Top 5 Forex Brokers In Nigeria
Nigeria has become the leader in Forex trading on the African continent, with a tech-savvy connected growing middle class participating more than ever in the online trading arena.
It is essential to trading success to sign up with a Forex broker that offers a secure trading environment, competitive pricing and a range of trading tools. We explore the 5 best Forex brokers in Nigeria in this comprehensive guide.
- 7bForex
Overview
Nigerian traders are catered to by 7bForex, which operates solely as a Forex broker according to this 7bForex review.
Leverage of up to 1:000 and deposits as low as 1,000 Naira allow Nigerian traders to avoid currency rates and fees. Transactions are made easy for them as a result. It is claimed that 7bForex has the industry’s tiniest spreads, which can be as low as 0.01 pip.
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 |
- HF Markets
Overview
Since the Financial Services Conduct Authority (FSCA) began regulating HF Markets in 2016, it has become a popular alternative among Nigerian traders who are looking for a trading account that uses the Naira as the base currency and offers STP execution.
A minimum deposit of 2,000 Naira is required for accounts with NGN base currencies.
Pros and Cons
| Pros No deposit or withdrawal feesCompetitive 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 |
- AvaTrade
Overview
In addition to being licensed around the world, AvaTrade provides a safe and competitive CFD trading environment for novices. The AvatradeGO trading software from AvaTrade has received a lot of positive feedback from the industry.
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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- Exness
Overview
Exness is a Russian CFD broker, with over 200,000 customers worldwide, that allows trading on more than 100 different currency pairs, many digital currencies, and over 70 different stock indexes and commodities as contract-for-difference options.
Exness offers a greater variety of MT4 and MT5 account types than any other broker.
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 |
- FXTM
Overview
Trading in foreign exchange (forex), commodities, metals (including gold and silver), equities (including the Dow Jones Industrial Average), and indices are all available through FXTM, a market maker and ECN that has won multiple awards.
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 |
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