Forex trading is becoming more and more popular in the fast-growing countries like Nigeria. Here are 10 of the best forex brokers for traders in Nigeria.

Best Forex Broker In Nigeria

Nigeria is a country rich in oil and sometimes known as the door to the African continent. Due to the country's positive economic growth over the past decade, forex trading is becoming increasingly popular for investment and is gaining a lot of attention from the public. No wonder Nigeria has stepped in line with South Africa as a country with the most expansive market for trading in Africa.

In this article, we have made a list of the best forex brokers in Nigeria:

  1. IC Markets: Best for commission-trading.
  2. FXTM: Regulated forex broker with various educational events.
  3. HF Markets: Popular broker with attractive bonus programs.
  4. OctaFX: Best broker for easy deposit and withdrawal.
  5. XM: Best broker with low spreads.
  6. Exness: Great for professional traders.
  7. AvaTrade: Multi-regulated forex broker.
  8. FP Markets: Suitable for advanced traders.
  9. FBS: Popular broker with diverse trading instruments.

Let's look into each brokerage firm and see what they offer for Nigerian traders.

 

1. IC Markets

  • Regulation: FSA, ASIC, CySEC, SCB
  • Local Office in Nigeria: No
  • NGN-based Account: No
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: No
  • Languages: English, Thai, Korean, French, Spanish, Russian, Italian, Chinese, Indonesian, German, Portuguese, Vietnamese, Arabic
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: None

IC Markets is an Australian ECN broker that is registered under the regulation of ASIC. It prides itself on being a true ECN broker with cutting-edge technology. Nigerian traders in particular are registered under the regulation of FSA of Seychelles with Securities Dealer's license number of SD018. This broker prides itself on being a true ECN broker with low commissions from $3 in the Raw Spread account.

The clients' funds are kept in segregated fund accounts at Australian Banks: National Australian Bank (NAB), and Westpac Banking Corporation. This means that they keep the clients' funds separate from the company's funds so they won't be used for the company's purposes. It does not accept deposits and withdrawals through local Nigerian banks, but clients can use other payment methods such as credit/debit cards, bank wire transfer, and e-wallets.

IC Markets supports MetaTrader 4, MetaTrader 5, and cTrader. The platforms, commissions, and spreads depend on which account type you choose, so make sure to check which type would suit your trading style. But even so, IC Markets provide a great trading environment for any trader, especially when it comes to spreads and trading fees. The broker offers low spreads on major and exotic currency pairs and charges low commissions.

🌐 Website
www.icmarkets.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$200
Year Established
2007

Interest rate on funds
Free education
PAMM
MAM
Segregated accounts
Managed accounts
Islamic accounts available
Compensation scheme
Swap
Low spread eur/usd
VPS
Copy trading
FasaPay
Neteller
PayPal
Skrill
Wire transfer

IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).

On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.

Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.

The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.

For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.

As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.

To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.

 

2. FXTM

  • Regulation: FCA, CySEC, FSC, FSCA, CMA
  • Local Office in Nigeria: Yes
  • NGN-based Account: Yes
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: Yes
  • Languages: English, Arabic, Chinese (Simplified), Chinese (Traditional), Czech, French, Hindi, Indonesian, Polish, Spanish, Italian, Korean, Malaysian, Russian, Thai, Vietnamese, Persian, Urdu
  • Nigerian-based Customer Support: Yes
  • Bonuses for Nigerian Traders: Yes

FXTM or ForexTime is a global forex broker that was established in 2011. It is considered one of the best forex brokers in Nigeria and one of the few that actually has a local office and phone number in the country. FXTM also has a local training center in Lagos and Port Harcourt. Each year, the broker holds multiple offline and online educational events like seminars and workshops. Its outstanding service has led FXTM to receive no less than 8 awards in Nigeria alone, as well as dozens more worldwide. 

FXTM is regulated by several well-known regulators such as FCA, CySEC, and more. Nigerian traders in particular are under the regulation of the FSC of Mauritius with an Investment Dealer license number C113012295. Over the years, more than 450k Nigerian traders have registered and opened accounts with FXTM.

There are several types of account offered by FXTM, all of them accepts USD or NGN and have very low minimum deposit requirements in the Micro account. For beginners, a free demo account is available as well as various educational materials like webinars.

FXTM supports well-respected trading platforms: MetaTrader 4 and MetaTrader 5. Also, the broker offers low spreads across all platforms for most major currency pairs as well as various bonus programs for Nigerian traders such as forex trading contests and refer-a-friend programs. As for deposits and withdrawals, the broker accepts various payment methods, including local Nigerian bank wires with zero commission fees.

🌐 Website
www.forextime.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$10
Year Established
2011

Bonuses
Personal manager
Trading contests
Segregated accounts
Free education
Trading by phone
Compensation scheme
Low spread eur/usd
VPS
Affiliate program
Copy trading
Webinar
WebMoney
Skrill
Wire transfer
Neteller
QIWI
FasaPay

FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.

Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614

FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.

As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.

As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.

For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.

Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.

FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.

Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.

Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.

 

3. HF Markets

  • Regulation: FCA, DFSA, FSCA, FSA, CMA    
  • Local Office: Yes
  • NGN-based Account: Yes
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: No
  • Languages: English, Portuguese, Spanish
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: Yes

If you're looking for a low-cost broker in Nigeria, HF Markets is undoubtedly one of the top choices. For a start, HF Markets is a forex and CFD broker that was founded in 2010 and has a local office in Nigeria. The broker is considered a highly regulated broker with acquired licenses from FCA, FSCA, and CySEC. Apart from forex currency pairs, the broker offers 100+ CFDs on crypto assets, metals, commodities, and stocks.

In terms of trading fees, HF Markets has some of the best offers in the market. There are 5 account types that you can choose, all of them are spread-only (commission-free) except the commission-based Zero account. Bear in mind that those amounts may vary depending on the market's fluctuations. As a Nigerian trader, you can open an account in Naira (NGN), aside from USD and ZAR. In addition, you can get leverage of up to 1000:1 with a very low minimum deposit of $5. 

Moreover, HF Markets offers the entire MetaTrader series, including MetaTrader 4 and 5 which can be accessed from desktop, Android, and iOS. The desktop version in particular supports an automated trading system known as Expert Advisors. Lastly, HF Markets offers a number of bonuses that are available to traders in Nigeria as well, such as the 100% Supercharged Credit, 100% Supercharged Rebate, and more.

🌐 Website
www.hfm.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$
Year Established
2010

Bonus offers
Trading contests
Free education
Personal manager
Trading by telephone
PAMM
Segregated accounts
Managed accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
VPS
Copy trading
FasaPay
Neteller
Skrill
WebMoney
Wire transfer

HF Markets is an award-winning forex and commodities broker. Established since 2010, the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HF Markets has around 1,500,000 live accounts opened and 200 employees globally.

Based on its services, HF Markets can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade with this broker. Also, there are various account types, trading software, and tools to facilitate individuals and institutional customers to trade forex and CFD online.

HF Markets is a registered brand name of HF Markets (Europe). Based on the location, the company is regulated by various financial regulators. Here are the details:

  • HF Markets (SV) Ltd, registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
  • HF Markets (Europe), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12.
  • HF Markets SA (PTY), is authorized and regulated as a Financial Service Provider (FSP) by the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.
  • HF Markets (Seychelles), incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.
  • HF Markets (DIFC) Ltd, authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
  • HF Markets (UK) Ltd, authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.

If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risks. For that reason, these kinds of clients are granted access to more favorable rates but afforded lesser regulatory protections than retail clients.

Trading with HF Markets can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals (gold, silver, and others), energies (oil and gas), commodities (such as coffee, copper, and sugar), indices, bonds, and popular shares such as Google, Apple, and Facebook.

HF Markets offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate pricing and the best possible spreads.

HF Markets receives numerous highly prestigious titles, including the huge honor of being ed to join the ranks of the World Finance Top 100 Global Companies. Others are Best Client Funds Security Global by Global Brands Magazine, Best Global Forex Copy Trading Platform by Global Forex Awards 2019, Fastest Growing Forex Broker Mena 2019 by International Business Magazine, and many more.

After opening an account in HF Markets, traders will obtain various forex trading platforms to accommodate all of their trading demands. Whether traders like to trade on desktop or prefer to trade on-the-go, they can use MetaTrader 4 on desktop (terminal, multi-terminal, and web terminal) and phone (iPhone, iPad, and Android).

Clients' funds are held in segregated accounts. Only major banks are used by Markets because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.

Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments (Neteller, iDeal, Sofort Banking, and Skrill). HF Markets ensures that traders make fast transactions 24/5 during the standard hours.

Traders can earn extra income by joining the affiliate program offered by Markets. Clients who join this program will get some advantages, such as 60% of Net Spreads based on the volume traded by sub-clients, up to $15 per a lot of net revenue, and many more. More information about HF Markets can be obtained on their official website which is supported in 27 languages.

From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HF Markets, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit.

 

4. OctaFX

  • Regulation: SVG FSA and CySEC
  • Local Office in Nigeria:  Yes
  • NGN-based Account: No
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: Yes
  • Languages: English, Malaysian, Spanish, German, Hindi, Bangla, Thai, Vietnamese, Portuguese, Arabic, Chinese (Simplified)
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: Yes

OctaFX is another forex broker that accepts Nigerian traders. The broker was established in 2011. Compared to other brokers, OctaFX has relatively limited trading instruments of only 28 currency pairs, and CFD trading on metals, indices, energies, and cryptocurrencies. However, we should note that the broker has a competitive spread, especially for traders looking to trade major currency pairs, gold CFDs, and crypto CFDs against USD.

OctaFX is regulated by two regulators, namely SVGFSA and CySEC. Nigerian traders are under the regulation of SVGFSA with the license number 19776 IBC 2011. The broker has a local office in Port Harcourt. There are two account choices for Nigerian traders, namely the OctaFX MT4 Habitual Trader Account and the OctaFX MT4 Smart Trader Account. Each of these accounts accommodates a different type of traders based on their strategy, capabilities, and style.

OctaFX trading condition generally supports many trading strategies, including scalping, hedging, and copy trading. The customer support is very responsive in handling issues and complaints. The live chat support is available five days a week, while the email support is available 24/7. They also have WhatsApp text support for traders, but unfortunately, they still don't have a Nigerian number.

In terms of funding methods, OctaFX is now working with local Nigerian banks and accepting Nigerian Naira for deposit and withdrawal. Nigerian traders can easily deposit or withdraw any amount starting from 2000 NGN directly via Guaranty Trust (GT) bank online transfer, via ATMs, or in cash at the bank. You can also get various bonuses such as the 50% deposit bonus, which can be quite beneficial for new clients.

 

5. XM

  • Regulation: ASIC, IFSC, DFSA, CySEC
  • Local Office in Nigeria:  No
  • NGN-based Account: No
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: No
  • Languages: English, Malaysian, Indonesian, Korean, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Portuguese, Czech, Slovanian, Bulgarian, Romanian, Urdu, Thai, Nepali, Tagalog, Vietnamese, Cebuano, Serbian
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: Yes

XM broker is a part of the Trading Point of Financial Instruments Ltd which was established in 2009 and has been regulated by CySEC and ASIC Australia. Nigerian traders are under the regulation of IFSC of Belize with license number 000261/158 as legal entity XM Global Limited.  XM offers no less than 55 forex currency pairs and more than 350 CFD instruments on their platform. The broker has negative balance protection and customer support available 24/7.

The EUR/USD spread can go as low as 0.8 pips, which is probably one of the lowest in the industry. Demo and Islamic accounts are also available across the board. Conveniently, no commission will be charged for any trading account. In terms of bonus programs, new traders in Nigeria may benefit from the 20% welcome bonus of up to $500.

One of the notable features in XM is the no requotes policy. Around 99.53% of orders in XM are executed in under a second and are guaranteed to get no requotes, so instant execution is definitely possible here. XM also offers free research tools through its own in-house team of analysts. The interface is quite user-friendly and available across many devices, including PC, mobile, and web. For trading education, you can enjoy live web seminars as well as free training programs to help you improve your trading skills even more.

🌐 Website
www.xm.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$5
Year Established
2009

Bonuses
Personal manager
Segregated accounts
Free education
Trading by phone
Compensation scheme
Negative balance protection
VPS
Affiliate program
Copy trading
Webinar
WebMoney
Skrill
Wire transfer
Neteller
CashU
QIWI
FasaPay

XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.

Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.

XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.

XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and EN Live Edu that is instructed by 16 global experts.

In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, & Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.

Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.

To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. Minimum deposit of $5 applies to Standard, Micro, and also Ultra-Low Accounts. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.

For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.

To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).

All in all, there is no doubt that XM has gone global with its deep commitment to providing services in more than 30 different languages across the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.

For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.

 

6. Exness

  • Regulation: FSCA, CMA, BVI FSC, FSC, FSA
  • Local Office in Nigeria: No
  • NGN-based Account: Yes, except for Standard Cent Account
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: Yes
  • Languages: English, Chinese, Japanese, Portuguese, Thai, French, Urdu, Bengali, Hindi, Vietnamese, Korean, Spanish, Arabic
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: None

Exness is the brand name for Nymstar Limited, a global brokerage firm that is regulated by the FSA (Seychelles) and Vlerizo (Pty) Ltd, a financial service provider that is authorized by the FSCA (South Africa). Nigerian traders are under the regulation of the FSA of Seychelles with license number SD025 and registration number 8423606-1 with legal entity Exness (SC) Ltd. 

The broker offers no less than 200 financial CFD instruments including forex currency pairs, shares, indices, energies, metals, and cryptos. Exness has also provided three types of professional accounts, making them favorable for experienced traders.

In addition, the broker offers up-to-date financial news and technical analysis charts to help traders with their trades. The customer support is also commendable as it opens 24x5 in eight languages and 24x7 in three languages. When it comes to deposit and withdrawal for Nigerian traders, Exness offers several convenient options including local online bank transfer, Neosurf (voucher), and QR payment. Thus, you can fund your account with ease, anytime you want.

🌐 Website
www.exness.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$10
Year Established
2008

PAMM
Trading contests
LAMM
Segregated accounts
VPS
Free education
Islamic account
Copy trading
Compensation scheme
Negative balance protection
Low spread eur/usd
Affiliate program
Trading via API
WebMoney
Skrill
Wire transfer
Neteller

The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.

Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.

Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.

The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.

Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.

Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.

The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.

Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.

The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.

Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.

One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.

Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.

Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.

When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.

From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.

 

7. AvaTrade

  • Regulation: ASIC, FSCA, CBI, BVI FSC, CySEC, JFSA
  • Local Office in Nigeria: No
  • NGN-based Account: No
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: No
  • Languages: English, Chinese (Simplified), Chinese (Traditional), Turkish, Thai, Slovakian, Russian, Portuguese, Polish, German, Hungarian, French
  • Nigerian-based Customer Support: Yes
  • Bonuses for Nigerian Traders: Yes

AvaTrade is a well-known global broker and one of the top recommendations in Nigeria. The broker is authorized by the FSCA (South Africa) and ASIC (Australia). Nigerian traders are under the regulation of the BVI FSA with license number SIBA/L/13/1049 and legal entity Ava Trade Markets Ltd.

Although AvaTrade still has no local office in Nigeria in particular, the European broker is widely recognized almost everywhere and has offices in many countries across the globe. They do, however, have a Nigerian phone number for customer support, but the phone and English language chat are only available during their business hours.

AvaTrade uses a fixed spread system, so the amount will remain the same regardless of the market conditions or the time of the day you are trading. They give 0.9 pips spread for EUR/USD and the rest are generally quite low too. For deposits and withdrawals, AvaTrade charges zero fees. In addition, registering with this broker allows an opportunity to get the 20% welcome bonus.

Through the broker's intuitive and simple interface, traders can easily navigate the trading platform. There's also specialized educational content for beginners, as well as multiple trading software like MetaTrader 4 and AvaTradeGo which is an in-house platform. You can also copy trades of experienced traders with automated trading software like ZuluTrade or MQL5.

🌐 Website
www.avatrade.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$100
Year Established
2006

Bonuses
PAMM
Personal manager
Trading contests
Segregated accounts
Managed accounts
Free education
Compensation scheme
Negative balance protection
Swap
Low spread eur/usd
Islamic account
VPS
Affiliate program
Copy trading
Webinar
WebMoney
Skrill
Wire transfer
Neteller

Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.

AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.

In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.

Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.

The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.

Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.

In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).

Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.

With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).

AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.

New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.

There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.

If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.

 

8. FP Markets

  • Regulation: ASIC, FSCA, CySEC
  • Local Office in Nigeria: No
  • NGN-based Account: No
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: No
  • Languages: English, Arabic, German, Portuguese, Viatnemese, Indonesian, French, Malaysian, Italian, Russian
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: None

FP Markets is a globally recognized forex and CFD broker that has won over 40 industry awards. The broker was founded in 2008 and is regulated by ASIC. In this broker, you can trade on more than 10,000 markets covering forex, cryptos, metals, shares, commodities, and indices. For additional security, FP Markets offers negative balance protection and uses a segregated account for clients' funds.

This broker supports MetaTrader 4 and MetaTrader 5 desktop versions, as well as webtrader and mobile applications. For advanced traders, FP Markets specifically prepares an IRESS account that is commission-based and offers a more comprehensive trading package. The account is also typically more suitable for trading in the stock market.

🌐 Website
www.fpmarkets.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2005

Free education
Personal manager
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Hedging
Negative balance protection
Low spread eur/usd
VPS
Copy trading
FasaPay
Neteller
Skrill
Wire transfer

Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:

  • ACWI: -5.00 for long positions and -2.50 for short positions.
  • ADAUSD: -20.00 for long positions and -20.00 for short positions.
  • AGG: -5.00 for long positions and -2.50 for short positions.

 

9. FBS

  • Regulation: IFSC, ASIC, FSCA, CySEC
  • Local Office in Nigeria: No
  • NGN-based Account: No
  • Demo Account: Yes
  • Local Nigerian Banks for Deposit and Withdrawal: Yes
  • Languages: English, German, Spanish, Portuguese, Indonesian, Malaysian, Vietnamese, French, Italian, Turkish, Korean
  • Nigerian-based Customer Support: No
  • Bonuses for Nigerian Traders: Yes

FBS is the brand name of FBS Markets, which is regulated by the IFSC of Belize and the FSCA. As a well-regulated global CFD broker, FBS offers the ability to trade on multiple assets, including forex (major, minor, and exotic pairs), metals, indices, stocks, energies, and over 35 cryptocurrencies, which is considered quite a large number compared to other brokers.

FBS offers full support for the MetaTrader 4 and MetaTrader 5 trading platforms, as well as its proprietary FBS Trader App. In addition, the broker also offers a copy trading platform and a free FBS service for clients that fulfill certain requirements. For Nigerian clients, the broker offers several types of bonuses including the 100% deposit bonus, referral program, and loyalty program.

There are numerous account types to choose from in order to suit all traders with various degrees of expertise. Also, the trading costs are relatively lower than other ECN brokers. Spreads can be fixed at 3 pips (EUR/USD) or floating at 0.8 pips (EUR/USD) and 0.1 (EUR/USD), depending on the account type. Additionally, the customer service is fast and responsive. The deposit and withdrawal methods are also numerous so clients can choose which payment options are the best for their conditions.

🌐 Website
fbs.com
Leverage
1:3000
💼 Regulation
💲 Min Deposit
$5
Year Established
2009

Bonus offers
Trading contests
Free education
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
VPS
Education
Webinar
Low spread eur/usd
FasaPay
Neteller
Skrill
Wire transfer

Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.

FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.

Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.

FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.

Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.

Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.

FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.

MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.

Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.

Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.

Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.

Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.

In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.

 

Forex Trading Difficulties in Nigeria

In general, trading in Nigeria can be considered quite easy to do. Like any other country, you would only need to have a smartphone or computer, a stable internet connection, some funds, and a forex trading account. The issue here is probably regarding the electricity and internet connection. While connections in many urban areas are becoming more stable, some places still have bad internet connection. Therefore, it's best for forex traders in Nigeria to set a hard stop loss when trading to prevent getting significant losses due to lost connectivity.

Regarding legality, please keep in mind that currently there is no local regulator for forex trading in Nigeria. This is mainly because forex trading is still relatively new in the country. As a matter of fact, the country doesn't impose heavy regulations regarding forex trading.

The Central Bank of Nigeria (CBN) is essentially the official institution that regulates financial markets in Nigeria. It has partnered with the Security and Economic Commission (SEC) to ensure fairness and provide a safe trading environment for Nigerian traders. Unfortunately, CBN is mostly concerned with banks and other financial institutions and pays little attention to online retail trading. Up until now, there is not a single broker that is registered or regulated by the CBN. Instead, most brokers are regulated by various foreign authorities such as FSCA, FCA, ASIC, and others.

Despite the challenges, many forex brokers came up with interesting features to attract Nigerian traders and promote forex trading in the country. One of them is allowing Nigerian clients to open an account with Nigerian Naira (NGN) as the base currency. This feature can be found in FXTM, HF Markets, and more. Some other brokers even offer bonus promotions specifically for Nigerian traders like Forex4you. As a result, forex trading in Nigeria has become way more accessible and affordable for everybody.

 

The Bottom Line

In the fast-growing country of Nigeria, the choice of a broker becomes a crucial thing in forex trading. If you are a Nigerian trader, the first thing that you need to check is whether the broker is safe or not. You must ensure that the broker is registered and well-regulated by at least one top-tier regulator such as the FCA, ASIC, CySEC, or FSCA.

Regulation by a strict authority can save you from unnecessary trouble as it helps to ensure that the brokers follow their rules and frameworks aimed to protect clients. Also, it would be helpful to check the broker's reviews before registering so you can get an idea about the broker's real performance as well as the history of dealing with their clients.