You must have heard of Forex Trading. It is one of the most popular financial instruments used for investments. As great and lucrative as forex trading sounds, finding the right forex broker is the key to having a great experience with the trade. This can be a tricky task.
You will find many good brokers in Nigeria, but there are even more scam brokers operating in the market. This is what makes it really important for you to do business with only the trusted & regulated Nigerian forex brokers. This article will provide you with the best forex traders that have worked well with Nigerian investors in the past. There are various standards used to evaluate each forex broker, these include the broker’s compliance with top-tier regulations, reviews from previous customers, bonuses, the leverage offered, trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus minimum deposits, customer support, methods of funding & withdrawal and many others
Below is an updated list of the 8 best performing forex brokers in Nigeria. This list is compiled majorly for Nigerian traders.
Top 10 Forex Brokers in Nigeria
Read on below:
AvaTrade
AvaTrade was established in 2009. It is regulated by FCA/ASIC Australia/Japan FSA. The good thing about AvaTrade is that it caters to both beginners and intermediate traders. It is the best place to trade for those just starting out on Forex trading and those into profit FX trades. It is referred to in many corners as the best forex company ever by all ramifications. Benefits of trading with AvaTrade include:
· AvaTrade is a fixed spread broker, which means that their spread will remain even when market conditions change
· AvaTrade does not charge on deposits & withdrawals
· Local phone number for support is made available to Nigerian traders
Forextime
Forextime, also known as FXTM is another extremely good forex broker in Nigeria. Forextime is also one of the few with a local office and phone number made available for Nigerian forex traders. Forextime is regulated by trusted jurisdictions such as the UK, Cyprus and Belize.
FXTM was founded in 2011 and they are regulated by the Financial Conduct Authority. They offer various account types, all of which can be funded in naira. The cent account can also be funded with as low as ₦2000. This makes FXTM a very good choice for Nigerian traders.
Apart from forex trading, FXTM also offers other financial investment instruments such as Contracts for Difference. This makes them a very attractive choice for traders looking to diversify their portfolio. Forextime also offers currencies in 57 major and minor currency pairs. However, the most important thing about FXTM is their customer support and promptness in responding to complaints and enquiries. They offer customer support to customers in English. FXTM also has 19 deposit and withdrawal options which includes bank deposits and card payments. FXTM even allows users to create a demo account to start trading with. This is to help beginners learn the art of trading and also build up their confidence. Lastly, FXTM offers a wide range of educational materials to its clients, including trading webinars.
Alpari: Good ECN broker & Low minimum deposit
Alpari is a forex trading platform that was founded in 1998. It is considered the second-best forex broker in Nigeria. It offers a range of financial instruments including forex, CFDs on indices & spot metals. When using Alpari, one is able to trade on both MetaTrader 4 and MetaTrader 5 platforms.
Alpari has six different account types. You can start trading with as low as zero when using the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin. However, this is limited to their ECN accounts only. Alpari does not charge any extra commission other than the spread, which is the difference between the bid (sell) price and ask (buy) price of a currency pair. One of the biggest features of Alpari is that it offers very low spread on major currencies such as EUR/USD.
In addition to above, Alpari charges zero fees with all their deposit methods, 30% bonus offer for new users, and loyalty bonus for old users. These benefits offered make them a really interesting option. Alpari also offers a customer support team that is available 24 hours and 5 days in for traders in Nigeria. This means you can be assured of a swift response when you reach them at any time.
OctaFX
OctaFX offers different financial instruments such as Forex & CFD. OctaFX was established in 2011. They have 3 account types, which are:
MT4 Micro account for new traders with spread starting from 0.4 pips
MT5 account for expert traders with 0.2 pips spread
cTrader ECN account for Professional traders with the lowest raw spread and direct market execution.
All of the above accounts have good trading conditions such as scalping & hedging. OctaFX also offers forex trading on 28 currency pairs, CFD trading on metals, energies, indices & cryptocurrencies (Bitcoin, Ethereum and Litecoin). However, they offer the most competitive spread on their available trading assets. OctaFX also offers customer support and are very responsive in handling issues. Their live chat support is available for 5 weekdays, and email support is available 24 hours a day. They also have WhatsApp text support available. However, they do not have a Nigerian phone number at the moment.
There is a wide range of funding & withdrawal options at OctaFX for Nigerian traders. They offer quick zero fees when using bank transfer, or cash, or ATM in their GTBank account. You can also instant funding via Skrill, Neteller.
Hotforex: FCA Regulated, Low spread & 100% Deposit Bonus
Hotforex was established in 2010. It is a low-cost broker in Nigeria. They have a local office in Nigeria and also offer phone support. They are regulated by the Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA) and The Cyprus Securities and Exchange Commission (CySEC). This makes them a safe option. They offer Straight Through Processing (STP) which ensures fair dealing. They also offer very good order execution on all trades. Hotforex also has low spreads for trading in EUR/USD and other major currencies. Hotforex offers good customer service as well. This is the best broker for a beginner looking for a well regulated low-cost broker in Nigeria.
They offer very low minimum deposit options, as low as $5. They also offer extremely competitive spread on trading. Hotforex also offers trading on various platforms such as the MetaTrader 4 or Metatrader 5 platforms. All of which can be accessed using an Android phone, iPhone, or desktop. Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, as well as many wallet options.
XM Forex: Fast Order Execution & tight spread
XM group was established in 2009, as a part of “Trading Point of Financial Instruments Ltd”. XM forex offers 55 forex currencies, and more than 350 CFD instruments on its platform. Furthermore, they organize international live web seminars, free training & education to traders where you can learn more about how to trade successfully. XM has three major account types, which are all on very low starting deposit & competitive fees. XM broker also offers free research through its own in-house team of analysts. These researches help the trader to invest better. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web. The only downside to XM forex is that they do not have a local office in Nigeria, neither do they offer local bank deposit options.
Exness
Exness Group is a regulated broker in the United Kingdom and in Europe. They offer very fast market execution and very competitive spread for as low as o.3 pips for EUR/USD (even with mini accounts). They also allow for $1 minimum deposit, fast withdrawals as well as multiple deposit options and local bank deposit options in Nigeria.
Exness was founded in 2008 and has grown to become one of the largest broker in terms of trading volume. They are regulated in UK by Financial Conduct Authority (FCA) and the CySEC. Exness offers a wide range of trading instruments to choose from in major, minor and exotic currency pairs. Its trade instruments are wide compared to other brokers. With Exness, you can also trade on the advanced MetaTrader 5 platform which even has a news feed. On the newsfeed, you will find up to date financial news and technical analysis charts that can help you invest better. Furthermore, customer support is available 24 hours and 5 days a week in eight languages and 24 hours, 7 days in three languages.
IC Markets
IC Markets is regulated by ASIC (Australian Securities & Investments Commission). They offer Forex trading at very competitive fees. If you are professional traders who trade in high volumes, you could check out the raw spread account at IC Markets.
These are the top 10 forex brokers you can trade within Nigeria.