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best nigerian forex brokers with a minimum 1 usd deposit review

8 Best Forex Brokers with a Minimum 1 USD Deposit in Nigeria

The 8 Best Forex Brokers with a Minimum 1 USD Deposit in Nigeria revealed. We tested and verified the best minimum of 1 Dollar (415 NGN) forex brokers for Nigerian Traders.

This is a complete list of a minimum of One Dollar deposit forex brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is a minimum $1 deposit broker?
  • Who are the best $1 minimum deposit forex brokers for Nigerians?
  • Which NASDAQ Forex brokers offer a low minimum deposit?
  • How to choose a forex brokerCompare them side by side by starting capital, best scalping conditions, and best mobile apps.
  • Which brokers offer no minimum deposit?
  • Which brokers offer a signup bonus on their one-dollar deposit. 


And lots more…

So if you’re ready to go “all in” with the best-tested minimum $1 deposit forex brokers for Nigerians…

Let’s dive right in

Updated : June 18, 2022

👉 Definition of a $1 Minimum Deposit: A broker that offers a minimum deposit of $1 (NGN 415) to Nigerian traders.

Best Nigerian Forex Brokers with a Minimum 1 USD Deposit – Comparison

🏛️ Broker💰 Minimum Deposit💵 Naira Deposits Allowed?✔️ Offers a Naira Account?📞 Nigerian Customer Support?👉 Open Account
1. Admirals$1 (400 NGN)YesNoNo👉 Open Account
2. InstaForex$1 (400 NGN)YesNoNo👉 Open Account
3. FBS$1 (400 NGN)YesNoNo👉 Open Account
5. SuperForex$1 (400 NGN)YesYesNo👉 Open Account
6. Kwakol Marekts$1 (400 NGN)NoYesYes👉 Open Account
7. TD Ameritrade$1 (400 NGN)NoNoNo👉 Open Account
8. Fidelity Investments$1 (400 NGN)NoNoNo👉 Open Account

8 Best Nigerian Forex Brokers with a Minimum 1 USD Deposit (2022)

  1. Admirals – Overall, Best Minimum 1 USD Deposit Education for Nigerians
  2. InstaForex – Best Micro Trader Account
  3. FBS – Best Broker for Crypto Trading in Nigeria
  4. SuperForex – Best Islamic Account for Muslim Traders
  5. Kwakol Markets – Best VIP Account for Professional Nigerian Traders
  6. TD Ameritrade – Best Propriatary Mobile Trading App in Nigeria
  7. JustMarkets – Best MT4 and MT5 Trading Account
  8. Fidelity Investments – Best Investment Broker for Nigerian Traders

1. Admirals

 

Overall Rating

Min Deposit

400 Nigerian Naira equivalent to $1

Regulators

FCA, ASIC, CySEC, EFSA, JSC

Trading Desk

• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App

Crypto

Yes

Total Pairs

35 Forex Currency Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

On Admiral Markets Website

 

Overview

🥇 Trust Score: 83%

✔️ Overall Rating: 9/10

👉 Admirals is an award-winning international trading broker for Nigerians that offers a choice between retail trading accounts and access to several financial markets. Nigerian traders can get started with Admirals with a low minimum deposit of 1 USD, or an equivalent in Naira.

 

👉 Admirals is well-regulated and offers powerful trading platforms such as MetaTrader 4 and 5 on desktop computers, web browsers, and mobile apps.

 

Features

FeatureValue
💰 Minimum Deposit400 Naira, or an equivalent to $1
💸 Maximum DepositNone
📱 Account Base CurrenciesEUR, USD, GBP, CHF, BGN, CZK, HRK, HUF, PLN, RON
📊 Max Leverage Ratio• Retail up to 1:30
• Professional up to 1:500
💵 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?No
📲 Account TypesTrade.MT5, Invest.MT5, Zero.MT5, Bets.MT5, Trade.MT4, Zero.MT4
💸 Trading AssetsESG Trading Instruments, Forex, Cryptocurrency CFDs, Commodities, Indices, Stocks, ETFs, Bonds, Spread Betting
💻 Negative Balance Protection?Yes, on Retail Accounts
📞 Margin Call100%
🛑 Stop-Out50%
💰 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
Admirals is an award-winning and well-regulated forex and CFD brokerThere are no fixed spreads
Naira deposits are allowedAn inactivity fee is charged on dormant accounts
There is negative balance protection on retail accountsDeposit and withdrawal fees apply to payment methods
All types of traders are welcome with AdmiralsAdmin fees are applied to the Islamic Account
There are a plethora of advanced trading tools offered

 

Market Share in Nigeria

👉 Admirals has a market share of <5% in Nigeria, but the broker is one of the Top 50 forex brokers for Nigerians.

2. InstaForex

 

Overall Rating

Min Deposit

USD 1 / 415 NGN

Regulators

CySEC, FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

🥇 Trust Score: 84%

✔️ Overall Rating: 8/10

👉 InstaForex has been in operation since 2007 and it is one of the most trusted, versatile forex and CFD trading providers in the world. Direct access to the market for traders and investors of all levels is provided by InstaForex’s usage of a system designed by world-renowned developers.

 

👉 InstaForex offers a plethora of trading solutions and Nigerian traders can start trading with the broker from as low as 1 USD, or an equivalent in Nigerian Naira.

 

Features

FeatureValue
💰 Minimum Deposit400 Naira, or an equivalent to $1
💸 Maximum DepositNone
📱 Account Base CurrenciesEUR and USD
📊 Max Leverage Ratio1:1000
💵 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?No
📲 Account TypesInsta.Standard Trading Account, Insta.Eurica Trading Account, Cent.Standard Trading Account, Cent.Eurica Trading Account
💸 Trading AssetsForex, Stocks, Indices, Precious Metals, Energies, Commodity Futures, Cryptocurrencies
💻 Negative Balance Protection?Yes
📞 Margin Call25%
🛑 Stop-Out10%
💰 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
There is a low minimum deposit requirement on most accountsThere is no Naira-denominated account
Nigerians can choose between different account types that suit their trading needs and objectivesThere is a limited selection of base account currencies
There are local deposit and withdrawal methods supported
Traders can choose between powerful trading platforms
InstaForex offers competitive trading conditions

 

Market Share in Nigeria

👉 InstaForex has a market share of more than 7.6% in Nigeria.

3. 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 platform.

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

 

Overview

🥇 Trust Score: 75%

✔️ Overall Rating: 9/10

👉 FBS was established in 2009 and it has grown to become a large, reputable international forex and CFD broker. FBS offers competitive trading conditions, a range of accounts, advanced trading tools, and several other advantages to Nigerian traders, including low minimum deposit requirements.

 

Features

FeatureValue
💰 Minimum Deposit400 Naira, or equivalent to 1 USD
💸 Maximum DepositNone
📱 Account Base CurrenciesEUR and USD
📊 Max Leverage Ratio1:3000
💵 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?No
📲 Account TypesFBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account
💸 Trading AssetsForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
💻 Negative Balance Protection?Yes
📞 Margin Call40%
🛑 Stop-Out20%
💰 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
There is a range of FBS trading accounts to choose fromInactivity fees apply
FBS is well-regulated and offers competitive trading conditionsThe demo account is only available for 40 days
There is a demo and an Islamic account offeredThere are withdrawal and deposit fees applied
FBS offers customer support 24/7FBS only supports a few methods for deposits and withdrawals
FBS offers a range of bonuses and promotions to new and existing clients

 

Market Share in Nigeria

👉 FBS has a market share of more than 8% in Nigeria.

4. SuperForex

 

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

 

Overview

🥇 Trust Score: 87%

✔️ Overall Rating: 8/10

👉 SuperForex is an extremely versatile forex and CFD trading broker that offers some of the best trading conditions, a choice between retail accounts, and some of the lowest account minimum deposits. In addition, SuperForex accepts all types of traders from Nigeria and offers the benefit of a Naira-denominated trading account.

 

Features

FeatureValue
💰 Minimum Deposit400 Naira or an equivalent to $1
💸 Maximum DepositUnlimited
📱 Account Base CurrenciesUSD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR, THB
📊 Max Leverage Ratio1:2000
💵 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?Yes
📞 Nigerian Customer Support?No
📲 Account TypesStandard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account
💸 Trading AssetsForex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs
💻 Negative Balance Protection?Yes
📞 Margin Call80%
🛑 Stop-Out40%
💰 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
SuperForex offers the largest range of trading accountsMetaTrader 5 is not available
There is an ultra-low minimum deposit requirement on trading accountsThere are only a few trading tools offered
Nigerian traders can register a Naria-denominated account
There are dedicated Islamic accounts for Muslim traders
Managed accounts can be opened through the proprietary SuperForex Bank

 

Market Share in Nigeria

👉 SuperForex offers specific solutions to Nigeria, but the broker has a market share of <5% in Nigeria.

5. Kwakol Markets

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

MetaTrader 5, MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

🥇 Trust Score: 74%

✔️ Overall Rating: 6/10

👉 Kwakol Markets is a well-regulated broker with offices around the world, including in Nigeria. While Kwakol offers a choice between retail trading accounts, the broker does not offer a Naira-denominated account.

 

👉 However, regardless, Nigerian traders can start trading with the broker with a minimum deposit of 1 USD, or equivalent in Naira.

 

Features

FeatureValue
💰 Minimum Deposit400 Naira or an equivalent to $1
💸 Maximum DepositUnlimited
📱 Account Base CurrenciesUSD
📊 Max Leverage Ratio1:1000
💵 Naira Deposits Allowed?No
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?Yes
📲 Account TypesStandard Account, ECN Account, Professional Account, Cent Account, No-Swap(Islamic) Account, VIP Account
💸 Trading AssetsForex, CFDs, Stocks, Commodities, Indices, Cryptocurrencies
💻 Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-OutUnknown
💰 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
Kwakol Markets is well-regulated by ASIC and FINTRACThere is only one base account currency
There is a dynamic selection of trading accountsThere is a currency conversion fee charged on Naira deposits
Traders have the option to deposit and withdraw in crypto
The broker offers a comprehensive affiliate program
There is a demo account and an Islamic account offered

 

Market Share in Nigeria

👉 The largest distribution of traders for Kwakol Markets is in Nigeria, with little information on other locations that utilize this broker.

6. TD Ameritrade

 

Overall Rating

Min Deposit

$0 / 0 NGN

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

On TD Ameritrade’s Website

 

Overview

🥇 Trust Score: 98%

✔️ Overall Rating: 8/10

👉 In addition to comprehensive investment options, advanced traders may find everything they need at TD Ameritrade, including third-party research, broker assistance, ETF transactions, and a large selection of financial products and trading tools.

 

👉 TD Ameritrade offers Nigerian traders the option to start investing from as little as 1 USD, or an equivalent in Naira, opening a world of investment and trading possibilities.

 

Features

FeatureValue
💰 Minimum Deposit400 Nigerian Naira (equivalent to $1)
💸 Maximum DepositNone
📱 Account Base CurrenciesUSD
📊 Max Leverage Ratio1:2
💵 Naira Deposits Allowed?No
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?No
📲 Account TypesStandard Account, Retirement Account, Education Account, Speciality Account, Managed Profiles, Margin Trading Accounts
💸 Trading AssetsStocks, Options, ETFs, Mutual Funds, Futures, Forex, Bonds, Fixed Income, Annuities, IPOs, CDs, Cryptocurrency Trading
💻 Negative Balance Protection?No
📞 Margin CallNone
🛑 Stop-OutNone
💰 Minimum Trade Size1 lot

 

✔️ PROS❌ CONS
TD Ameritrade has a high trust score and level of trustworthiness among all its clientsThe margin fees are very high
There is an impressive selection of investment optionsThe account fees are much higher than competitors
There are several educational guides for beginnersThere are no fractional shares offered
Nigerians have access to the proprietary trading app thinkorswim
There is a choice in investor accounts, each with tailor-made trading conditions

 

Market Share in Nigeria

👉 While TD Ameritrade has a small market share in Nigeria, the broker falls within the Top 100 brokers for Nigerian traders.

7. JustMarkets

 

Overall Rating

Min Deposit

USD 1 / 430 NGN

Regulators

FSA, CySec

Trading Desk

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

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

🥇 Trust Score: 49%

✔️ Overall Rating: 8/10

👉 JustMarkets has been in operation since 2012 and Nigerian traders who register an account with the broker are given a choice between several retail trading accounts with low deposit requirements, competitive trading conditions, and several other benefits.

 

Features

FeatureValue
💰 Minimum Deposit400 Nigerian Naira (equivalent to $1)
💸 Maximum DepositNone
📱 Account Base CurrenciesUSD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR
📊 Max Leverage Ratio1:3000
💵 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?No
📲 Account TypesStandard Cent Account (MT4), Standard Account (MT4), Pro Account (MT4), Raw Spread Account (MT4), Standard Account (MT5), Pro Account (MT5), Raw Spread Account (MT5)
💸 Trading AssetsIndices, Energies, Forex, Metals, Cryptocurrencies, Shares, Futures
💻 Negative Balance Protection?Yes
📞 Margin Call40%
🛑 Stop-Out20%
💰 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
JustMarkets offers a wide variety of local deposit and withdrawal options for NigeriansThere is a limited range of markets
There is a robust mobile trading platform offered to Nigerian tradersThere are inactivity fees that may apply
There is a demo and Islamic account option offered
JustMarkets offers a selection of educational materials and advanced trading tools
There are several account types offered across MT4 and 5

 

Market Share in Nigeria

👉 JustMarkets has a market share of over 4% in Nigeria, making it one of the most active forex brokers in the region, ranking it on the Top 20 forex and CFD brokers for Nigeria.

8. Fidelity Investments

Fidelity Investments

Overview

🥇 Trust Score: 95%

✔️ Overall Rating: 8/10

👉 Online stock, ETF, and options trading at Fidelity Investments is commission-free for traders throughout the globe, including residents of Nigeria and other African nations. Fidelity Investments is known for its range of investment opportunities, range of accounts, and the benefit that Nigerians can register an account with a low minimum deposit of 1 USD.

 

Features

FeatureValue
💰 Minimum Deposit$1 or an equivalent in Naira
💸 Maximum DepositNone
📱 Account Base CurrenciesUSD
📊 Max Leverage Ratio1:1
💵 Naira Deposits Allowed?No
✔️ Offers a Naira Account?No
📞 Nigerian Customer Support?No
📲 Account TypesBrokerage Account, Cash Management Account, Brokerage and Cash Management, The Fidelity Account for Businesses, Fidelity Go, Fidelity Personalized Planning and Advice, Portfolio Advisory Services Accounts, Fidelity Tax-Managed US Equity Index Strategy, Fidelity Equity-Income Strategy, Fidelity International Equity Strategy, Fidelity Tax-Managed International Equity Index Strategy, Fidelity US Large-Cap Equity Strategy, Fidelity Core Bond Strategy, Fidelity Intermediate Municipal Strategy, Breckinridge Intermediate Municipal Strategy
💸 Trading AssetsShares, Commodities, Exchange-Traded Funds (ETFs), Mutual Funds, Investment Funds, Options, Futures, Bonds, Annuities, Fractional Shares, CDs, Fixed Income, IRAs and Retirement, Initial Public Offerings (IPOs)
💻 Negative Balance Protection?No
📞 Margin CallNone
🛑 Stop-OutNone
💰 Minimum Trade Size1 lot

 

✔️ PROS❌ CONS
Fidelity Investments is a large and trusted broker that has been around for a very long timeThere are no MetaTrader platforms
The broker offers a wide range of investment optionsForex, CFD, and crypto trading are not offered
There is powerful trading software offeredThere are limited funding options
The broker offers competitive trading conditionsManagement fees and contract fees are charged
There are several investor options, advanced research, and a few educational materials

 

Market Share in Nigeria

👉 Fidelity Investments has an extremely small market share in Nigeria, but the broker is one of the largest in the world, with 20% of global traders using Fidelity, making it part of the Top 3 brokers for Nigerian traders.

Overview

👉 When starting in forex trading, one of the first trading costs that Nigerians will come across involves a minimum deposit requirement. This is the starting capital that the Forex Broker requires for traders to start using their trading accounts.

 

Top 10 Brokers in Nigeria

Broker

Rating

Regulators

Min Deposit

Leverage

Sign Up Bonus

Spreads

Website

1

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 While 1 USD, or equivalent to Nigerian Naira, provides Nigerian traders with the chance to register an account, this is not enough to start trading immediately, unless traders use leverage to meet the margin requirements.

An introduction to Margin Trading

An introduction to Margin Trading

👉 To establish and maintain positions in financial markets, traders need margin deposits made in good faith with a broker. To trade, a percentage of a customer’s account balance is placed aside as a margin, which is not a charge or fee.

 

👉 Forex margin trading allows traders to expand their positions. Subsequently, traders may open more risky but potentially more lucrative bets by using margin.

 

👉 Profits and losses are calculated based on the whole value of the transaction rather than simply the amount needed to initiate the position, which means that margin can be a double-edged sword, with the chance of profits as well as the chance of loss magnified.

 

👉 Margin requirements of the broker or leverage limitations set by the applicable regulatory body determine how much leverage a trader may use. When trading forex, the margin requirement set by your FX broker will reveal how much leverage you can employ.

 

👉 When getting started in the leveraged foreign exchange market, it is critical to have a solid grasp of margin. You should be aware that margin trading has the potential to produce higher gains as well as larger losses, therefore raising the level of risk. The words “margin level” and “margin call” are also important for traders to understand.

 

👉 Best Forex Brokers with a Minimum 1 USD Deposit.

 

👉 This “8 Best” is a comprehensive study of the FX market done by our staff in March 2022. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.

 

👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.

 

👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:

  1. Best Customer Support
  2. Lowest Spreads and Commissions
  3. Regulation
  4. Variety of trading instruments
  5. Highest leverage
  6. Negative reviews by their clients
  7. Minimum Deposit to start trading

 

👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.

➡️ Admirals

➡️ InstaForex

➡️ FBS

➡️ SuperForex

➡️ Kwakol Markets

➡️ TD Ameritrade

➡️ JustMarkets

➡️ Fidelity Investments

How to choose a forex broker

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

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 regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

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

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

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

👉 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

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

👉 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.

Best Investment Broker for Nigerian Stock Traders

Best Investment Broker

👉 Fidelity Investments is a large, trusted investment broker and provider that caters for traders from around the world. Fidelity Investment is our choice as the best investment broker for Nigerian stock traders based on its range of tradable products, account types, and unique solutions.

 

Best VIP Account for Professional Nigerian traders

Best VIP Account for Professional Nigerian traders

👉 Kwakol Markets is a well-known broker that offers a choice between account types, each catering to different types of traders. Kwakol Markets is our choice for the best VIP Account for professional traders because of its plethora of benefits and features.

 

Best Crypto Trading App

Best Crypto Trading App

👉 FBS is a trusted broker and our choice for offering a comprehensive crypto trading app to Nigerian traders who rely on their mobile devices to gain access to financial markets.

 

Best Beginner Trader Education for Nigerian Traders

Best Beginner Trader Education

👉 We chose Admirals because of the range of educational materials and resources that are offered to beginner Nigerian traders. Admirals offer webinars, a comprehensive glossary and FAQ, risk management guides, articles, tutorials, eBooks, videos, and more.

 

Best Proprietary Mobile Trading Platform

Best Proprietary Mobile Trading

👉 TD Ameritrade is our choice as the broker with the best proprietary mobile trading platform, thinkorswim. Nigerian traders will find competitive trading conditions and a range of investment and trading options with TD Ameritrade.

 

Best Micro Cent Account for Nigerian Beginner Traders

Best Micro Cent Account

👉 InstaForex is one of the best brokers that offer Nigerian traders a comprehensive Micro Cent Account with competitive trading conditions. Traders also have access to a range of other benefits such as decent leverage up to 1:1000, a low minimum deposit, and more.

 

Best MetaTrader 4 and MetaTrader 5 Accounts for Nigerians

Best MetaTrader 4 and MetaTrader 5 Accounts

👉 JustMarkets is the best MT4 and MT5 broker on this list because the trading accounts offered are linked directly to either one of these platforms. With this solution, Nigerian traders are given access to different markets, allowing them to trade several financial instruments with the best trading conditions available.

 

Best Islamic Account for Muslim Nigerian traders

Best Islamic Account for Muslim

👉 We chose SuperForex based on the sheer range of account types that it offers. Included in its impressive suite of retail trading accounts Muslim traders will find a choice between three designated Islamic Accounts.

FAQ

What is the minimum deposit to start trading in Nigeria?

To start trading, you need a minimum deposit of at least 1 USD to register an account. To start trading, you need to meet the margin requirements of your forex broker, which could be more than your minimum deposit.

 

Which Nigerian Forex Broker has the lowest deposit requirements?

The Forex Brokers we have indicated on this comprehensive list are the brokers in Nigeria with the lowest minimum deposit requirements.

 

What is a lot in Forex Trading?

A lot is a unit that measures the transaction amount in forex. When you execute an order through your trading platform, you place orders in sizes that are quoted in lots.

 

What is the minimum trading size that I can use in Forex Trading?

Most brokers offer position sizes from as little as 0.01 lots.

 

How can I start Trading with 1 USD?

You can register an account with a broker that accepts this amount as the bare minimum. However, you might not be able to trade with such a small amount, unless your broker offers bonuses that give you the necessary trading credit to cover the margin requirements, allowing you to use leverage to open larger positions.

 

What is the maximum leverage I can use when trading Forex in Nigeria?

This will depend on the Forex Broker in Nigeria that you use. Some brokers on our comprehensive list offer leverage up to 1:3000, which means that you can open positions 3000x your initial deposit of 1 USD.

 

Will 1 USD cover the margin requirements for my broker?

No, this is often not enough to cover the margin requirements and you might have to fund your account with more capital to cover the margin requirements unless your broker offers bonuses that give you trading credit that can cover the margin requirement.

Conclusion

👉 Now it is your turn to participate:

➡️ Which broker from this list do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the minimum deposit or because of leverage?

 

👉 Regardless, please share your thoughts in the comments below.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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