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4 Global Forex Brokers Available to Nigerian Traders

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2 years ago

July 15, 2022

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The proliferation of competing online Forex brokers, as well as the increased availability of a reliable internet connection, have all contributed to the rapid growth of Forex trading in Nigeria.

To aid Nigerian forex traders in making an informed decision, we evaluated costs and forex trading platforms offered by various brokers.

The Best Global Forex Brokers Available to Nigerian Traders

Broker Comparison

	AvaTrade	Exness	HF Markets	FXTM
Regulation	CBI, BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC	FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA	FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA	CySEC, FSCA, FCA, FSC Mauritius
Trading Platform	AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade	MetaTrader 4 MetaTrader 5 Exness App Exness Terminal	MetaTrader 4 MetaTrader 5 HF App	MetaTrader 4 MetaTrader 5 FXTM Trader
Withdrawal Fee	No	No	No	Yes
Demo Account	Yes	Yes	Yes	Yes
Min Deposit	41,000 NGN	4,000 NGN	2,000 NGN	4,000 NGN
Leverage	1:30 (Retail) 1:400 (Pro)	Unlimited	1:1000	1:2000
Spread	Fixed, from 0.9 pips	Variable, from 0.0 pips	0.0 pips	0.0 pips, Variable
Commissions	None	From $0.1 per side, per lot	$3 to $4	From $0.4 to $2
Order Execution	Instant	Market	Market	Market, Instant
No-Deposit Bonus	No	No	No	No
Cent Accounts	No	Yes	No	No
Customer Service Hours	24/5	24/7	24/5	24/5
Retail Investor Accounts	1	5	5	3
Islamic Account	Yes	Yes	Yes	Yes
Minimum Trade Size	0.01 pips	0.01 lots	0.01 lots	0.01 lots
Maximum Trade Size	Unlimited	Unlimited	60 lots	100 lots
Minimum Withdrawal Time	24 to 48 Hours	Instant	10 Minutes	Instant up to 24 hours
Maximum Withdrawal Time	Up to 10 days	Up to 72 hours	10 business days	Up to 5 working days
Instant Deposits/ Withdrawals?	No	Yes	No	Yes, instant deposits

Read the full review: Nigeria Forex Brokers

AvaTrade

Overview

Trading on more than 1,250 different financial products across many marketplaces, user-friendly CFD broker AvaTrade is a wonderful choice for newcomers.

To provide Nigerian Forex traders with a simple mobile trading experience, AvaTrade has developed the AvaTradeGo app.

With a commission-free account and a 100 USD (41,000 NGN) minimum deposit, AvaTrade offers some of the lowest spreads in the industry, as low as 0.9 pips on the EUR/USD.

Pros and Cons

PROS	CONS
There is an extensive range of markets offered to Nigerians	There are no variable spreads
AvaTrade offers some of the best proprietary trading software	The spreads are marked-up
There are no commissions charged on trades	There are limited account currencies supported
AvaTrade is a multi-regulated and multi-award-winning broker

👉Open a Free Trading Account Now

Exness

Overview

Over 200,000 traders make use of the services provided by Exness Group, who may choose from trading on over 100 different currency pairs, a handful of cryptocurrencies, 70+ stock CFDs, indices, and commodities.

If you are an experienced trader in Nigeria, you may choose to open an ECN account, which will cost you raw spreads and 7 USD in commission fees. Beginner traders in Nigeria, on the other hand, can use the Exness Cent Account to get started in live trading.

Pros and Cons

PROS	CONS
Exness is well-regulated in several regions	Limited educational materials
Nigerians can expect zero-pip spreads	There is a limited choice between tradable instruments
There is 24/7 customer support
There is an NGN-denominated account

HF Markets

Overview

HF Markets Group’s worldwide brand name is HF Markets (formerly HotForex). Nigerian traders’ orders are sent straight to the market without any intervention from the broker.

One of the most popular accounts, the Micro Account, requires a minimum deposit of only 2,000 NGN ($5), and offers leverage of up to 1:1000.

Pros and Cons

PROS	CONS
There are low minimum deposit requirements	There are limited base currencies offered
HF Markets is extremely well-regulated
There is an excellent choice between trading accounts
Nigerians can get leverage up to 1:1000
Nigerians can register an NGN account

FXTM

Overview

Trading foreign exchange (Forex) with FXTM, a worldwide MT4/MT5 forex broker, gives traders access to a vast variety of markets throughout the world.

FXTM, also known as ForexTime, provides its Nigerian customers with competitive spreads, lightning-fast trade execution, and in-depth currency market education.

Pros and Cons

PROS	CONS
FXTM is one of the best options for beginners	Withdrawal fees are charged
Nigerians can use comprehensive educational resources
There is an extremely low barrier to entry
Copy-trading accounts are offered

Conclusion

While there is currently no way for brokers to gain a regulatory license in Nigeria through the CBN, Nigerian traders are urged to use forex brokers that have Tier-1 and Tier-2 regulations. The brokers that we provided are 4 of the best global forex brokers available to Nigerians.