Top 12 Best Forex Brokers In Nigeria For Online Trading

There are lots of Forex Investment Companies, but finding the right broker in Nigeria has always been a difficult one. If you are able to find a good one, you can be sure of making a quick and good profit when trading.

The most populous black nation, Nigeria has constantly remained the financial center in Africa for over a century. The country has varying figures of established reputable financial markets. Main securities markets include the Nigeria Stock Exchange (NSE) which engages in currency options, shares, stock index options, gold, silver, metals, officially listed stocks, traded options, foreign exchange, and several other commodities.

The top forex brokers in Nigeria for online investment or trading listed in this article will help you find reputable brokers to meet your needs.

Sometimes it is better to go for international forex brokers that welcome Nigerian clients and have oversight by a few of the leading forex regulators. But then, consider your trading needs carefully before committing yourself to a forex broker.

WHO IS A FOREX BROKER

A forex broker, which is also known as a currency trading broker normally acts as a link between the traders and the liquidity providers. The work of a Forex broker is to provide a trading platform for the buying and selling of foreign currencies.

It helps with the clients’ order and when choosing a forex investment company, it is recommended to choose the best one for a great forex trading experience.

Forex investment companies can be explained as companies/brokers that you invest your money with them for a trade involving buying and selling of foreign exchange currencies. The trading can be managed for you or you can ask the forex investment companies to trade on your behalf.

HOW DOES FOREX TRADING WORK

If your online trading is through forex investment platforms like OctaFx, the users will be given full control to manage their investment. If you have no formal experience, it is advisable to learn first through demo accounts normally allowed by most online forex brokers or you can just seek help from an experienced forex trader.

Notwithstanding, the app is easy to understand as it has been built to make it user friendly for anyone that wants to make money trading forex.

If you are a finance student or are familiar with financial instruments such as stocks, you should be able to learn quickly.

It is very simple to understand how it works. The main objective when trading in Forex is to exchange one currency for another in the hope that price change will reflect profit.

In other words, to make a profit on Forex Trading, you only need to purchase low in the hope that you will be able to exchange for a profit. Meanwhile, it is always difficult to know what is low but a good forex trader knows when to buy or sell.

For instance, You purchased €5,000 at the EUR/USD exchange rate of 1.2000, thereby paying 6000. Days after, you were able to sell or exchange the 5,000 euros into USD at the exchange rate of 1.4000, thereby making a profit of $1000.

If done right, it is just a matter of time before you start seeing Forex Trading as one of the most profitable online businesses in NigeriNig.

Note: All forex investment companies listed on this page have their apps on Google Play Store and Apple Store, you can download and install their respective forex apps if you are not comfortable with the webpages. Meanwhile, their websites are provided.

LIST OF BEST FOREX BROKERS IN NIGERIA

Finally, you can get started with the list of best forex investment companies. Ensure to use the demo account before you start trading with real money, it will prepare you for what to come. Below are the top forex brokers in Nigeria:

1. OctaFX

OctaFX was created in 2011 and has now gotten over 28 forex industry awards! They have executed over 288 million trades, have over 1.5million trading accounts, and reached over 100 countries around the world. They have built a great reputation with their speedy growth.

They support traders in the Forex market by discovering the best trading conditions. There is also a trading experience provided for skilled and newbie forex traders who can make more money with the same investment.

OctaFX offers a deposit bonus of 50% on each deposit which can be beneficial to support your trade and open positions of higher volume. You can decide to withdraw the bonus once you have met the volume requirement.

The platform gives no commission on your withdrawals and deposits and serves as one of the most considered exchange rates among forex brokers. It is always at your service when you trade with OctaFX. They also provide a fast system for withdrawals and deposits. Once you make a successful deposit, you can kick off trading immediately.

The minimum deposit amount to start trading on OctaFx is $5 and when converted to naira, it is about N2000. Payment can be made using your visa card, bitcoin, skrill, etc. You will be able to have a view of all payment channels available when depositing before you decide which of them you want to use.

2. Forextime (FXTM)

Forextime (FXTM) was established in 2011. They offer some of the most advanced features to forex traders in Nigeria. Some of these trading features include fast order execution, news feed, over 250 trading instruments, trading signals, a wide range of types of order, data protection, free courses and guides to help you begin, and so much more.

Their MT4 & MT5 platforms are obtainable for iPad, Mac, desktop, Android, and iPhone. They also offer the MT5 WebTrader with advanced charting tools that are provided for technical analysis which include channels lines, Fibonacci and Gann tools, and much more.

The technical analysis has a package that is made up of over 2000 custom indicators, 30 in-built indicators, and 700 indicators that can be purchased. There is also a provision for multiple orders which include limit and market orders, stop loss and more. The platform aids copy trading – an innovative FXTM program that allows forex traders to make their investments by copying the manager’s trades.

In addition, their MetaTrader comprises an in-built news feed. But then, FXTM provides VPS for automated trading.

The minimum deposit when trading in forex using FXTM is $10. FXTM will accept card transactions in EUR, GBP, and USD only and you can use your debit or credit card to deposit trading funds.

3. Markets.com

Markets.com is a top-level forex broker in Nigeria that offers a wide range of CFDs, low spreads, with the finest trading platforms obtainable. Some of the distinguishing key features of Market.com are:

  1. A total leverage of 1:300 when engaging in forex trading.
  2. Trading platforms – MetaTrader 4, MetaTrader 5, Marketsi, or Marketsi – offering advanced tools for trading.
  3. Access to over 2200 CFD products that are derived from forex, shares, bonds, indices, ETFs, blends, cryptos, and commodities.
  4. Reliable customer service support through phone calls, live chat, and emails.
  5. No commission forex spreads as low as 0.6 pips for EURUSD.

Marketsx should be considered when gaining access to a complete product range and also benefit from the total broker’s selection of unique trading tools. Marketsi is provided to help you focus on stock markets. It is preinstalled with required tools that are designated for share CFD trading, and also offers access to the full broker’s product range.

A key difference between Marketsx and Marketsi is the trading tools used in strategy development and analysis.

The minimum deposit to trade on markets.com is $250. If you are not ready to part with your money yet, you can get $10,000 in virtual money which you can use to learn all you know about this online foreign exchange business.

4. FXCM

FXCM was established in 1999 with a mission to make the largest and most liquid market globally accessible to traders through excellent trading educators, innovative trading tools, attaining financial standards, and striving for the best trading experience available online.

The company is a leading provider of CFD trading, online forex trading, spread betting, and other associated services. Clients are able to leverage on mobile trading, trading from real-time charts, one-click order execution, and a wide range of educational materials on Forex trading. They also offer premium resources to clients, along with trading tools, and proprietary data.

Clients have access to their dedicated customer support for the weekdays with offices in several locations around the globe. Hence, Nigerians have access to enjoy the trading opportunities provided by the company.

To start trading Forex, Indices, Commodities, and Crypto on FXCM, you will need a minimum deposit amount of $50.

5. ExpertOption

ExpertOption came to the limelight with a core focus of bringing 100% transparency into clients’ trading experience. They also make forex and financial education available to their prospective customers.

Through harnessing cutting-edge technologies, they curb off lags in the user interface and eliminate delays in order executions. Since its inception in 2014 and now, ExpertOption has generated over 30 million accounts and has also recorded over 30 million monthly transactions.

They also make available a demo account to help customers get used to the system through practice before moving on with a live account to trade.

The minimum deposit required to trade on Expert Option is $50 and you can start trading for as low as $1. To top up the minimum deposit on the expert option is $10.

6. Pepperstone

Pepperstone is a globally known forex broker that has earned a good reputation with their legit system and also won diverse prestigious awards from Deloitte, Investment Trends, and Compare Forex Brokers.

They are trusted with over 57,000 traders around the globe and their outstanding trading conditions and exceptional customer service stand them out among forex brokers in Nigeria.

Pepperstone was established in 2010 in Melbourne, Australia after a group of skilled traders devoted their resources to improve the online trading world. After being let down by poor customer support, delayed performances, and too expensive pricing, the team with shared commitment harnessed set out to make superior technology and low-cost spreads available to traders around the world.

Pepperstone proffers an easy-to-use interface. It boasts of everything needed for a trader to take on the global markets. There is a demo account that clients can make use of to get acquainted with the functionality of the system. A live account is also provided which can be funded from any part of the globe with the help of

Automated teller machine (ATM) card and help to start earning after having a good understanding of how the platform works.

The Pepperstone Standard Account recommended minimum deposit is AUD $200 or equivalent, customers can also deposit less.

7. AVATRADE

AvaTrade is one of the top Forex brokers in Nigeria for online investment that has continued to impact online trading innovatively since its inception in 2006. It was created from a unified effort of trading experts to perfect the experience of retail traders online.

They are devoted to making trade and investment easy for people through the support of the best-in-class personal service and veracity. The company has stretched its tentacles immensely to attain over 200,000 registered customers around the world and carrying out over 2,000,000 trades each month!

The company has sales centers and regional offices in Dublin, Tokyo, Paris, Milan, and Sydney. AvaTrade has proven excellence with the nine industry awards it has earned since 2009.

To get started on AvaTrade, the minimum deposit is $100 which can be paid via debit or credit cards which are the best choice for Nigerian investors. You will be able to trade with a minimum amount of $1.

8. IC Markets

IC Market is one other top forex broker in Nigeria. They fill up the gap between institutional and retail traders and make trading more viable around the world. They provide new and active day traders and scalpers with trading solutions.

They are working to revolutionize how forex trading is done online. So, unlike pricing which was previously only available to individuals who have high net worth and investment banks, traders now have access to it. Clients are ultimately provided with superior liquidity, cutting edge trading platforms, and low latency.

The team of financial service professionals who created the platform have projected their goal of creating the best and most transparent trading experience to help traders do better with trading.

They provide a demo account to help clients get acquainted with the trading portal and a live account that can also be accessed from any part of the globe.

The minimum deposit to begin your journey with IC Markets is $200. You have the options of depositing via PayPal, skrill, bank and wire transfer, Neteller, credit card, etc.

9. MBA Trades and Capital Investment Limited

MBA Trading and Capital Investment Limited runs with a focus on establishing platforms that will aid sustainable financial freedom and impact people with accurate Forex trading knowledge.

They currently have over ten offices in Nigeria with others situated in the United Kingdom and the United Arab Emirates (UAE). They also have over ten thousand active investors and are passionate to meet the needs of clients through the provision of an all-encompassing investment service.

The minimum deposit someone can make on MBA Trades and Capital Investment Limited is $1000 in its naira equivalence.

10. ALPARI

Alpari provides clients with a wide range of services that help to get the best resources, guidance, and advice for a successful financial future. They work steadily to make the markets easily accessible to both new and experienced traders.

Alpari is known for its tremendous successes recorded in the industry over the years. In over 20 years of running, they already have over 2,000,000 registered traders and covered about 20 areas across three continents around the globe.

Their clients enjoy easy trading through the provision of over two hundred and fifty trading instruments and also secure their platform by encrypting data. They provide a demo account for prospective clients to learn trading to get familiar with a live account for trading.

Depending on the account type, the minimum deposit ranges from N1000 to N25,000.

11. Hotforex

Hotforex was founded in 2010. They offer a very competitive spread of 0.3 pips for EUR/USD with Zero Account (1.2 pips with Premium, Micro Accounts), 0.6 for GBP/USD (depends on market fluctuations), 0.8 for USD/JPY. They offer trading on diverse platforms which can be accessed on different devices such as iPhone, Android, and desktop.

Hotforex is regulated with CySec, FCA (UK), and Financial Sector Conduct Authority (SA) which makes them a much-trusted broker for Nigerian traders. As a customer, you will be able to trade on platforms that are most widely used globally – MetaTrader 4 or MetaTrader 5.
They also allow customers to deposit and withdraw locally with a variety of wallet options too.

The minimum opening deposit on hotforex is $5. To get the 100% credit bonus, you will need a deposit of not less than $100. Only applicable to Micro, Premium, Islamic, and FIX accounts.

12. eToro

eToro was established as RetailFX in 2007 and currently one of the best forex investment companies that Nigerians use for their online forex trading.

Etoro platform provides anyone who is looking to make money through forex trading access to over 2,000 different financial assets with the option of investing with or without leverage.

Investors also get to enjoy low fees and commission. Meanwhile, when you open a long, non-leveraged position on a stock or ETF on eToro, you will not be charged a commission. No hidden fees, spreads, or charges.

The priority of any forex broker is to make sure that investors can trade without any security concerns. The FREE Insurance of up to 1 Million Euro/GBP/AUD should be able to give you the confidence that you are truly backing the right investment companies. Therefore if you are concerned about security, I can assure you that etoro is one of the most secured eforex platforms in the world.

Your funds are also kept separately to the extent that even if the company faces unlikely bankruptcy, your funds are paid back. There are other great features on etoro including a FREE $100K
Demo Account, Cyber Security Standards, CopyTrader, and Ready-Made
Investment Portfolios. Check out the app on your App Store to know more about them or simply visit the website.

Be aware that etoro does not offer bonuses on deposits, rewards, or promotions. Notwithstanding, it is still one of the best forex brokers in Nigeria, Africa, or any part of the world.

The minimum deposit amount to trade on eToro is $200. If you are living in the USA or Australia, the minimum first-time deposit is $50. For investors living in Lebanon, the Maldives, Venezuela, and Algeria, first-time deposit is $5,000.

Forex traders can fund their accounts via various deposit methods including skrill, Visa, MasterCard, PayPal, Neteller, Diners Club, and Maestro. You can also send a deposit via bank or wire transfer with a minimum deposit of 500 dollars.

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