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 broker – Compare 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
- Louis Schoeman
👉 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) | Yes | No | No | 👉 Open Account |
| 2. InstaForex | $1 (400 NGN) | Yes | No | No | 👉 Open Account |
| 3. FBS | $1 (400 NGN) | Yes | No | No | 👉 Open Account |
| 5. SuperForex | $1 (400 NGN) | Yes | Yes | No | 👉 Open Account |
| 6. Kwakol Marekts | $1 (400 NGN) | No | Yes | Yes | 👉 Open Account |
| 7. TD Ameritrade | $1 (400 NGN) | No | No | No | 👉 Open Account |
| 8. Fidelity Investments | $1 (400 NGN) | No | No | No | 👉 Open Account |
8 Best Nigerian Forex Brokers with a Minimum 1 USD Deposit (2023)
- Admirals – Overall, Best Minimum 1 USD Deposit Education for Nigerians
- InstaForex – Best Micro Trader Account
- FBS – Best Broker for Crypto Trading in Nigeria
- SuperForex – Best Islamic Account for Muslim Traders
- Kwakol Markets – Best VIP Account for Professional Nigerian Traders
- TD Ameritrade – Best Proprietary Mobile Trading App in Nigeria
- JustMarkets – Best MT4 and MT5 Trading Account
- Fidelity Investments – Best Investment Broker for Nigerian Traders
1. Admirals
Overall Rating
- 4.1/5
Total Pairs
35 Forex Currency Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Naira, or an equivalent to $1 |
| 💸 Maximum Deposit | None |
| 📱 Account Base Currencies | EUR, 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 Types | Trade.MT5, Invest.MT5, Zero.MT5, Bets.MT5, Trade.MT4, Zero.MT4 |
| 💸 Trading Assets | ESG Trading Instruments, Forex, Cryptocurrency CFDs, Commodities, Indices, Stocks, ETFs, Bonds, Spread Betting |
| 💻 Negative Balance Protection? | Yes, on Retail Accounts |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 💰 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| Admirals is an award-winning and well-regulated forex and CFD broker | There are no fixed spreads |
| Naira deposits are allowed | An inactivity fee is charged on dormant accounts |
| There is negative balance protection on retail accounts | Deposit and withdrawal fees apply to payment methods |
| All types of traders are welcome with Admirals | Admin 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
- 4.8/5
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Naira, or an equivalent to $1 |
| 💸 Maximum Deposit | None |
| 📱 Account Base Currencies | EUR and USD |
| 📊 Max Leverage Ratio | 1:1000 |
| 💵 Naira Deposits Allowed? | Yes |
| ✔️ Offers a Naira Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Insta.Standard Trading Account, Insta.Eurica Trading Account, Cent.Standard Trading Account, Cent.Eurica Trading Account |
| 💸 Trading Assets | Forex, Stocks, Indices, Precious Metals, Energies, Commodity Futures, Cryptocurrencies |
| 💻 Negative Balance Protection? | Yes |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 10% |
| 💰 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| There is a low minimum deposit requirement on most accounts | There is no Naira-denominated account |
| Nigerians can choose between different account types that suit their trading needs and objectives | There 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
- 4.7/5
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Naira, or equivalent to 1 USD |
| 💸 Maximum Deposit | None |
| 📱 Account Base Currencies | EUR and USD |
| 📊 Max Leverage Ratio | 1:3000 |
| 💵 Naira Deposits Allowed? | Yes |
| ✔️ Offers a Naira Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 💸 Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| 💻 Negative Balance Protection? | Yes |
| 📞 Margin Call | 40% |
| 🛑 Stop-Out | 20% |
| 💰 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| There is a range of FBS trading accounts to choose from | Inactivity fees apply |
| FBS is well-regulated and offers competitive trading conditions | The demo account is only available for 40 days |
| There is a demo and an Islamic account offered | There are withdrawal and deposit fees applied |
| FBS offers customer support 24/7 | FBS 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
- 4.5/5
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Naira or an equivalent to $1 |
| 💸 Maximum Deposit | Unlimited |
| 📱 Account Base Currencies | USD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR, THB |
| 📊 Max Leverage Ratio | 1:2000 |
| 💵 Naira Deposits Allowed? | Yes |
| ✔️ Offers a Naira Account? | Yes |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Standard 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 Assets | Forex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs |
| 💻 Negative Balance Protection? | Yes |
| 📞 Margin Call | 80% |
| 🛑 Stop-Out | 40% |
| 💰 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| SuperForex offers the largest range of trading accounts | MetaTrader 5 is not available |
| There is an ultra-low minimum deposit requirement on trading accounts | There 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
- 4.1/5
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Naira or an equivalent to $1 |
| 💸 Maximum Deposit | Unlimited |
| 📱 Account Base Currencies | USD |
| 📊 Max Leverage Ratio | 1:1000 |
| 💵 Naira Deposits Allowed? | No |
| ✔️ Offers a Naira Account? | No |
| 📞 Nigerian Customer Support? | Yes |
| 📲 Account Types | Standard Account, ECN Account, Professional Account, Cent Account, No-Swap(Islamic) Account, VIP Account |
| 💸 Trading Assets | Forex, CFDs, Stocks, Commodities, Indices, Cryptocurrencies |
| 💻 Negative Balance Protection? | Yes |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | Unknown |
| 💰 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| Kwakol Markets is well-regulated by ASIC and FINTRAC | There is only one base account currency |
| There is a dynamic selection of trading accounts | There 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
- 4.7/5
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
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Nigerian Naira (equivalent to $1) |
| 💸 Maximum Deposit | None |
| 📱 Account Base Currencies | USD |
| 📊 Max Leverage Ratio | 1:2 |
| 💵 Naira Deposits Allowed? | No |
| ✔️ Offers a Naira Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Standard Account, Retirement Account, Education Account, Speciality Account, Managed Profiles, Margin Trading Accounts |
| 💸 Trading Assets | Stocks, Options, ETFs, Mutual Funds, Futures, Forex, Bonds, Fixed Income, Annuities, IPOs, CDs, Cryptocurrency Trading |
| 💻 Negative Balance Protection? | No |
| 📞 Margin Call | None |
| 🛑 Stop-Out | None |
| 💰 Minimum Trade Size | 1 lot |
| ✔️ PROS | ❌ CONS |
| TD Ameritrade has a high trust score and level of trustworthiness among all its clients | The margin fees are very high |
| There is an impressive selection of investment options | The account fees are much higher than competitors |
| There are several educational guides for beginners | There 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
- 4.4/5
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
| Feature | Value |
| 💰 Minimum Deposit | 400 Nigerian Naira (equivalent to $1) |
| 💸 Maximum Deposit | None |
| 📱 Account Base Currencies | USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, ZAR |
| 📊 Max Leverage Ratio | 1:3000 |
| 💵 Naira Deposits Allowed? | Yes |
| ✔️ Offers a Naira Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Standard Cent Account (MT4), Standard Account (MT4), Pro Account (MT4), Raw Spread Account (MT4), Standard Account (MT5), Pro Account (MT5), Raw Spread Account (MT5) |
| 💸 Trading Assets | Indices, Energies, Forex, Metals, Cryptocurrencies, Shares, Futures |
| 💻 Negative Balance Protection? | Yes |
| 📞 Margin Call | 40% |
| 🛑 Stop-Out | 20% |
| 💰 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| JustMarkets offers a wide variety of local deposit and withdrawal options for Nigerians | There is a limited range of markets |
| There is a robust mobile trading platform offered to Nigerian traders | There 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
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
| Feature | Value |
| 💰 Minimum Deposit | $1 or an equivalent in Naira |
| 💸 Maximum Deposit | None |
| 📱 Account Base Currencies | USD |
| 📊 Max Leverage Ratio | 1:1 |
| 💵 Naira Deposits Allowed? | No |
| ✔️ Offers a Naira Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Brokerage 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 Assets | Shares, 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 Call | None |
| 🛑 Stop-Out | None |
| 💰 Minimum Trade Size | 1 lot |
| ✔️ PROS | ❌ CONS |
| Fidelity Investments is a large and trusted broker that has been around for a very long time | There are no MetaTrader platforms |
| The broker offers a wide range of investment options | Forex, CFD, and crypto trading are not offered |
| There is powerful trading software offered | There are limited funding options |
| The broker offers competitive trading conditions | Management 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
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 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
👉 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 2023. 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:
- Best Customer Support
- Lowest Spreads and Commissions
- Regulation
- Variety of trading instruments
- Highest leverage
- Negative reviews by their clients
- 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
👉 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 regulations 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.
Best Investment Broker for Nigerian Stock Traders
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA
Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
Overall Rating
- 4.1/5
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
👉 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
Overall Rating
- 4.7/5
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
👉 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
Overall Rating
- 4.1/5
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
👉 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
Overall Rating
- 4.7/5
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
👉 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
Overall Rating
- 4.8/5
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
👉 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
Overall Rating
- 4.4/5
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
👉 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
Overall Rating
- 4.5/5
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
👉 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.
