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best nigerian forex brokers with a minimum 10 usd deposit review

9 Best Forex Brokers with a Minimum 10 USD Deposit in Nigeria

The 9 Best Forex Brokers with a Minimum 10 USD Deposit in Nigeria were revealed. We tested and verified the best ten Dollar Deposit forex brokers with a minimum deposit of 10 USD (4 151 NGN) for Nigerian Traders.

This is a complete list of forex brokers with a minimum deposit of ten USD in Nigeria.

In this in-depth guide you’ll learn:

  • What is a broker with a $10 minimum deposit?
  • Who are the best Forex Brokers with a Minimum 10 USD Deposit?
  • Who is the best forex broker with a 10-dollar minimum deposit with a NAIRA trading account
  • Which 10-dollar minimum deposit brokers have local offices in Nigeria?
  • Which brokers on the list offer a 1st-time welcome sign-up bonus?
  • Which is the #1 Best low bandwidth trading app for Nigerians?
  • How to choose a forex broker – Compare them side by side against each other?



And lots more…

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

Let’s dive right in…

Updated : September 7, 2022

👉 Definition: A broker that offers a minimum of $10 deposit to Nigerian traders.

Best Nigerian Forex Brokers with a Minimum 10 USD Deposit – Comparison

🏛️ Broker💰 Minimum Deposit💵 Naira Deposits Allowed?✔️ Offers a Naira Account?📞 Nigerian Customer Support?👉 Open Account
1. Exness4,100 Naira or an equivalent to $10YesYesNo👉 Open Account
2. RoboForex4,100 Naira or an equivalent to $10YesNoNo👉 Open Account
3. Forex.ee4,100 Naira or an equivalent to $10NoNoNo👉 Open Account
4. Tifia4,100 Naira or an equivalent to $10NoNoNo👉 Open Account
5. Axiory 4,100 Naira or an equivalent to $10NoNoNo👉 Open Account
6. FXTM4,100 Naira or an equivalent to $10YesYesYes👉 Open Account
7. Grand Capital4,100 Naira or an equivalent to $10NoNoYes👉 Open Account
8. EagleFX4,100 Naira or an equivalent to $10YesNoNo👉 Open Account
9. HFM4,100 Naira or an equivalent to $10YesYesYes👉 Open Account

9 Best Nigerian Forex Brokers with a Minimum 10 USD Deposit (2022)

  1. Exness – Overall, Best Minimum 10 USD Deposit Broker
  2. RoboForex – Top Mobile Trading App
  3. Forex.ee – User-Friendly ECN Broker
  4. Tifia – Best Naira-Dominated Retail Accountant for Nigerians
  5. Axiory – Verified Nano Account Broker
  6. FXTM – Top Local Nigerian Broker
  7. Grand Capital – Best MT5 Broker
  8. EagleFX – Verified Bitcoin Funding for Nigerians
  9. HFM – Best MetaTrader4/MT4 Broker

1. 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

🥇 Trust Score: 97%

✔️ Overall Rating: 8/10

👉 Exness is overall one of the best CFD and forex brokers for Nigerian traders, providing customized trading solutions, competitive trading conditions, a choice between retail trading accounts, and the benefit that traders can start participating in the forex market with a minimum deposit of 10 USD, or an equivalent in Naira.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesAED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR
📊 Max Leverage RatioUnlimited
💸 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?Yes
💰 Nigerian Customer Support?No
📊 Account TypesStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
💻 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
✔️ Negative Balance Protection?Yes, Retail Accounts
📞 Margin Call60%
🛑 Stop-Out0%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
Exness is multi-regulated through several reputable entities around the globeThere are only a few financial instruments that can be traded
Nigerian traders can expect local instant deposits and instant withdrawalsThere are only a few deposit and withdrawal options offered
There is 24/7 customer support offered
There is a choice between trading accounts, with a low minimum deposit of 10 USD
Negative balance protection is applied and there is client fund security guaranteed

 

Market Share in Nigeria

👉 While Exness does not dominate the forex and CFD market share in Nigeria, the broker has a large presence in the region, making it part of the Top 20 forex and CFD brokers for Nigerian traders.

2. RoboForex

 

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

 

Overview

🥇 Trust Score: 66%

✔️ Overall Rating: 9/10

👉 RoboForex is an online broker that offers a wide range of tradable instruments across several asset classes. RoboForex offers Nigerian traders a choice between different trading accounts, with the benefit that there are ultra-low minimum deposits and high leverage ratios offered.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositNone
💵 Account Base CurrenciesUSD, EUR, CNY, GOLD
📊 Max Leverage Ratio1:2000
💸 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?No
💰 Nigerian Customer Support?No
📊 Account TypesPrime Account, Kenya ECN Account, R StocksTrader Account, ProCent Account, Pro Account
💻 Trading AssetsForex, Stocks, Indices, ETFs, Commodities, Metals, Energy Commodities, Cryptocurrencies
✔️ Negative Balance Protection?Yes
📞 Margin Call40% to 60%
🛑 Stop-Out10% to 40%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
There is a range of markets that can be tradedThere are withdrawal fees charged on payment methods
Nigerian traders have access to a range of trading tools and research optionsThere is no Naria-denominated account offered
There is a low minimum deposit on trading accounts
There are powerful trading platforms available across devices, including mobile phones
RoboForex offers competitive trading conditions to Nigerian retail traders

 

Market Share in Nigeria

👉 RoboForex may not dominate the Nigerian forex market, but the broker is an extremely popular option in the country.

3. Forex.ee

Forex.ee

Overview

🥇 Trust Score: 64%

✔️ Overall Rating: 6/10

👉 Established in 2004, Forex.ee is an ECN broker that caters for traders from around the world, offering modern and dynamic solutions, a range of tradable instruments, and the use of powerful trading software.

 

👉 In addition to offering a choice between trading accounts, Forex.ee charges an ultra-low minimum deposit on the Crypto Account, allowing Nigerian traders to trade several crypto coins through powerful trading platforms, including trading apps.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, RUB, MBT, LTC
📊 Max Leverage Ratio1:500 overall, 1:3 on the Crypto Account
💸 Naira Deposits Allowed?None
✔️ Offers a Naira Account?No
💰 Nigerian Customer Support?No
📊 Account TypesSTP Account, Basic ECN Account, Advanced ECN Account, Premium ECN Account, Crypto Account
💻 Trading AssetsForex, Cryptocurrency
✔️ Negative Balance Protection?None Indicated
📞 Margin Call50%
🛑 Stop-Out30%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
There is a choice between different account typesUnregulated
Forex.ee offers comprehensive PAMM servicesA limited selection of markets, only forex and crypto trading offered
One-click trading is offered to Nigerian tradersThere is no daily market analysis offered
MetaTrader 4 is offered across devices
There is a dedicated cryptocurrency trading account offered

 

Market Share in Nigeria

👉 There is not enough data available on the market share of Forex.ee. However, it is an international broker that welcomes Nigerian traders and offers dynamic trading accounts and competitive trading conditions.

4. Tifia

 

Overall Rating

Min Deposit

USD 10 / 4146 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

🥇 Trust Score: 75%

✔️ Overall Rating: 7/10

👉 Tifia is a Vanuatu-based forex and CFD broker that has been in operation for the past 11 years, offering Nigerian traders competitive trading conditions, and comprehensive and flexible trading solutions.

👉 Tifia not only offers a choice between retail trading accounts, but the advantage of registering a trading account with a minimum deposit of 10 USD, or an equivalent in Nigerian Naira.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, NGN
📊 Max Leverage Ratio1:1000
💸 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?Yes
💰 Nigerian Customer Support?Yes
📊 Account TypesA Start Account (Micro), ECN Classic Account, ECN Pro Account
💻 Trading AssetsForex, Precious Metals, Commodities, Indices, Stocks
✔️ Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-Out50%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
Tifia offers Nigerian traders a Naira-denominated trading accountWithdrawal fees are charged on payment methods
Nigerian traders have access to local deposits and withdrawalsThere is a lack of educational materials
There are no fees charged on depositsThe spreads are wider than that of competitors
Tifia offers commission-free tradingTifia does not support individual stock or cryptocurrency trading
The broker offers a range of social trading opportunities

 

Market Share in Nigeria

👉 There is no updated data to indicate the precise market share that Tifia has in Nigeria. However, the broker accepts traders from around the world, except those who reside in the United States of America, Canada, Israel, Belgium, Japan, Mauritius, and the Republic of Vanuatu.

5. Axiory

 

Overall Rating

Min Deposit

10 USD / 4145 NGN

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

🥇 Trust Score: 90%

✔️ Overall Rating: 8/10

👉 Axiory is a multi-regulated forex and CFD broker that has been in operation since 2011. Axiory accommodates and accepts Nigerian traders, allowing them access to a range of markets. In addition to offering high leverage, competitive trading conditions, and a choice between trading accounts, Axiory also accepts ultra-low minimum deposits of 10 USD or an equivalent in Naira.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesEUR, USD
📊 Max Leverage Ratio1:777
💸 Naira Deposits Allowed?No
✔️ Offers a Naira Account?No
💰 Nigerian Customer Support?No
📊 Account TypesNano Account, Standard Account, Max Account, Tera Account, Alpha Account
💻 Trading AssetsForex, Gold and Precious Metals, Oil and Energies, CFD Indices, CFD Stocks, Exchange Stocks, Exchange ETFs
✔️ Negative Balance Protection?Yes
📞 Margin Call50%
🛑 Stop-Out20%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
Axiory is well-regulated and offers a range of markets to Nigerian tradersCrypto trading is not offered
Muslim traders are given the option of an Islamic account conversionThere are no Naira-denominated accounts
Axiory supports several trading strategiesThere are no local deposits or withdrawals for Nigerians
There is a choice between different accounts offered by AxioryThere are additional commissions on the Islamic Account
Client fund security is guaranteed, and investor protection is provided

 

Market Share in Nigeria

👉 Axiory does not have a significant market share in Nigeria, but the broker is still part of the Top 100 brokers for retail and professional traders in the region.

6. FXTM

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

🥇 Trust Score: 93%

✔️ Overall Rating: 9/10

👉 FXTM is one of the most popular forex and CFD brokers in Nigeria, offering tailormade solutions to local clients, regardless of their trading skill, needs, or objectives. FXTM offers local support, Naira-denominated trading accounts, and the benefit that there is a low capital requirement when registering an account.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, GBP, or NGN
📊 Max Leverage Ratio1:2000
💸 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?Yes
💰 Nigerian Customer Support?Yes
📊 Account TypesMicro Account, Advantage Account, Advantage Plus Account
💻 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
✔️ Negative Balance Protection?Yes
📞 Margin CallFrom 60% to 80%
🛑 Stop-OutFrom 40% to 50%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
FXTM is multi-regulated and has won several awards since its inceptionThere are inactivity fees charged on dormant accounts
FXTM offers local support, local deposits, and withdrawals, and other tailormade solutions to Nigerian traders
There is a low minimum deposit requirement
There is a wide selection of educational materials and advanced tools for expert traders
There is a choice between retail trading accounts

 

Market Share in Nigeria

👉 FXTM has a market share of more than 9.6% in Nigeria, making it one of the Top 5 forex and CFD brokers for traders.

7. Grand Capital

Grand Capital

Overview

🥇 Trust Score: 55%

✔️ Overall Rating: 6/10

👉 Grand Capital is an offshore broker that provides over 330 trading products through its own WebTrader platform as well as the widely used MetaTrader 4 and MetaTrader 5 trading platforms.

 

👉 Grand Capital offers a choice of trading accounts, with the Crypto Account’s minimum deposit at an ultra-low 10 USD, or an equivalent in Naira. Grand Capital brokerage business lists Currenex and Swissquote as liquidity providers, with pricing determined by liquidity providers.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, RUB, JPY, GBP, GOLD, mBTC, mETH
📊 Max Leverage Ratio1:500
💸 Naira Deposits Allowed?No
✔️ Offers a Naira Account?No
💰 Nigerian Customer Support?Yes
📊 Account TypesStandard Account, MT5 Account, Micro Account, Crypto Account, Swap-Free Account, ECN Prime
💻 Trading AssetsForex, Cryptocurrencies, Stocks, Indices, Metals, Energy Commodities
✔️ Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-OutFrom 40% to 80%
📉 Minimum Trade Size0.01 lots

 

✔️ PROS❌ CONS
Grand Capital offers a choice between retail accountsUnregulated
The broker offers comprehensive LAMM Investment optionsThere is no education, and the market analysis is very poor
Nigerian traders are given access to local deposit and withdrawal options
There are competitive spreads and commissions charged
The Crypto Account has an ultra-low minimum deposit

 

Market Share in Nigeria

👉 Grand Capital does not hold a very large market share in the trading industry in Nigeria, but the broker accepts Nigerians and offers local deposits and other comprehensive solutions, ranking Grand Capital in the Top 100 brokers for the region.

8. EagleFX

EagleFX

Overview

🥇 Trust Score: 66%

✔️ Overall Rating: 6/10

👉 EagleFX is a well-known online broker with many satisfied customers all around the world. More than 100 trading products are available, including 24-hour access to Cryptocurrencies. Competitive trading conditions, such as low spreads, fast execution speeds, and intuitive trading interfaces, are also available at these Forex brokers, who provide a wide range of currency pairs and CFDs.

 

👉 EagleFX only offers one standard account, with the benefit that Nigerians can start trading with a low minimum deposit of 10 USD, or an equivalent in Naira.

 

Features

FeatureValue
📉 Minimum Deposit4,100 Naira or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesEUR, GBP, USD, BTC
📊 Max Leverage Ratio1:500
💸 Naira Deposits Allowed?Yes
✔️ Offers a Naira Account?No
💰 Nigerian Customer Support?No
📊 Account TypesStandard Account
💻 Trading AssetsCryptocurrencies, Commodities, Forex, Indices, Stocks, Futures
✔️ Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-Out70%
📉 Minimum Trade Size0.01 lots

 

PROSCONS
EagleFX offers 24/7 crypto trading through powerful trading platformsThere is only one retail account offered
There is a low minimum deposit requirementThere is only one trading platform provided
There are competitive spreads and low commission charges
The broker offers flexible leverage to Nigerian traders
There is a comprehensive affiliate program

 

Market Share in Nigeria

👉 EagleFX does not have a substantial market share, but the broker is one of the Top 100 brokers for Nigerian traders.

9. HFM

HFM

Overview

🥇 Trust Score: 85%

✔️ Overall Rating: 9/10

 

👉 HFM is a multi-regulated online broker that is known for its competitive trading conditions and comprehensive trading solutions. HFM offers a choice between five unique account types, with the benefit that Nigerians can start trading from 2,100 NGN ($5).

 

👉 HFM has millions of registered users around the world and offers multilingual customer support 24/5 through modern communication channels and social media platforms.

 

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

Overview

👉 Nigeria has the largest economy in Africa in addition to having over 1.3 million active Nigerian Traders and a Daily Forex Turnover of $1.25 million+. The Forex Brokers in Nigeria that accommodate Nigerian traders cater for the trading objectives and needs of all types of traders.

👉 The Foreign Exchange Market offers several benefits, including the opportunity to start trading with a low minimum deposit, often from as little as $10, or an equivalent to the Nigerian Naira.

 

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

 

👉 These Forex Brokers often offer higher levels of leverage, allowing Nigerian traders to open large positions across several asset classes, most typically in low-cost instruments such as forex major pairs such as EUR/USD, and others.

Position Sizes in Forex Trading Explained

Best Flexible Broker

👉 When day trading foreign currency (forex) rates, Nigerian traders must consider their position size, or transaction size in units, before they determine their entry and exit locations.

 

👉 Even when traders have the best forex strategy in the world; if their trade size is too large or small, traders will take on excessive or insufficient risk, and taking up excessive risk may swiftly deplete a trading account.

 

👉 The trader’s position size is defined by the number of lots that they purchase or sell in a transaction, as well as the kind and size of lots that they buy or sell. Some of the typical position sizes are:

➡️ A nano lot is 100 units of the base account currency

➡️ A micro lot can be explained as 1,000 units of the base account currency

➡️ A mini lot is 10,000 units of the base account currency

➡️ A standard lot can be explained as 100,000 units of the base account currency

How does Margin Work?

How does Margin Work?

👉 Margin trading is a technique used to boost your buying power, allowing you to execute a much larger trade. By using margin, you can use a fraction of the capital necessary to start a significantly larger trade.

 

👉 This implies that instead of paying the whole value of the position, which is not always within the financial capabilities of traders, you only pay a fraction of it, and this is referred to as the ‘initial margin’.

 

👉 Margin trading can be extremely advantageous, but it is also risky since you could lose your whole investment. However, retail traders typically have negative balance protection which is automatically applied to retail accounts.

 

👉 Negative balance protection, however, is something that is not applied to professional trading accounts. Subsequently, professional Nigerian traders could lose more than their initial investments, and they could be asked to make further deposits to replace their losses, known as a margin call.

 

👉 Margin is just the amount of money necessary to initiate a trade (kept as collateral by the broker), while leverage is the exposure multiplied by account equity.

 

👉 Nigerian traders must remember that the margin rate dictates the amount of margin, and this varies according to the trading instrument and the underlying market’s volatility and liquidity. In addition, market volatility is the ability of a market to change by a certain percentage in a particular market. Volatility is often inextricably tied to liquidity as well.

 

Exploring Leverage Ratios

Exploring Leverage Ratios

👉 Leverage ratios and margin requirements will always vary per broker according to several factors, including regional regulations and laws. Typically, 100:1, 200:1, and 50:1 are common leverage ratios that are supplied, with some brokers offering 1:500, 1:1000, and higher.

 

👉 In addition, leverage can also depend on the trading volume or the position size that the Nigerian trader opens. Nigerian traders must remember that when they use leverage, they are required to pay a margin requirement before they can execute a trade.

 

👉 For instance, to use leverage of 1:200 on a trade, traders will be liable to pay a 0.5% minimum margin requirement, while leverage of 1:100 will require a 1% margin requirement, and so on. The higher the leverage ratio, the smaller the margin requirement, allowing Nigerian forex traders to start trading with very low capital.

 

👉 An important factor to consider is that if you are new to leveraged trading, You must grasp the margin and leverage concepts before trading. Additionally, it is important to practice trading using a demo account within a risk-free environment until you have enough skills to risk real money.

 

Initial Margin and the Margin Requirement

Initial Margin and the Margin Requirement

👉 To initiate a position, the trader must post an initial margin deposit, also referred to as an initial deposit. The initial margin requirements for each market will vary based on the kind of asset, trading instrument, and the trade size of the position.

 

Short Overview of Margin Call

Short Overview of Margin Call

👉 An investor’s margin account is called if the value falls below the broker’s necessary level. A “margin call” occurs when a broker requests more money from the Nigerian trader to increase the minimum value of the trading account to the required value, known as the maintenance margin.

 

👉 One thing that Nigerian traders must note, is that there is a correlation between how much margin is maintained and how many equities are involved.

 

👉 The only way to make up for a lack of margin is to deposit cash into the margin account or sell assets in the margin account to pay off some of the margin loan’s outstanding balance.

Best Forex Brokers with a Minimum 10 USD Deposit

Best Forex Brokers with a Minimum 10 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.

➡️ Exness

➡️ RoboForex

➡️ Forex.ee

➡️ Tifia

➡️ Axiory

➡️ FXTM

➡️ Grand Capital

➡️ EagleFX

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 Forex Brokers in Nigeria

Overall Best CFD and Forex Broker in Nigeria

Overall Best CFD and Forex Broker

👉 We chose Exness as the best overall broker for Nigerians because the broker offers comprehensive trading solutions to both beginner and professional traders, a range of accounts, the option to trade using a Naira-denominated account, and instant deposits, withdrawals, and more.

Best ECN Broker in Nigeria

Best ECN Broker in Nigeria

👉 We chose Forex.ee as the Best ECN Broker in the region as the broker offers its clients a choice between different ECN account types, offering flexible trading conditions to suit different trading objectives and needs.

Best Nano Account Forex Broker for Nigerian Beginner Traders

Best Nano Account Forex Broker

👉 The benefit of a Nano Account is that it is perfect for beginner traders who are learning to trade. Axiory offers one of the best Nano Accounts with the benefit that Nigerian Beginners can start trading with an ultra-low deposit of 4,100 Naira.

Best Bitcoin Funding offered to Nigerians

Best Bitcoin Funding offered

👉 EagleFX is an international broker that offers Nigerian traders the chance to deposit and withdraw in BTC using powerful mobile trading apps and platforms.

Best Mobile Trading Apps

Best Mobile Trading Apps

👉 We chose RoboForex because the broker not only offers a choice between trading accounts but also offers powerful proprietary and third-party mobile apps that can be used across mobile devices.

Best Local Nigerian Broker

Best Local Nigerian Broker

👉 We selected FXTM because it offers customizable and personalized services and solutions to Nigerian traders. FXTM offers a choice between Naira-denominated accounts, local deposit, and withdrawal options, and more.

Best Naira-denominated Retail Account for Nigerians

Best Naira-denominated Retail Account

👉 We chose Tifia’s NGN-denominated accounts as it allows traders to trade in local currency, exempting them from currency conversions.

Best MT5 Account Broker

Best MT5 Account Broker

👉 Grand Capital offers a choice in retail trading accounts, in addition to providing one of the best MT5 accounts in the industry.

 

Best MetaTrader 4 / MT4 Broker in Nigeria

Best MetaTrader 4 / MT4 Broker in Nigeria

👉 Overall, HFM is the Best MT4 Broker in Nigeria. HFM allows Nigerians to register a retail account via the popular and robust MetaTrader 4 platform.

 

👉 Nigerians can trade over 1,000 CFDs using this innovative platform and take advantage of the fact that they can access their trading via mobile, desktop, or any internet browser.

FAQ

Can you start forex trading in Nigeria with just $10?

Yes, there are brokers in Nigeria with $10 minimum deposit requirement. 

Which Forex Brokers have offices in Nigeria?

From our comprehensive list, FXTM has local offices in Nigeria, amongst several other popular brokers.

How do you open an account with a Nigerian Forex Broker?

Once you have used the demo account and determined that a forex broker suits your unique trading needs and objectives, you can start the process of registering an account by going to the broker’s official website.

From here, you can select the option to register an account, complete the online form, provide your proof of identity and proof of residence, pay the minimum deposit, and start trading.

How can I start trading with 4,100 Naria?

4,100 or an equivalent to $10 could be too little to execute trades. To start trading, you either need to deposit more funds, use leverage, or use trading credit if your broker offers a trading bonus.

How can I compare Forex Brokers in Nigeria?

By evaluating the broker’s regulation, licenses, account types, trading platforms, trading and non-trading fees, customer support, deposits and withdrawals, and other factors.

How can I make a minimum deposit to my Forex Broker?

Once you have registered an account with your forex broker of choice, you can use the Client Portal to access your deposit and withdrawal options, choose your preferred deposit method, provide your deposit currency, enter the amount, and verify the deposit.

How do I know which leverage level is safe?

You need to determine what your risk tolerance is and ensure that you have a risk-reward ratio of 1:3, where the reward is thrice the risk. Typically, traders use leverage between 1:30 to 1:200, depending on their unique risk tolerance.

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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