List Of Forex Brokers In Nigeria

This assay and listing of forex trading companies in Nigeria were made using Google Trends and brokers' annual reports.

The forex currency trading blast started in the 2000s. Today, there are as many 300,000 individual forex traders in the country, according to estimates from FinanceMagnates.com. Such high popularity is attributed to the depression entry norms such as low minimum deposit, free trading platform, to mention a few.
Forex trading has been accepted as a financial instrument, just simply a handful of broker operates in Nigeria. The Primal Bank of Nigeria or other authorities agencies have little or no access to the very few brokers in Nigeria, making information technology vulnerable to merchandise with them. It would be best to consider a strange exchange broker that will accept Nigerian clients and is authorized by a few regulatory boards. If you are a Nigerian and willing to invest in stock markets, ensure that the forex brokerages are not the same everywhere.

The best forex broker in Nigeria video is beneath:

Forex Trading In Nigeria

The country'due south national currency, the Nigerian Naira, is further dissever into mini denominations called kobo. Nonetheless, equally per BIS, this currency is not on the summit trading currencies.

The CBN (Primal Banking company of Nigeria) has set strict directives for the stock market and brokers dealing in forex trade considering of the financial sector regulatory.

This new law ensures that brokers doing business in Nigeria have to manage public money in separate accounts. Therefore when there is a defalcation or other cool state of affairs, the fund will non be hampered.

Forex Investment in Nigeria

Traders and investors in Nigeria tin invest money in the long term or short term period of fourth dimension using regulated forex brokers. For Nigerian traders, brokers normally offer loftier leverage upward to 1:yard ( generate greater returns on assets or greater losses). Moreover, Nigerian investors and traders tin can trade stocks, ETFs, commodities, indices, etc., using the aforementioned trading account.

Things to Picket for In a Forex Broker in Nigeria:

The below-mentioned things must be covered:

A reputed forex trader. It has to be an oversight by a regulatory potency. Flexibility to open up and starting time trading in any account of your selection. An affordable lowest deposit. It gives them the freedom to invest in any forex pairs and other assets. Providing the highest leverage ratio, big plenty for trading. Aggressive dealing spreads. Providing safety in opposition to a negative balance. Keeping the slippage and lowering the re-quotes. Manage client funds in segregated accounts. Deposit and withdrawals that suits your need.

Forex Trading has already gained quite a popularity among many. When done correctly, it can really yield good profits in no time. Nonetheless, it'south of import to find out the right forex broker then that you tin can generate lucrative profits. Needless to say, finding an ideal forex banker isn't an easy job. Peculiarly in Nigeria, at that place are plenty of brokers operating every day. Some of them are reliable and trustworthy. At the same time, a good number of these brokers are running a scam business concern. Hence, you need to carefully pick a trusted and regulated Nigerian forex banker before investing and fugitive scams.

Forex merchandise plays a meaning role in a country'south economy. Nevertheless, how effective it is depends on the institutional setup and the various policies put into forcefulness. In Nigeria, similar trends accept been witnessed over the years. Many center-income grouping people are interested in foreign trade and are looking for the best forex broker in Nigeria.
With the local currency trading getting deeper and mature, several renowned forex trading brokers accept fix up their local offices in the capital of Nigeria (Abuja). The best forex brokers in Nigeria include XM.COM, HotForex, IQ Selection; nosotros'll discuss each briefly.

For your reference, this article will at present assistance you reveal the half dozen best forex brokers in Nigeria for 2020. And then, delight keep reading the following sections and know more almost them before y'all commencement investing.

The six best forex brokers in Nigeria for 2022 are:

# one — Hotforex

Hotforex has the best forex trading platform in Nigeria based on the latest research.
This is another depression-cost forex banker for Nigeria. The platform is 100% rubber and reliable. Kindly note that Hotforex is associated with various regulatory government like FSCA, FCA, and CySec. That's why the platform is considered a trusted and recommended option for forex brokers in Nigeria. Another great facility of this platform is that they have a shallow minimum deposit requirement, $5. Additionally, it's worth mentioning that the fees of Hotforex are even lower compared to FXTM. It's around 0.3 pips for EUR/USD with Zero Business relationship, 0.six pips for GBP/USD, and 0.8 pips for USD/JPY.

Hotforex supports local bank deposit and withdrawal methods for all Nigerian traders. Additionally, in that location are several wallet options likewise. Hotforex trading platform can be accessed via your smartphone. Whether you lot own an Android smartphone or an iOS device, Hotforex tin can be easily accessed via it. Plus, the site can besides be accessed via desktop also. Hotforex is offering a 100% sign-up bonus to new customers. To avail of this 100% sign-up bonus offer, the minimum eolith requirement is $30,000. For the existing customers, the platform offers a proficient loyalty program.

Where to larn forex trading in Nigeria? Hotforex offers free educational webinars, and Nigerian traders (beginners and advanced traders) can watch them every day. You can visit the Hotforex website and watch webinars for free.

# two — Forextime

When it comes to finding a skillful forex broker, multiple factors need to be considered, such as promptness in deposits & withdrawals, spreads and fees, eolith bonus options, customer support, and merchandise execution. In terms of all of these same factors and parameters, Forextime features to exist i of the best forex banker platforms in the market. The best part of this platform is that Forextime is admittedly safe and reliable. It's a trusted and reputed platform that's ideal for all Nigerian traders. The platform is associated with various trusted authorities of the Uk, Belize, and Cyprus. This platform's central features are an piece of cake withdrawal facility, a low eolith choice, and instant social club execution.

Information technology is one of the best forex brokers in the country, with oversights from many unlike countries' regulations. With five US Dollars, you tin open a micro trading business relationship with loftier leverage. Moreover, it pays attention to customer needs.

The minimum deposit requirement for FXTM or Forextime is? 2000. What's more, FXTM has a live chat support pick where you tin directly contact the customer care executives at any fourth dimension for 24*5. Coming to the fees, information technology'south 2.0 pips for EUR/USD with a Standard account, and it's 0.4 pips for an ECN MT5 business relationship. The platform is not currently offering any deposit bonus to new customers.

# 3 — Exness

This forex trading platform is also quite popular amid Nigerian traders. Information technology was founded in 2008, and since its inception, the platform has rapidly gained a good number of active forex brokers. This is also a trusted and regulated platform with approvals from ii well-known regulatory authorities, including CySEC and FCA. Exness gives you lot the option to choose from more than than 120 major and minor currency pairs. Their eolith requirement is also quite low. For example, their deposit requirement is just $1 for Mini and Cent accounts.

Coming to the deposit options, the platform allows you lot to place a deposit via local banks (applicative only for Nigerian traders). Other deposit options include east-wallets and credit/debit cards. The client back up selection for Exness is very prompt, helpful, and well-responsive. For example, customer back up is bachelor for 24*5 for a total of viii languages. Furthermore, at that place is boosted client support, which is available 24*7 in three languages. Instant withdrawal options are besides available, which are applicable for e-wallets.

# 4 — XM Forex

This forex broker platform is definitely recommended to Nigerian traders. The platform has been operating since the yr of 2009. Residual assured that it'southward a trusted and regulated platform that's certified past ASIC 443670 and CySEC. As of today, XM forex supports around fifty-5 different currencies. Another unique part of this website is that it arranges and organizes complimentary training, live spider web seminars, and educational videos oftentimes so that you can learn the art of successful forex trading.
XM.COM is pop among starter and intermediate segments in traders. Founded in 2009, it'south been considered the top forex trading company based on all criteria. ASIC of Commonwealth of australia regulates the broker. And so if y'all're looking for profits to earn from the forex trade, xm.com is the best option.

You tin earn up bonuses of $4500. The transparent policy, coupled with low spreads (0.1 pip). There are no requotes; it also does not take a slippage policy. Uniform with MT4Your minimum first deposit must be $5. The maximum permission leverage is 1:88

XM Forex has three different types of accounts, and all of them have a very deposit requirement. The fees associated with this platform are also quite low. For example, for Ultra-Low accounts, their fee is around 0.8 pips for EUR/USD. Whereas, for Standard and Micro accounts, their fee is effectually one.7 pips. Another unique and interesting feature of this platform is that it supports an instant order execution guarantee. 99.35% of XM Forex orders are executed within a second. Other features of this platform include negative balance protection, fast withdrawals, and quick execution of orders. On pinnacle of that, this platform ensures to offer prompt, responsive, and knowledgeable chat back up that's available 24/vii.

This platform's only negatives are that XM Forex doesn't take a local office in Nigeria and doesn't accept local banking concern deposit options.

# 5 — Avatrade

If you are looking for one of the best forex brokers in Nigeria for 2019, and then Avatrade can also be one of the adept recommendations for you. The platform is well-known to exist a trusted and reliable forex broker site. Two renowned authorities regulate it, similar ASIC and FSCA. The greatest advantage of this platform is that Avatrade is a stock-still spread broker platform, i.due east., their spread is consistently the same irrespective of marketplace time and atmospheric condition. In addition, this platform charges an admittedly zero processing fee on all deposits and withdrawals. Also, the platform has a local support number, which can be used to achieve out to the customer support executives of Avatrade (for any immediate help and assistance).

The live chat support selection for Avatrade is available only during their visitor business hours. Although the platform features a fixed spread broker, their spread can be higher for minor and exotic currency pairs.

# 6 — Alpari

This forex broker platform was founded and established in the year of 1998. Needless to say, it'south one of the oldest forex brokers that has more two 1000000 active customers. The platform supports many unlike account types. Their minimum eolith value tin can be as low as zilch for the Nano Account. On peak of that, the platform also supports trade in cryptocurrencies. For example, yous can trade with this platform with cryptocurrencies like Bitcoin and Ethereum. Alpari'southward spread is also quite low, i.e., it's every bit depression equally 0.6 pips for EUR/USD.

Additionally note, this platform accepts a broad variety of deposit and withdrawal options. Existence a trusted and regulated platform, Alpari is certified by CySEC or Cyprus Securities and Commutation Commission. Even so, the platform is no longer approved by FCA or NFA. The platform has an excellent technical back up squad that is available 24*7. You can hands and conveniently attain out to this team at any fourth dimension whenever yous demand help.

7. FXCM:

With an corporeality of 50 U.s.a. Dollars, you can open a trading account with FXCM. In improver, micro lot trading facilities, forth with other trading options, are bachelor.

8. Easy markets:

It is the most popular forex banker in the country and started trading in 2003. It has served in a higher place 160 countries and gives 175 different trading options on commodities, including Bitcoin. You can open a trading account with a deposit of 100 Usa Dollars.

nine. IQ Option

IQ Option is the all-time for beginners, thanks to its simple and easy-to-understand interface. Information technology is formally regulated by CySEC (Cyprus). The broker offers protection against negative balances and has condom bank accounts. Forth with this all, a range of assets makes it a great pick for beginners in the forex merchandise.

10. IC Markets Nigeria

IC Markets is a regulated forex broker (ASIC license), a famous Forex CFD provider. It is favorited in Nigeria by loftier-volume traders, scalpers, and robots. IC Markets offers an average spread of 0.1, and it is one of the all-time in the world. This broker offers ECN accounts as well.

ECN Brokers in Nigeria

ECN brokers use electronic communications networks (ECNs) to give clients directly access to other participants in currency markets because their platform is electronically connected to the network of international banks or liquidity providers.

ECN brokers in Nigeria are:

Hotforex (ECN and STP banker)
Dukascopy (simply ECN broker)
Exness
NordFx
OctaFX (offers cTrader ECN business relationship)
IC Markets

How to trade forex in Nigeria?

To get-go trading forex, you need to have an net connection and exist in a higher place xviii years old; so, y'all demand to pick a forex broker, make registration, and brand document verification. Then, open a demo account and get-go to exercise. Would yous please read trading books and watch trading lessons on youtube?

The final verdict:

With this, yous accept revealed the half dozen best forex brokers in Nigeria for 2019, such as Forextime or FXTM, Hotforex, Exness, XM Forex, Avatrade, and Alpari. Each of these platforms has its ain sets of benefits and advantages. So, based on your preference and requirement, yous can pick any of them and start trading right away!

These platforms accept one item matter in common, i.e., regulation. To be a trusted forex broker platform, it has to exist regulated by authoritative agencies, i.east., FCA and CySEC. This ensures that the platform is safe and information technology's not engaged in the scam and illicit activities. These regulations besides ensure that your invested money is safeguarded in their trading accounts.

Never endeavour to deposit in such a forex broker platform that is not licensed or certified. Before you beginning trading, delight make sure to check and validate if there are any associated trading fees. All rubber, legal, and licensed forex broker platform will upfront declare their trading fees, and there won't exist any subconscious charge at all. Please make certain to choose such a platform that offers lower spread and funding fees. If the spread is lower, it will be better as you volition take to pay less for broking. The last metric of a good and reputed forex banker platform is client back up availability. If you face up any struggle and difficulty, the platform should give you an option to contact their customer support for a prompt resolution.

As a Nigerian, your attending will be related to your funds' security while choosing a broker. And then make sure you lot take the flexibility to withdraw your profits.

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