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7 Best CFD Trading Platforms in Nigeria

The 7 Best CFD Trading Platforms in Nigeria revealed. We tested and verified the best CFD trading platforms for Nigerian Traders.

This is a complete list of Nigeria’s best CFD trading platforms and forex platform brokers.

In this in-depth guide you’ll learn:

  • What are CFD Trading Platforms? 
  • Who are the top CFD trading platform brokers?
  • How to choose a forex broker – Compare them side by side against each other.
  • Which brokers are best for beginner traders?
  • Which broker offers a sign-up bonus for first-time traders? 
  • Which broker offers a low minimum deposit of $5 (2 076 NGN) to Nigerian traders?


And lots more…

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

Let’s dive right in…

Updated : July 21, 2022

7 Best CFD Trading Platforms in Nigeria (2022)

  1. Exness – Overall, Best CFD Trading Platform Broker
  2. OANDA – Top Trading Platform for Nigerians
  3. IG – Best CFD Broker for Professional Traders
  4. Markets.com – Verified CFD Proprietary Trading Software
  5. Tickmill – Most Competitive Spreads for CFD’s
  6. IC Markets – User-Friendly True ECN CFD Broker
  7. AvaTrade – Best Social Trading Broker in Nigeria

Best CFD Trading Platforms in Nigeria – Comparison

 

🥇 Forex Broker✔️ Offers a CFD Trading Platform?💳 Minimum Deposit (₦)📱 Nigerian Naira-based Account?💰 NGN Deposits Allowed?👉 Open An Account
1. ExnessYes41,000 NairaYesYes👉 Open Account
2. OANDA Yes0 NairaYesYes👉 Open Account
3. IGYes103,000 NairaNoNo👉 Open Account
4. Markets.comYes41,000 NairaNoNo👉 Open Account
5. TickmillYes41,500 NairaNoYes👉 Open Account
6. IC MarketsYes83,0000 NairaNoNo👉 Open Account
7. AvaTradeYes41,500 NairaNoNo👉 Open Account

1. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

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

👉 Exness is a popular and low-risk CFD and forex broker that offers Nigerian traders access to several asset classes including forex, precious metals, cryptocurrencies, metals, energies, indices, and stocks, providing Nigerian traders many opportunities to trade several CFDs through a range of retail trading accounts.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💳 Minimum Deposit (₦)41,000 Naira
💵 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
📱 Nigerian Naira-based Account?Yes
✔️ NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness offers a selection of asset classes and trading accounts to Nigerian tradersExness does not currently have a comprehensive list of educational materials
Nigerian traders can use Naira as their base account currencyThere is a limited range of tradable instruments
Nigerian traders can contact customer support 24 hours a day, 7 days a week
Exness offers unlimited leverage ratios to traders
MetaTrader 4 and 5 are offered across devices

 

Trust Score and Nigerian Market Share

👉 Exness has a trust score of 97% and a market share of <5%.

2. OANDA

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 OANDA is a low-risk and reputable CFD and forex broker that has an award-winning proprietary trading platform. OANDA was established in 1996 and has become one of the most popular brokers in Nigeria.

 

👉 OANDA is focused on all things that surround currency trading and the broker offers its traders a range of technical indicators, charting tools, and tailormade trading conditions.

 

Unique Features

FeatureInformation
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsStandard Account, Core Account, Swap-Free Account
📱 Trading PlatformMetaTrader 4, OANDA Platform, TradingView
💳 Minimum Deposit (₦)0 Naira
💵 Trading AssetsIndex CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates
📱 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spread0.1 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
OANDA delivers tailormade solutions to Nigerian beginner and professional tradersAn inactivity fee is charged on dormant accounts
There is no specific minimum deposit, giving traders flexibility over how much they want to invest or tradeThere is no Naira-denominated account or local deposit and withdrawal options
OANDA supports reliable funding options
There are competitive spreads offered and flexible trading platforms
Advanced traders are granted a competitive edge with some of the best trading tools

 

Trust Score and Nigerian Market Share

👉 OANDA has a trust score of 91% and a market share of <5%.

3. IG

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 IG is one of the most popular names in CFD trading, with IG offering traders from around the world access to over 17,000 financial markets spread across several asset classes, including:

➡️ Forex

➡️ Indices

➡️ Shares

➡️ Commodities

➡️ Cryptocurrencies

➡️ Futures

➡️ Options

 

👉 IG is highly regulated by several reputable entities and offers Nigerian traders a choice between trading platforms as well as retail investor accounts, and tailormade to suit the trading needs and objectives of both beginner and professional traders.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA
📲 Social Media Platforms• LinkedIn
• Twitter
• Facebook
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsUnited Kingdom Accounts, European Accounts (excluding UK and Switzerland), Australian Accounts, Switzerland, South Africa, Singapore, and New Zealand Accounts, Dubai Accounts, Japan Accounts, US (IG) Accounts, USA (NADEX) Accounts
📱 Trading PlatformMetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API
💳 Minimum Deposit (₦)103,000 Naira

💵 Trading AssetsForex, Indices, Shares, Commodities, Cryptocurrencies, Futures, Options
📱 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.1 pips DMA
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
IG is a well-regulated CFD and forex broker and a global name in the trading industryThere are deposit fees applied to funding options
Traders have access to trading accounts for their specific regionThe minimum deposit is higher than that of competitors
There are flexible trading and non-trading fees that cater for all types of tradersIslamic accounts are only available to Dubai residents
Nigerian traders have access to a large range of marketsIG only offers a few payment methods that can be used by Nigerian traders for deposits and withdrawals
There is an impressive portfolio of trading platforms offeredThere is no Naira-denominated account or deposit currency

 

Trust Score and Nigerian Market Share

👉 IG has a trust score of 99% and a market share of <5% in Nigeria.

4. Markets.com

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, ASIC, FCA, BVI FSC, FSCA

Trading Desk

MetaTrader 4, MetaTrader 5, Markets.com propietary platform

Crypto

Yes

Total Pairs

67

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Markets.com is one of the best low-risk CFD brokers in Nigeria that has an impressive trust score of 97%. Markets.com was established in 2008 and has regulations and authorization from some of the most reputable entities in the market.

 

👉 Markets.com offers a range of CFDs and other trading instruments including:

➡️ Shares

➡️ Bonds

➡️ Cryptocurrencies

➡️ Forex

➡️ Primary CFDs

➡️ ETFs

➡️ Indices

➡️ Blends

➡️ Commodities

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC, FSCA, FCA, BVI FSC
📲 Social Media Platforms• Facebook
• Instagram
• Twitter
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsMarketsX, Marketsi, MetaTrader 4, MetaTrader 5, MarketsX App
📱 Trading PlatformMetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API
💳 Minimum Deposit (₦)41,000 Naira
💵 Trading AssetsShares, Bonds, Cryptocurrencies, Forex, Primary CFDs, ETFs, Indices, Blends, Commodities
📱 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?No
📊 Minimum spread0.8 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Markets.com offers over 2,200 financial instruments that can be traded, including CFDsThe proprietary trading platform could be too simplified for advanced traders
Nigerian traders have access to a range of educational materialsNigerian traders cannot register an account with NGN as the base account currency
Commission-free trading is offeredAn inactivity fee is applied to dormant accounts
Markets.com offers competitive trading conditionsNigerian traders do not have any local payment options for deposits or withdrawals
Nigerian traders have the option of converting a live trading account into that an Islamic account

 

Trust Score and Nigerian Market Share

👉 Markets.com has a trust score of 97% and an overall market share of less than 5%.

5. Tickmill

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Tickmill is well-known as one of the best CFD brokers for Nigerian traders that provides a safe and transparent trading environment. While Tickmill is not regulated by the Central Bank of Nigeria (CBN), Tickmill is authorized by other reputable market regulators to offer its services in the region.

 

👉 Tickmill offers a range of CFDs on forex, stocks, commodities, and indexes, providing Nigerian traders with a selection of financial markets and trading opportunities.

 

Unique Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
⚖️ CBN Regulation?No
💻 Trading AccountsPro Account, Classic Account, VIP Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💳 Minimum Deposit (₦)41,500 Naira
💵 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
📱 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?No, only USD, GBP, EUR, IDR, CNY, VND, or RUB
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spread0.8 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill is reputable and has a high trust scoreThere is no Naira-denominated account offered to Nigerian traders, which may subject them to currency conversion fees
Tickmill offers a choice between a dynamic retail account and offers an Islamic account to Muslim Nigerian tradersThe spreads which are offered are not the tightest
Tickmill caters extensively for advanced Nigerian traders by offering AutoChartist, VPS< and FIX API
Commission-free trading is offered and there are no fees on either deposits or withdrawals

 

Trust Score and Nigerian Market Share

👉 Tickmill has a trust score of 81% and an overall market share of <5% in Nigeria.

6. IC Markets

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 IC Markets is a large and prominent broker that is based in Australia, but that accepts traders from around the world, providing them with some of the best trading conditions and a safe trading environment overseen by reputable authorities.

 

👉 Not only does IC Markets offer a range of tradable instruments, but the broker also caters to Nigerian traders and offers a range of deposit and withdrawal options. In addition, IC Markets also offers multilingual customer support that is available 24/7.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC, FSA, SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
⚖️ CBN Regulation?No
💻 Trading AccountscTrader Account, Raw Spread Account, Standard Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader
💳 Minimum Deposit (₦)83,0000 Naira
💵 Trading AssetsForex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, Futures
📱 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?No
📊 Minimum spread0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
IC Markets has a high trust score and a decent market share in Nigeria, despite the competition that it faces with other brokers in the regionThere is a high initial deposit requirement
IC Markets offers a choice between three powerful, popular trading platforms and the benefit that mobile trading apps are supported by all threeThere could be currency conversion fees when Nigerian traders deposit funds in Naira
IC Markets has a true ECN model and allows any type of trading strategyThere is no Naira-denominated trading account
Advanced traders have access to FIX API when they use cTrader
IC Markets is known for its low trading and non-trading fees
Nigerian traders have access to a demo account and Islamic Account conversion option when they trade using IC Markets

 

Trust Score and Nigerian Market Share

👉 IC Markets has a trust score of 85% and a market share of <5% in Nigeria.

7. AvaTrade

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 AvaTrade has become a popular name in forex and CFD trading circles around the world. AvaTrade is a popular broker in Nigeria, attributable to its range of financial instruments, trading environment, range of trading platforms, and transparent trading and non-trading fees.

 

👉 When Nigerian traders choose AvaTrade as their broker, they are given access to the following asset classes:

➡️ Forex

➡️ Stocks

➡️ Commodities

➡️ Cryptocurrencies

➡️ Treasuries

➡️ Bonds

➡️ Indices

➡️ Exchange-Traded Funds (ETFs)

➡️ Options

➡️ Contracts for Difference (CFDs)

➡️ Precious Metals

 

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💳 Minimum Deposit (₦)41,500 Naira
💵 Trading AssetsForex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
📱 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.9 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
AvaTrade is a comprehensive and popular CFD and forex broker that is regulated by several entitiesInactivity fees apply
AvaTrade offers personalized trading conditions to Muslim traders who want an Islamic trading accountThere are no variable spread accounts offered
AvaTrade offers extensive resources to beginner and professional tradersThere is a limited choice between retail trading accounts
There are several trading platforms offered to Nigerian tradersCurrency conversion fees may apply when traders deposit in Naira
There is ample social trading offered through AvaTrade

 

Trust Score and Nigerian Market Share

👉 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.

Overview

👉 A Contract For Difference, otherwise just known as CFD, refers to an arrangement in derivatives trading. CFDs refer to the difference in the settlement between the opening and closing prices which are cash-settled.

 

👉 When Nigerian traders encounter CFDs, they need to note that, unlike other instruments, CFDs do not involve the delivery of physical securities. Instead, traders speculate on the price movements of the underlying asset or financial instrument.

 

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

 

👉 CFDs is an advanced trading strategy that is not often recommended for beginner traders because of the complexity that surrounds it. However, several in-depth guides and tutorials can give Nigerian traders the crash course they need to get started in CFD trading with our hand-picked selection of CFD Trading Platforms in Nigeria.

A Dive into the Details behind Contract for Differences

Islamic Account

👉 Using CFDs, investors can speculate on the price movement of a variety of financial instruments. Financial investments are known as “derivatives” are those that are based on an underlying asset but are not the actual asset itself. Investors use CFDs to speculate on whether the price of an underlying asset or security will increase or decrease.

 

👉 CFD traders have the option of speculating on the direction of the price movement. Open positions are bought by traders expecting a price rise and sold by those expecting a price decline.

 

👉 If the asset’s price rises, the buyer of a CFD will put their position up for sale. The opposite is true if a trader feels that the price of a security will rise. A counter-trade is needed to close the position and again, the net difference between the gain and loss is paid in cash via their account.

 

Short and Long CFD Trading

Restrictions implied by Sharia Law

👉 If you use CFD trading, you can make predictions about price changes either way. Subsequently, in addition to opening a CFD position that makes money when the underlying market’s price increases, you can also do the opposite and benefit when the market price falls. Selling, as opposed to purchasing, is referred to as “going short.”

 

👉 You can, for example, sell an Apple share CFD if you believe the stock would decline in value. Even if the price of the shares rises or falls, you will still make money or lose money based on the price difference between when you start and end your position.

 

Leveraged CFD Trading – All Nigerians need to know

Islamic Account for Nigerian Muslim Traders

👉 In CFD trading, you do not have to put down the whole cost of a big position to acquire exposure. When you use leverage, depending on the broker and the maximum ratio that they provide, you may just have to contribute as little as 0.5% of the total cost using a contract for difference, depending on the broker’s margin requirements on CFD trades.

 

👉 To maximize your returns, it is crucial to remember that the overall amount of your investment will be considered and while leverage can be useful, both gains and losses will be amplified relative to your expenditure, and losses can occasionally outweigh deposits, which is why between 60% and 90% of investors lose their money. Subsequently, it is critical to keep an eye on your leverage ratio and stay within your means while trading.

 

Margin Requirements in CFD Trading

Best Halal Trading Platform

👉 The ‘margin’ that is necessary to start and maintain a position, which is referred to as ‘margin trading,’ is a portion of the entire amount invested in the leveraged trade.

 

👉 There are two different kinds of margin used in CFD trading. To start a position, you will need a deposit margin also known as the margin requirement (expressed as a percentage).

 

👉 If your trade ends up losing more than the deposit margin and any extra money in your account is needed to cover this, you will need a maintenance margin.

 

👉 If your maintenance margin falls below a certain percentage, it might lead to a margin call from the forex broker, requesting you to top up your trading account balance if the worst were to happen. Any losses made could be realized if you do not contribute enough money to the position and it could also lead to the automatic close-out of the position, also known as a stop-out.

 

CFDs and Hedging

Islamic Swap-Free Forex Brokers

👉 Using CFDs to protect against losses in an existing investment portfolio can be an effective strategy. If traders believe that security could experience depreciation because of certain factors, such as an earnings report, or market news, you can offset some of this loss by going short on the market by using a CFD trade.

 

👉 If you hedge your risk using this, any depreciation in the security in your overall portfolio will be offset again in the short CFD trade that you executed.

 

Costs involved with CFD Trading

Understanding Sharia and Forex Trading

👉 When you trade CFDs, you will notice two prices namely a buy and sell price. The sell price, which is also known as the bid price, is the price at which you can open a short CFD while the buy or bid price is that at which you can open a long position on a CFD.

 

👉 The sell prices in the market will always be lower than current market prices while buy prices are slightly higher. The spread and subsequent cost of the transaction will be the difference between these two prices that are typically expressed as pips.

 

👉 The cost of opening a CFD position is often covered by the spread, which means that the prices at which you buy and subsequently sell will be changed to reflect this expense. However, some brokers do not charge a spread but instead match the buy and sell prices to the underlying market and charge a commission instead of the spread.

 

CFD Position Size

Restrictions implied by Sharia Law

👉 Standard lots, which are 100,000 units of the base currency, are used to trade CFDs. The size of every contract will depend on the underlying asset that is being traded. In addition, this typically mirrors how the asset is traded on the market.

 

Contract Duration

Islamic Account

👉 Unlike spread bets and options, the majority of CFD transactions have no set expiration date. Rather than that, a position is closed by entering a transaction in the inverse direction of the one that initiated it.

 

👉 To avoid incurring overnight financing fees, close your daily CFD positions before the daily cut-off time (usually 10 pm UK time, but this may vary on overseas exchanges). The fee is based on the amount of money your supplier lends you to initiate a leveraged trade.

 

👉 It is important to note that a forward contract is the one notable exception to this general rule. The overnight financing expenses are already included in the spread on a forward contract since it has an expiration date in the future.

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 CFD Brokers in Nigeria in 2022

Nigerian Broker with the largest range of tradable assets

Options Mobile App

👉 AvaTrade accommodates all kinds of traders and offers comprehensive and unique solutions. Part of its chart is attributable to the large range of tradable assets which are available across third-party and proprietary trading platforms and mobile apps.

 

Best and Award-Winning Proprietary Trading Platform for Nigerians

Best Forex Brokers

👉 OANDA has our vote as an award-winning broker that offers one of the best trading platforms in the industry. With the OANDA platform, you can trade across all available asset classes, access your trading account, and use a range of sophisticated functions, analysis, features, tools, and more.

 

Best Commission-Free Trading Account Broker in Nigeria

Trading Account Broker

👉 Nigerian traders who are looking for the best way to reduce their trading costs can explore what Markets.com offers. Markets.com is known for offering commission-free trading along with competitive spreads on all trading instruments.

 

Best Proprietary Trading Software for Beginner Nigerians

Best Proprietary Trading Software

👉 Markets.com does not only offer one proprietary trading platform, but two. This allows Nigerian traders to explore both trading and investing simultaneously. Markets.com offers its trading platforms over a range of devices and the MarketsX platform is available for mobile use.

 

Best Social Trading Broker in Nigeria

Best Social Trading Broker

👉 AvaTrade is a remarkable forex and CFD broker that offers access to a range of CFD instruments and a choice of trading platforms through which they can be traded. AvaTrade offers some of the best social trading opportunities to Nigerian traders across devices, including mobile trading apps.

 

Best true ECN Broker in Nigeria

Best true ECN Broker

👉 Trading with a broker that offers ECN execution has many benefits and Nigerians need not look further than IC Markets for the best true ECN broker. IC Markets is well-regulated and offers some of the most competitive trading conditions in the CFD trading industry.

 

Best CFD Broker for Professional Traders

Best CFD Broker

👉 IG Markets is not only a flexible broker that offers a range of trading opportunities, but the broker also hosts a range of unique solutions and trading platforms that cater for professional Nigerian traders.

 

Best Affiliate Program Broker in Nigeria

Demo Account Forex Brokers in Nigeria

👉 There are many advantages of signing up for an affiliate program with a CFD broker. Nigerians will find that Exness offers an attractive affiliate program that pays up to $1,770 in commissions according to the referrals. In addition, Nigerian affiliates can earn up to $25 for every referral that signs up for an account.

 

Best Trading Platform for Nigerian Mobile Traders

Best Trading Platform

👉 OANDA is well-known for its award-winning trading software which includes a flexible mobile app. The mobile app offers Nigerians a complete suite of advanced charting options, analysis, performance metrics, and updated market news and analysis.

FAQ

What is the meaning of “CFD”?

Online trading brokers create a Contract for Difference to track the real-time price of an underlying asset or financial instrument. A CFD allows you to speculate on the price movements of this instrument without taking ownership of the asset or instrument.

 

What are the benefits associated with CFDs?

Some of the benefits associated with CFDs include leveraged trading and the fact that they can be traded 24 hours a day using a range of trading strategies. In addition, with CFDs, Nigerian traders do not need a significant amount of capital to start trading.

 

Which is the best trading software for CFD trading in Nigeria?

cTrader, MetaTrader 4, and MetaTrader 5 are three of the best trading platforms for Nigeran CFD traders.

 

Which Forex Broker in Nigeria offers the most CFD instruments?

IG is one of the most prominent CFD trading brokers that offers over 17,000 financial instruments, including a wide range of CFDs.

 

How do CFD Trading Platforms make money?

CFD Platforms that offer commission-free CFD trading in Nigeria will make their fees from the spread.

 

Which CFDs can I trade online in Nigeria?

You can trade anything from forex to stocks, indices, cryptocurrencies, bonds, interest rates, exchange-traded funds, commodities, and much more.

 

Can I make money trading CFDs?

Yes, you can be profitable when you trade CFDs. However, CFD trading is a very risky trading strategy that is done by more advanced traders.

 

How do I short-sell with CFDs?

You do this when you believe that a financial instrument’s price will depreciate instead of appreciating. You do not buy low and sell high but instead, you sell high and buy low, allowing you to profit from the depreciation of the underlying instrument.

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