market maker and ECN that has won a number of awards, makes it possible to trade in foreign currency (forex), commodities, metals (including gold and silver), equities (including the Dow Jones Industrial Average), and indices. FXTM is one of the leading forex brokers in Nigeria.

 

Pros and Cons

PROS CONS
Superb customer service Inactivity and withdrawal fees
High maximum leverage Limited product portfolio
Great educational tools  

 

Features

Feature Information
Regulation CySEC, FCA, FSCA
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from No commission
Deposit/Withdrawal Fees $3
Maximum Leverage 1:500 on average
Bonuses $300 Trading Bonus
Customer Support 24/5

 

 

2.   Exness

Overview

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 through the Russian CFD broker known as Exness, one of the most popular forex brokers in Nigeria.

The company has more than 200,000 customers all over the world.

 

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

 

 

3.   AvaTrade

Overview

AvaTrade is licensed in multiple jurisdictions across the world and offers newcomers to the world of CFD trading a trading environment that is both secure and competitive.

A significant amount of positive reviews have been directed on AvaTrade’s trading program, which goes by the name AvatradeGO.

 

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

 

👉Open a Free Trading Account Now

4.   HF Markets

Overview

HF Markets has become a popular Forex broker for Nigerian traders who wanting a trading account that accepts the Naira as the base currency and offers STP 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

 

 

5.   7bForex

Overview

7bForex operates only as a Forex broker and caters to Nigerian clients. 7bForex is available to traders in Nigeria.

Nigerian traders are able to avoid currency rates and costs thanks to leverage that can reach 1:000 and deposits that can be as low as 1,000 Naira. Because of this, it is simpler for them to complete transactions.

 

Pros and Cons

PROS CONS
Tight spreads Limited product portfolio
Low minimum deposit  
MT4 available  

 

Features

Feature Information
Regulation None
Minimum deposit from 1000 Naira
Average spread from 0.1 pips
Commissions from Variable according to asset
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses Yes
Customer Support 24/5

 

NewsDirect
NewsDirect
Articles: 51636