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 |
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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 |