EasyMarkets make all stop-loss ordered guaranteed stops meaning the maximum losses set are guaranteed to be locked in or the FX broker will cover the difference. Negative Balance Protection. EasyMarkets guarantees traders that they will not lose more than their balance and if this does occur, they will cover the difference. CMC Markets is one of the largest online brokers for stock market and currency trading in Nigeria.
CMC Markets specialise in trading forex with over forex pairs but this is not the only CFDs financial markets traders can trade. Bitcoin, Ethereum, Litecoin and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs. The biggest advantage is that CMC Markets has a US Dollar 0 minimum deposit which means that you can move from a demo account to a live account without a large deposit required.
This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency. OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. Live chat, emails and phone support is available. Alpari offers the latest MT5 software coupled with solid features without a freezing or downtime.
Alpari also offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, order types and many technical indicators for technical analysis. There is a news feed built in to keep track of any news during trading and a PAMM account for investors are also on offer with an app where traders can keep track.
OctaFX are able to accommodate various levels of traders and has won numerous industry awards over the past 9 years. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators. AvaTrade is an excellent partner for all types of trader, be it beginner or pro — with over , active traders around the globe, on both the MetaTrader 4 and AvaGo platforms. AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.
Traders have access to professional customer support, 24 hours a day, five days a week. With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX. FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of US Dollar Admiral Markets is an online broker which was founded in and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK.
Traders will need a minimum deposit of US Dollar to start and can sign up for a demo account to in over instruments and over 40 currency pairs. Admiral Markets offers support in a wide range of languages including English, Spanish, Hungarian and much, much more! Axitrader is an online broker which was founded in and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.
Axitrader is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively. Swissquote is an online broker which was founded in and offers Forex and Social Trading, is a globally recognized broker and has a head office situated in Switzerland.
New traders with Swissquote will need to make a minimum deposit of US Dollar and a demo account is available. Swissquote is able to accommodate various levels of traders and offers a wide variety of instruments and trading currency to choose from.
XTB is a global broker with their head office situated in Poland. Trading is a global online broker which was founded in and offers trading in Stocks, Forex, Commodities and Indices trading. With Trading new traders will need a minimum deposit of US Dollar 1 to start and they have the option to sign up for a demo account. Trading accommodates traders on various levels, whether it be experienced or novice.
Trader can trade in over instruments and over currency pairs. FXPrimus is an online broker founded in offering Forex trading, and Social Trading, and is global broker with a head office in Cyprus. Roboforex are an online, global broker which was founded in and offers traders Forex and CFDs trading.
When starting off with Roboforex traders will need to make a minimum deposit of US Dollar 1 and there is an option available for a demo account for those who would like to get acquainted with the platform. Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.
Roboforex offers over instruments and over 35 currency pairs in total. Roboforex also offer mobile apps for Android and iOS. FP Markets is a global, online broker which was founded in and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of US Dollar and a demo account is on offer with a wide variety of instruments and currency pairs on offer.
Over instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank. The XM Group offers traders CFDs on stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs. Choose a reputable broker in Nigeria, open account, fund yourself, install trading platform and trade.
Vantage FX Fees and Spreads. FP Markets Fees and Spreads. RSS Feed. Open a Free Trading Account. Top 10 Regulated Forex Brokers. Forex No Deposit Bonus. Live Charts. Economic Calendars. EasyMarkets EasyMarkets has a trading platform which is perfect for Beginners and offer the choice of MT4 or their own online trading platform.
OANDA OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. Deposit Max. These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker.
These regulations also safeguards the money that the traders deposit with the brokers, in case of any event. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws. Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors.
Another critical aspect to monitor is the reputation and reviews of the broker. There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers. By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision as to which broker to choose.
Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering. Usually, the best brokers in the business will give you multi-platform access i. There are some brokers which only allow you to trade only through a web-based interface.
It is always better to choose a broker which has a mobile app interface as well, so that you can even trade remotely from your phone. All the brokers that we have included in our list will allow you to trade on the most popular trading platforms i. Broker fee is another crucial factor to be kept in mind. It is really important that you carefully consider the various fees a broker might charge you before signing up. Spread is basically the difference between the bid price and the ask price of a currency.
The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade. One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support. Also check if your broker has tools for risk management including: negative balance protection, guaranteed stop-loss feature, deal cancellation some brokers may offer this for extra fees.
If you are a beginner trader then you must look for a broker that offers demo account, low spread commission free live accounts, must be regulated, and offer educational resources. First you need to choose a good broker. For this you can check our list of best forex brokers for trading in Nigeria. There are few things that you must consider. A good broker will generally have more positive reviews by genuine clients, and also see how the broker responds to negative reviews as this is a good indication of their support.
Disclosure: We earn a commission if you Sign Up with a broker through referral links in this review. This helps us cover the expenses for running the website. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More. Read full risk disclaimer.. All Rights Reserved, Fees: 2. And 0. Fast Withdrawals in Nigeria.
Their support overall is quite good. For ex. Overall Rating 8. Fees: On average 1. Ranks 2 Forex broker in Nigeria. Alpari Pros Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They even offer local bank deposit options.
They offer PAMM accounts for investors. Fees: 1. Their spreads for major currency pairs is quite competitive. Also instant wallet funding and withdrawals options are available. Typical Fees: 1. This would be variable depending in the market conditions.
Ranks 4 Forex broker in Nigeria. This ensures very fair dealing. Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0. Hotforex offers local deposit options like bank transfers for Nigerian customers. You would need to talk to their Live chat for the local bank funding options. Fees: As Low as 0. And 1. And zero deposit fees. Ranks 5 Forex Broker in Nigeria. XM Pros XM is regulated with 2 top tier regulators i. XM has very competitive spread with Ultra Low account 0.
Their spread is around 1. Ranks 6 Forex broker in Nigeria. Very low spread of as low as 0. Instant withdrawal options are also available if you withdraw via EWallets.
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Subsequently, all legitimate brokers that want to operate in Nigeria have to be approved by the SEC. In other words, you must ensure that any online broker in Nigeria that you use, is regulated and trustworthy.
In addition to ensuring that a broker is licensed, as discussed above, there are a couple of factors that will have an effect on which broker you should use. By using our recommendations above, you can find the best stockbroker in Nigeria , the best forex broker in Nigeria , and so forth. You always need to have a trading budget and that budget will determine which brokers you can afford to use. Generally speaking, an online broker offering CFDs and forex trading is cheaper to use than a traditional securities investment broker.
Certain brokers also have minimum deposit amounts that you need to afford in order to activate your trading account. This is best done by using our comprehensive broker reviews, in combination with free demo accounts with each broker. In order to become a forex trader in Nigeria, you need to find a forex broker to trade with. More importantly, you need to study forex trading , learning all the strategies and techniques used to profit off the foreign exchange market.
Yes, forex traders in Nigeria pay tax on all their profits. No, forex trading is legal and regulated in Nigeria. In the section Guide for Traders in Nigeria above, we go into detail about Nigeria trading laws and we encourage you to check it out before you start trading. Yes, it is legal to trade commodities in Nigeria.
One popular method used to trade iron is derivatives trading, using an online CFD broker. In forex trading, you make money by buying and selling currency rates with the intention of making a profit from the difference between the open and close price. Learning how to make money with forex in Nigeria is not easy and it requires a lot of hard work and dedication.
With that being said, it is NOT impossible to master the art of forex trading. By using this guide, you can find the best online broker in Nigeria for your specific needs, which you then register an account with. To open a brokerage account in Nigeria, you need to provide the broker with personal information, such as your name, address, and email. All brokers that we recommend provide clear guidelines about how you open an account with them. We cannot tell you what to invest in Nigeria and neither can anyone else.
Instead, you will have to learn the skills needed to accurately analyse a market and locate opportunities on your own. There are many ways to study forex trading. For example, all the best online brokers in Nigeria for beginners offer a range of educational material and there is an endless number of trading and investment books, courses, websites, and movies to use.
Nigeria has a rather new yet thriving financial market with several great online brokers offering everything you need to invest and trade efficiently. By now, we hope that you have all the tools to start trading or investing on any market that you sit fit, and we wish you the best of luck! We promise to answer you as soon as possible. The CFD trading services we are listing in this article are available in the following countries. Our Author: Adam Jarfjord is a Swedish day trader, investor, and copywriter.
He works as head of content at BullMarketz. Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team. Your email address will not be published. Which is the Best Trading App in Nigeria? Which is the Best Stock Broker in Nigeria? Which is the Best Forex Broker in Nigeria? Is Forex Trading Illegal in Nigeria? What we like.
Total score:. Unfortunately, no one imagined being involved in international markets, especially the people from Africa. Everyone especially the Forex traders should enjoy the process itself. The story of Ajidahun Afioluwa surely is the most unique one. Everything started when he was invited to the local conference, uniting the business-oriented individuals of the country. However, the wish of investing a huge amount of capital made him join hundreds of entrepreneurs.
However, placing the first order onto the marketplace was not successful at all. On the contrary, he lost thousands of dollars with no returns. The so-called young entrepreneur, specializing in the trading niche, did not give up and continued the journey of finding the right trading strategy. Spending hours to experiment with various methodologies, which helped him find the one suited him, that earned Afioluwa six figures in profits per month for the period of a year.
On the contrary, it encouraged the trader to find the right ways of solving the problem. As far as we know, Afioluwa is not actively trading on the Forex market anymore, as he is investing capital into various long-term oriented stocks, helping him retire at the age of Have you ever heard of Lite Forex? Actually, it is one of the Nigerian FX brokers on the existing market, offering minimal spreads to millions of customers. It was the first company Mrs. Ezeako started to work with, in the early years of trading.
We should mention the fact that she had a full-time job while learning the FX market. It took her quite a long time to get to the advanced level but after gaining the necessary knowledge along with experience, Ezeako targeted the major currency pairs for capitalizing on prospective profits. From time to time, Ezeako attended various Forex-related conferences and events, leading to her understanding the major trends in the FX market.
The success story continued, she registered on tens of trading platforms to claim the bonuses, minimizing the chances of facing financial loss. Surprisingly, it did work out in terms of using the investment the right way. Learning the history of one of them should empower others to do follow their dreams of becoming financially independent and creating the desired type of lifestyle to live in.
The probability of finding success in the Forex niche is quite high, considering the opportunities in the 21st century. After reading the success stories of three Nigerian Forex traders, most of you should understand the fact that everything is about having a goal of becoming the best in the desired field of expertise.
Even the traders, located in the rural parts of Africa have managed to learn the basics of Forex , familiarize themselves with some of the advanced trading methods and find the right brokers. It should empower millions of beginner traders like you to take action as fast as possible, without thinking about the possible failure.
Remember one and only thing, quitting the market, even during the times of being financially dependent, will not help you solve the issue. On the contrary, find the right solution and continue hustling until it finally pays off. Start trading with XM today. Stay up to date with the financial markets everywhere you go.
Trade the Bitcoin and altcoins at the most advanced web trading platform with a regulated broker. Top Stories. Contents 1 Mr. Ezeako 5 Key Takeaways. Comments 0 comment s Click here to cancel reply. Leave a comment. Get the most recent news at your inbox Stay up to date with the financial markets everywhere you go. Sign up for updates.
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