10 Best Forex Brokers in Nigeria for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

Read Review

FSCA, CySEC, FCA, DFSA, FSCA, CMA

Read Review

SVGFSA

$25

Read Review

BVI FSC

Read Review

CySEC, FCA, FSA, FSCA, Labuan FSA

$100

Read Review

FSA, Cysec, FSCA, FSC,

Read Review

FSA, FSCA

$200

Read Review

ASIC, CySEC, FSA, SCB

$200

Read Review

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

Read Review

CySEC, ASIC, FSCA

$100

#10

Read Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

4.6/5

User Score

4.7/5

User Score

4.5/5

User Score

4.4/5

User Score

4.7/5

User Score

4.4/5

User Score

4.7/5

User Score

4.8/5

User Score

4.8/5

User Score

#10

4.7/5

User Score

Find The Best Broker For Your Trading Level.

Forex Brokers in Nigeria 📊(Forex Trading in Nigeria)

🏛️ Forex Broker	👨🏿Accepts Nigerian Traders	⚖️ Regulation	📈 Leverage	💰 Minimum Deposit	🔒 Open an account
HFM	✔️Yes	CySEC, FSA, FCA, FSCA, DFSA, CMA	1 : 2000	0 Nigerian Naira	👉 Click Here
Octa	✔️Yes	CySEC, FSA-St-Vincent, FSCA.	1 : 500	20 000 Nigerian Naira	👉 Click Here
AvaTrade	✔️Yes	Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA	1 : 30	41577 Nigerian Naira	👉 Click Here
Exness	✔️Yes	FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius)	1 : Unlimited	4158 Nigerian Naira	👉 Click Here
Trade Nation	✔️Yes	FCA, ASIC, FSCA, SCB	1: 200	0 Nigerian Naira	👉 Click Here
FBS	✔️Yes	IFSC, FSCA (South Africa), ASIC, CySEC	1 : 3000	416 Nigerian Naira	👉 Click Here
Alpari	✔️Yes	FSC	1 : 25	41577 Nigerian Naira	👉 Click Here
FXTM	✔️Yes	CySec, FSCA	1 : 30	4145 Nigerian Naira	👉 Click Here
JustMarkets	✔️Yes	FSA, CySec	1 : 3000	41577 Nigerian Naira	👉 Click Here
XM	✔️Yes	IFSC, CySec, ASIC	1 : 500	41577 Nigerian Naira	👉 Click Here

We explore everything from A -Z how to become a skillful trader and who are the top forex trading brokers in Nigeria for your style of trading.

For Nigerian Investors, forex trading can be a way to diversify their investment opportunities.

Forex trading in Nigeria involves speculating on the rise and fall of a currency’s fluctuations. It has become really popular in Nigeria with an estimated daily trading volume of ₦300-450 million.

You may be attracted to forex trading because it offers opportunities/potential to make good profits in less time (minutes & hours instead of months) with your investment.

But is trading in the forex market really profitable for small or retail individual investors? How much income can you earn from trading forex part-time or full-time? What are the risks?

There are so many other questions that may come to your mind if you are a beginner forex trader. We will try to answer all these questions and more with this guide.

Foreign exchange trading in Nigeria is overseen by the Central Bank of Nigerian (CBN), which has a regulatory framework in place to protect Nigerian traders. In addition, CBN also imposes certain criteria and requirements that must be met to ensure investor protection.

Several prominent online brokers have established their presence in the region, with some holding registered offices in Lagos while others offer a dedicated customer support team to Nigerian traders. With some of the biggest forex brokers, Nigerian traders have the option of registering a Nigerian Naira-denominated account, allowing traders to trade in their local currency.

We reveal the best brokers with real and registered offices in Nigeria. These are trusted and genuine brokers with a high trusts score.

In addition, several online brokers accept NGN deposits, which save Nigerian traders costs on currency conversion fees when they deposit or withdraw funds. While there are no restrictions on the forex brokers that Nigerian traders can use, whether local or international brokers, traders must ensure that they use well-regulated and verified Nigerian forex brokers.

18 Best Forex Brokers in Nigeria (2023):

HFM – Best Overall Broker in Nigeria
Octa – Best Analytics and Education
AvaTrade – Great Range of Tradable Instruments
Exness -️ Great Overall Broker in Nigeria
Trade Nation – MT4 Upcoming Forex Broker Nigeria
FBS – Highest Maximum Leverage offered
Alpari – Best Nigerian-based Forex Broker
FXTM (Forextime) – Best Nigerian Naira Account
JustMarkets – Lowest Niara Minimum Deposit in USD
XM – Lowest Spreads in the Trading Industry in Nigeria
IG – Best Nigerian ETFs Broker
7B Forex – Broker with local offices in Lagos. Nigeria
InstaForex – Best No Deposit Forex Bonus
OctaFX – Best Analytics and Education
Tifia – Best Niara Low Spread Trading Account
LiteFinance – Best Islamic Account in Nigeria
Plus500 – Best CFD Trading Broker in Nigeria
RoboForex – #1 Nigerian Broker for Beginners
Superforex – Low Spread Forex brokers in Nigeria

10 Best Forex Brokers in Nigeria for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

Read Review

FSCA, CySEC, FCA, DFSA, FSCA, CMA

Read Review

SVGFSA

$25

Read Review

BVI FSC

Read Review

CySEC, FCA, FSA, FSCA, Labuan FSA

$100

Read Review

FSA, Cysec, FSCA, FSC,

Read Review

FSA, FSCA

$200

Read Review

ASIC, CySEC, FSA, SCB

$200

Read Review

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

Read Review

CySEC, ASIC, FSCA

$100

#10

Read Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

4.6/5

User Score

4.7/5

User Score

4.5/5

User Score

4.4/5

User Score

4.7/5

User Score

4.4/5

User Score

4.7/5

User Score

4.8/5

User Score

4.8/5

User Score

#10

4.7/5

User Score

HFM

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSCA, CMA, CySEC, DFSA, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, HFM Trading App

Crypto

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on HFM’s website

Overview of HFM

HFM has been around for more than 12 years and as award-winning forex and CFD trading broker, HFM has been recognized as one of the trading providers with some of the best benefits for Nigerian traders.

Why we choose HFM

️ HFM is a globally recognized trading brand with more than 2.5 million active traders

️ HFM caters for novice traders and experienced traders alike

️ HFM offers an array of bonuses and promotions for new traders and existing loyal customers

️ There are several deposit and withdrawal options available, with the benefit that deposit fees and withdrawal fees are not charged despite the deposit/withdrawal method.

Features that make HFM stand out

Feature	Information
⚖️ Regulation	FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN Regulation?	No
📊 Trading Accounts	MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📊 Trading Platform	MetaTrader 4, MetaTrader 5
💰 Minimum Deposit (₦)	2,000 Nigerian Naira equivalent to $5
💰 Trading Assets	Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	No
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
Well-regulated in several global regions	There are no variable spread accounts
Offers some of the lowest spreads in the forex market on major currency pairs	There is a limited selection of funding options and withdrawal methods.
There are several account types to choose from
HFM accommodates all types of traders despite their trading strategies
Low minimum deposit requirement
Beginner traders and professional investors are both welcome
Educational tools, advanced trading tools, and several other comprehensive solutions are offered
There is a comprehensive market analysis offered
Technical analysis and fundamental analysis offered

Trust Score and Market Share in Nigeria

HFM has a trust score of 83% and a market share of 2.5% in Nigeria.

Overall Rating

Our overall rating for HFM as a broker for Nigerians is 9/10.

Octa

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

CySEC, FSA-St-Vincent, FSCA

Trading Platform

MT5, MT4, OctaTrader

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on Octa’s website

Overview of Octa

Octa was established in 2011 and offers a wide range of trading accounts and platforms to satisfy the needs of every kind of investor. Forex and CFD products are available at low costs from this company.

In addition to this, Octa provides traders with valuable trading tools, instructional materials, and a customer support staff that is always ready to assist.

Why we choose Octa

️ Octa offers award-winning services to Nigerian traders

️ Well-regulated by the Cyprus Securities and Exchange Commission and SVG FSA

️ Provides comprehensive trading solutions to all types of traders

Features that make Octa stand out

Feature	Information
⚖️ Regulation	CySEC, SVG FSA
⚖️ CBN Regulation?	No
📊 Trading Accounts	Octa MetaTrader 4 Habitual Trader, Octa MetaTrader 5 Smart Trader
📊 Trading Platform	MetaTrader 4, MetaTrader 5, Octa App
💰 Minimum Deposit (₦)	41,000 Nigerian Naira equivalent to $100
💰 Trading Assets	Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies.
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	No
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.6 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
Fixed spread accounts are offered to retail traders	US clients are restricted
The broker accepts hedging and scalping strategies	There are only a few financial markets that can be traded
Negative balance protection is applied to retail investor accounts
The broker is well-regulated and has a decent trust score
There is commission-free trading

Trust Score and Market Share in Nigeria

Octa has a trust score of 61% and a market share of 3% in Nigeria.

Overall Rating

Our overall rating for Octa is 7/10.

AvaTrade

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on Avatrade’s website

Overview of AvaTrade

AvaTrade is a multi-award-winning trading broker that is regulated in six countries and offers more than 1250+ trading products across numerous marketplaces.

Some of the greatest trading conditions in the world are provided to retail traders throughout the globe, including cheap fees, a competitive spread, rapid execution speeds, different account types, diverse financing methods, exceptional customer service, and much more.

Why we choose AvaTrade

️ AvaTrade is widely known as one of the best forex brokers for trading a range of instruments across several financial markets

️ AvaTrade offers high liquidity which is attributable to large trading volumes that exceed 2 million a month

️ AvaTrade is a globally recognized forex broker that offers some of the best trading conditions

️ There are several trading platforms offered including mobile trading apps, desktop platforms, and web-based platforms from MetaTrader to proprietary platforms

️ AvaTrade accommodates traders of all trading experiences despite their trading styles or trading strategy

Features that make AvaTrade stand out

Feature	Information
⚖️ Regulation	Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
⚖️ CBN Regulation?	No
📊 Trading Accounts	Retail Investor Account, Professional Account Option
📊 Trading Platform	AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💰 Minimum Deposit (₦)	41,000 Nigerian Naira equivalent to $100
💰 Trading Assets	Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	No
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.9 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
AvaTrade is multi-regulated and one of the most trusted online trading brokers in the world	Variable spreads are not offered
There is a wide range of financial instruments that can be traded across financial markets	There is a limited choice between account types
There are several technical indicators, economic indicators, and other solutions for advanced traders	Inactivity fees are applied
There are several trading platforms to choose from	Currency conversion fees may be applied
There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed to	There is a limited number of base currency options offered on accounts
There is a multitude of social trading opportunities offered
The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others.

Trust Score and Market Share in Nigeria

AvaTrade has a trust score of 96% and a market share of less than 5% in Nigeria.

Overall Rating

Our overall rating for AvaTrade is 9/10.

Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on Exness’s website

Overview of Exness

Exness is a multi-regulated forex and CFD broker that was founded in 2008, which shows its long-standing history as being one of the top brokers. Exness is headquartered in Cyprus with offices based in South Africa, the United Kingdom, Seychelles, the British Virgin Islands, and Curaçao.

While the worldwide brand offers a wide variety of opportunities for retail and corporate consumers, the firm’s subsidiaries also provide customized financial services and investment solutions for clients across the world.

Why we choose Exness

️ Exness offers a choice between five types of accounts with tight spreads and low commission charges

️ Exness offers unlimited leverage ratios

️ There is an ultra-low minimum deposit requirement when registering an account

️ There are several flexible funding options offered

️ Exness accepts deposits in Nigerian Naira

Features that make Exness stand out

Feature	Information
⚖️ Regulation	FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
⚖️ CBN Regulation?	No
📊 Trading Accounts	Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📊 Trading Platform	MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit (₦)	41,000 NGN (or equivalent to $10)
💰 Trading Assets	Forex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
Exness is a reputable international broker authorized by several reputable market regulators	There is a limited selection of tradable instruments in only a few financial markets
The broker offers some of the tightest spreads across all types of accounts	There is a limited selection of funding options offered
There are several account types to choose from, each accommodating different types of traders
There are various market metrics available including exchange rates, overall trading activities available, current market conditions, and more.
Exness is ideal for any Nigerian beginner traders and institutional investors
There are solutions offered for any type of professional trader who needs advanced options
There is a powerful proprietary mobile app offered
Client fund safety and investor protection is guaranteed
Multilingual 24/7 customer support is offered
Instant withdrawal methods are available

Trust Score and Market Share in Nigeria

Exness has a trust score of 97% and a market share of less than 5%.

Overall Rating

Our overall rating for Exness is 8/10.

Trade Nation

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSCA

Trading Desk

–

Crypto

Yes

Total Pairs

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on Tradenation’s website

Overview of Trade Nation

As a multi-regulatory brokerage, Trade Nation brings a new perspective to the world of online investing. In addition to CFDs on currency, indices, commodities, stocks, and shares of stock, they provide a simple trading platform that enables traders to trade a wide range of financial assets.

Why did we choose Trade Nation

️ Trade Nation is the trading arm of Finsa Europe Ltd. which is regulated by the Financial Conduct Authority (FCA) under reference 525164.

️ Trade Nation is a part of Finsa Pty Ltd, serving as the trading arm for the firm. Finsa Pty Ltd. is a firm that is regulated by the Australian Securities and Investments Commission under ACN 158 065 635, AFSL No. 422661.

️ Trade Nation Financial (Pty) Ltd is registered under 2018/418755/07 with regulation by the Financial Sector Conduct Authority under Financial Services Provider (FSP) number 49846.

️ Trade Nation Ltd is registered in the Bahamas under 203493 B, with regulation through the Securities Commission of the Bahamas SIA-F216.

Features that make Trade Nation stand out

Feature	Information
⚖️ Regulation	FCA, ASIC, FSCA, SCB
⚖️ CBN Regulation?	No
📊 Trading Accounts
📊 Trading Platform	MetaTrader 4, Trade Nation
💰 Minimum Deposit (₦)	0 Nigerian Naira
💰 Trading Assets	Indices Stocks Precious Metals Forex Commodities Energies CFDs
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	No, only GBP, USD, EUR, AUD, ZAR, DKK, NOK, and SEK
💰 Bonuses for Nigerian traders?	No
📈 Minimum spread	Fixed, from 0.4 pips
📊 Demo Account	Yes
☪️ Islamic Account	No
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
Trade Nation does not charge a minimum deposit, offering Nigerian traders with flexibility	There is a limited selection of funding options
The broker offers transparent fixed financial spread trading across several asset classes	The spread costs are not the lowest in the industry
There is a powerful desktop platform, innovative mobile trading app, and web-based trading platform	There are leverage restrictions on the UK and Australian clients
There is commission-free trading offered	United States clients are not accepted
There is a wide selection of educational content and beginner guides as part of an all-inclusive education material package	Inactivity account fees may apply
There is a dedicated customer service team offered
There is an active business community offered along with a dedicated affiliate program
Trade Nation offers international stability through a well-established regulatory framework
There is no deposit fee or withdrawal fee charged on deposit or withdrawal methods
There are several base currencies to choose from when registering a retail investor account

Trust Score and Market Share in Nigeria

Trade Nation has a trust score of 95 out of 99

Overall Rating

Our overall rating of Trade Nation is 9/10.

FBS

Overall Rating

Min Deposit

USD 5

Regulators

FSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

100% Deposit Bonus

Account Activation Time

Instant

on FBS’s website

Overview of FBS

FBS is a well-regulated forex and CFD broker that caters for traders from around the world, including Nigeria. FBS is known for its high leverage ratios, competitive trading conditions, and comprehensive trading solutions.

Why we choose FBS

️ Traders have access to high liquidity, attributable to high trading volumes from active traders

️ FBS offers leverage of up to 1:3000 across several trading accounts

️ FBS offers fast trade execution speeds

️ There are several advanced trading tools offered to experienced traders

Features that make FBS stand out

Feature	Information
⚖️ Regulation	IFSC, CySEC
⚖️ CBN Regulation?	No
📊 Trading Accounts	Cent Account, Micro Account, Standard Account, Zero Account, ECN Account, and Crypto Trading Account
📊 Trading Platform	FBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform
💰 Minimum Deposit (₦)	400 Nigerian Naira equivalent to $1
💰 Trading Assets	Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Crypto Assets
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
There is an extremely low barrier of entry with a low minimum deposit	The spreads offered on some accounts are wide
Well-regulated broker with a high level of trust	The demo trading expires after 40 days have lapsed
There is a selection of retail investor accounts	There is a limited selection of funding options
There are fast and flexible payment methods offered for deposits and withdrawal requests	There are only two base account currency options
Competitive trading conditions are offered	Currency conversion fees apply
Customer service team is available 24/7, including English language customer support
FBS prides itself as an official trading partner that offers a comprehensive affiliate program

Trust Score and Market Share in Nigeria

FBS has a trust score of 75% and an 8% market share in Nigeria.

Overall Rating

Our overall rating for FBS is 9/10.

Alpari

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on Alpari’s website

Overview of Alpari

Alpari has been in operation since 1998, operating under Exinity Limited, under the regulatory status of the firm with the Financial Services Commission (FSC) of Mauritius. Alpari is one of the largest trading brands in the industry, with offices in several locations, including Lagos, Nigeria.

Why we choose Alpari

️ Alpari caters specifically for Nigerian-based traders

️ There are eight global locations from where Alpari operates, making it a truly global entity

️ There are several services offered by the broker, ensuring that both beginners and professional traders can achieve their trading objectives.

️ Alpari offers a Nigerian Naira-denominated retail investor account

Features that make Alpari stand out

Feature	Information
⚖️ Regulation	Financial Services Commission Mauritius (FSC)
⚖️ CBN Regulation?	No
📊 Trading Accounts	Forex Standard Account, Forex Micro Account, Forex ECN Account, Forex Pro Account
📊 Trading Platform	MetaTrader 4, MetaTrader 5, Alpari Trading App
💰 Minimum Deposit (₦)	1,000 Nigerian Naira or 5 EUR, USD, or GBP
💰 Trading Assets	Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices
🔎 Nigerian Naira-based Account?	Yes
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.4 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
Alpari is an award-winning CFD and forex trading provider with offices in Nigeria	Fixed spreads are not available
Trading signals are provided through AutoChartist	There is no regulation through the Financial Conduct Authority, Cyprus Securities and Exchange Commission, or any other popular market regulators
Automatic trading and other trading styles are supported	Limited selection of educational tools, trading instruments, and research options
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Trust Score and Market Share in Nigeria

Alpari has a trust score of 95% and a market share of over 14% in Nigeria.

Overall Rating

Our overall rating for Alpari is 9/10.

FXTM

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

–

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on FXTM’s website

Overview of FXTM

With over 250+ trading products and stringent regulations in several countries, FXTM is an award-winning and reliable broker for beginners that has won many accolades. Beginner and expert traders may make use of a wide range of low-cost trading options, as well as intuitive desktop, mobile, and web-based forex trading platforms.

Why we choose FXTM

️ FXTM offers an ECN and STP execution model

️ FXTM is one of the best brokers that accommodates Nigerian traders

️ FXTM offers Nigerian-based customer service and support

️ There are over 1.3 million Nigerian traders that use FXTM’s services

Features that make FXTM stand out

Feature	Information
⚖️ Regulation	CySEC, FSCA, FCA, FSC Mauritius
⚖️ CBN Regulation?	No
📊 Trading Accounts	Micro Account, Advantage Account, Advantage Plus Account
📊 Trading Platform	MetaTrader 4, MetaTrader 5, FXTM Trader
💰 Minimum Deposit (₦)	4,100 Nigerian Naira equivalent to $10
💰 Trading Assets	Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets
🔎 Nigerian Naira-based Account?	Yes
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
FXTM is a multi-regulated and a reputable broker that has gained a high level of trustworthiness	Inactivity fees apply when the retail investor account becomes dormant
Dedicated customer support offered for Nigerian traders Several deposit options and withdrawal methods offered
There is a low minimum deposit requirement
Commission-free trading is offered
Deposit fees are not charged on any payment methods
Withdrawal processing times are quick
There are several educational tools offered
There is an exclusive risk management tool offered

Trust Score and Market Share in Nigeria

FXTM has a trust score of 93% and a market share of over 9% in Nigeria.

Overall Rating

Our overall rating for FXTM is 9/10.

JustMarkets

Overall Rating

Min Deposit

USD 1 / 430 NGN

Regulators

FSA, CySec, FSCA, FSC

Trading Desk

MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)

Crypto

Yes

Total Pairs

240+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on JustMarket’s website

Overview of JustMarkets

JustMarkets has been in operation since 2012 and is a CFD and forex broker based in Saint Vincent and the Grenadines.

Why we choose JustMarkets

️ JustMarkets not only accepts Nigerian traders but has a reasonable market share in the region

️ Nigerian Naira deposits are allowed when using this broker

️ There are high maximum leverage ratios offered

️ The broker has 18 liquidity providers that provide real-time pricing

️ There are several retail accounts to choose from

Features that make JustMarkets stand out

Feature	Information
⚖️ Regulation	FSA in Seychelles, FSA in Saint Vincent and the Grenadines, Cyprus Securities and Exchange Commission (CySec)
⚖️ CBN Regulation?	No
📊 Trading Accounts	MT4 Standard Cent, MT4 Standard Account, MT4 Pro Account, MT4 Raw Spread Account, MT5 Standard Account, MT5 Pro Account, MT5 Raw Spread Account
📊 Trading Platform	MetaTrader 5, MetaTrader 4, ZuluTrade, JustMarkets App
💰 Minimum Deposit (₦)	400 Nigerian Naira equivalent to $1
💰 Trading Assets	Indices, Energies, Forex, Metals, Cryptocurrencies, Shares, Futures
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
There is a wide range of flexible funding and withdrawal options including Skrill, Neteller, debit card, credit card, a bank transfer option, bank wire transfer, and more.	Limited choice in tradable financial instruments
Powerful mobile trading apps offered	Inactivity fees apply
Competitive cryptocurrency spreads are offered	There is no regulation through a trusted regulatory body such as the Financial Conduct Authority
Non-trading fees are transparent
There is a risk warning offered along with a decent range of training webinars, educational materials, and an array of articles for inexperienced traders
There are several retail investor accounts offered with negative balance protection

Trust Score and Market Share in Nigeria

Because of its offshore regulation, JustMarkets has a trust score of 49%. The market share that JustMarkets has in Nigeria is over 4%.

Overall Rating

Our rating of JustMarkets is 8/10.

XM

Overall Rating

Min Deposit

USD 5 / 2 075 NGN

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

Total Pairs

Islamic Account

Yes

Trading Fees

No (Just spread)

Account Activation Time

24 Hours

on XM’s website

Overview of XM

XM is a well-established market maker forex broker that has been in operation since 2009. XM is a well-known name in the trading industry known for its no-requotes and no rejections policy. XM offers access to robust trading technology and comprehensive trading solutions tailored to different types of traders from around the world.

Why did we choose XM

️ XM offers competitively low spreads, no rejections, and no requotes and 99.35% of all orders are filled in less than a second

️ XM is well-regulated and offers client fund security and investor protection

️ Nigerian traders can register an account with a low initial deposit

️ Nigerian traders may deposit funds into their account in Nigerian Naira, exempting them from currency conversion fees

Features that make XM stand out

Feature	Information
⚖️ Regulation	FSCA, IFSC, ASIC/AFSL, CySEC, DFSA
⚖️ CBN Regulation?	No
📊 Trading Accounts	Micro Account, Standard Account, XM Ultra-Low Account, Shares Account
📊 Trading Platform	MetaTrader 4, MetaTrader 5, XM Trading Point
💰 Minimum Deposit (₦)	2,000 Nigerian Naira (equivalent to $5)
💰 Trading Assets	Forex major, minor, and exotic currency pairs, Commodities, Stock CFDs, Equity Indices, Precious Metals, Energies, Shares
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.6 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
XM charges low spreads that include the broker’s fee for facilitating the trade	There are no fixed spreads offered
There are over 5 million active traders in the world that use XM	There are some regulatory restrictions applied to regions
Negative balance protection is applied to all trading accounts	Inactivity fees are applied to dormant accounts
There is a choice between different account types
Commission-free trades offered
Convenient funding options are available
Low trading costs that are transparent and do not contain hidden fees

Trust Score and Market Share in Nigeria

XM has a trust score of 84% and a market share of between 5% and 10% in Nigeria.

Overall Rating

The overall rating for XM is 9/10.

IG Group

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

On IG Group’s Website

Overview of IG Group

IG Group is a multi-regulated CFD and forex trading provider with over 17,000+ markets available for online trading, including Forex, Stocks, Cryptocurrencies, and CFDs. IG Group has a wide range of user-friendly and sophisticated trading platforms, trading tools, and educational materials.

Trade execution times are quick, and spreads are narrow at IG Group because of the broker’s large liquidity pools.

Why did we choose IG Group

️ IG Group is one of the oldest forex and CFD brokers in the trading industry

️ IG has a long list of licenses and regulations through several reputable authority entities

️ Traders have a choice between several trading platforms and trading accounts

️ IG Group offers Nigerian-based trading products as part of comprehensive trading offers

Features that make IG Group stand out

Feature	Information
⚖️ Regulation	FCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA
⚖️ CBN Regulation?	No
📊 Trading Accounts	IG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX)
📊 Trading Platform	MetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API
💰 Minimum Deposit (₦)	104,000 Nigerian Naira equivalent to $250
💰 Trading Assets	Forex, Shares, Indices, Commodities, Cryptocurrencies, Interest Rates, Bonds, ETFs, Futures, Options
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	No
📈 Minimum spread	0.1 pips (DMA) on EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
Offers a significant range of financial instruments, including Nigerian-specific trading instruments	High minimum deposit charged
There are several powerful trading platforms offered	Inactivity fees apply
There are competitive trading conditions that include low spreads, low commissions, and reliable trade execution
Traders can get free trading signals
There is a comprehensive IG Academy offered with dedicated educational resources
Convenient funding options provided along with free deposits and withdrawals
FIX API Direct Market Access trading is offered
There are Swap-Free Accounts offered for Islamic traders

Trust Score and Market Share in Nigeria

IG Group has a high trust score of 99% and a market share of less than 5% in Nigeria.

Overall Rating

The overall rating for IG Group is 9/10.

7B Forex

Overall Rating

Min Deposit

0 USD / ₦0

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Total Pairs

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on 7Bforex Website

Overview of 7B Forex

7Bforex offers world-class services and tools, as well as direct access to the world’s financial markets. Traders in Nigeria can rely on 7Bforex’s representation by Instant Web-Net Technologies Ltd, which has been providing top-notch service since 2010.

Why did we choose 7B Forex

️ 7BForex is a Nigerian-based broker that offers low minimum deposits and competitive trading conditions to all local traders.

️ 7BForex is a Nigerian-based forex and CFD broker that provides comprehensive and tailored solutions to beginner and professional traders in Nigeria.

️ 7BForex is one of few Nigerian-based forex and CFD brokers, making it one of the Top 10 options for Nigerian traders.

Features that make 7B Forex stand out

Feature	Information
⚖️ Regulation	None
⚖️ CBN Regulation?	No
📊 Trading Accounts	Standard Account, Classic Account, Elite Account
📊 Trading Platform	MetaTrader 4
💰 Minimum Deposit (₦)	12 USD / ₦5,000
🔎 Nigerian Naira-based Account?	Yes
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Avarage spread	From 1.3 pips
📊 Demo Account	Yes
☪️ Islamic Account	No
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
There are three accounts to choose from	The broker only accepts Nigerian traders
7BForex is a Nigerian-based broker that offers local customer support	Unregulated broker
Nigerian traders can trade in Naira because all account types are NGN-denominated	There is no client fund safety assurance
There are local deposits and withdrawals offered to Nigerians with the benefit that fees are not charged on either	Limited trading platforms
There is a demo account offered	Only offers NGN as the base account currency
There is high leverage provided up to 1:1000	Limited deposit and withdrawal options
The commissions charged are low and competitive	No Research Tools
MetaTrader 4 is offered across devices	Limited education
7BForex offers a comprehensive affiliate program	The demo account is only offered on one live account
There are several bonuses and promotions offered to Nigerian traders	There is no option for a Swap-Free or Islamic Account
There is dedicated and friendly customer support offered via several channels	The spreads are extremely wide on all accounts
There is instant trade execution without any requotes
Traders can open one live trading account of each type of account

Trust Score and Market Share in 7B Forex

7B Forex has a trust score of 90 out of 99

Overall Rating

Our overall rating of 7B Forex is 8/10.

InstaForex

Overall Rating

Min Deposit

USD 1

Regulators

CySEC, FSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on Insta Forex’s website

Overview of InstaForex

InstaForex, a multi-award-winning, licensed broker, was established in 2007 and has grown to be one of the biggest in the industry. Additionally, they provide a wide variety of account kinds and features, as well as popular forex trading platforms, technical analysis tools, and resources for traders of all skill levels.

Copy-trading solutions, easy deposit/withdrawal methods, and committed support staff are all available to Nigerian clients.

Why we choose InstaForex

️ InstaForex offers a No-Deposit Bonus of $1,000 which is higher than that of competitors

️ The broker is well-established and offers a choice of trading accounts

️ InstaForex offers social trading opportunities and tight spreads

️ InstaForex offers some of the best educational material

️ Customer support is offered 24/7

️ InstaForex offers comprehensive managed account options

️ InstaForex is one of the best brokers for scalpers, day traders, active traders, high-frequency traders, and algorithmic traders

Features that make InstaForex stand out

Feature	Information
⚖️ Regulation	FSC, SIBA, BVI
⚖️ CBN Regulation?	No
📊 Trading Accounts	Insta.Standard, Insta.Eurica, Cent.Standard, Cent.Eurica
📊 Trading Platform	MetaTrader 4, MetaTrader 5, InstaForex Platform
💰 Minimum Deposit (₦)	400 Nigerian Naira equivalent to $1
💰 Trading Assets	Currency Pairs, Share CFDs, Precious Metals, Futures CFDs, Cryptocurrencies, InstaFutures, Commodity Futures, Energies
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 Pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
The broker offers commission-free trading	There are restrictions on leverage for European Union clients
MetaTrader 4 and 5 are both offered, available across devices	US clients are not accepted
The broker is well-regulated and offers competitive trading conditions
There is a choice between retail investor accounts, each suited to different types of traders
There is a wide range of tradable assets offered

Trust Score and Market Share in Nigeria

InstaForex has a trust score of 90% and a market share of more than 7% in Nigeria.

Overall Rating

Our overall rating of InstaForex is 8/10.

Tifia

Overall Rating

Min Deposit

USD 10 / 4146 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

60+

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on Tifia’s Website

Overview of Tifia

Tifia is one of the best Nigerian-based CFD and Forex brokers. Tifia offers local Nigerian-based support, comprehensive trading solutions, and a choice between powerful trading platforms

Why did we choose Tifia

Tifia provides a wide choice of financial products for trading online using MetaTrader 4/5 platforms for desktop, web, and mobile devices.

Tifia offers a wide range of account options, including ECN trading, which offers fast transaction execution, cheap costs, and low spreads.

Tifia accepts traders of all types from Nigeria, offering them comprehensive trading solutions.

Features that make Tifia stand out

Feature	Information
⚖️ Regulation	The Vanuatu Financial Services Commission (VFSC), The Financial Services Commission in Mauritius (FSC)
⚖️ CBN Regulation?	No
📊 Trading Accounts	Micro Account, ECN Classic Account, ECN Pro Account
📊 Trading Platform	MetaTrader 4 MetaTrader 5 Tifia Forex Analysis App
💰 Minimum Deposit (₦)	4,100 Nigerian Naira or an equivalent to $10
🔎 Nigerian Naira-based Account?	Yes
💳 NGN Deposits Allowed?	Yes
💰 Tradable Assets	Forex Precious Metals Commodities Indices Stocks
📈 Maximum Leverage	1:1000
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Regional Restrictions	United States, Vanuatu, Japan, Canada, Israel, Belgium, and Mauritius, among others

✔️ Pros	❌ Cons
Traders can choose between three account types	There are no educational materials offered
There is an Islamic account offered to Muslim traders	There is a limited selection of tradable markets
Nigerian traders can set Naira as their account base currency	Withdrawal fees are charged
There are local deposits and withdrawal options given to Nigerian traders	The spreads are not the tightest
There are no deposit fees charged	There are no individual stocks and crypto trading is not supported
Commission-free trading is provided
There is comprehensive and quality analysis given through Claws and Horns
Social trading is supported and there is free VPS for traders

Trust Score and Market Share in Tifia

Tifia has a trust score of 90%.

Overall Rating

Our overall rating for Tifia is 8/10.

Plus500

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA

Trading Desk

WebTrader

Total Pairs

Crypto

Yes (Availability subject to regulations)

Trading Fees

Low

Account Activation Time

24 Hours

on Plus500’s website

Overview of Plus500

Plus500 is one of the most popular CFD brokers in the world that offers a proprietary trading platform with a range of advanced features. Plus500 is perfect for Nigerian traders who do not want to own the underlying asset, and who subsequently want to benefit from the changes in the price movements of these assets.

Why we choose Plus500

️ Plus500 is well-regulated and has a long-standing reputation in the trading industry

️ There are over 2,000 financial instruments that can be traded through powerful proprietary trading platforms

️ Plus500 is one of few stock exchange-listed brokers featured on the London Stock Exchange

️ Plus500 is a constituent company featured on the FTSE 250 Index.

Features that make Plus500 stand out

Feature	Information
⚖️ Regulation	ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS
⚖️ CBN Regulation?	No
📊 Trading Accounts	Standard trading account
📊 Trading Platform	Proprietary mobile trading app mobile devices and web-based trading
💰 Minimum Deposit (₦)	41,000 Nigerian Naira equivalent to $100
💰 Trading Assets	Forex, Indices, Commodities, Cryptocurrencies, Shares, Options, Exchange-Traded Funds (ETFs)
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	No
💰 Bonuses for Nigerian traders?	No
📈 Minimum spread	0.8 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	No

✔️ Pros	❌ Cons
Plus500 is one of the trusted CFD trading providers in the world	Guaranteed stops are offered at an additional charge
Offers 24/7 customer support across several communication channels	There is restricted maximum leverage
All Client funds that are deposited with the broker are held in segregated accounts with top-tier banks in regions where Plus500 operates	Inactivity fees are charged
There are more than 2,000 financial instruments that can be traded	Trading strategies are limited and expert advisors, automated trading, hedging, scalping, and others, are prohibited
All trades are commission-free	There is no desktop platform offered
There is negative balance protection applied to the trading account
Trading costs are low and accommodate the financial restrictions that Nigerian traders may have

Trust Score and Market Share in Nigeria

Plus500 has a trust score of 99% and a market share of below 5%.

Overall Rating

Our overall rating for Plus500 is 9/10.

LiteFinance

Overall Rating

Min Deposit

USD 50 / 20717 NGN

Regulators

CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, Web-based

Crypto

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

On LiteFinance’s Website

Overview of LiteFinance

LiteFinance is a Cyprus-based forex and CFD broker that has been in operation since 2005. LiteFinance is a globally recognized entity that holds offices in several regions including in Kyrgyzstan, Nicaragua, Vietnam, Myanmar, India, Nigeria, Indonesia, Tanzania, Kenya, Thailand, Philippines, Ghana, Afghanistan, and Uganda.

Why we choose LiteFinance

️ LiteFinance accommodates Nigerian traders despite their trading experience

️ There are several advanced trading tools offered including comprehensive market analysis

️ LiteFinance offers a comprehensive Islamic Account for Muslim traders

Features that make LiteFinance stand out

Feature	Information
⚖️ Regulation	CySEC
⚖️ CBN Regulation?	No
📊 Trading Accounts
📊 Trading Platform	MetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App
💰 Minimum Deposit (₦)	20,000 Nigerian Naira equivalent to $50
💰 Trading Assets	Forex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips EUR/USD
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
LiteFinance is well-regulated and compliant with MiFID requirements	VPS is not provided free of charge
Expert analysis is provided through Claws & Horns	Commission charges are not the cheapest
There is a market-leading analysis app provided to Nigerian traders	There is a limited selection of tradable instruments
Dedicated client support offered in several languages

Trust Score and Market Share in Nigeria

LiteFinance has a trust score of 76% and a market share of less than 5%.

Overall Rating

The overall rating for LiteFinance is 7/10.

RoboForex

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Total Pairs

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on RoboForex’s website

Overview of RoboForex

One of the key features of RoboForex is that it offers a wide range of tradable instruments, a choice between trading accounts, and competitive features. RoboForex, which has won several awards throughout the years, is a trusted option for Nigerian traders.

Why we choose RoboForex

️ RoboForex offers the best deposit methods for Nigerian traders

️ There are several retail investor accounts to choose from

️ There is a choice between trading platforms

Features that make RoboForex stand out

Feature	Information
⚖️ Regulation	International Financial Services Commission (IFSC)
⚖️ CBN Regulation?	No
📊 Trading Accounts	Prime Account, ECN Account, R StocksTrader Account, ProCent Account, Pro Account
📊 Trading Platform	MetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app
💰 Minimum Deposit (₦)	4,100 Nigerian Naira equivalent to $10
💰 Trading Assets	Forex, Stocks, Indices, Cryptocurrencies
🔎 Nigerian Naira-based Account?	No
💳 NGN Deposits Allowed?	Yes, through AstroPay
💰 Bonuses for Nigerian traders?	Yes
📈 Minimum spread	0.0 pips
📊 Demo Account	Yes
☪️ Islamic Account	Yes
✴️ Social Trading Offered	Yes

✔️ Pros	❌ Cons
The broker offers more than 12,000 markets that can be traded	US clients are not accepted
There are several flexible account types offered	There are no fixed spread accounts
Trading education is offered to all traders
There are several powerful trading tools
The broker applies negative balance protection to all retail trading accounts

Trust Score and Market Share in Nigeria

RoboForex has a trust score of 66% as an offshore broker with a market share of less than 5%.

Overall Rating

The overall rating that we give RoboForex is 9/10.

SuperForex

Overall Rating

Min Deposit

USD 1 / 415 NGN

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

Trading Fees

Low

Account Activation Time

24 Hours

on SuperForex’s website

Overview of SuperForex

SuperForex was formed in 2013 to make forex more accessible and incorporated into everyday life. Currently, the broker has operations in more than 150 countries throughout the world from its headquarters in Belize, which is in Central America.

Why did we choose SuperForex

️ SuperForex offers Nigerian traders the chance to start trading forex without a minimum deposit requirement.

️ Nigerian traders automatically qualify for an $88 no-deposit bonus, with the benefit that they can make a $10 deposit to receive a second no-deposit bonus of $99.

️ Offices may be located all around the globe

Features that make SuperForex stand out

Feature	Information
⚖️ Regulation	IFSC
⚖️ CBN Regulation	No
✔️ Accepts Nigerian Traders?	Yes
💳 Minimum deposit (NGN)	400 Nigerian Naira ($1)
Average spread from	Variable spread
📈 Maximum Leverage	1:1000
👥 Customer Support	24/5

✔️ Pros	❌ Cons
SuperForex offers user-friendly trading software	US clients are restricted from registering with SuperForex
There is a low minimum deposit requirement
Traders have access to wide range of training resources
SuperForex offers a range of useful trading tools
There are social trading opportunities provided

Trust Score and Market Share in Nigeria

SuperForex has a trust score of 3.5/5.

Overall Rating

The overall rating for SuperForex is 6/10.

How to choose a forex broker

Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

Regulations and Licenses

This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulation such as FSA, SVG BVI, FSC, and others.

Account Features

Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

Deposits and Withdrawals

Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

Range of Markets

The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.

Customer Support

Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

Trading Platform

A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

Education and Research

Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

️ eBooks

️ Trading guides

️ Trading knowledge on leveraged products

️ A risk warning on complex instruments

️ Educational videos

Research can include some of the following:

️ Trading tools

️ Commentary

️ Status of International Markets

️ Price movements

️ Market sentiments

️ Whether there is a volatile market

️ Exchange Rates

️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

Frequently Asked Questions

Which forex brokers have offices in Nigeria?

Alpari and FXTM are two popular forex brokers who have designated offices in Lagos, Nigeria.

Which are the best forex brokers for Nigerian traders?

The brokers that are featured on this list are some of the best forex brokers for Nigerian traders.

Which is the best forex broker for Beginners in Nigeria?

AvaTrade is the best forex broker for beginners in Nigeria because of the extensive educational materials offered.

What is the best trading platform in Nigeria?

MetaTrader 4 is widely considered as the best trading platform in Nigeria and the overall trading industry.

Why is forex trading popular in Nigeria?

The foreign exchange market in Nigeria is easily accessible and there are lower trading costs involved than with other markets, making it easier for new traders to emerge and start making profits.

How do forex brokers in Nigeria make money?

Forex brokers make their money either from the spreads or commissions that are charged on trades.

How do I know whether a forex broker is regulated?

You can check the market regulator and search the license number that the forex broker lists on their official webs

What is Forex Trading in Nigeria? Here is a comprehensive Guide (2023)

An overview of foreign exchange in Nigeria

Beginner Nigerian traders who are starting in the foreign exchange market, and who have some disposable Nigerian Naira that they can afford to invest, may be wondering what forex trading is, how they can start trading forex from Lagos, Nigeria, and whether they are covered by the Central Bank of Nigeria (CBN).

The forex market is a global platform where currencies can be exchanged, even the Nigerian Naira, regardless of whether it is for business, travel, or leisure. Every exchange rate is determined by various factors such as the overall economic situation in Nigeria, news releases, and so on.

While there is no single, centralized forex market or exchange located in Lagos, Nigeria, forex trading can be carried out over a network of computers, with the Central Bank of Nigeria (CBN) overseeing forex trading activities in Nigeria, ensuring that traders are protected.

Forex trading can therefore be considered as a combination of foreign currencies and exchange rates. The act of converting one currency into another (e.g. Nigerian Naira to US dollars) is known as foreign exchange and can be done for several purposes, the most common of which being business, trade, or tourism.

Every day, $6.6 trillion worth of currency is traded on the foreign exchange market, according to a Bank for International Settlements (BIS) research released in 2019. A currency exchange market is a valuable tool because it allows us to buy and sell goods and services both inside our own country and across international boundaries.

Nigerians must exchange currencies to allow for international commerce, business, and travel. To trade currencies, traders must be connected to one of the main financial hubs in Frankfurt (Hong Kong), Hong Kong (London), New York (Paris), Singapore (Sydney), Tokyo (Zürich) or Frankfurt (Frankfurt).

Nigerian traders have the benefit that they can connect to any of these sessions according to their unique trading strategy and trading horizon.

A high level of volatility and continuous price movement characterize the currency market. Forex markets are dominated by commercial and investment banks, but there are also speculative possibilities for professional and individual investors to trade one currency against another.

The currency asset class has two main characteristics:

It is possible to profit from the difference in the interest rates between two currencies.
Changes in the value of the dollar may be used to your advantage.

Investors can benefit from the difference in interest rates between two distinct economies by purchasing and selling currencies with differing rates of return. Forex trading is a potential source of money for Nigerian investors.

It is all about speculating on the movement of a currency’s value in a disciplined and strategic manner, using a solid trading plan and proven trading strategies.

With an estimated daily transaction volume of 300-450 million, forex trading has grown very popular in Nigeria. Nigerian traders are often drawn to forex trading since it provides the opportunity to generate substantial gains in a shorter period (minutes and hours instead of months).

In this article, you will learn about the following:

An Introduction Into Forex Trading Basics

The foreign exchange market is the platform that facilitates the exchange of currencies globally. A currency is considered one of the most vital tools because it allows Nigerian traders to buy and sell goods and services both inside their own country and across international boundaries.

For example, when someone buys cheese from France, they are required to pay using euros. The individual can exchange their currency either through a broker or they can exchange it at a currency exchange kiosk.

Travelling works in the same manner, for example, euros are not an accepted currency in Egypt, which means that a French visitor cannot pay for a visit to the pyramids with euro. In this scenario, the traveller must convert their euros to the Egyptian pound to pay for their tour.

Foreign exchange (forex) trading is similar in many ways to stock trading, with Nigerian traders trying to acquire currencies that they believe will rise in value or sell currencies that they believe will fall in value.

Traders can choose from the following three ways to trade forex:

Spot Market. Exchange rates are set in real-time here on the principal forex market based on supply and demand.
Forwards Market. To secure an exchange rate for a certain amount of money at a future date, Nigerian forex traders might engage in a legally binding (private) contract with another trader instead of immediately completing a deal.
Futures market. Traders may also select for a conventional contract to buy or sell a preset quantity of a currency at a predetermined exchange rate at a future date.

Factors that drive the Forex Market

Because of the wide variety of currencies traded on the forex market, it is impossible to make accurate forecasts about the direction of exchange rates. When it comes to forex, supply and demand are the primary factors that determine the price movement, and it is necessary to grasp these variables to be successful.

Market Sentiment

The overall market sentiment associated with forex is often influenced by recent events. This is a factor that could have a significant impact on currency pricing. Trades will be made according to what Nigerian traders feel the currency is going to do, which may either increase or decrease demand for the Nigerian Naira.

Economic Data

Both theNigerian economy's performance and the CentralBank of Nigeria’s future policy decisions are inextricably linked to currency price fluctuations, and therefore economic data is so important.

Credit Ratings

Nigerian traders' primary goal is to maximize their profit while minimizing their exposure to market risk. These Nigerian traders can use credit ratings in addition to interest rates and economic data when making investment decisions.

News Reports

As a general rule, commercial banks and other investors prefer to invest in economies with a positive outlook. A favourable piece of news about a particular location may promote investment and enhance demand for that region's currency if it reaches the markets. If more positive news about Nigeria and its economy emerges, there will be increased investment from foreign investors.

There must be an equal or greater increase in the supply of money for the price to rise. In the same way, bad news may induce a decline in investment and a fall in the value of a currency. Currency values are influenced by the stated economic health of the area they represent.

Central banks

Central banks have the power to announce supply-control policies that have a substantial impact on the value of their currency. Injecting more money into an economy, such as via quantitative easing, may lower the value of its currency. The Central Bank of Nigeria (CBN) manages the supply of Nigerian Naira in the country, much like other central banks are in their respective regions.

Forex Terminology

The language of each market is distinct. Before getting into forex trading, Nigerian traders need to know these terms:

Currency Pair – all forex trades are carried out using currency pairs ranging from major pairs, minor pairs, and exotic pairs, with the Nigerian Naira falling into the category of an exotic currency.
Pip – Pips are the currency pair’s measurement of movement. Subsequently, a percentage in point refers to the one-digit change in the fourth decimal place of a currency pair.
Ask refers to the lowest price at which traders are willing to buy a currency pair.
The bid refers to the price at which the trader is willing to sell a financial instrument.
Bid-Ask Spread, or just the spread, refers to the difference that exists between the purchase and sell prices for a currency pair. When Nigerian traders start a forex position, they will see two prices, like many other financial markets. The purchase price is above the market price if traders wish to initiate a long position. The sell price, which is a little below the market price, is the price at which they buy to initiate a short position.
Bear markets refer to times when prices decline in the forex market, showing Nigerian traders that there is a market downtrend because of depressing economic fundamentals, events, and other factors.
Bull markets refer to times when the prices increase in the forex market, indicating that there is an upward trend because of optimistic news.
Contract for Difference (CFD) is a derivative and complex instrument that allowsNigerian traders to speculate on price movements for financial instruments without owning the underlying asset.
Lot – Currencies are traded in lots and it refers to the batches of currencies that are used to standardize forex trades. Forex price movements are small, and this means that lots can be very large, with a standard lot 100,000 units of Nigerian Naira, or any other base currency.
Leverage – When using leverage,Nigerian traders can trade with much larger sums of money without having to pay the whole value of their trade at the beginning of the transaction. Subsequently, traders pay a small amount of money, known as the margin requirement, to the online broker as collateral for the trade.
Margin – Leveraged trading would be impossible without margin money. The initial deposit that traders make to create and maintain a leveraged position is referred to as a margin deposit.

Understanding Currency Pairs

Every currency in the world is assigned a three-letter code, with the Nigerian Naira expressed as NGN in the forex market. The US dollar (USD) is engaged in the great bulk of foreign exchange trading even though there are more than 170 other currencies in existence.

The euro (code: EUR), which is used in 19 EU nations, is another popular currency in the foreign exchange market.

Additional well-known currencies include:

Japanese yen (JPY)
British pound (GBP)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Swiss franc (CHF)
New Zealand dollar (NZD)

All forex trades involve two currencies that form a currency pair. Forex trading relies heavily on the following seven currency pairings, which are also referred to as the forex majors:

EUR/USD
USD/JPY
GBP/USD
AUD/USD
USD/CAD
USD/CHF
NZD/USD

For each currency pair, the current rate of exchange between the two currencies is represented by the two currencies in the pair. For example, because it is the most popular pair, the EUR/USD can be used as an example to explain how a forex pair works.

On the left traders will see the base currency, which is the euro.
The quotation currency is represented by the US dollar on the right.
The exchange rate refers to how of the quote or counter currency Nigerian traders need to purchase a single unit of the base currency. Subsequently, the base currency will always be expressed as a single unit, with the quote currency varying according to the current market and the amount needed to buy a base currency unit.
For example, if the exchange rate between EUR/USD is 1.2, it means that it will cost traders 1 EUR to purchase 1.20 USD, or it would cost them 1.20 USD to purchase 1 EUR.
When the exchange rate increases it means that the base currency has appreciated and if the exchange rate falls, it means that the base currency has depreciated.

Nigerian traders must note that the base currency is normally listed first, followed by the quotation currency.

However, historical practice dictates that certain currency combinations be represented differently. Conversion rates between the United States Dollar and the Euro are displayed as EUR/USD rather than USD/EUR.

How can Nigerian Traders Start Trading?

Investing in the stock market is a lot like FX trading. To begin a forex trading career, Nigerian traders can follow these simple steps.

Learn about Forex

If Nigerians are new to trading, they need to take the time to learn as much as they can about forex.Nigerian traders must acknowledge that forex trading typically offers higher leverage ratios than any other financial market. In addition, the factors that drive the forex market are also different to those that drive equity market prices.

Any political and economicalnews in Lagos, Nigeria can spart volatile movements in the forex market, either in an upwards or a downwards trend.

Traders who are just starting out have a plethora of training material, books, courses, classes, and other educational materials, tools, and resources at their disposal to ensure that they are thoroughly educated in forex trading.

Choose a broker and set up an account

To get started in forex trading, Nigerian traders need to open an account with a brokerage firm. Some forex brokers make up their fees by charging a flat commission on trades.

However, other Forex brokers do not impose any fees for trading. It is instead via the spread in forex trading (indicated in pips) that exist between the purchasing and selling prices that they earn their money.

Micro accounts are ideal for beginner Nigerian traders because they have lower capital requirements, lower degree of risk, and smaller positions size of 1,000 units of base currency, in this case, Nigerian Naira depending on whether they are buying or selling currency.

To put things in perspective, one normal account lot is equivalent to one hundred thousand dollars. With a micro forex account, Nigerian traders can learn the basics of forex trading and find out what kind of trading strategy works best for the trader.

While the CBN approves forex trading and provides a regulatory framework, it is the responsibility of Nigerian traders to ensure that they only use the services of regulated brokers

Develop a trading strategy

Having a trading strategy can help Nigerian traders define broad rules and a road map for trading, even if they cannot always foresee and time market action.

The truth of the trader’s financial circumstance, any financial restrictions, and trading goals should be the foundation of any sound trading plan.

Traders must consider how much money they are willing to invest and the degree of risk they are prepared to face to avoid losing their initial deposit. It is important to remember that forex trading is a high-leverage business. Those who are prepared to take the risk, however, will reap greater benefits.

Traders must remain on top of their numbers

The fourth rule of trading is to verify the positions every day after the trading day has ended. There is already a daily accounting of transactions provided by most trading software. If Nigerian traders have any open positions that need to be closed, they must make sure that they have enough money in their trading account to cover any future transactions.

Traders must remain on top of their numbers

Ensure emotional Equilibrium

Beginner forex trading may be a roller coaster of emotions, with many unresolved issues. There are many uncertainties in forex trading and unanswered questions.

Subsequently, it is critical to maintain a level of emotional stability regardless of the trading positions’ successes or failures. When it is time to close a position, traders must be strict about it.

Forex Trading Strategies

Nigerian forex traders use forex trading strategies, despite whether they are active traders who have a forex career, or they trade when they are home. It is super important to choose a reputable forex broker in Nigeria.

Trading differs from gambling and guesswork in that it relies on a plan to guide a trader’s choices. Many traders build their trading systems from the ground up by taking components from other traders’ work and modifying them to suit their own requirements.

Forex signals and technical indicators are typically part of a currency trading strategy. Using a forex trading signal, traders may get a sense of the market’s entry and exit locations.

Automated or manual approaches may be used to identify these signals. Trading chances are found by examining chart patterns and averages using manual approaches. Trading signals are generated, and transactions are executed automatically by algorithms based on a variety of predetermined circumstances.

Nigerian traders can utilize a wide variety of trading methods to help them make smarter selections when it comes to trading. Technical analysis, as well as fundamental analysis, may be used together in forex trading methods, just as in other trading systems.

Traders can subsequently construct a more well-rounded trading strategy by combining elements of both technical and fundamental analysis.

Any forex trading strategy selection criteria must first be established. Nigerian forex traders must consider the following to help them narrow down the search on an ideal strategy:

The time that the trader can dedicate to trading forex
The forex pair that the trader wants to focus on
The position size
Whether the trader wants to enter a long or short position

Traders use the following forex trading methods to organize their trading activities. These tactics may be used in any financial market, not only the currency market.

To be an effective trader, Nigerian traders must first identify their own style of trading. In addition, traders can open a virtual trading account to practice and test forex trading tactics.

Forex Scalping

Scalping is best suited to forex traders that like short-term transactions lasting only a few
minutes, or those who want to take advantage of many market changes.

With forex scalping, the goal is to make modest but frequent profits while also trying to keep losses to a minimum while trading NGN. As a result of the huge leverage used in these short-term deals, a trader might still suffer large losses.

This forex strategy is best suited for Nigerian traders who can devote the necessary time and attention to the larger trading volumes and the resulting quick transactions. The following are times of high trade volume:

Between 8 am and 12 pm (GMT) when the New York and London stock exchanges operate.
Between 7 pm and 2 am (GMT) when the Tokyo and Sydney exchanges operate.
Between 3 am and 4 am (GMT) when the Tokyo and London exchanges are operational.

The best forex pairs to trade using scalping strategies are as follows:

EUR/USD
USD/JPY
AUD/USD

Position Trading

Traders with the greatest patience may choose forex position trading, which does not pay as much attention to short-term swings in the market and instead concentrates on the long run.

Investors who have a long-term view of currency markets may maintain holdings for months or even years at a time. Long-term gains are expected from this method.Position trading in Forex is best suited for Nigerians who cannot devote hours of their day to trading but have a deep grasp of market basics.

Day trading in the Forex market

Day trading is an alternative to scalping if Nigerian traders wish to trade for short periods but are not comfortable with the fast-paced nature of the method.

Each day, on average, just one deal takes place, and it is not held overnight. Intraday price movements in the relevant currency pair determine profit or loss.

Because of the time and effort required for this form of trading, Nigerian traders need to partner with a broker that can grasp economic performance and factors that might have an impact on their trade.

Subsequently, the trading position may be adversely affected if any important economic developments occurred on that day.

Swing trading in the foreign exchange market
Traders who want a mid-term trading strategy that allows them to hold positions for many days might use swing trading, which tries to benefit from movements in price.Even while it requires less attention to the market than does day trading, this method exposes Nigerian traders to overnight or gapping disruptions.

Carry Trade

Borrowing money at a lower interest rate from one currency pair and investing it in another with a higher interest rate is known as a “carry trade.”Based on the currency combination, this method might be either beneficial or negative to Nigerian traders. It is all about taking advantage of the “interest rate disparity” between the two currencies.

Forex Charting

In forex trading, there are three sorts of charts. They are as follows:

Line Charts
Bar Charts
Candlestick Charts

Line Charts
A currency’s larger movements may be seen using line charts. A candlestick chart is the simplest and most often utilized chart style in the forex industry today that Nigerian traders can use. For the given periods, they show the currency’s closing trading price on an hourly, daily, or weekly basis.

Trading techniques can easily be developed using the trend lines that can be seen on a line chart. Price breakouts or trend shifts may be detected using the information contained provided in a trend line, for example.

Bar Charts
In the same way that they are used in other contexts, bar charts are employed by advanced Nigerian traders to illustrate trading periods. Bar charts are known to be more informative than line charts, albeit being a little more complex.

Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal.

The trading day’s opening and closing prices are shown by dashed lines on the left and right, respectively. When prices rise, the colour green or white can be used to represent that, while when prices fall, the colour red or black is typically used.

Currency traders may use bar charts to determine if the market is a buyer’s or a seller’s market.

Candlestick Charts
Japanese rice dealers employed candlestick charts for the first time in the 18th century. They have a more pleasing appearance and are simpler to understand than the previous chart kinds.To show the opening and highest price point of a currency, Nigerian traders utilize the top section of a candle, while the bottom portion of a candle is used to show the closing price and lowest price point.

A down candle is coloured red or black, while an up candle is coloured green or white and signifies a time of rising prices. Candlestick charts may be used to determine the direction and movement of the market based on the formations and shapes they display.

Candlestick charts often use the hanging man, and the shooting star patterns.

Forex Trading Risk Management

Young Nigerians have become dedicated fans of forex trading, making it one of the most popular ways to participate in the financial markets in the country. Mobile devices and desktop computers can both use it, and it is accessible all the time, making them a great deal less expensive than other options. The only requirements are a cell phone and some capital.

Mobile trading platforms have become extremely popular in Lagos as it allows Nigerian traders to remain updated on their trading while they travel.

Regardless of the broker, 60-90% of traders who engage in Forex trading lose money. It is common for traders to lose money because they do not have a risk management plan in place to limit their losses.

There are a few basic techniques to reduce risk when developing a good risk management plan:

Use a well-regulated broker
Keep leverage usage to a minimum
Trade Major Currency Pairs
Use a reputable copy-trading platform
Use stop-loss orders

Make use of a broker who is properly regulated
Even though it seems clear, a large proportion of new traders fall victim to Forex trading scams or deal with unlicensed brokers despite this fact. Anyone claiming to be a “Forex expert” on social media should be avoided if there is no proof backing this claim.

The licenses of all properly licensed brokers are listed at the bottom of their websites, and a quick check with the appropriate authorities reveals whether they are. When Nigerian traders use well-regulated brokers, they are given access to negative balance protection. This is a vital risk management tool that ensures that the trading account does not go into a negative.

Nigerian traders can try their trading strategies using a demo account, with the most popular brokers offering this option. The practice account works in the same way as a live account but uses virtual money until traders are ready to trade real money.

Keep leverage usage to a minimum
Nigerian traders must be aware of the leverage that they are employing once you begin trading on a live account. While increasing trading capital to more than 1,000 could seem like a good idea, the impact that leverage can have will apply to any losses that the trader incurs.

Some brokers provide leverage of 1:1000 or even 1:2000. Until traders are confident about the impact of leverage on their trading, they should stick to a leverage ratio of no more than 1:100.

Trade Major Currency Pairs
All currency pairs that include the US dollar are considered major forex pairs, with these also the most stable currencies.

Forex brokers offer major currency pairs, but it is not common for brokers, even prominent names, to offer smaller, less liquid, and popular currency pairs such as the EUR/TRY (Euro/Turkish Lira), NGN/USD (Nigerian Naira/US Dollar), or the AUD /MXN (Australian Dollar/Mexican Peso).

When trading exotics, Nigerian traders should be aware that they are riskier and more expensive than trading major and minor currency pairs.

Make use of a reputable copy-trading platform
Keeping an eye on the markets all day is not feasible for many new investors. Fortunately, copy trading is available from brokers and individual signal providers. Beginner Nigerian traders can use copy trading services to imitate the trades of more experienced traders, and the brokers take a tiny percentage of the profit.

To help new traders choose a signal provider that meets their needs, most copy-trading firms tend to indicate each experienced trader or signal provider’s success rate, risk profile, and a maximum single loss.

Always employ stop-loss orders
Nigerian traders must always use a stop-loss on every transaction they open to avoid significant losses in Forex trading. When the price reaches a certain level, a stop-loss order will automatically terminate the transaction.

It is only natural for traders to want to stay on to a losing transaction in the hope that one day, it will turn around and be lucrative. However, this is not the way it always turns out, with most traders experiencing significant losses at this point.

A stop-loss order is one of the most potent weapons in a well-seasoned Nigerian trader’s armoury since it may either avoid a loss or lock in a little profit.

Forex Trading Platforms

Many novice Nigerian forex traders struggle with the sheer volume of information on trading platforms and their inability to use them effectively while learning how to trade. Choose only regulated forex brokers in Nigeria.

For clients of forex brokers, trading platforms are software applications that allow them to participate in the foreign exchange market. Trading platforms can be used across a series of devices, and they can either be web-based terminals, a mobile app, or software application.

Traders can use trading platforms to place buy and sell orders in the foreign exchange market. For the benefit of their customers, forex brokers make these tools readily accessible. Many brokers today offer a proprietary trading platform or trading app that can be used for order processing and research.

Online trading platforms for individual and institutional customers are available from a broad range of brokers. Banking and brokerage firms may also construct their own custom trading systems to fulfil their own internal demands, which are then implemented through institutional trading channels.

Several platforms provide forex charting programs that Nigerian traders can use in combination with other technologies, such as predictive forecasting software and online trading, to get an advantage in the forex markets.

Pros and Cons of Forex Trading

The benefits of Forex Trading

While forex trading and the foreign currency market have significant hazards, they also include numerous benefits that may make them a profitable and appealing activity.

Forex markets are the world’s biggest in terms of daily trading volume, which means they have the greatest liquidity available. A fraction of a second in normal market situations is all that is needed to open and close a trade in any of the major currencies.

There is a great deal of flexibility for Nigerian traders because of this and the fact that the market runs around the clock. Even those who are employed full-time might participate in Forex trading on the weekends or at night to relieve stress.

Unfortunately, this is not something that many Nigerian traders can do in either the stock or bond markets in Nigeria. Because of this, part-time traders prefer Forex trading because it allows them a flexible trading schedule that does not conflict with their full-time occupations.

The forex market offers a broad range of trading opportunities for investors. Hundreds of currency pairings are available for trading by any type of individual Nigerian trader regardless of their trading style or strategy.

Spot transaction or a future agreement are two more options available to them. To fulfil the demands of Forex traders, futures contracts are available in a variety of sizes and with a variety of maturities. As a result, the Forex market has a trading strategy for any investor’s budget and risk tolerance.

In comparison to other markets, the forex market has minimal trading costs. Comparatively, the transaction costs of Forex trading are exceptionally cheap when compared to dealing in other markets, with Nigerian traders able to start with small initial Nigerian Naira deposits.

This is because the Forex market is run by dealers who issue two-way quotes to cover their own risks. In terms of financial asset markets, forex markets have the biggest leverage.

Investors can use leverage in forex trading to boost their initial investment up to 20-30 times because of the setup of this trading tool. Both earnings and gains are increased because of this. Even though Forex market moves are often minor, retail traders wind up making or losing a large amount of money due to leverage.

Nigerian traders do not have to maintain as detailed records of their trading operations as dealers in other markets do to disclose their profits and losses on a tax return, thus simplifying the tax computation process.

Automated trading techniques are also well suited to Forex trading. To automate trades, forex traders must first learn how to program entry, stop-loss, and limit prices in advance.

Participants in the foreign exchange market have the option of trading on specific price movements or other market circumstances.

Cons of Trading in Foreign Exchange

Several aspects and situations might make effective trading in the forex market more difficult than it seems. The following are some of the drawbacks of forex trading to keep in mind.

Every market, including the currency market, can experience periods of high or low volatility. For short-term earnings, forex traders may be subjected to unanticipated severe volatility, which might render their currency trading tactics unprofitable.

On the global forex market, significant participants such as a network of banks, hedge funds, and other huge financial institutions still make up most of the trading.

They have a natural edge in establishing pricing and influencing price changes in the market because of their volume of trade and their superior access to information and technology.

There is no centralized exchange for forex trading in Lagos, Nigeria, and regulatory control may be lax at times since it is an “over-the-counter” market, with the Central Bank of Nigeria unable to oversee all transactions due to their sheer volume.

Therefore, before opening an account, Nigerian traders should do “due-diligence” research on the reputation of their forex broker and trading methods, especially before they decide to invest funds.

Investing in stocks and bonds can increase the long-term net worth of traders more than foreign exchange because of the interest and dividends that are paid out regularly. It is common practice in the forex market to seek financial gains from the appreciation of one of two currency pairs.

Frequently Asked Questions

What is the forex market?

It is an international market where currencies are exchanged.

Where is forex traded in Nigeria?

There are Forex brokers in Nigeria for trading on spot markets, forward markets, and futures markets, with the spot forex market as the largest market of the three.

Are the Forex Markets Regulated in Nigeria?

No, forex trade regulation will be determined by the jurisdiction and its regulatory framework. Not all regions have such a framework in place, which means that forex traders in these regions are subject to risks. The Central Bank of Nigeria (CBN) oversees a strict regulatory framework in Nigeria.

Can I open a forex account with Nigerian Naira as the base currency?

Yes, several forex brokers offer NGN base currency retail investor accounts.

What is a base and quote currency?

The base currency is the first in the pair while the second currency in the forex pair is known as the quote currency. Forex trading involves buying/selling one currency while simultaneously selling/buying another.

How much do I need to start trading forex?

You can start trading with small amounts of capital from 400 Nigerian Naira, depending on how much your broker charges for the minimum deposit.

When does the forex market open and close?

Forex exchanges can be found around the world, which means that the forex market operates 24 hours a day, 5 days a week. The forex market opens at 5 pm EST on a Sunday and operates until Friday at 5 pm EST.