10 Best FTSE 100 Brokers in Nigeria
The 10 Best FTSE 100 Index Forex Brokers in Nigeria revealed. We tested and verified the best FTSE Index forex brokers for Nigerian Stock Traders.
This is a complete list of the Best FTSE one hundred and fifty index forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is the FTSE 100 Index?
- How to trade and invest on the FTSE Index?
- Who the best FTSE Brokers are for Nigerian Traders?
- How to choose a forex broker for your trading style.
- What is a shared cast?
- What is the FTSE all-share index?
- Which broker offers a sign-up bonus for first-time traders?
- Which broker offers a low minimum deposit of $5 (2 298 NGN)?
And lots more…
So if you’re ready to go “all in” with the best UK FTSE 100 brokerages for Nigerians…
Let’s dive right in…
- Louis Schoeman
Best FTSE 100 Brokers in Nigeria – Comparison
| 🏛️ Broker | 💵 Minimum Deposit (₦) | 📱 Nigerian Naira-based Account? | 💵 Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open Account |
| 1. Exness | 41,000 NGN | Yes | Yes | Yes | 👉 Open Account |
| 2. XM | 2,000 NGN | No | Yes | Yes | 👉 Open Account |
| 3. Tickmill | 41,500 NGN | No | No | Yes | 👉 Open Account |
| 4. TD Ameritrade | None | No | No | No | 👉 Open Account |
| 5. RoboForex | 4,100 NGN | No | Yes | Yes | 👉 Open Account |
| 6. Plus500 | 41,600 NGN | No | No | No | 👉 Open Account |
| 7. Pepperstone | 60,700 NGN | No | Yes | No | 👉 Open Account |
| 8. OctaFX | 41,500 NGN | No | No | Yes | 👉 Open Account |
| 9. OANDA | 0 NGN | No | No | Yes | 👉 Open Account |
| 10. FXTM | 10,000 NGN | Yes | Yes | Yes | 👉 Open Account |
10 Best FTSE 100 Brokers in Nigeria (2023)
- Exness – Overall, Best Broker with FTSE Account in Nigeria
- XM – Best FTSE Commission-Free Broker for Nigerians
- Tickmill – #1 MetaTrader4 Broker for Beginners
- TD Ameritrade – Excellent Asset Diversity Broker
- RoboForex – Low-Minimum Deposit Broker operating in Nigeria
- Plus500 – Favorite African No-Deposit Fees Broker
- Pepperstone – Regulated Broker for Beginner Nigerian Traders
- OctaFX – First Choice Broker for Automated Trading
- Oanda – Oustanding Broker Offering Negative Balance Protection
- FXTM – Local Broker with NGN account support
What is the FTSE100?
👉 The FTSE Russell Group is a global provider of benchmark financial indexes, market data, and analytics based in the United Kingdom. It was formed in 2015 following the merger of FTSE and Russell Investments.
👉 Asset classes, styles, and strategies can be found in FTSE’s indexes to fulfil the demands of a wide range of clients, including the buy-side and the sell-side, as well as custodians, asset owners, exchanges, investment advisors, and ETF providers.
👉 The FTSE 100 is a well-known European stock index. A base level of 1,000 was established for the index when it was first created in January 1984. Since then, it’s climbed to nearly 7,000.
👉 Similar to how many US stock-market investors use Dow Jones or S&P 500 indexes, many market analysts and traders use FTSE 100 as a proxy for UK stock market performance.
👉 The index value is multiplied by the total market capitalization of the companies that make up the FTSE 100 to arrive at the index level. All of the indexed firms’ share values change throughout each trading day, hence the index value changes as well.
👉 The FTSE 100 is mentioned in relation to the previous day’s market close when it rises or falls. Every trading day, from the start of the market at 8:00 a.m. until 4:30 p.m., it is calculated continually.
👉 Index constituents (the firms that make up the FTSE 100) are readjusted every quarter, usually on the Wednesday following the first Friday in March, June and September and December respectively.
👉 The FTSE 100 index is often regarded as a leading indicator of the health of the British economy and the health of the UK’s businesses.
👉 Thus, it is a popular choice for investors looking for exposure to major British corporations. There are numerous non-U.K. corporations on its list, but it is primarily composed of companies based in Britain and affected by UK-related events on a regular basis.
1. Exness
Overall Rating
- 4.9/5
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Based in Cyprus, Exness has offices in the United Kingdom (Seychelles), South Africa (British Virgin Islands), and Curaçao (the British Virgin Islands).
👉 Many respected organizations, including the Financial Sector Conduct Authority (FSCA), have regulated Exness, including the Central Bank of Nigeria (CBN), however the broker is not regulated by the CBN.
👉 A number of advantages are provided by Exness’ service to traders, including low commissions, instantaneous order execution, and the possibility to withdraw money immediately via instant withdrawal alternatives.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💵 Minimum Deposit (₦) | 41,000 Naira |
| 💸 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📱 Nigerian Naira-based Account? | Yes |
| 💵 Nigerian Naira-based Account? | Yes |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions
➡️ Nigerian traders can choose between several retail investor accounts
➡️ Exness offers an Islamic account conversion with no additional fees charged
➡️ Instant deposits and withdrawals are offered
➡️ Exness has customer support available 24 hours a day, 7 days a week
Cons
➡️ There is a limited portfolio of financial instruments offered
➡️ Exness offers a limited number of payment methods that can be used for deposits and withdrawals
Trust Score and Nigerian Market Share
👉 Exness has a trust score of 97% and a market share of <5%.
2. XM
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Asian and African clientele by trading volume have made XM Forex the leading forex broker in Asia and Nigeria since it was founded in 2009. More than 3.5 million dealers in 196 countries have previously benefited from the company’s services.
👉 On the MT4 and MT5 trading platforms, XM offers currency trading, CFD trading on stock, commodity, precious metal, energy, and equity indexes, as well as equity options.
👉 One hundred and ninety-three percent of deals, according to XM broker, have been completed in under a second.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit (₦) | 2,000 Naira |
| 💸 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | Yes |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ XM has more than 5 million active clients from around the world
➡️ Client fund safety is guaranteed, and XM offers investor protection to Nigerian traders
➡️ XM has won several industry awards since its establishment in 2009
➡️ There are no commissions charged on either deposits or withdrawals
➡️ XM is a low-cost forex broker with a high trust score
Cons
➡️ Inactivity fees apply
➡️ There are no fixed spreads offered
Trust Score and Nigerian Market Share
👉 XM has a trust score of 84% and a market share of <5% in Nigeria.
3. Tickmill
Overall Rating
- 4.7/5
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
👉 As a trading name for the Tickmill Group of Companies, Tickmill is an award-winning worldwide ECN broker that has been in operation since 2015. As a forex and CFD trading service, Tickmill is well-regulated, despite the fact that it isn’t regulated by the Central Bank of Nigeria (CBN).
👉 There may not be an account for Nigerian Nairas, but Tickmill accepts all Nigerian traders and offers a variety of trading choices for beginners as well as more advanced investors.
👉 Currently, Tickmill has over 350,000 registered retail investor accounts, and over 150,000 active traders on its platforms.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 41,500 Naira |
| 💸 Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | No, only USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ Tickmill offers robust trading platforms and innovative mobile trading
➡️ Tickmill has a very high trust score and is known for its competitive trading conditions
➡️ There are several convenient funding options available including Skrill, Neteller, and others
➡️ Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others
Cons
➡️ Currency conversion fees will apply for Naira deposits
➡️ There are no fixed spread accounts offered
➡️ The spreads are not the tightest
Trust Score and Nigerian Market Share
👉 Tickmill has a trust score of 81% and an overall market share of <5% in Nigeria.
4. TD Ameritrade
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA, CFTC, MAS
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Since its inception in 1975, TD Ameritrade has been a valuable resource for investors. It is TD Ameritrade’s aim to help Nigerian traders achieve their financial goals, and the company’s trained and certified personnel is happy to do so.
👉 There are no offices of TD Ameritrade in Lagos or Nigeria, and the broker is not regulated by Nigeria’s Central Bank (CBN). On the contrary, TD Ameritrade welcomes Nigerian investors of all experience levels and skillsets.
👉 Stocks, futures, mutual funds, options, ETFs, fixed income products, cryptocurrencies, CDs and bonds are just a few of the instruments TD Ameritrade has to offer.
Unique Features
| Feature | Information |
| ⚖️ Regulation | SEC, SFC, FINRA |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Standard Account, Margin Trading Account |
| 💻 Trading Platform | • TD Ameritrade Web • TD Ameritrade Mobile • thinkorswim mobile • thinkorswim Web |
| 💵 Minimum Deposit (₦) | None |
| 💸 Trading Assets | • Stocks • Options • ETFs • Mutual Funds • Futures • Forex • Bonds • Fixed Income • Annuities • IPOs • CDs |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | No |
Pros
➡️ TD Ameritrade is a trusted online brokerage that accepts all types of investors and traders
➡️ TD Ameritrade offers an extensive investment selection, helping traders build a diversified portfolio
➡️ There is no minimum investment required when registering for an account
➡️ The broker offers a wide range of guides and training for educational purposes
➡️ There is a powerful web-based platform and mobile version with a customizable dashboard, custom alerts, real-time data, and advanced charting tools
➡️ There are several retail investor accounts to choose from
➡️ TD Ameritrade is one of the most reputable brokerage firms with strict regulation in the US
➡️ In addition to a wide range of investment options, TD Ameritrade also offers crypto trading
Cons
➡️ TD Ameritrade does not offer any fractional shares
➡️ There are higher account fees than competitors
➡️ There are high margin rates
Trust Score and Nigerian Market Share
👉 TD Ameritrade has a trust score of 98% and an overall market share of <5% in Nigeria.
5. RoboForex
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 As of 2009, RoboForex is a multi-award-winning online broker that allows traders around the world to trade over 9,400 trading instruments across a wide range of asset classes, including Forex (trading currency), commodities (trading metals and energy), stocks (trading stock), and CFD (contract for difference) trading.
👉 A total of eight LPs, each of whom provides tight spreads, fast execution, and leverage of up to 1:2000 are used by RoboForex. From 169 countries throughout the world there are over 800,000 RoboForex traders who use the platform.
Unique Features
| Feature | Information |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Prime Account, ECN Account, R Stockstrader Account, ProCent Account, Pro Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app |
| 💵 Minimum Deposit (₦) | 4,100 NGN |
| 💸 Trading Assets | Forex, Stocks, Indices, Cryptocurrencies |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | Yes |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | No |
Pros
➡️ Offers a massive range of tradable instruments across financial markets
➡️ Provides professional yet user-friendly trading platforms
➡️ Low initial deposit requirement on all account types
➡️ There are several flexible account types with competitive trading conditions and transparent trading costs
➡️ Offers a vast range of research tools to experienced traders
➡️ Award-winning broker that ensures client fund protection
➡️ Negative balance protection applied to all account types
➡️ RoboForex has obtained Verify My Trade, proving trade execution speeds
➡️ Comprehensive social trading platforms offered
Cons
➡️ United States clients, and some other regions, cannot register with RoboForex
➡️ There are no fixed spread accounts offered
➡️ There is no FCA, CySEC, FSCA, or other regulation with popular market regulators
➡️ Offshore broker with offshore regulation
➡️ Market Maker forex broker that can benefit from the losses of clients
➡️ Inactivity fee may apply to dormant accounts
➡️ Withdrawal fee charged on several payment options
Trust Score and Nigerian Market Share
👉 RoboForex has a trust score of 66% and an overall market share of <5% in Nigeria.
6. Plus500
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
👉 In addition to providing a wide range of trading tools and superior charting on its trading platform, Plus500 continues to develop its offerings for both novice and experienced traders.
👉 Due to its long history of business, which dates back to 2008, and its multiple regulatory licenses in Tier-1 jurisdictions, Plus500 is also a respected broker.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Single retail trading account |
| 💻 Trading Platform | Proprietary Plus500 trading platform |
| 💵 Minimum Deposit (₦) | 41,600 Nigerian Naira |
| 💸 Trading Assets | • Indices • Forex • Commodities • Cryptocurrencies • Shares • Options • Exchange-traded funds (ETFs) |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.8 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ Plus500 is well-regulated and has a high trust score
➡️ There is multilingual customer service offered 24/7 across communication channels
➡️ All client funds are held in segregated accounts
➡️ There is a wide range of markets to choose from
➡️ The trading costs are low and can suit any financial restrictions that traders may have, especially novice traders
➡️ There are no commissions charged on trades
➡️ There are no deposit fees charged
➡️ The proprietary platform is robust
Cons
➡️ There is an inactivity fee charged on dormant accounts after a few months of inactivity
➡️ Guaranteed stops come at an additional charge
➡️ Plus500 restricts retail traders in certain regions
➡️ Restricted maximum leverage
➡️ Trading strategies such as expert advisors, automated trading, hedging, scalping, and others, are prohibited
➡️ There is no desktop platform offered
Trust Score and Nigerian Market Share
👉 Plus500 has a very high trust score of 99% and a market share of <5% in Nigeria.
7. Pepperstone
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
👉 For Nigerian retail traders, Pepperstone has both a high trust score and a high leverage. It is also noted for its competitive trading environment and cheap spreads.
👉 Pepperstone Limited, an online forex and CFD broker, offers low-cost pricing on all FX, CFDs, and commodities, as well as regulatory protection and excellent customer support.
👉 Research and help from Pepperstone are available for social copy trading platforms, and the sector is increasing rapidly.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (₦) | 60,700 Nigerian Naira |
| 💸 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | Yes |
| 💰 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ Pepperstone ensures client fund security by keeping it in segregated accounts
➡️ Pepperstone is both a multi-regulated and multi-award-winning broker
➡️ Pepperstone caters for all types of traders despite their trading experience or style
➡️ Well-regulated by some of the top market regulatory entities
➡️ Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners
➡️ There is a demo account and Islamic account offered
➡️ There are several funding options offered to traders
➡️ Deposit fees and withdrawal fees are not charged
Cons
➡️ Nigerian traders do not have a Naira-denominated trading account
➡️ There are additional fees applied to the Islamic account
➡️ There are some leverage restrictions
Trust Score and Nigerian Market Share
👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
8. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 STP and ECN broker OctaFX is based in Saint Vincent and the Grenadines and serves traders from all over the world, including those in Lagos, Nigeria, and other regions of the country.
👉 Nigerians can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 41,500 Nigerian Naira |
| 💸 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.6 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ OctaFX offers reliable, instant deposits and withdrawals
➡️ The broker offers copy trading accounts through its proprietary trading app
➡️ Offers social trading opportunities
➡️ OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals
➡️ The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable
➡️ Commission-free trading is offered on all retail investor accounts along with tight spreads
➡️ Offers an unlimited virtual trading account and an Islamic Account for Muslim traders
➡️ There is a range of advanced trading tools offered
➡️ OctaFX offers versatile and reliable payment methods for deposits and withdrawals
Cons
➡️ Offshore broker with tier-2 regulation, which is not ideal
➡️ There is a limited selection of trading instruments offered
➡️ There is a limited selection between retail accounts
➡️ Limited options for base currencies on accounts
Trust Score and Nigerian Market Share
👉 OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.
9. Oanda
Overall Rating
- 4.9/5
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
👉 Market Maker OANDA is one of the most popular online forex brokers in the United States. Since its inception in 1996, OANDA has been the leading provider of trading solutions and services for the financial derivatives markets.
👉 Nigerians are welcome to trade with OANDA, despite the broker’s American headquarters. OANDA is not regulated by the Nigerian Central Bank (CBN) and does not have an office in Lagos, Nigeria, yet currency traders in the region can still expect competitive trading conditions.
👉 For traders, OANDA not only has a large range of tradeable products, but also a variety of advantages in the market.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 💻 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💵 Minimum Deposit (₦) | 0 Nigerian Naira |
| 💸 Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | Yes |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ OANDA has an award-winning proprietary trading platform
➡️ There is a dedicated account for Muslim traders
➡️ Negative balance protection is automatically applied to the retail accounts
➡️ There are no deposit fees charged
➡️ There is a large selection of educational materials
Cons
➡️ There is an inactivity fee on dormant accounts
➡️ There are no fixed spreads
Trust Score and Nigerian Market Share
👉 OANDA has a trust score of 91% and a market share of <5%.
10. FXTM
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 STP (Straight-Through Processing) and ECN (Electronic Communications Network) broker ForexTime Limited is located in Cyprus and has offices all around the world.
👉 One of the world’s leading forex brokers, ForexTime (FXTM), is well-known in Lagos and other Nigerian cities because of its outstanding trading solutions.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💵 Minimum Deposit (₦) | 10,000 Naira |
| 💸 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| 📱 Nigerian Naira-based Account? | Yes |
| 💵 Nigerian Naira-based Account? | Yes |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
➡️ FXTM is a popular and multi-regulated trading provider
➡️ FXTM offers its clients quick deposit and withdrawal methods with short processing times
➡️ There are no deposit fees charged
➡️ There are several educational materials offered
➡️ FXTM offers dedicated, local support in multiple languages
Cons
➡️ There are inactivity fees that will be applied if the trading account goes dormant
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Trust Score and Nigerian Market Share
👉 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.
Overview
👉 Similar to how many US stock-market investors use Dow Jones or S&P 500 indexes, many market analysts and traders use FTSE 100 as a proxy for UK stock market performance.
👉 The FTSE 100 index is often regarded as a leading indicator for Nigerian investors of the health of the British economy and the health of the UK’s businesses. Thus, it is a popular choice for investors looking for exposure to major British corporations.
Top 10 Brokers in Nigeria
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👉 There are numerous non-U.K. corporations on its list, offering great portfolio diversification for investors in Nigeria, but it is primarily composed of companies based in Britain and affected by UK-related events on a regular basis.
How to invest in the FTSE 100
👉 Nigerian traders can approach the FTSE 100 in two ways, either by using investment products or by trading on the index. As such, Nigerian traders or investors can use the following instruments:
➡️ Cash indices: The term “cash index” refers to a market index that is traded at the current market price. Short-term traders like cash indices because they have some of the lowest spreads on the market. But if you keep your positions open overnight, you’ll be charged an extra fee.
➡️ Index futures: Trading index futures means that you have agreed to trade the index at a specified price and at a specific time on a predetermined date. Since the overnight financing fee is included in the spread, index futures are popular with investors who plan to hold positions for an extended period of time.
➡️ CFDs: You don’t have to own any of the companies that make up the FTSE 100 to make money on the stock market. This means that you can profit from both rising and falling markets. You go long (purchase) if you think the share price will rise, and short (sell) if you think it will decline (sell). If the market shifts in your favour, you will profit.
➡️ ETFs: Trading an ETF that mimics the index’s composition allows you to profit from short-term price changes across all 50 businesses on the FTSE100. ETFs are traded in the same way as stocks, except they track an underlying asset or a basket of assets instead of the stock market overall. Because you’re trading with leverage when trading FTSE100 with CFDs, you run the risk of increased exposure.
How companies are deemed eligible for the FTSE100
👉 Nigerian traders will gain exposure to companies on the FTSE100 which have been deemed eligible to be added to the index.
👉 To be eligible for the FTSE 100, a company must meet specific requirements. In order to be included in the index, a public limited business listed on the London Stock Exchange must meet the index’s minimal liquidity standards, for example.
👉 However, it would have to be one of the top 100 London Stock Exchange (LSE) businesses in terms of market value. Stock price divided by the number of outstanding shares equals market capitalization. In general, the FTSE 100’s constituents are thought of as large-cap corporations.
👉 To qualify for the FTSE 100, a company’s weighting would have to be recalculated after it was accepted.
👉 It is based on free-float adjusted market capitalisation for the FTSE 100 index. There are some differences between this and the whole market cap, which includes all of the company’s shares, as well as those that are limited or tightly held.
👉 It is vital to note that the FTSE 100’s full market cap and free-float adjusted market cap are equally important. When a company joins the index, the first factor determines whether or not it will be included.
👉 If a firm has a large free-float market value, it will have a stronger impact on the FTSE’s performance because of its larger weighting.
The Quarterly Review
👉 Nigerian traders will note that the FTSE’s composition is constantly changing due to changes in market capitalization. As with the Premier League’s promotion and relegation, the index is reviewed every three months.
👉 FTSE 100 and FTSE 250, which include the next 250 largest businesses listed on the London Stock Exchange, are the two indices that are affected by this.
👉 To be relegated, a company’s market cap rank must drop below 110, not 100, which is a little perplexing.
👉 Similar to this, a company must have a FTSE ranking of 90 or higher to be elevated from the FTSE 250 to the FTSE 100. In order to prevent excessive turnover at the bottom end of the index, this ‘buffer zone’ was put into effect.
Understanding the FTSE 100 share price
👉 Technically, there is no ‘share price’ for the FTSE 100 that is expressed in currency. It is a number that represents the sum of the component’s performance, which is expressed as a number of points.
👉 It’s common to refer to a stock’s movement over the course of the day as “up or down” rather than “up or down.”
👉 At any given time the FTSE 100 does not represent the stock price of all its constituent companies, which should be kept in mind when analyzing the index.
The Best FTSE 100 Brokers in Nigeria
👉 Nigerian traders and investors would benefit from excellent portfolio diversification by gaining exposure to the FTSE 100 index. To do so, it is essential that Nigerian traders find a broker which provides excellent and dependable trading and investment conditions.
👉 This “10 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.
➡️ Exness
➡️ XM
➡️ Tickmill
➡️ TD Ameritrade
➡️ RoboForex
➡️ Plus500
➡️ Pepperstone
➡️ OctaFX
➡️ OANDA
➡️ FXTM
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.
The Best Forex Brokers in Nigeria
👉 In this article we have listed the best Forex brokers for Nigerian traders hoping to trade on the FTSE100 index. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best broker in Nigeria offering an Islamic account
Overall Rating
- 4.9/5
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
👉 Exness is the best Forex broker for Nigerian traders of the Muslim faith seeking swap-free trading conditions
Best broker offering commission-free trading to Nigerian traders
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 XM offers the best commission-free trading accounts to Nigerian traders, along with competitive spreads.
Best MetaTrader 4 broker in Nigeria
Overall Rating
- 4.7/5
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
👉 Tickmill offers the most innovative version of MT4 which is suitable for both beginner and experienced Nigerian traders.
Best broker for asset diversity in Nigeria
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA, CFTC, MAS
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 TD Ameritrade offers a broad investment portfolio that will provide Nigerian traders with a wide asset selection.
Best broker with a low minimum deposit for Nigerian traders
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 RoboForex has a low entry requirement for Nigerian traders, providing access to beginner and advanced traders into the investment markets.
Best broker with no deposit fees for Nigerian traders
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
👉 Plus500 charges no deposit fees for Nigerian traders alongside a transparent pricing structure.
Best broker for beginner traders in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Pepperstone has a wealth of educational resources which will be of great benefit to beginner traders in Nigeria.
Best broker for automated trading in Nigeria
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 OctaFX offers excellent copy trading software on its proprietary trading platform.
Best broker offering negative balance protection in Nigeria
Overall Rating
- 4.9/5
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
👉 Oanda offers negative balance protection on all of its retail accounts, ensuring that Nigerian traders will never go below their initial deposit.
Best customer support broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FXTM is renowned for its fast, and reliable customer support offered by a multilingual support team.
Frequently Asked Questions
What is the FTSE100?
The FTSE 100 is considered by the majority of investors and traders to be the most relevant and important indication of the overall health of the United Kingdom’s economy and stock market.
Why trade the FTSE100?
The FTSE100 gives traders access to some of the leading companies in the UK economy without having to own shares in these companies.
How to get started with a FTSE100 broker?
To get started with trading on the FTSE100, sign up with a reputable broker and deposit into your trading account. Then, choose the best instrument for your trading approach, and get started.
What is the FTSE100 index?
It stands for the Financial Times Stock Exchange and is measured by the weighted average of all LSE stocks. The FTSE 100 index is made up of shares from the London Stock Exchange’s 100 largest companies.
How do traders use the FTSE100?
Traders have discovered that the swings of the FTSE are predictable enough that they can predict when the index will increase and fall and profit from this prediction.
Top 3 Brokers