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4 Global Forex Brokers Available to Nigerian Traders
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 |
|
|
|
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 |
|
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 |
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.