7 Best Forex Brokers with a Minimum 50 USD Deposit in Nigeria
The 7 Best Nigerian Forex Brokers with a fifty-dollar minimum deposit revealed. We tested and verified the best FX brokers with a minimum $50 deposit to get started.
This is a complete list of low-cost forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is a 50 USD minimum deposit?
- What are lot sizes and why traders and investors should know about them?
- Who are the best $50 (20 768 NGN) minimum deposit brokers for Nigerians?
- A list of the best 50-dollar minimum deposit brokers for Nigerians.
- How to choose a forex broker – Compare them side by side against each other.
- Which brokers offer Trading Apps for IOS and Andriod?
- Which NASDAQ Brokers offer a $50 (20 768 NGN) minimum deposit?
- Which brokers offer a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-tested $50 minimum deposit forex brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best Nigerian Forex Brokers with a Minimum 50 USD Deposit – Comparison
| 🏛️ Broker | 💰 Minimum Deposit | 💵 Maximum Deposit | ✔️ Naira Deposits Allowed? | 💳 NGN Deposits | 📞 Nigerian Customer Support? | 👉 Open Account |
| 1. LiteFinance | 20,700 Naira or equivalent to $50 | Unlimted | Yes | No | No | 👉 Open Account |
| 2. LMFX | 20,700 Naira or equivalent to $50 | Unlimited | No | No | No | 👉 Open Account |
| 3. ACY Securities | 20,700 Naira or equivalent to $50 | Unlimited | Yes | No | No | 👉 Open Account |
| 4. NinjaTrader | 20,700 Naira or equivalent to $50 | $1,099 for the lifetime package (450,000 Naira) | No | No | No | 👉 Open Account |
| 5. Traders Trust | 20,700 Naira or equivalent to $50 | Unlimited | No | No | No | 👉 Open Account |
| 6. FXCM | 20,700 Naira or equivalent to $50 | Unlimited | Yes | No | No | 👉 Open Account |
| 7. OneRoyal | 20,700 Naira or equivalent to $50 | 4,100,000 Naira ($9,999) on the Classic Account | Yes | No | No | 👉 Open Account |
Definition of a $50 Minimum Deposit: A broker that offers a minimum deposit of $50 (23 021 NGN) to Nigerian traders.
7 Best Nigerian Forex Brokers with a Minimum 50 USD Deposit (2023)
- Admirals – Overall, Best Naira Deposit Broker
- InstaForex – Verified Low Minimum Deposit Broker in Nigeria
- FBS – Top Forex and CFD Broker
- Kwakol Markets – Best High Leverage Broker in Nigeria
- TD Ameritrade – Verified Islamic Account for Nigerians
- JustMarkets – Top Managed Accounts
- Fidelity Investments – Best MetaTrader 4/MT4 Forex Broker
1. LiteFinance
Overall Rating
- 4.7/5
Min Deposit
USD 10 / 4145 NGN
Regulators
Marshall Islands
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
7
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 76%
✔️ Overall Rating: 7/10
👉 LiteFinance is one of the best offshore forex and CFD brokers for Nigerian retail traders, providing them with some of the best trading conditions, a range of trading opportunities, and the benefit that Nigerians can register a live account with a low minimum deposit of 50 USD, or an equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | EUR, USD, MBT |
| 📊 Max Leverage Ratio | 1:500 |
| ✔️ Naira Deposits Allowed? | Yes |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | ECN Account, Classic Account |
| 💻 Trading Assets | Forex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies |
| ✔️ Negative Balance Protection? | Yes |
| ☎️ Margin Call | 100% |
| 🛑 Stop-Out | 20% |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| LiteFinance is compliant with the requirements of MiFID II | LiteFinance does not offer free VPS |
| The broker offers advanced Nigerian traders access to expert market analysis through Claws & Horns | There is a very limited selection of financial instruments that can be traded |
| LiteFinance offers a market-leading market analysis mobile app | |
| Nigerian traders can deposit and withdraw funds in Naira | |
| There is multilingual customer support offered |
Market Share in Nigeria
👉 While LiteFinance is not one of the largest, most active forex and CFD brokers in Nigeria, the broker still falls within the Top 100 brokers for Nigerian retail and professional traders.
2. LMFX
Overall Rating
- 4.6/5
Min Deposit
USD 50 / 20766 NGN
Regulators
Not Regulated
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 64%
✔️ Overall Rating: 6/10
👉 Nigerian traders who sign up with LMFX can trade a large range of Forex and CFD products with low spreads, fast execution rates, and no commission costs using the MetaTrader 4 trading platform. Accounts can be opened with a minimum deposit of 50 USD, or an equivalent in Nigerian Naira, using different funding methods.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD, EUR |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | No |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Premium Account, Fixed Account, Zero Account |
| 💻 Trading Assets | Forex, Indices, Commodities, Precious Metals, Energies, Shares |
| ✔️ Negative Balance Protection? | Yes |
| ☎️ Margin Call | 30% to 50% |
| 🛑 Stop-Out | 15% to 20% |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| LMFX offers a choice between retail accounts with competitive trading conditions and low minimum deposits | MetaTrader 5 is not offered |
| Nigerian traders are given access to MetaTrader 4 over the terminal, WebTrader, and mobile trading app | There is no Islamic Account offered |
| There are no deposit or withdrawal fees charged | There is no Naira-denominated account |
| Advanced Nigerian traders have access to free VPS, trading calculators, and a variety of other useful tools | |
| The spreads are competitive and LMFX is known for its trade execution speeds |
Market Share in Nigeria
👉While LMFX is not a prominent broker in Nigeria with a large market share, it is one of the Top 100 recommended forex brokers, especially for experienced Nigerian traders.
3. ACY Securities
Overall Rating
- 4.7/5
Total Pairs
60+ ECN pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 74%
✔️ Overall Rating: 8/10
👉 ACY Securities is a high-trust and low-risk Australian-based forex and CFD broker that has been in operation for more than 11 years. ACY Securities provides innovative trading technology, comprehensive trading solutions, and the benefit that Nigerians can register an account with a low minimum deposit of 50 USD, or an equivalent in Nigerian Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD, AUD, EUR, GBP, NZD, CAD, JPY |
| 📊 Max Leverage Ratio | 1:500 |
| ✔️ Naira Deposits Allowed? | Yes |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Standard Account, ProZero Account, Bespoke Account |
| 💻 Trading Assets | Forex, Precious Metals, Indices, Commodities, Shares, ETFs, Cryptocurrency |
| ✔️ Negative Balance Protection? | Yes |
| ☎️ Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| ACY Securities is a reputable and well-regulated broker that offers a wide range of markets | While Nigerian traders can deposit and withdraw in Naira, they will be charged currency conversion fees as there is no NGN-denominated account |
| ACY Securities provides access to powerful trading platforms and mobile apps for Nigerians | The demo account is only offered for 30 days |
| There are competitive commissions charged on trades | There are limited deposit currencies supported and only a few base account currencies |
| Beginner Nigerian traders are given a selection of educational materials and tools | There are additional fees charged on Islamic Accounts |
| There are several payment methods offered for deposits and withdrawals, and Nigerians can deposit in Naira | Withdrawal fees are charged |
Market Share in Nigeria
👉 While ACY Securities does not dominate the market share in Nigeria, the broker is a viable option for beginner and professional Nigerian traders.
4. NinjaTrader
Overall Rating
- 4.4/5
Min Deposit
USD 400 / 165800 NGN
Regulators
NFA, CFTC
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 85%
✔️ Overall Rating: 6/10
👉 NinjaTrader is a high-trust and low-risk United States trading platform that caters for both beginner and professional traders in Nigeria. In terms of trading and non-trading fees, NinjaTrader ranks 4.3 out of 5.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | $1,099 for the lifetime package (450,000 Naira) |
| 💳 Account Base Currencies | USD |
| 📊 Max Leverage Ratio | 1:50 |
| ✔️ Naira Deposits Allowed? | No |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Four License options: • Free • Lease • Lifetime • Simulation Only |
| 💻 Trading Assets | Futures, Options, Options on Futures, Forex |
| ✔️ Negative Balance Protection? | No |
| ☎️ Margin Call | None |
| 🛑 Stop-Out | None |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| Nigerian traders who sign up with NinjaTrader can expect low trading margins for the Micro Futures and Forex Trading options | There are limited deposit currencies supported |
| There is a simulated futures trading option offered by the platform | There is a limited selection of account funding options and withdrawal fees are charged |
| Simulated futures trading is unlimited | Nigerian traders cannot use local deposit or withdrawal options |
| Advanced traders are given the best analysis and charting tools | There is no Naira-denominated account offered |
| Nigerian traders have access to more than 100 technical indicators |
Market Share in Nigeria
👉 NinjaTrader has a very large market share in the United States and while its presence is very small in Nigeria, the platform is a decent option for advanced Nigerian traders.
5. Traders Trust
Overview
🥇 Trust Score: 56%
✔️ Overall Rating: 4/10
👉 Established in 2009, Traders Trust is a well-known forex and CFD broker based in Cyprus that offers a range of comprehensive trading solutions to traders from around the world. Nigerian traders can register a Classic Account with a minimum deposit of 50 USD, providing them access to a range of markets and competitive trading conditions.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD, EUR, JPY, GBP |
| 📊 Max Leverage Ratio | 1:3000 |
| ✔️ Naira Deposits Allowed? | No |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Classic Account, Pro Account, VIP Account |
| 💻 Trading Assets | Forex, Indices, Metals, Oils, Cryptocurrencies |
| ✔️ Negative Balance Protection? | Yes |
| ☎️ Margin Call | 80% |
| 🛑 Stop-Out | 50% |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| The broker is regulated and has high ratings on Trustpilot | There is a lack of educational resources |
| There are several account funding options offered | There is no MetaTrader 5 platform |
| There is a choice between three retail accounts, each catering to different types of traders | There is no Naira-denominated account type |
| There are additional trading tools that are offered to more advanced Nigerian traders | Social trading is not integrated into the trading platform |
| There is a low minimum deposit requirement and high leverage ratio offered |
Market Share in Nigeria
👉 Traders Trust does not occupy a significant market share in Nigeria, but the broker offers competitive trading conditions to traders from around the world.
6. FXCM
Overall Rating
- 4.6/5
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 93%
✔️ Overall Rating: 9/10
👉 Established in 1999, FXCM is one of the most reputable brokers in the world, with strict regulation through FCA, ASIC, CySEC, and FSCA. FXCM is a high trust and low-risk broker that is ideal for Nigerian traders regardless of their trading strategies or trading objectives, offering the option to register an account with a low minimum deposit of 50 USD, or equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD |
| 📊 Max Leverage Ratio | 1:30 for EU, 1:400 for non-EU clients |
| ✔️ Naira Deposits Allowed? | Yes |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | One account with these options: • Spread Betting • CFD Trading • Active Trader • Professional Trader |
| 💻 Trading Assets | Forex, Indices, Metals, Oils, Cryptocurrencies |
| ✔️ Negative Balance Protection? | Yes |
| ☎️ Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| FXCM is multi-regulated, offers investor protection and guarantees client fund security | There are additional fees charged on the Islamic Account to offset the absence of overnight fees |
| Nigerian social traders can use ZuluTrade across devices | There are currency conversion fees charged |
| Advanced charting is offered through TradingView | There is no Naira-denominated trading account |
| There is an Islamic Account for Muslim Nigerian traders | |
| Competitive trading conditions are offered to Nigerian traders |
Market Share in Nigeria
👉 FXCM does not have a large market share in Nigeria, but the broker offers comprehensive trading solutions to traders from around the world, including professional traders in Nigeria.
7. OneRoyal
Overview
🥇 Trust Score: 94%
✔️ Overall Rating: 8/10
👉 OneRoyal is an online retail broker founded in 2006 to provide superior trading conditions to customers interested in trading a variety of financial assets. OneRoyal offers a choice between several retail accounts, with a minimum deposit of 50 USD.
Features
| Feature | Value |
| 💰 Minimum Deposit | 20,700 Naira or equivalent to $50 |
| 💵 Maximum Deposit | 4,100,000 Naira ($9,999) on the Classic Account |
| 💳 Account Base Currencies | USD, EUR, GBP, CHF, PLN |
| 📊 Max Leverage Ratio | 1:500 |
| ✔️ Naira Deposits Allowed? | No |
| 💰 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 📲 Account Types | Zero Classic Account, Zero Premium Account, Zero VIP Account, Core Classic Account, Core Premium Account, Core VIP Account |
| 💻 Trading Assets | Forex, Precious Metals, Energies, Indices, Cryptocurrencies, Shares |
| ✔️ Negative Balance Protection? | Yes |
| ☎️ Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 💳 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| OneRoyal is well-regulated and has an excellent trust score according to Trustpilot | MetaTrader 5 is not offered |
| There is a choice between retail trading accounts | Nigerian traders cannot deposit or withdraw in Naira and there is no NGN-denominated account |
| OneRoyal offers the use of the popular MetaTrader 4 and offers solutions for Money Managers | To receive the best trading conditions Nigerian traders must use the larger, more premium retail accounts |
| OneRoyal offers competitive trading conditions and a low minimum deposit of 50 USD | |
| There are educational materials offered to beginner Nigerian traders |
Market Share in Nigeria
👉 While OneRoyal does not have a large market share in Nigeria, the broker caters for Nigerians and is thus one of the Top 100 brokers in the country.
Overview
👉 One of the most significant considerations while searching for the best forex brokers, or if you are currently working with an FX broker, is the minimum deposit amount required to get started.
👉 Beginner traders benefit from brokers who have low minimum deposits since it makes it much easier to get started in the financial markets.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 A minimum deposit is often required to begin trading in the forex market since there are frequently a few trading requirements that must be completed before you can begin trading.
An Introduction to Lot Sizes
👉 Each investor must weigh the benefits and drawbacks of various lot sizes before making a final choice. Using a risk-management calculator might help you explain your lot size choices, but you should do so by considering your individual risk tolerance and your trading goals.
👉 The size of your trading lot determines how much a market shift influences your accounts. A 100-pip move on a little transaction will not be felt as much as the same 100-pip change when applied to a big deal.
Micro Lots
👉 Most brokers provide micro-lots, which are the smallest tradeable lot sizes. The cash you use to fund your account comes in 1,000-unit bundles. Using this example, a micro lot would be equal to $1,000 in the base currency you want to trade.
👉 One pip is worth ten cents if you are trading a dollar-based pair. Micro lots are ideal for new traders who wish to learn the basics of trading while minimizing their risk exposure.
Mini Lots
👉 Mini lots are the predecessors of micro-lots. A mini lot is equal to 10,000 units of the funding currency on your account. To begin trading with mini lots as a beginner trader, make sure you have enough capital to cover your trading and non-trading fees, especially the margin requirement for your trades.
Standard Lots
👉 A 100,000-unit lot is considered a typical lot. If you are dealing in dollars, that is a $100,000 deal. The trader’s account worth will change by $10 for every one pip movement while trading with this amount of position.
👉 If you have just $2,000 in your account, a 20-pip fluctuation may have a 10% impact on your account balance. Therefore most retail traders with tiny accounts avoid trading standard lots since they do not have the money to do so.
👉 Most forex traders use micro lots or mini lots because maintaining your lot size within reasonable limits will allow you to continue trading long-term.
Leverage and Margin in Forex Trading
👉 Margin is the money you put in when you start a live trading account. Using this margin in the same manner as a down payment on a mortgage, you will be able to start trades by putting down a portion of the total value of your transaction, just as you would with a conventional mortgage.
👉 Thus, you are taking a loan from your broker for the balance of the money. To trade in markets that would otherwise be inaccessible to you, leverage is necessary. There are several advantages to leveraged trading, including the fact that you can maximize your profit potential in a transaction with a fraction of the capital.
👉 Margin is the amount of money in your account that is used as collateral for your trades. The margin requirements are typically determined by the leverage limit of the financial instrument. For instance, if you have a leverage ratio of 1:30, you need a margin of 3.3% and with 1:30 leverage, you can open a $30 trade for every dollar that is available in your trading account.
👉 When trading in live markets, Nigerian forex traders will come across three common calculations, which are as follows:
➡️ Leverage is the Position Size divided by the Margin
➡️ Margin is the Position Size divided by the Leverage
➡️ Position Size is the Leverage multiplied by the Margin
👉 Other common terms that Nigerian traders will encounter when they deal with leverage and margin are “initial margin” and “maintenance margin.”
👉 The initial margin requirement is the bare minimum margin necessary to open the trade. The initial margin is the bare minimum margin necessary to maintain an open trade, while the maintenance margin is the amount of margin you need to maintain to keep positions open.
👉 Leveraged trading often involves margin calls, which will be issued if your account balance falls below the minimum regulatory margin requirement.
👉 If your account balance falls below the minimum margin requirement, your broker will contact you and urge you to either deposit additional cash into your account or terminate open positions to raise your margin.
👉 If your overall trading account balance declines to below the maintenance margin requirements and you do not deposit more funds to lift the balance, your positions will be closed until the maintenance margin is below the account balance, or until all positions are closed.
👉 Best Forex Brokers with a Minimum 50 USD Deposit
👉 This “7 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.
➡️ LiteFinance
➡️ LMFX
➡️ ACY Securities
➡️ NinjaTrader
➡️ Traders Trust
➡️ FXCM
➡️ OneRoyal
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 Brokers in Nigeria
Lowest Spread Forex Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 50 / 20717 NGN
Regulators
CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, Web-based
Crypto
No
Total Pairs
40
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose LiteFinance because of its razor-thin spreads that start from 0.0 pips on EUR/USD. This makes LiteFinance the perfect broker for Nigerian day traders, scalpers, and other fast-paced trading strategies.
Best Forex Trading Broker in Nigeria
👉 Overall, OneRoyal has the highest trust score on our list of brokers, making it a low-risk option for all Nigerian traders. OneRoyal offers access to MetaTrader 4, and the broker is well-known for its competitive trading conditions and educational materials.
Best CBN Regulated Forex Brokers in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 20766 NGN
Regulators
ASIC AFSL
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+ ECN pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 While the Central Bank of Nigeria does not regulate capital markets, we can recommend ACY Securities as one of the most well-regulated brokers in Nigeria that offers client fund security, investor protection, and several other advantages.
Best Legit Forex and CFD Broker with A Low Minimum Deposit
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 20766 NGN
Regulators
ASIC AFSL
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+ ECN pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 ACY Securities is extremely well-regulated and a reputable forex and CFD broker in Nigeria that offers guaranteed client fund security and investor protection to all its clients.
Best NASDAQ Broker in Nigeria with a Low Minimum Deposit
👉 We chose LMFX because of its range of indices and the benefit that the broker offers low minimum deposits and competitive trading conditions across all asset classes.
Cheapest Forex Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 50 / 20717 NGN
Regulators
CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, Web-based
Crypto
No
Total Pairs
40
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, we chose LiteFinance because of its low minimum deposit of 20,700 Naria, tight spreads from 0.0 pips, and low commissions that start from $0.25 when Nigerian retail traders trade energies.
Best VIP Account for Experienced Nigerian Traders
👉 We chose OneRoyal as the broker that offers the best VIP Accounts for more experienced traders in Nigeria. OneRoyal offers a choice between a Zero and a Core VIP Account, offering Nigerian traders flexibility in their trading.
Best Nigerian Broker with the Highest Leverage
👉 From our list Traders Trust stands out because the broker offers Nigerians leverage up to 1:3000 on trading accounts, allowing traders to get started in financial markets with small amounts of capital.
Best Islamic Account in Nigeria
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose FXCM because the broker offers tailormade solutions to all retail and Muslim Nigerian traders. FXCM offers the option for a live trading account to be converted into an Islamic Account, exempting Nigerian traders from overnight fees.
Best Futures and Options Broker in Nigeria
Overall Rating
- 4.4/5
Min Deposit
USD 400 / 165800 NGN
Regulators
NFA, CFTC
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 NinjaTrader is not only one of the most popular trading platforms in the industry, but the platform and broker offer some of the best Futures and Options trading opportunities to Nigerian traders.
Best Managed Accounts in Nigeria
👉 OneRoyal offers Money Managers some of the best solutions in Nigeria, which is why we chose it for this category. Nigerian Money Managers can find a range of solutions when they choose to trade through OneRoyal.
Best instant withdrawal Broker in Nigeria
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose FXCM as the best Instant Withdrawal Broker in Nigeria as quick payment methods such as debit and credit cards, and several electronic payment gateways are supported by the broker.
Best Naira Deposit Broker
Overall Rating
- 4.5/5
Min Deposit
USD 50 / 20717 NGN
Regulators
CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, Web-based
Crypto
No
Total Pairs
40
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose LiteFinance as the broker offers Nigerian traders the opportunity to deposit the minimum deposit amount of 50 USD in Naira.
FAQ
Can I start trading with a 50 USD Minimum Deposit?
While you can register a trading account with any of the brokers on our list with 50 USD, you may not be able to execute trades with such low capital.
How much leverage should I apply with a 50 USD Minimum deposit?
If you are a beginner and you are still uncertain about your risk-reward ratios, you should use leverage between 1:10 and 1:30 until you are more familiarized with the forex and CFD financial markets. More experienced traders typically use 1:30 up to 1:100 depending on their initial capital, risk tolerance, position size, and their overall risk-reward ratios.
Will a 50 USD Minimum Deposit cover my margin requirements?
This will depend on the broker that you use, the leverage that they provide, and your position size. In most cases, however, 50 USD may not be enough to cover the margin requirements on some financial instruments.
Which low minimum deposit broker is the best for Professional Nigerian Traders?
FXCM is our choice as the best low minimum deposit broker for Professional Nigerian Traders because of its comprehensive solutions, range of tools, insights, and dedicated institutional section on the website.
Is it safe to use leverage of 1:1000 and more in Nigeria?
No, it is not safe to use extremely high leverage because while your profit potential is increased, so are the chances of a loss when the market turns against your position.
