Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Nigerian Forex Brokers With A Minimum 5 USD Deposit Main Banner

8 Best Bitcoin Brokers in Nigeria

The 8 Best Bitcoin Brokers in Nigeria revealed. We tested and verified the best Bitcoin Brokers for Nigerian Traders.

This is a complete list of Bitcoin Brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is a Bitcoin Broker?
  • Who are the best low-minimum deposit Bitcoin brokers for Nigerians?
  • Our recommended EIGHT Bitcoin brokers for Nigerian Beginner Traders?
  • How to compare Bitcoin trading brokers against each other?
  • How and can I trade Bitcoin with $5 (2 096 NGN)?
  • Which brokers offer a signup bonus on a $5 (2 096 NGN) deposit?
  • Which Bitcoin Broker offer a low minimum deposit of $5 (2 096 NGN) for first time traders?


And lots more…

So if you’re ready to go “all in” with the best-tested Bitcoin Brokers in Nigeria…

Let’s dive right in…

Updated : September 6, 2022

Best Bitcoin Brokers in Nigeria – Comparison

🥇 Bitcoin Broker🪙 Number of Coins💰 Crypto Coins💵 Crypto-Fiat
Crypto-Metal
Crypto-Crypto Pairings
📊 Leverage Offered📈 Crypto Margin👉 Open Account
1. FBS100ADA, ALGO, AVA, BAT, BCH, BNB, BTC, DOGE, DOT, DASH, EOS, ETH, ETC, FIL, IOTA, LINK, LTC, and more.USD, AUD, CHF, EUR, GBP, JPY, NZD, RUB, CAD, XAG, XAU1:510%👉 Open Account
2. XM31AAVE, ADA, ALGO, AVAX, AXS, BAT, BCH, BTC, COMP, ENJ, ETH, FET, GRT, LINK, LTC, MATIC, OMG, SKL, SNX, SOL, STORJ, SUSHI, UMA, UNI, XLM, XRP, ZRXUSD, GBP, EUR1:2500.4%👉 Open Account
3. AvaTrade20BTC, ETH, XRP, LTC, XLM, DASH, BCH, BTG, IOTA, NEO, EOS, LINK, UNI, DOGE, SHIB, SOL, MATIC, Crypto 10USD, JPY, EUR1:254%👉 Open Account
4. BDSwiss32ADA, AXS, BTC, DASH, DOGE, DOT, EOS, ETH, GALA, IOT, LTC, MANA, NEO, OMG, QTUM, SOL, and moreUSD, EUR, GBP1:520%👉 Open Account
5. IC Markets18BTC, ETH, DASH, LTC, BTC, XRP, EOS, DOT, XLM, etcUSD• 1:200 (MT4/MT5)
• 1:20 (cTrader)
10%👉 Open Account
6. HFM 19LTC, BTC, ETH, XRP, DASH, BCH, EOS, LTC, BNB, NEO, ZEC, IOT, TRX, XLM, ETC, OMG, XMREUR, USD1:502%👉 Open Account
7. Exness271INCH, AAVE, ADA, BAT, BCH, BNB, BTC, CAKE, COMP, DOGE, DOT, ETH, ENJ, FIL, HBAR, HT, IOS, LINK, LTC, MANA, MATIC, SNX, SOL, THETA, UNI, XRP, XTZUSD, AUD, CNH, JPY, KRW, THB, XAG, XAU, ZAR1:250.5%👉 Open Account
8. easyMarkets20BTC, XRP, ETH, LTC, BCH, XLM, ADA, ALGO, SOL, UNI, DOT, LINK, ZEC, OMG, MATIC, DASH, DOGE, XMR, CHZ, AVAUSD1:5020%👉 Open Account

8 Best Bitcoin Brokers in Nigeria (2022)

  1. FBS – Overall, Best Bitcoin Broker in Nigeria
  2. XM – Top NDD Broker
  3. AvaTrade – User-Friendly Broker for Beginner Bitcoin Traders
  4. BDSwiss – Best MetaTrader 4/Mt4  Broker 
  5. IC Markets – Top Lowest Spread Broker for Bitcoin Traders
  6. HFM – Best Low Minimum Deposit Broker in Nigeria
  7. Exness – Verified Naira Account Broker
  8. easyMarkets – Top MetaTrader 5 / MT5 Bitcoin Broker 

Why is Bitcoin trading so popular?

👉 Bitcoin has been a major subject of conversation for several years. There are extremely few costs connected with utilizing Bitcoin, which is one of the primary reasons for its widespread adoption.

 

👉 The profit potential of Bitcoin is a major reason why people invest in them. If you purchase Bitcoin while its price is low, you could benefit when its price increases.

 

👉 There are also several ways in which Nigerians can trade Bitcoin, giving them the perfect opportunity to maximize their profit potential.

1. FBS

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

Overview

👉 If you are interested in entering the world of trading cryptocurrencies but want to start on the right foot, opening an FBS crypto account is your best choice.

 

👉 The fast price fluctuations of digital currencies such as Bitcoin, Ethereum, and others provide potential opportunities for trading. Additionally, in contrast to the conventional market, trading in cryptocurrencies may take place at any time.

 

👉 Over a hundred distinct instruments can be traded with the FBS Crypto Account, including a broad range of cryptocurrencies, crypto-fiat crosses, crypto-coin crosses, and crypto-metal crosses.

 

Unique Features

Account FeatureValue
💳 Minimum Deposit400 Nigerian Naira equivalent to $1
📈 Average spreadFloating, from 1 pip
🔎 CommissionNone
📈 LeverageUp to 1:1000
📅 Maximum opening positions200
📊 Order volumeBetween 0.01 to 1,000 cent lots
📈 Market ExecutionFrom 0.3 seconds, STP
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FBS Trader
🚀 Tradable InstrumentsForex, precious metals, indices, energies, forex exotics, stocks
☪️ Swap-Free Islamic OptionYes

 

Pros and Cons

✔️ Pros❌ Cons
There is a very low minimum deposit requiredSeveral regions are restricted from service
FBS is an online broker with regulation through IFSC and the Cyprus Securities and Exchange CommissionThe spreads on some accounts are very high
There is a choice between investor accountsInactivity fees apply to dormant accounts
Traders have access to fast, flexible payment methodsThe demo account expires after 40 days
The trading conditions are favourable and competitiveWithdrawal fees and deposit fees are charged
There are demo accounts and Islamic AccountsThere is a limited selection of funding options and there are only two base account currencies
Customer service is available 24/7Currency conversion fees are charged on deposits made in currencies other than USD and EUR
The broker is reputable and has a high trust score
FBS is an official trading partner that offers a comprehensive affiliate program
There are several bonuses and promotions offered

2. XM

Xm.com Logo 1 1024x514 1

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

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

Overview

👉 Client needs are the centre of everything the XM Group does while operating. This is due to their ability to provide you with the simplest possible trading conditions in addition to the finest possible account opening, deposit/withdrawal, customer service, and trading processes.

 

👉 To provide traders with the greatest possible trading circumstances, they have the best execution policy. XM can always provide some of the lowest spreads with ample liquidity thanks to the collaboration with a variety of liquidity providers.

 

👉 You can also trade more than 1,000 different financial products with XM Group, including forex, commodities, stocks, shares, indices, metals, energies, and CFDs. Nigerians have access to 31 cryptocurrency CFDs, including Ripple, Litecoin, Dash, Ethereum, and many more.

 

Unique Features

FeatureInformation
💵 Account Base CurrenciesUSD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
📊 Minimum Spread0.0 pips
💰 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
💻 Account TypesMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📊 Leverage1:888
✔️ Micro Account Offered?Yes
🔧 Trading ToolsXM Live, Live Education, Live Education Schedule, Educational Videos, Forex Webinars, Platform Tutorials, Forex Seminars
📚 EducationTrading Tools, MQL5, Forex Calculators, Markets Overview, News Feed, XM Research, Trade Ideas, Technical Summaries, Economic Calendar, XM TV, Podcasts
📞 Nigerian-Based Customer SupportNo

 

Pros and Cons

✔️ Pros❌ Cons
Negative balance protection is applied to retail investor accountsUS clients are restricted from accessing XM’s trading services
There are several secure payment methods to choose fromThere are no fixed spread accounts offered
The broker is known for low spreads, low commissions, and reliable trade execution speedsThere is an inactivity fee applied to dormant accounts
Traders can use hedging, scalping, and expert advisor trading strategies
The broker offers personal customer service to its clients

3. 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

Overview

👉 AvaTrade is available worldwide, except for the United States, and offers Nigerian traders 20 cryptocurrencies that they can trade. With AvaTrade, Nigerians can trade Bitcoin CFDs, allowing them to profit from the increase in BTC’s price without owning the underlying asset.

 

👉 AvaTrade is also widely known as the best broker for beginners given the vast number of educational resources available. Professional Bitcoin traders will also find a myriad of trading tools, market analysis, and several other resources at their disposal.

 

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
⚖️ CBN RegulationNo
📊 Trading AccountsRetail Investor Account, Professional Account Option
💻 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💳 Minimum Deposit (₦)41,000 Nigerian Naira equivalent to $100
📈 Trading AssetsForeign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, Contract for Difference (CFD), Precious Metals
📊 Nigerian Naira-based Account?No
💳 NGN Deposits AllowedNo
💰 Bonuses for Nigerian tradersYes
📈 Minimum spread0.9 pips EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes
📊 Social Trading OfferedYes

 

Pros and Cons

✔️ Pros❌ Cons
AvaTrade is a trusted broker with a high level of trustworthinessAvaTrade does not offer variable spreads
AvaTrade provides an attractive welcome bonusThere is a limited choice between retail accounts
There is a referral bonus offered when traders invite family and friends to register a real accountAvaTrade does not provide the benefit of a no-deposit bonus

4. BDSwiss

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 BDSwiss, a trustworthy broker with a sizable global clientele, was founded in 2012. In comparison to other brokers, it allows trading on a significantly larger variety of products, including Forex, commodities, shares, indices, and more than 26 cryptocurrencies.

 

👉 BDSwiss permits all trading methods, including hedging, scalping, and copy trading, and has a maximum leverage of up to 1000:1 (on its Premium Account only).

 

👉 All account holders have access to fundamental learning resources and can utilize trading tools like AutoChartist and numerous trend analysis tools.

 

👉 The Cent, Classic, Premium, and VIP accounts all provide Islamic Accounts, but the Raw Account does not. In comparison to what is offered by other brokers, BDSwiss enables trading on 32 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, with leverage up to 1:5.

 

Unique Features

💠 Account Feature💰 Value
📈 Average Spread on EUR/USD0.3 pips
📈 Maximum Leverage1:500
🔆 Tradable InstrumentsOver 250
📈 Available AssetsForex CFDs
Stocks CFDs
Indices CFDs
Commodities CFDs
Cryptocurrencies CFDs
🔎 Commissions per round lot$2 on Indices
$5 on all forex currency pairs
0.15% on Shares
✴️ Margin Call50%
📊 Stop-out level20%
💳 Instant Withdrawals offered?Yes, only Credit Cards up to 2,000 €/$/£
💳 0% fees on Deposits and CC Withdrawal? Yes
💻 Platforms availableBDSwiss Mobile, BDSwiss Web, MetaTrader 4
📊 Are trading alerts offered?VIP Access
📈 AutoChartist Performance Stats offered?Yes
🎓 Personal Account ManagerYes
Priority ServiceYes
📈 AutoChartist Standard ToolsYes
🚀 Access to Trading Central?Yes
📊Trading Academy and Live WebinarsYes
📊Trade Companion offered?Yes
☪️ Islamic Account option?No
🔎 VIP WebinarsYes
👨‍💼 24/5 Customer Service and Support?Yes
💳 Minimum deposit requirement2,085,250 NGN (equivalent to $5,000)

 

Pros and Cons

✔️ Pros❌ Cons
BDSwiss is one of the trusted forex brokers with a high trust score that provides client protectionThere are high minimum deposits on more premium accounts
There are commission-free options offeredFixed spreads are not offered
There are competitive conditions with tight spreads and low commissionsThere are some regional restrictions applied to some countries
BDSwiss has a large client base spread across the globeThe raw spreads are not the tightest
There are more than 250 CFDs to trade and several financial assets and classesBDSwiss does not offer a deposit bonus or any other initiative
BDSwiss offers a high maximum leverage ratio up to 1:1000Does not offer a specific Nigerian client or terminal
Accepts electronic payments from Skrill, Neteller, and other trusted methodsCurrency conversion fees are charged
Offers a powerful proprietary trading platform along with MetaTrader 4 and 5There is an inactivity fee charged on dormant accounts
There is a massive selection of educational material and trading tools, covering all aspects of tradingWithdrawal fee applied on the bank wire withdrawal option for certain amounts
Provides advanced charting tools and analytical material There are no Nigerian Naira deposits allowed and there is no NGN account offered
Deposit fees are not charged on deposit methodsThere is no desktop version of the proprietary trading platform
Offers a demo account and Islamic Account
BDSwiss offers a decent range of payment methods
There is a choice between dynamic retail investor accounts

5. IC Markets

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 IC Markets is a broker that welcomes inexperienced users and provides trading on a total of 18 different cryptocurrency pairings, even though it is most well-known for the raw Forex spreads it offers.

 

👉 Bitcoin trading is simple, and IC Markets provides customer support around the clock, so weekend traders and newbies who are still finding their footing in the market may profit from its accessibility.

 

👉 IC Markets provides its users with many kinds of educational resources, such as video lessons, articles, regular webinars, and IC Markets WebTV. In addition to fundamental and technical market research, it also includes the latest news about the market.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
⚖️ CBN RegulationNo
📊 Trading AccountsRetail, Professional
💻 Trading PlatformeToro trading app and web-based platform
💳 Minimum Deposit (₦)83,000 NGN equivalent to $200
📈 Trading AssetsForex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks
📊 Nigerian Naira-based Account?No
💳 NGN Deposits AllowedNo
💰 Bonuses for Nigerian tradersYes
📈 Minimum spread1 pip EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes
📊 Social Trading OfferedYes

 

Pros and Cons

✔️ Pros❌ Cons
Well-regulated broker with competitive spreads and various social trading opportunitiesIC Markets does not hold regulations from the Financial Conduct Authority (FCA)
Flexible and powerful trading platforms are available for the web, desktop platforms, and mobile devicesUnited States traders are not accepted
There are low trading costs involvedFixed spreads are not offered
The transaction costs are transparent and cater for various traders despite their financial situation

6. HFM

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 In addition to its improved MetaTrader offering and high-quality research, HFM (HF Markets), which was formerly known as HFM, provides a proprietary copy trading platform known as HFcopy. Furthermore, it has a respectable variety of over 1,000 CFDs and 47 currency pairings.

👉 HFM has just (near the end of 2021) brought back its full selection of cryptocurrency options. Popular cryptocurrencies including Bitcoin, Ethereum, Dashcoin, and Litecoin are all part of its offering.

👉 All the cryptocurrencies may be traded against the US dollar or the euro, and the leverage can go up to 1:50 on some pairings, such as the BTC/USD. This is a greater amount of leverage than other brokers normally provide for cryptocurrency trading.

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN RegulationNo
📊 Trading AccountsMT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💳 Minimum Deposit (₦)2,000 Nigerian Naira equivalent to $5
📈 Trading AssetsForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs
📊 Nigerian Naira-based Account?No
💳 NGN Deposits AllowedNo
💰 Bonuses for Nigerian tradersYes
📈 Minimum spread0.0 pips EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes

Pros and Cons

✔️ Pros❌ Cons
Well-regulated CFD and Forex broker that has a decent trust scoreUnited States clients and some other regions are not accepted by HFM
The spreads offered are low and competitiveThere may be restricted leverage for EU clients because of regulatory requirements
There are several account types to choose from with reasonable trading fees chargedThere are no variable spread accounts offered
HFM welcomes all types of traders and trading strategiesLimited funding options offered for deposits and withdrawals
There is a low minimum deposit requirement and secure methods for deposits and withdrawals
Suited to beginner traders and experienced traders
Offers comprehensive expert trading and market analysis
Offers a decent selection of educational tools and a range of trading tools

7. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

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

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Exness offers 27 cryptocurrencies which are available for trading on MetaTrader 4 and MetaTrader 5. Even though this is not the world’s biggest collection, Exness offers decent leverage and competitive margin requirements on Bitcoin.

 

👉 Most of the cryptocurrency crosses offered by Exness are for Bitcoin, including BTC/ZAR and BTC/XAU.

 

👉 Ethereum, Litecoin, Ripple, and other specialized coins are also accessible. In comparison to other brokers, Exness has greater maximum leverage of 1:400.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💵 Minimum Deposit (₦)41,000 Naira
💳 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
✔️ Nigerian Naira-based Account?Yes
💸 NGN Deposits Allowed?Yes
💰 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Exness offers a demo account on all account typesExness does not accept US clients
Traders can choose between different live accountsThere is a limited portfolio of tradable instruments
The demo account is free to use for an unlimited time

8. easyMarkets

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

CFD

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 easyMarkets, an approved market maker, has just made it possible to trade in twenty distinct types of digital bitcoin assets.

 

👉 Since the company’s founding, easyMarkets has consistently been a pioneer in the financial services market by being the first to provide novel features such as negative balance protection and guaranteed stop-loss.

 

👉 To assist traders in minimizing their risk exposure, the company has introduced many new trading tools, such as easyTrade, Freeze Rate, and dealCancellation.

 

👉 The value of cryptocurrencies is seeing consistent increases, and this trend is likely to continue. Therefore, investing in Bitcoin, Ripple, and Ethereum as trade assets could prove to be a profitable approach.

 

Unique Features

Account FeatureValue
💻 Platform OfferedeasyMarkets Web/Mobile App
💵 Minimum Transaction Size (USD)70 USD
📈 Maximum Transaction Size (lots)50 lots
📊 Average Fixed Spreads (from)EUR/USD – 1.8 pips
GBP/USD – 2.4 pips
USD/JPY – 2.4 pips
WTI (OIL) – 0.06 USD
XAU/USD – 0.50 USD
💰 Minimum Deposit10,300 Naira (Equivalent to $25)
💸 Maximum Leverage1:200
💵 Commission FeesNone
💳 Account FeesNone
📱 Deposit and Withdrawal FeesNone
📞 Customer Telephonic SupportYes
👥 Personal Account ManagerYes
🗣 24/5 Customer Support Through Live ChatYes
✔️ Guaranteed Zero SlippageYes
🛑 Guaranteed Stop-LossYes
❌ Negative Balance ProtectionYes
📧 Daily Email on Fundamental AnalysisYes
✔️ Daily Email on Technical AnalysisYes
💻 Trading Central IndicatorNo
📱 Account Base Currency OptionsEUR, CAD, CZK, JPY, NZD, AUD, PLN, TRY, CNY, HKD, USD, SGD, CHF, GBP, MXN, NOK, SEK, ZAR, BTC

 

Pros and Cons

✔️ Pros❌ Cons
Well-regulated broker with a high trust scoreVariable spreads are not offered
There is a comprehensive proprietary trading platform offered along with MetaTrader 4easyMarkets is a market maker broker that takes the opposite side of their clients’ trades, which means they benefit from client losses
Commission-free trading on all accounts because the broker fee is included in the spread
An inactivity fee is applied to dormant accounts
Offers innovative features such as Freeze-Rate, Inside Viewer, easyTrade, and more
The guaranteed stop-loss is offered free of charge
TradingView, Trading Central, and other platforms are offered
There is a powerful and innovative easyMarkets app offered
easyMarkets offers low, fixed spreads

How to choose the Right Bitcoin Broker in Nigeria

How to choose the Right Bitcoin Broker in Nigeria

👉 The need for Bitcoin brokers has grown because of the thousands of individuals interested in investing in cryptocurrencies globally.

 

👉 Numerous Bitcoin brokers will be offering their services on the market, but you will also run across reports of frauds involving Bitcoin brokers.

 

👉 Not all Bitcoin brokers can be trusted since many of them have turned into frauds. Even if they are, they lack adequate security measures or are deficient in certain key areas, which may cause a lot of issues for Bitcoin traders.

 

👉 You must thus carefully choose a crypto broker, and we have provided key features that you must verify before you deal with a crypto broker.

 

Background and Financial Backing

👉 A good Bitcoin broker has robust financial support, which necessitates a substantial capital basis. This ensures that your Bitcoin is secure and that the broker will not go bankrupt.

 

Experience and Credibility

👉 The crypto market is young compared to other markets. However, this does not imply that all brokers are unskilled. There are reputable and professional Bitcoin brokers available for usage.

 

👉 Bitcoin brokers must possess the necessary qualifications, such as licenses from famous and respectable regulatory authorities and specialists on their staff. You can read reviews of the broker and get insight into their services to assess whether they are a good match for you.

 

Responsive Customer Support

👉 Since Bitcoin trading is available 24 hours a day, seven days a week, you could have a problem or query at any moment.

 

👉 Therefore, it is important to seek a broker who is accessible 24/7. Regardless of your time zone, they should have a competent support crew that can respond to inquiries and concerns in a timely and professional way.

 

Crypto Trading Fees and Commissions

👉 You must investigate the commissions and other costs that Bitcoin brokers impose. Ensure the broker outlines the fees they charge, and any other dangers associated so that you may make an informed choice.

 

Trading Platform

👉 No Bitcoin broker is complete without a user-friendly web, desktop, or mobile platform, often all three. These platforms are required for an assortment of reasons.

 

👉 They give customers a great degree of simplicity in Bitcoin trading, and a well-designed platform provides them with a variety of possibilities.

 

👉 These choices make things easier and more comfortable for novice and seasoned Bitcoin traders alike. Ensure that your preferred dealer has a modern platform or a selection of platforms.

 

Longevity of brokerage

👉 There may be a small number of trustworthy Bitcoin brokers that have just started up, but they are quite rare. If a Bitcoin broker has been in existence for an extended length of time, it has been doing something right, as shown by the fact that customers continue to depend on it.

 

Account Registration Process

👉 Very few traders realize that the registration procedures of Bitcoin brokers reveal a great deal about their character. Veteran traders in this industry can rapidly determine if a broker is excellent or terrible based just on the sign-up procedure.

 

👉 You may initially have some problems with spotting the legit Bitcoin brokers. However, as time goes by, you will have a better time distinguishing between excellent and unfavourable brokers. A vast number of depositing fees is a frequent indicator of a fraudulent sign-up procedure.

 

👉 Most instances in which Bitcoin brokers urge their customers to deposit a big sum of money to join up are probable scams. This is made apparent by the fact that many reputable Bitcoin brokers now accept little or no deposits from prospective clients.

 

👉 You should opt for these Bitcoin brokers instead of those that want vast quantities of money for crypto transactions.

 

👉 Additionally, investigate the process’s security. You can do this by examining the search bar’s top-left corner for an SSL certificate. This certificate ensures that a website is secure and will not expose your data to hackers.

 

Technical Support for Cryptocurrencies

👉 The distinction between customer service and technical assistance cannot be overstated. Most firms have technical support teams to assist clients with issues that need assistance from experts in that field.

 

👉 A significant majority of Bitcoin brokers lack any form of technical support personnel. They believe that their customer service professionals are sufficient for the task and depend only on them.

 

👉 The team should comprise Bitcoin industry veterans with decades of expertise. They should have a thorough understanding of how things operate and be able to deliver rapid answers within minutes.

 

👉 Determining whether a Bitcoin broker has a competent technical support staff might consume considerable time. In most instances, a substantial bit of trial and error is required.

 

Overall Convenience

👉 If a Bitcoin broker does not provide any convenience, they are not worth your time. As the environment changes, this sector is undergoing tremendous change. To make the appropriate judgments at the right time, you must be current on many matters.

 

👉 This is only achievable if your broker provides you with features that enhance your entire experience. Your broker’s platform should be compatible with a range of devices.

 

👉 Using your smartphone or tablet, you should be able to access your account and see all your trades and other crypto-related actions.

 

👉 Easy accessibility enables you to trade on the move while guaranteeing that you do not miss anything crucial and aside from that, the broker should utilize straightforward language.

 

Demo Account

👉 Today, one just cannot do without a reliable demo trading solution. There are several complex circumstances involved in Bitcoin trading. If you are just beginning in this sector, you will not know how to make timely judgments.

 

👉 You will lose a substantial amount of money as a result, and Bitcoin demo trading might help you avoid these errors.

 

👉 It will instruct you on trading in the actual world while guaranteeing that your selections do not negatively affect your funds. With this option, you will neither gain nor lose money. Nonetheless, you will get knowledge about how cryptocurrency trading is conducted.

The Best Brokers in Nigeria Overall

👉 In this article, we have listed the best brokers that offer trading solutions and opportunities to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.

Best MetaTrader 4 / MT4 Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Axi is the best MT4 Broker in Nigeria. More than 130 different items from Axi are available for trading on MetaTrader 4. Axi offers some of the greatest trading conditions to Nigerian traders, including minimal opening spreads on all account types.

Best MetaTrader 5 / MT5 Broker in Nigeria

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on RoboForex’s website

👉 Overall, RoboForex is the best MetaTrader 5 broker in Nigeria. RoboForex provides traders with a selection of 12,000 tradable instruments that may be traded on MetaTrader 5 in addition to a few more potent trading platforms.

Best Broker for beginners in Nigeria

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

👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. For new traders in Nigeria, AvaTrade provides some of the greatest teaching resources. Along with webinars, seminars, and other events, there are several manuals and videos.

Best Low Minimum Deposit Broker in Nigeria

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, HFM is the best Low Minimum Deposit Broker in Nigeria. With a minimum investment of 2,000 Naira, HFM provides live trading accounts to Nigerian traders.

👉 Popular MetaTrader cryptocurrency broker HFM also has an in-house trading app for iOS and Android users.

Best ECN Broker in Nigeria

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

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

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

👉 Overall, Pepperstone is the best ECN Broker in Nigeria. One of the biggest forex and CFD brokers in the world, Pepperstone provides services in more than 170 nations.

👉 Nigerian traders should anticipate among of the quickest transaction execution times with little to no slippage and no requotes.

Best Islamic / Swap-Free Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Oanda’s website

👉 Overall, OANDA is the best Islamic / Swap-Free Broker in Nigeria. Three different retail accounts are available from OANDA. This includes a specific Islamic account that is provided to Muslim traders in Nigeria who adhere to Sharia law.

Best Trading App in Nigeria

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

👉 Overall, FBS is the best trading app in Nigeria. FBS provides its cryptocurrency account through the FBS Trader. Many features and some of the greatest market analyses are available to Nigerians.

Best Nigerian Naira Trading Account Broker in Nigeria

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

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

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Exness is the best Nigerian Naira trading account Broker in Nigeria. One of the top multi-currency brokers that provide accounts in NGN is Exness. Exness is a broker that only works with MetaTrader and has a limited selection of trading options.

Best Lowest Spread Broker in Nigeria

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, IC Markets is the best lowest spread Broker in Nigeria. IC Markets provides some of the narrowest spreads in the market because of its pure ECN execution mechanism.

👉 Nigerian traders can choose from a variety of crypto CFDs at IC Markets, which offers services to traders all over the world.

Best NDD Broker in Nigeria

Xm.com Logo 1 1024x514 1

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

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

👉 Overall, XM is the best NDD Broker in Nigeria. XM is a well-known No-Dealing Desk broker that offers services to over 2.5 million traders worldwide. A portion of XM’s broad selection of more than 1,000 financial products includes cryptocurrency CFDs.

Best STP Broker in Nigeria

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Tickmill is the best STP Broker in Nigeria. One of the finest brokers for new traders in Nigeria is Tickmill, which provides outstanding STP and ECN execution along with clear trading costs.

Best Sign-up Bonus Broker in Nigeria

Overall Rating

Min Deposit

USD 1 / 415 NGN 

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on SuperForex’s website

👉 Overall, SuperForex is the best sign-up bonus Broker in Nigeria. One of the brokers with the broadest selection of promos and incentives is SuperForex, which provides customers with a choice of 11 trading accounts.

Conclusion

👉 The cryptocurrency industry is still growing, not only with amateur traders who chase social media headlines but also with professionals and fund managers.

 

👉 To ensure that they can gain a competitive edge in a fast-paced market, Nigerian traders must ensure that their Bitcoin broker can satisfy their trading needs and help them achieve their objectives.

FAQ

Do you need a broker to buy Bitcoin?

No, a broker is not required to trade Bitcoin (BTC). By going to a reputable cryptocurrency exchange that deals in Bitcoin, you may trade it there without using a broker. As an alternative, look for a bitcoin broker that provides the desired derivatives product.

 

Can I use my BVN to buy Bitcoin?

You need not complete verification when you sell Bitcoin on some exchanges, but to purchase Bitcoin you will need to provide your Bank Verification Number, Government-Issued Photo ID, a selfie of you holding your identification, and a code provided by the exchange written on paper.

 

How much will I get if I invest 5,000 naira in Bitcoin?

If you buy 5,000 naira’s worth of Bitcoin, you will receive 0,00050 BTC.

 

Which app is the best to buy Bitcoin in Nigeria?

Binance App Nigeria is considered one of the greatest platforms for buying, selling, and trading cryptocurrencies. The exchange also provides smartphone users with a mobile app.

The Binance app is a mobile-optimized version of the website’s functionalities and is available to all users globally.

 

How much do crypto brokers charge?

Brokers charge different spreads on Bitcoin while crypto exchanges typically charge from 0% to 1.5% per trade.

9.6/10 - (25 votes)

Table of Contents

Menu