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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…

Updated : July 21, 2022

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. LiteFinance20,700 Naira or equivalent to $50UnlimtedYesNoNo👉 Open Account
2. LMFX20,700 Naira or equivalent to $50UnlimitedNoNoNo👉 Open Account
3. ACY Securities20,700 Naira or equivalent to $50UnlimitedYesNoNo👉 Open Account
4. NinjaTrader20,700 Naira or equivalent to $50$1,099 for the lifetime package (450,000 Naira)NoNoNo👉 Open Account
5. Traders Trust20,700 Naira or equivalent to $50UnlimitedNoNoNo👉 Open Account
6. FXCM20,700 Naira or equivalent to $50UnlimitedYesNoNo👉 Open Account
7. OneRoyal20,700 Naira or equivalent to $504,100,000 Naira ($9,999) on the Classic AccountYesNoNo👉 Open Account

7 Best Nigerian Forex Brokers with a Minimum 50 USD Deposit (2022)

  1. LiteFinance – Overall, Best Naira Deposit Broker
  2. LMFX – Verified Low Minimum Deposit Broker in Nigeria
  3. ACY Securities – Top Forex and CFD Broker
  4. NinjaTrader – Best Low Spread Forex Broker
  5. Traders Trust – Best High Leverage Broker in Nigeria
  6. FXCM – Verified Islamic Account for Nigerians
  7. OneRoyal – Top Managed Accounts

1. LiteFinance

 

Overall Rating

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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesEUR, USD, MBT
📊 Max Leverage Ratio1:500
✔️ Naira Deposits Allowed?Yes
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesECN Account, Classic Account
💻 Trading AssetsForex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies
✔️ Negative Balance Protection?Yes
☎️ Margin Call100%
🛑 Stop-Out20%
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
LiteFinance is compliant with the requirements of MiFID IILiteFinance does not offer free VPS
The broker offers advanced Nigerian traders access to expert market analysis through Claws & HornsThere 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

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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD, EUR
📊 Max Leverage Ratio1:1000
✔️ Naira Deposits Allowed?No
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesPremium Account, Fixed Account, Zero Account
💻 Trading AssetsForex, Indices, Commodities, Precious Metals, Energies, Shares
✔️ Negative Balance Protection?Yes
☎️ Margin Call30% to 50%
🛑 Stop-Out15% to 20%
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
LMFX offers a choice between retail accounts with competitive trading conditions and low minimum depositsMetaTrader 5 is not offered
Nigerian traders are given access to MetaTrader 4 over the terminal, WebTrader, and mobile trading appThere is no Islamic Account offered
There are no deposit or withdrawal fees chargedThere 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

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

 

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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD, AUD, EUR, GBP, NZD, CAD, JPY
📊 Max Leverage Ratio1:500
✔️ Naira Deposits Allowed?Yes
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesStandard Account, ProZero Account, Bespoke Account
💻 Trading AssetsForex, Precious Metals, Indices, Commodities, Shares, ETFs, Cryptocurrency
✔️ Negative Balance Protection?Yes
☎️ Margin Call100%
🛑 Stop-Out50%
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
ACY Securities is a reputable and well-regulated broker that offers a wide range of marketsWhile 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 NigeriansThe demo account is only offered for 30 days
There are competitive commissions charged on tradesThere are limited deposit currencies supported and only a few base account currencies
Beginner Nigerian traders are given a selection of educational materials and toolsThere are additional fees charged on Islamic Accounts
There are several payment methods offered for deposits and withdrawals, and Nigerians can deposit in NairaWithdrawal 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

 

ninjatrader_logo-1024x238

Overall Rating

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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum Deposit$1,099 for the lifetime package (450,000 Naira)
💳 Account Base CurrenciesUSD
📊 Max Leverage Ratio1:50
✔️ Naira Deposits Allowed?No
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesFour License options:
• Free
• Lease
• Lifetime
• Simulation Only
💻 Trading AssetsFutures, Options, Options on Futures, Forex
✔️ Negative Balance Protection?No
☎️ Margin CallNone
🛑 Stop-OutNone
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
Nigerian traders who sign up with NinjaTrader can expect low trading margins for the Micro Futures and Forex Trading optionsThere are limited deposit currencies supported
There is a simulated futures trading option offered by the platformThere is a limited selection of account funding options and withdrawal fees are charged
Simulated futures trading is unlimitedNigerian traders cannot use local deposit or withdrawal options
Advanced traders are given the best analysis and charting toolsThere 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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD, EUR, JPY, GBP
📊 Max Leverage Ratio1:3000
✔️ Naira Deposits Allowed?No
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesClassic Account, Pro Account, VIP Account
💻 Trading AssetsForex, Indices, Metals, Oils, Cryptocurrencies
✔️ Negative Balance Protection?Yes
☎️ Margin Call80%
🛑 Stop-Out50%
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
The broker is regulated and has high ratings on TrustpilotThere is a lack of educational resources
There are several account funding options offeredThere is no MetaTrader 5 platform
There is a choice between three retail accounts, each catering to different types of tradersThere is no Naira-denominated account type
There are additional trading tools that are offered to more advanced Nigerian tradersSocial 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

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

 

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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD
📊 Max Leverage Ratio1:30 for EU, 1:400 for non-EU clients
✔️ Naira Deposits Allowed?Yes
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesOne account with these options:
• Spread Betting
• CFD Trading
• Active Trader
• Professional Trader
💻 Trading AssetsForex, Indices, Metals, Oils, Cryptocurrencies
✔️ Negative Balance Protection?Yes
☎️ Margin Call100%
🛑 Stop-Out50%
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
FXCM is multi-regulated, offers investor protection and guarantees client fund securityThere are additional fees charged on the Islamic Account to offset the absence of overnight fees
Nigerian social traders can use ZuluTrade across devicesThere are currency conversion fees charged
Advanced charting is offered through TradingViewThere 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

FeatureValue
💰 Minimum Deposit20,700 Naira or equivalent to $50
💵 Maximum Deposit4,100,000 Naira ($9,999) on the Classic Account
💳 Account Base CurrenciesUSD, EUR, GBP, CHF, PLN
📊 Max Leverage Ratio1:500
✔️ Naira Deposits Allowed?No
💰 Offers a Naria Account?No
📞 Nigerian Customer Support?No
📲 Account TypesZero Classic Account, Zero Premium Account, Zero VIP Account, Core Classic Account, Core Premium Account, Core VIP Account
💻 Trading AssetsForex, Precious Metals, Energies, Indices, Cryptocurrencies, Shares
✔️ Negative Balance Protection?Yes
☎️ Margin Call100%
🛑 Stop-Out50%
💳 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
OneRoyal is well-regulated and has an excellent trust score according to TrustpilotMetaTrader 5 is not offered
There is a choice between retail trading accountsNigerian 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 ManagersTo 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

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

$100

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

 

👉 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

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

Islamic Account

👉 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

Restrictions implied by Sharia Law

👉 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

Islamic Account for Nigerian Muslim Traders

👉 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

Islamic Swap-Free Forex Brokers

👉 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 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.

➡️ LiteFinance

➡️ LMFX

➡️ ACY Securities

➡️ NinjaTrader

➡️ Traders Trust

➡️ FXCM

➡️ OneRoyal

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 Brokers in Nigeria

Lowest Spread Forex Broker in Nigeria

Lowest Spread Forex Broker

👉 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

Best Forex Trading Broker

👉 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

Best CBN Regulated Forex Brokers

👉 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

Best Legit Forex and CFD Broker

👉 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

Best NASDAQ Broker in Nigeria

👉 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

Cheapest Forex Broker

👉 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

Best VIP Account for Experienced

👉 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

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

Best Islamic Account in Nigeria

👉 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

Best Futures and Options

👉 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

Best Managed Accounts

👉 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

Best instant withdrawal Broker

👉 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

Best Naira Deposit Broker

👉 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.

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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