Table of Contents
- 10 Best Forex Trading Platforms in Nigeria
- Forex Trading In Nigeria:
- Forex Investment in Nigeria
- XM Forex
- Easy markets
- IQ Option
- IC Markets Nigeria
Read my post on the best forex trading platforms in Nigeria.
This analysis and listing of forex trading companies in Nigeria was made with the help of Google Trends and the broker’s annual reports.
In the 2000s, forex currency trading was booming. According to FinanceMagnates.com, the country has as many as 300,000 forex traders today.
According to FinanceMagnates.com, this popularity can be attributed to low entry requirements such as a low minimum deposit and a free trading platform. However, only a few brokers are licensed to trade forex in Nigeria. The Central Bank of Nigeria and other government agencies do not have access to all brokers in Nigeria.
This makes it difficult for them to trade with them. You should consider a forex broker that is licensed by several regulatory boards and will accept Nigerian clients. If you’re a Nigerian looking to invest in stock market stocks, make sure the forex brokerages you choose are different from all others.
Read my post on the best P2P cryptocurrency platform in Nigeria
Forex Trading In Nigeria:
The Nigerian Naira is the country’s currency. It can be further divided into smaller denominations called Kobo. According to BIS, the currency is not among the top-trading currencies.
Because of its financial sector regulation, the CBN (Central Bank of Nigeria), has established strict guidelines for brokers trading in forex trade and the stock market.
The new law requires that Nigerian brokers do business with public money. The fund will not be affected by bankruptcy or any other bizarre situation.
Forex Investment in Nigeria
Investors and traders in Nigeria have the option to invest in forex brokers that are licensed. Nigerian traders can benefit from brokers offering high leverage, up to 1:1000 (which means they can earn greater returns or lose more).
Except for currency pairs, Nigerian traders and investors can trade stocks, ETFs, and commodities using the same trading account.
Things to Look Out For in a Nigeria Forex Broker:
These are the things that must be done:
A well-respected forex trader. A regulatory authority must oversee it. You can open an account and trade in it. An affordable lowest deposit.
They can invest in any forex pair and other assets. It offers the best leverage ratio and is large enough to trade. Aggressive dealing spreads—safety in the face of a negative balance. Maintain slippage and lower re-quotes.
Client funds can be managed in separate accounts. You can withdraw or deposit as much as you need.
Here are the Top Forex in Platforms In Nigeria
Forex trading has gained a lot of popularity. Forex trading can yield significant profits if done correctly. However, it is essential to find the best forex broker to make lucrative profits. It’s not easy to find the ideal forex broker.
There are many brokers in Nigeria, especially in Nigeria. Some brokers are trustworthy and reliable. However, many of these brokers run scam businesses. Before investing, it is essential to choose a reliable and licensed broker in Nigerian forex.
The role of forex trade is significant in the country’s economy. Its effectiveness depends on how well-structured the country is and what policies are in place. Similar trends have been observed in Nigeria over the years.
Many forex brokers are now establishing local offices in Abuja, Nigeria’s capital. This is due to the growing sophistication and maturity of local currency trading. XM.COM and HotForex are the best forex brokers in Nigeria; we’ll briefly discuss each.
This article will help you identify the top six forex brokers in Nigeria for 2020. Please continue reading to learn more about these forex brokers before you invest.
Hotforex is the most popular forex platform in Nigeria, according to the latest research. It is 100% secure and reliable.
Hotforex has been associated with numerous regulatory agencies like the FCA, FSCA, and CySec. This is why Hotforex is a trusted platform and highly recommended for forex brokers in Nigeria.
Read my OmegaPro review
The platform also has a low minimum deposit requirement of $5. Hotforex fees are lower than FXTM, and it is worth mentioning. It’s about 0.3 pips per EUR/USD for Zero Account, 0.6 for GBP/USD, and 0.8 for USD/JPY.
Hotforex offers local bank withdrawal and deposit options for all Nigerian traders. There are also many wallet options. Hotforex can be accessed from your smartphone. Hotforex is accessible via your smartphone, whether you have an Android or iOS phone.
Hotforex can be accessed from a desktop computer as well. Hotforex offers a 100% sign-up bonus for new customers. The minimum deposit required to receive the 100% sign-up bonus is $30,000. The platform also offers a loyalty program for existing customers.
Many things are to be considered when choosing a forex trading platform in Nigeria. These include prompt withdrawals and deposits, spreads and fees, deposit bonus options, and customer support.
Forextime is a top forex broker platform. Forextime is exceptionally safe and reliable. This platform is trusted and well-respected, which makes it ideal for all Nigerian traders. It is affiliated with trusted authorities in the UK, Belize, and Cyprus.
The platform features include an easy withdrawal option, low deposit option and immediate order execution.
With oversights from multiple countries’ regulations, it is one of the top forex brokers in the country. You can open a micro trading account using 5 US dollars. It is attentive to customer needs.
FXTM and Forextime require a minimum deposit of 2000. 2000 is the minimum deposit required for FXTM or Forextime.
FXTM offers a live chat support option that allows you to contact customer service executives 24*7. Fees are 2.0 pips per EUR/USD Standard account and 0.4 pips per ECN MT5 account. The platform does not offer any deposit bonus for new customers at the moment.
Nigerian traders also love this forex trading platform. The platform was established in 2008 and has seen a rapid rise in active forex brokers since then.
It is also trusted and regulated; excellent CSEC officially regulates the broker, excellent and approved by CySEC and the FCA. Exness allows you to choose between more than 120 primary and lesser currency pairs.
They also have a shallow deposit requirement. Their minimum deposit is $1 for Cent and Mini accounts.
The platform offers deposit options. You can deposit through local banks. This is only available to Nigerian traders. E-wallets, credit/debit cards, and other deposit options are also available. Exness customer service is prompt, helpful, and responsive.
Customer support is available 24*5 in eight languages. Additional customer support is also available and is available 24*7 in 3 languages. You can also withdraw instantly from your e-wallets.
Nigerian traders should consider this forex broker platform. Since 2009, the platform has been in operation. It’s trusted and regulated, and certified by CySEC and ASIC 443670.
XM Forex supports approximately fifty-five currencies as of today. This website also offers free training and live webinars, as well as educational videos so that you can master the art of forex trading.
XM.COM is a popular choice for traders in both the intermediate and beginner segments. It was founded in 2009 and is considered the best forex trading company on all criteria. . Xm.com is the best choice if you are looking to make profits from forex trading.
Earn bonuses up to $4500. You will benefit from a transparent policy and low spreads (0.1pip). It does not allow slippage, and there is no requoting. Compatible with MT4 Minimum first deposit: $5 Maximum permission leverage is 1:18
XM Forex offers three types of accounts. All of them require a deposit. This platform also charges meager fees. Ultra-Low accounts have a fee of 0.8 pip for EUR/USD. Their fee for Standard and Micro accounts is approximately 1.7 pip.
This platform also offers an instant order execution guarantee, which is a unique feature. 99.35% of XM Forex orders can be executed in less than a second. This platform also offers fast withdrawals and execution of orders, as well as negative balance protection. This platform offers 24/7 chat support, which is prompt, responsive, and knowledgeable.
The only downsides to this platform are the fact that XM Forex does not have a local office located in Nigeria, and they do not accept local bank deposits.
Read my XimaFX review
Avatrade is a good choice if you’re looking for the best forex broker in Nigeria for 2019. It is a reliable and trusted forex broker platform. ASIC and FSCA regulate it, two renowned authorities.
Avatrade, which is a fixed spread broker platform like ASIC and FSCA, has the most significant advantage. Their spread remains constant regardless of market conditions or market times.
The platform charges no processing fees for withdrawals or deposits. The platform also has a local support phone number that can be used for any assistance or immediate help from Avatrade customer service executives.
Avatrade’s live chat support is only available during business hours. The spread for exotic and minor currency pairs can be higher than the fixed spread broker on Avatrade.
The forex broker platform was established in 1998. It is one of the oldest forex brokers with more than 2 million customers.
There are many account types that the platform supports. The Nano Account’s minimum deposit can be as low as zero. The platform supports trading in cryptocurrencies.
This platform allows you to trade in cryptocurrencies such as Bitcoin and Ethereum. Alpari’s spread can also be relatively low. It’s as low as 0.6 pips per EUR/USD.
This platform also accepts many deposit and withdrawal options. Except for currency pairs, a rusted and regulated platform, Alpari is certified by CySEC (Cyprus Securities and Exchange Commission).
The platform has been removed from the approval list of NFA and FCA. The platform offers excellent technical support that is available round the clock. This team is available 24*7 and can be reached easily and quickly whenever you require assistance.
FXCM allows you to open a trading account by depositing 50 US dollars. FXCM offers micro lot trading and other trading options.
It is the most well-known forex broker in the country, and it started trading in 2003. It offers 175 trading options for commodities and has been used in over 160 countries. A deposit of 100 US dollars is required to open a trading account.
IQ Option is a great choice for beginners due to its easy-to-understand interface. The broker is officially regulated by CySEC. It offers bank account safety and protection from negative balances. It is a great option for forex traders who are just starting out.
Read my best stock trading investment apps in Nigeria
IC Markets Nigeria
IC Markets, a regulated forex broker with an ASIC license, is a well-known Forex CFD provider. High-volume traders, scalpers and robots love it in Nigeria. IC Markets has a spread average of 0.1 and is considered one of the most reliable in the world. ECN accounts are also available from this broker.
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