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The best forex brokers in Nigeria in 2022
Our analysts have compared brokers providing trading services in Nigeria and selected the 8 best forex brokers in Nigeria, regulated by reputable supervisory bodies – FCA (Britain), CySEC (Cyprus) and FSCA (South America).
Forex trading is rightly considered one of the most popular ways of investing. The foreign exchange market is the most lucrative in the world. Millions of traders open accounts every day. The number of brokers providing access to Forex also grows every day. That’s why choosing the best partner for trading in the market is a difficult task which can be solved only by professionals. They are the ones who know by what parameters it is necessary to evaluate and choose the broker.
Nigeria, one of the largest countries on the African continent, is an attractive place for forex brokers. The developing country can offer a large number of traders interested in Forex trading. To choose the best company, we have analyzed 30 different brokers that work with Nigerian traders.
List of the best forex brokers in Nigeria for 2022
- FXTM
- YotForex
- OctaFX
- XM
- Exness
- Avatrade
- Apari
- IC Matkets
The brokers are evaluated using specific algorithms and parameters. Among the main indicators, which are analyzed and confirm the correspondence of the broker to the highest level, are the commissions charged, the spread, the leverage offered, the deadline for order execution, the size of the minimum deposit, the methods and timing of deposit and withdrawal of profits.
The best forex brokers in Nigeria
Here is an updated list for 2021 of the best brokers in Nigeria, selected based on the main criteria that characterize a broker as a reliable company.
1) FXTM – best forex broker in Nigeria (instant execution of market orders, minimum deposit and easy profit withdrawal)
Overall rating 9/10.
Fees: spread from 0 (depending on account type).
Minimum deposit to open an account: 10,000 Nigerian Naira or $50 american dollars (pounds or euros).
Leverage: Up to 1:2000.
Promotions: “Bring a Friend.” ($50 for the invited friend), referral program, cash-back.
Forextime or FXTM is the best forex broker in Nigeria. One of the obvious advantages compared to the main competitors is the presence of an office in Nigeria. The company is deservedly considered safe because it is licensed by the major and most reputable market regulators: FCA (British regulator or Financial Services Authority), CySEC, FSCA (Financial Services Council of South Africa) and FSC (Financial Services Commission of the Republic of Mauritius).
Founded in 2011, FXTM is supervised by the British FCA, which makes the broker a reliable partner for trading in the foreign exchange market. The company offers three types of accounts, the currency can be one of the following: American dollar, European euro, British pound or Nigerian naira. Loyal initial investment requirements – 10,000 Nigerian Naira on a micro account is enough to get you started.
In addition to classic forex trading, the broker offers traders access to other financial instruments: CFDs on commodities or commodities, precious metals, indices and commodities. Any instrument can be used to minimize risks and diversify the investment portfolio and is available on any type of account.
The company is represented in the cities of Lagos and Abuja. The 24-hour customer support team can communicate in 20 foreign languages, including the most widely spoken languages of the Asian continent.
For every account type, traders are offered to try their hand at demo accounts. A wide range of training materials and webinars are available to help novice traders. About 20 payment instruments are available for deposit and withdrawal, among them: bank transfers (in Indonesia or Nigeria), bank card payments, popular payment services (Neteller, Perfect Money, WebMoney, Dotpay or Scrill). Instant replenishment without commissions, for the withdrawal there is a commission of 0% to 2% (depending on the type of channel used). Transactions are processed within 24 hours maximum. Withdrawals via local banks in Nigeria without any fees.
Pros of FXTM
FXTM is a world-class broker that offers traders a safe and secure environment and is licensed by top-tier regulators such as the British FCA, CySEC in Cyprus and the South African FSCA.
Traders can start trading with a minimum deposit of 10,000 naira or $50, which makes the broker the perfect partner for beginners.
Low spreads on currency pairs, the ability to trade without paying the spread on an Avantage account.
Prompt processing of withdrawal transactions – maximum within 24 hours, usually within a few hours (most brokers process withdrawal transactions only during business hours and can withdraw money up to 2 business days).
Quick help from customer support, who is available 24 hours a day, 7 days a week.
FXTM drawbacks
There is a commission per lot from $3 to $4.88 (depending on the instrument) for a zero spread account.
2) HotForex is one of the best regulated forex brokers with low spreads and 100% deposit bonus.
Overall rating: 9/10.
Spreads: from 1 pip.
Minimum deposit: $5 (or 2000 Nigerian Naira).
Leverage: up to 1:1000.
Promotions: 100% bonus on a deposit of at least $250 or 30,000 naira.
HotForex is recommended to traders in Nigeria because it is a company of world renown. Thus, since 2021, the broker is the official sponsor of one of the best French soccer teams – Paris Saint-Germain. It is under the financial supervision of the best and most respected services – the FCA, FSCA and CySEC. The company guarantees immediate execution of clients’ market orders and offers minimal spreads (a special type of account with zero commission was developed). The broker is recommended for trading in Nigeria, both for beginners and professionals.
HotForex brand was founded in 2010 and has licenses for financial operations in Forex from FCA (Britain) and FSCA, that characterizes the company as reliable.
Another important difference is the starting deposit to start trading from $5. Special type of account with zero Spread. So, on the most popular currency pair Forex – EUR/USD commission 1.1 pips on standard accounts, on the pair USD/JPY – 1.7. Spread varies from market situation and can vary both to decrease and increase. A more detailed comparison of the account commission is placed on the official website of the company and analyzed in comparison with other popular Forex brokers: Forex.com, Oanda, FxPro and Markets.com. This further confirms that the company values honesty and transparency in its dealings with clients.
The trading platforms offered by HotForex are standard – MetaTrader 4 MetatTrader 5. Traders can choose between mobile applications, and work on the online version of the terminal.
HotForex offers Nigerian traders to fund their accounts in the local currency through bank branches. More than 10 deposit (such as Scrill or Neteller) and withdrawal channels are also available. Transactions are processed instantly for both deposits and withdrawals (maximum time to process withdrawals is up to 2 days).
Trading on the accounts can be made in one of the currencies at choice: USD, EUR, NGN, JPY.
Advantages of HotForex
HotForex belongs to the highest league of Forex brokers due to the licenses of the best regulators (FCA and CySEC).
A wide range of trading instruments including not only currency pairs, but also CFDs on commodities, indices, precious metals and cryptocurrencies, bonds and ETFs.
A minimum deposit is available to everyone: only $5.
The broker has set some of the lowest spreads in the market, trading on the account with zero spread is available.
Wide choice of purses and channels for deposits and withdrawals, fast processing of applications for withdrawal of profit.
100% deposit bonus (starting from $250).
No commission for deposit and withdrawal of money from the account.
Minuses
There is a commission for trading basic and exotic currency pairs from $3 to $8 (or from $330 to $2,900 naira) for the accounts with zero spread, so the trader must choose: either to pay the spread or transaction fee. All other accounts have no such commission.
OctaFX – the best broker with low spreads, no deposit or withdrawal fees, up to 50% deposit bonus
Overall rating 8.9/10.
Fees: Standard spread for EUR/USD from 0.6.
Minimum deposit account: $50 (or 18,000 Nigerian Naira).
Leverage: 1:500.
Promotions: 50% bonus on deposited amount (bonus can be activated anytime, not necessarily immediately upon deposit).
3) OctaFX – an international broker, which also provides access to forex traders in Nigeria, is regulated by CySEC in Cyprus. The company regularly receives awards as the best broker in Asia or Europe. The broker offers several types of accounts with fixed or variable spreads, a variety of deposit and withdrawal options, including through local banks in Nigeria. Access to the market is through the classical terminals – MT4 and MT5, in addition, the company promotes the trading application cTrader.
OctaFX appeared in the Forex market in 2011. An MT4 account with floating spread from 0.6 pips is an excellent option for beginner traders. Investors with experience will be interested to open OctaFX MT 5 account, offering all the trading advantages of ECN accounts. For all accounts trades are executed on the market in less than 0.1 second, which allows you to engage in scalping.
The trading instruments offered by the broker is inferior to other companies, with up to 32 currency pairs for trading (many brokers offer up to 50 pairs and more). CFD trading on popular assets is also available: commodities, indices and commodities, cryptocurrency. The privileges program is developed: from bronze to platinum. The higher the status of the client’s account, the more privileges and bonuses the trader gets.
Multilingual support service is always in touch. There are several ways to contact the client: online chat on the company’s official website (available for new clients), hotline or email, requests are processed 24 hours a day, 7 days a week.
Deposit and withdrawal options for Nigerian traders are varied. Instant deposits via Scrill, Neteller, bank transfer or cash from local banks are available, all depositing operations the broker performs without any commissions. Additionally, deposits and withdrawals in BTC are available.
OctaFX benefits
OctaFX is licensed by the highest security regulator CySEC, so it is considered reliable for Nigerian traders to trade.
The company has been repeatedly recognized as the best broker in Asia, Europe and Nigeria, according to reputable rating agencies.
The broker offers competitive terms for commissions and spreads: from 0.6 pips.
Wide choice of channels for deposit and withdrawal of funds from accounts in Nigeria, which are executed by the broker without any charges.
Up to 50% deposit bonus (no minimum deposit requirement).
Responsive customer service, tiered bonus system, the higher the deposit, the more privileges are offered to the trader.
Cons of OctaFX
Compared with other forex brokers in Nigeria, the company offers a smaller number of currency pairs – only 32, also available CFD on two metals (gold and silver), 10 most popular indices and 5 cryptocurrencies.
4) XM – fast execution of market orders and minimal spreads
Overall Ratings 8.8/10
Commission: spreads from 0.6 pips.
Minimum account: $5 (or 1800 Naira).
Leverage: 1:888 (set depending on the account balance).
Promotions: A deposit bonus consists of two levels: 50% up to $500 and 20% additional up to $2000.
XM is another world-class forex broker that meets the highest standards of forex trading and is recommended for Forex traders in Nigeria.
XM offers a wide range of trading instruments (more than 1000), multi currency accounts (not only USD, EUR, but also GBP, JPY, CHF, AUD, the full list is on the website), instant execution in less than 1 second and low spreads. The only significant drawback of the broker can be considered the lack of representation in Nigeria.
XM Forex, as part of the Trading Point Group holding, has been in the foreign exchange market since 2009. It is regulated by the supreme financial market authorities of two continents, in Europe by CySEC of Cyprus and in Australia by the Australian Securities and Investments Commission.
XM broker offers trading on 55+ forex currency pairs, CFD on the most popular stocks, commodities (coffee, corn, sugar or cocoa), stock indices (14 positions), precious metals (silver and gold), direct stock trading (100 issuers). Free trading training, regular analytics and reviews – all conditions have been created for Nigerian traders to learn the basics of successful trading.
The company offers to open one of three types of accounts for which it is enough to make a deposit from $5. For investors interested in trading stocks there is a special account type with a deposit from $10,000 and working with stocks only.
XM offers trading on all types of devices using an advanced MT4 or MT5 platform, protection against negative balances and free daily market analysis, which makes it easier for new traders to open trades in the market. For novice Nigerian traders, a demo account with virtual funds of up to $100,000 is offered, an amount more than sufficient to practice the theoretical knowledge acquired (many brokers offer no more than $10,000 in virtual accounts).
Pros of XM
Regulated by two reputable services – CySEC, ASIC.
The broker offers one of the lowest spreads on the market: from 0.8 pips.
Fast withdrawal of funds, no commissions.
Instant execution of orders at market price.
Practice account with a balance up to $100,000.
Available support service, 24 hours a day, every day without holidays and weekends.
Cons of XM
The broker does not have a local office in Nigeria, no ability to fund the account with local banks.
The spread on Micro and Standard accounts from 1 point is quite high, so to reduce costs it is recommended to open an XM Ultra Low account.
Exness is a broker with low commissions, with deposits and withdrawals from banks in Nigeria.
Overall rating: 8.6/10
Fees: 0.1-0.3 pips.
Minimal deposit: 1 US dollar (350 naira).
Leverage: up to 1:2000.
6) Exness takes 5th place in the list of recommended brokers in Nigeria. The forex broker is part of the Exness Group. It offers work on two accounts with the minimal spreads – from 0,3 pips and initial investments from $1, market orders execution, depositing and withdrawal by all popular means of electronic payments, including the deposit in the local banks of Nigeria.
The company has been working in the financial services market since 2008. It is supervised by several international regulators, including the Financial Sector Conduct Authority (FSCA) in South Africa.
Forex broker offers competitive and interesting working conditions in the foreign exchange market. Traders are offered to trade with more than 100 currency pairs, which significantly differs from the standard offer of the majority of brokers; spreads on currency pairs start from 0 pips.
The broker divides the trading accounts into 2 categories: standard (2 account types) and professional (3 account types) with one of the highest leverage on the market – 1:2000. The first group fits beginners traders. The second one is for professionals with big experience and large capitals. Spreads on professional accounts from 0 points.
The processing of deposit or withdrawal transactions is made automatically. The broker does not withhold any commissions for the transactions.
The pros of Exness
Exness is a professional forex broker of international standard regulated by prestigious regulatory agencies.
Minimum spreads on standard accounts from 0.3 pips and from 0 on professional accounts.
Loyal requirements to the initial deposit – only $1.
Wide range of funding channels, including local online banks available in Nigeria.
Huge selection of trading instruments: 101 currency pairs, 13 cryptocurrencies, 81 stocks, indices.
Withdrawals are automatic and commission-free.
Cons of Exness
The broker would be more in demand if it developed a bonus program or promotions.
On accounts with zero spread there is a commission per lot from $3.5 (depending on the instrument).
Avatrade is a forex broker in Nigeria with a fixed spread
General rating 8/10
Commission: fixed spread from 0.9 pips.
Minimum deposit: 100 USD
Leverage: 1:400.
Promotions: 20% bonus on the first deposit (minimum of $1000).
7) Avatrade is another forex broker recommended to traders in Nigeria, which has offices in all continents of the world and has licenses of the highest regulatory bodies in 5 continents, including ASIC – Australian Securities and Investments Commission, the central bank of Ireland and FSCA – Financial Supervision Service of South Africa. However, the company still hasn’t opened an office in Nigeria, instead there is a local customer support phone number.
The Forex broker offers a wide range of trading opportunities for traders: round-the-clock support in 17 foreign languages, trading in more than 50 currency pairs, CFDs on commodities and raw materials, indices and cryptocurrencies. For those customers who are not planning to delve into the intricacies of the foreign exchange market, there are programs for automated trading through two platforms to choose from: ZuluTrade, which collects signals to open transactions or DupliTrade.
Advantages of Avatrade
Avatrade is regulated by the FSCA and ASIC.
Wide range of trading instruments – over 1,000.
Fixed spread that does not change depending on market conditions.
No deposit or withdrawal fees.
Disadvantages of Avatrade.
The broker does not have a British FCA license.
Some currency pairs (minor and exotic) have higher spreads.
Alpari is a good ECN broker with minimum deposit.
Overall rating 8/10.
Fees: Spread averages 1.1 pips.
Minimum account: from 0.
Leverage: 1:1000 (1:3000 for ECN accounts).
Promotions: first deposit bonus 30% (for new traders), cashback (clients are awarded bonus points for any transactions on their accounts, which can then be exchanged for real money).
8) Alpari is one of the oldest forex brokers and the largest in terms of monthly trading volumes. The company has offices and representative offices in many major cities around the world, there is an office in Abuja. The broker promotes interesting trading conditions: low spreads, a large selection of trading accounts for any level of training, promotions, multi-lingual customer support, which makes the company an interesting option for Nigerian traders.
Alpari was founded in 1998. It promotes trading on standard pdatforms – MT4 or MT5.
Traders are offered a choice of 6 trading accounts with minimum deposits: from 0 (on cent account for beginners), to $500 (for ECN accounts). Trading instruments are currency pairs (from 33 to 46, depending on the account type), metals and CFD. There are no additional commissions besides the spread.
Our support team is online 24 hours a day and accessible both in Nigeria and in any other country. The wide choice of channels of deposit without the commission, for withdrawal the commission from 0,1 % up to 2 % is possible (depends on the chosen payment service). The broker also runs a regular promotion with up to 3% cash-back on the top-up amount (you will have to use the payment service specified in the promotion terms).
Advantages of Alpari
One of the oldest Forex brokers in the world with more than 2 million active traders.
Minimum deposit starting at 0 Naira or US Dollars.
Low spreads.
Investors can work with PAMM accounts, active traders can become asset managers and earn additional income.
Disadvantages of Alpari
Limited selection of trading tools: maximum 46 currency pairs, 2 precious metals and 18 CFD assets.
9) IC Markets is a true ECN broker.
Overall assessment 8/10.
Spread: average EUR/USD spread of 0.1.
Minimum account: 100 USD.
Leverage: 1:500.
IC Markets is a large international broker, controlled by the CySEC license regulator in Cyprus. It offers a large selection of trading instruments: more than 1700 assets, among which there are 60 currency pairs, cryptocurrencies (10 items), commodities, indices and stocks.
The broker implements trading on three types of accounts, the main difference in which is the absence or presence of a spread. For example, accounts with zero spread are charged a fixed commission of $3 per closed lot when trading through the MetaTrader platform and $3.5 per lot when trading on the cTrader terminal.
How we selected the best forex brokers in Nigeria
In order to know in detail the internal peculiarities of trading conditions, account opening and maintenance it is necessary to have practical experience in dealing with brokers. For this purpose our team registered on the websites of the brokers considered and tested the trading platform’s working conditions, the account opening, support service, deposit and withdrawal channels in practice.
One of the key factors in choosing a broker was the registration and regulation on the territory of Nigeria or any authoritative financial center such as UK, Europe, Australia or South Africa, because the regulatory authorities located in these countries can protect the interests of Nigerian traders in case of disputes or conflicts.
The next important thing when getting to know a broker is to study the trading platform, trading instruments, the quality of the support service, the timing of financial transactions on accounts.
A checklist for choosing a reliable forex broker in Nigeria consists of 7 key points.
- The rules of a forex broker
Around the world, the financial services industry has developed rules that brokers who offer financial instrument trading services, whether it is forex or other exchange traded investments, must abide by. These rules protect clients depositing their accounts with brokers from fraudulent schemes and actions.
Important. In our list we have considered only those brokers that have top level licenses from financial regulators Financial Conduct Authority (UK) or CySEC (Cyprus).
These supervisory bodies were created with the main purpose – to protect investors’ money and, at the same time, to monitor compliance with the law. Thus, companies, if they want to operate in the financial markets, have to provide clients with transparent and clear conditions of trading, disclose any information regarding commissions or other fees on accounts and comply with laws.
Therefore, traders should check for a license before opening an account.
It should be noted that not all licenses are equally reliable. Many forex brokers are licensed by supervisory authorities located in offshore zones, which creates serious obstacles to justice when fraudulent schemes are discovered. Such zones and licenses are considered to be: a common license obtained in Belize – IFSC, or FSA, a certificate issued in Saint Vincent and the Grenadines by the Financial Services Authority.
A reliable Forex broker is licensed by one of the most respected and trustworthy of the major league regulators – FCA, FSCA and CySEC. The optimal variant is to have all three certificates at once.
The presence of one or another license is reported by the broker on the main page of the official website. Often the information is in the section “about us or about the company”. Reliable brokers place the registration number and the license issuance date at the bottom of the homepage, so that the client is not looking for the certificate, but can find it at once.
For example, one of the leaders in the list of the best brokers in Nigeria, FXTM, has licenses from all major regulators – FCA, FSCA and CySEC, which makes the company a reliable partner, which can be trusted with a deposit. The HotForex broker is similarly regulated, with all three major FCA, FSCA and CySEC licenses on its books as well.
Important. Once you have familiarized yourself with the license number and the regulator that issued the certificate, it is worthwhile to check the license number on the regulator’s official website. All the brokers that passed the accreditation are obligatory placed on the regulator’s website. This will help to avoid fraudsters who give numbers of non-existent licenses.
2) Reputation and reviews of the broker
An important indicator for choosing a broker is the feedback from real users who trade with the company. You can find traders’ opinions on special sites (such as ours), where in special sections devoted to the reviews of specific companies, traders share their personal experience of cooperation. In them you can find out the special conditions, which are disclosed in active trading.
The presence of a large number of negative references or no specific information should be alerting, because real traders always describe the facts and specific features that are manifested in the process of trading. For example, how fast the pending orders are executed, if there are slippages or requotes, how spread changes when there are important news.
3) Trading Platforms
It is impossible to conduct the full-fledged trading without using a convenient and modern application. It is important that the broker considers the needs of clients and offers trading solutions through which you can deposit your account in any way.
There are brokers that limit the range of provided trading terminals or ways to work with them, for example, the platform is only available on a PC or in the web version. It is better not to cooperate with such companies. Any decent broker today can offer trading from any device: laptop, tablet or cell phone. So having a mobile application is one of the important criteria for choosing a forex broker.
The brokers included in our rating of the best in Nigeria offer different types of trading platforms. The special place is occupied by the most popular and favorite by millions of traders around the world – MetaTrader 4 or MT5, which is considered the standard of a convenient terminal that contains all the necessary functions for successful trading – a news feed, a wide range of indicators and charts for the analysis, convenient opening and execution of orders on the market or pending positions.
Statistics show that many traders in Nigeria prefer to work with the classical MT4 application, but sometimes brokers offer instead of MT4 their own terminals for trading or instead of MT4 a platform of version 5, which, although slightly different, but different from Metatrader 4. Therefore, before opening an account, you should familiarize yourself with the available terminals, which are listed on the broker’s website.
4) Fees or commissions (does the broker have any hidden fees?)
A broker’s income in any financial market is made up of the commissions the company charges for providing financial services. It is important that the commissions are not higher than the market average and are specified in the trading conditions.
Some companies charge a commission for all operations – depositing or withdrawing money from an account, spreads, swaps. Even the spread sizes vary from broker to broker. For example, one broker offers a fixed spread of 1.5 pips for all trades on the account, while the other will offer from 0.6 pips (for USD/JPY, for example) up to 2 pips depending on the currency pair. The latter option can be beneficial for the client if he knows exactly what currency pairs he will work with. The lower the spread, the more favorable to the client.
Important. The accounts offered by some brokers with zero spread look attractive, however, for each lot of currency pairs the commission will be withdrawn which may exceed several times the spread set by the same broker for the currency pairs. Before choosing a partner and an account, you should compare conditions for different types of accounts: with zero spread or with classic floating or fixed spread.
The absence of deposit and withdrawal fees is an additional criterion of choosing a Forex broker.
5) Customer support
Another important criterion for choosing the best brokers is the quality of customer support.
A trader never knows when he will need help in closing a deal or in verification, when there will be questions about the list of provided documents. Since Forex trading takes place 24 hours a day, it is important for the support team to be available 24 hours a day and always be in touch. The forex brokers recommended in the rating provide different channels of communication for this purpose: by phone, by email or in the fastest way – on the company’s website in the personal cabinet through the online chat.
Special attention should be paid to those brokers which assign a personal manager to their clients. Such an employee is always in touch, aware of the client’s trading preferences and, if necessary, can quickly navigate the situation and provide prompt assistance.
6) Assortment of trading instruments
Most forex brokers offer a wide range of forex trading instruments to attract clients. Among the most popular are currency pairs, CFD on commodities or raw materials, cryptocurrencies, indices (some brokers limit the list to 5, others will offer more than 10) and stocks. Other brokers, like the forex broker HotForex discussed earlier, go further and offer clients to work with bonds or ETFs. XM developed a special account for investors who want to trade only stocks, where more than 100 of the most popular issuers are represented.
Therefore, before choosing a broker, the client should familiarize himself with the trading instruments and the specification of the contracts. The information is usually freely available on the website. In this way, the trader can verify the presence of the required instrument at the broker. Even the currency pairs are available from each broker with a different number of currencies, some offer trading 28 currency pairs, while other companies extend the list to 55 or more.
7) Risk management and other tools
Before opening an account, it is necessary to check if the broker has additional tools that reduce the risks for the deposit, among the main ones: protection from negative balance, guaranteed stop-loss, the possibility of reducing the level of leverage at the request of the client. Many brokers limit maximum leverage for small deposits, so client’s capital will be safe and have less risk to be lost because of negative balance and forced closing of positions.
It is also important that the applications offered by a broker support the basic functions of account management and trading, allowing the use of indicators for high-quality analysis of the price chart, which traders are used to. As an option to test the trading platform in practice – open a demo account.
FAQ
What forex brokers are the best in Nigeria for novice traders?
For beginners, the choice of a broker should be based on the following important parameters: the mandatory availability of a practice account, low spreads, minimum first deposit requirements and a wide range of training materials and daily analytics. After researching more than 30 forex brokers in Nigeria, we can recommend the best brokers for beginners such as:
- HotForex and premium account is the best and optimal broker for beginners.
- XM broker with an Ultra low account is the best broker with the lowest spread.
- FXTM with an MT5 ECN account is the best ECN broker.
Which forex brokers have offices in Nigeria?
According to the research, among the brokers listed in the rating, only 2 brokers – FXTM and HotForex have opened offices in Lagos, Nigeria so far.
Three Forex brokers – OctaFX, FXTM and HotForex – offer to fund an account in Nigerian currency. It is also offered to open an account with these brokers in the local currency.
How to open a Forex trading account in Nigeria?
In order to start trading in the foreign exchange market, a trader needs to follow the following 3 steps:
- First, one should choose the right forex broker. When choosing a partner, look for a broker that is regulated by at least one major league regulator (FCA, FSCA or CySEC), offers a demo account for training, minimum deposit, instant order execution, free training and quality customer support. Or see our list of the best forex brokers in Nigeria.
- After choosing a broker, traders need to register on the website and start trading on a demo account. The FXTM, Avatrade, HotForex or XM brokers reviewed in this review offer virtual accounts with deposits of up to $100,000, which is enough to test all the features of the foreign exchange market.
- After trading on the virtual account and getting a stable profit, the trader can replenish the deposit with real money and start real trading.
How to choose a good forex broker?
There are a number of rules to follow in order to choose a reliable forex broker. The choice of the worthy partner is the key to successful and profitable forex trading.
The first thing you should notice about the broker is that he or she has a license and one of the top level regulators, such as FSCA, CySEC, FCA or ASIC. Minimum initial account investment requirements, availability of a virtual account and no deposit or withdrawal fees (at least for some payment services).
Another important criterion is to check reviews about the broker, which will give an idea about the real work of the broker with clients who have already made deposits. The impressions of other traders will tell you how the broker treats its clients, describe the peculiarities of transactions and traders’ accounts servicing, the quality of the support service. In a decent broker most of the reviews should be positive, the negative ones will also be present and ideally the company’s responses to criticism. This shows that the broker cares about its clients and that the opinion of each user is important.