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10 Best Micro Currency Trading Platforms in Nigeria

The Best 10 Best Micro Currency Trading Platforms in Nigeria revealed. We tested and verified the best micro currency trading platforms with a minimum deposit for Nigerian Traders.

This is a complete list of the best micro currency trading platform brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What are micro currency platforms? 
  • Who are the best micro currency platform brokers?
  • How to choose a forex broker – Compare them side by side by tightest spread and best leverage.
  • Which brokers are best for beginner traders. 
  • What is the difference between a micro account and a cent account?
  • Which brokers offer a sign-up bonus to first-time traders?


And lots more…

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

Let’s dive right in…

Updated : September 6, 2022

Definition of a Micro Currency Trading Platform: A micro lot represents 1,000 units of the base currency in a forex trade. Trading in micro-lots enables retail traders to trade in comparatively small increments.

Best Micro Currency Trading Platforms in Nigeria – Comparison

🏛️ Broker✔️ Micro Currency Trading Platform? 💰 Minimum Spread📊 Naira Account?💳 NGN Deposits Allowed?👉 Open An Account
ExnessYesFrom 0.0 pips EUR/USDYesYes👉 Open Account
PepperstoneYesFrom 0.0 pipsNoNo👉 Open Account
SuperForexYesFrom 0.0 pipsYesYes👉 Open Account
Global GTYesFrom 0.0 pipsNoYes👉 Open Account
TifiaYesFrom 0.0 pipsYesYes👉 Open Account
AdmiralsYesFrom 0.0 pips EUR/USDNoYes👉 Open Account
HFMYesFrom 0.0 pipsYesYes👉 Open Account

10 Best Micro Currency Trading Platforms in Nigeria

  1. Exness – Overall, the Best Micro Account Trading Platform
  2. FXTM – Best Overall Demo Account Broker
  3. Alpari – Best Nigerian Customer Support
  4. HFM – Best Copy-Trading Account for Nigerians
  5. RoboForex – Best Social Trading Platform
  6. OctaFX – Best Trade Execution Broker
  7. XM – Most Reliable Low-Cost Trading Broker
  8. FBS – Best Mobile Trading App for Nigerians
  9. JustMarkets – Best Social Trading App
  10. SuperForex – Best Naira Trading Account

1. Exness

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Exness was founded in 2008 and during its years of operation, the broker has become one of the most popular entities in the forex and CFD Market. Exness offers Nigerian traders a choice between trading accounts that offer a range of benefits and competitive trading conditions.

 

👉 In addition, Exness supports micro lot trading from 0.01 lots and offers a dedicated Standard Cent Account. On this account traders have access to forex and metals, with spreads that start from 0.3 pips EUR/USD.

 

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
📉 Minimum trade size0.01 lot
📈 Maximum trade size200 lots

 

✔️ PROS❌ CONS
Well-regulated by the FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, Exness is a broker with a high trust scoreExness does not offer a range of educational materials
Exness caters for both beginner and professional traders in NigeriaThere are only 200 tradable instruments offered
Nigerian traders can register a Naira-denominated account with Exness
The broker offers a range of trading accounts including a cent account, which is dedicated to traders who want to trade micro-lots

 

Trust Score and Nigerian Market Share

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

2. FXTM

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FXTM is one of the best STP and ECN forex brokers in Nigeria that offers beginner and advanced traders a Micro Account that can be used for a variety of purposes.

 

👉 FXTM is geared towards offering beginner traders a low-risk trading environment while simultaneously offering advanced traders the resources they need to add a competitive edge to their trading.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• Instagram
• YouTube
• Telegram
⚖️ CBN Regulation?No
📱 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
💻 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💸 Minimum Deposit (₦)10,000 Naira
📱 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💳 Nigerian Naira-based Account?Yes
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade sizeUnlimited

 

✔️ PROS❌ CONS
FXTM offers a dedicated Micro Account to Nigerian tradersThere are inactivity fees charged on dormant accounts
There are low minimum deposit requirements
There are several convenient funding options offered
Deposit fees are not charged by FXTM
Educational tools are offered to beginner Nigerian traders
Nigerian traders have access to local support
There is a dedicated Naira account offered

 

Trust Score and Nigerian Market Share

👉 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.

3. Alpari

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Alpari has been in operation since 1998 and it is one of the best options for Nigerian traders who want access to a wide range of global markets. Alpari offers a choice between four live trading accounts, one of which is a Micro Account.

 

👉 Alpari offers competitive trading conditions, low minimum deposit requirements, and a range of trading assets.

 

Unique Features

FeatureInformation
⚖️ RegulationFinancial Services Commission Mauritius (FSC)
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
⚖️ CBN Regulation?No
📱 Trading AccountsForex Standard Account (MT4), Forex Micro Account (MT4),
Forex ECN Account (MT4/5), Forex Pro Account (MT4)
💻 Trading PlatformMetaTrader 4 and 5
💸 Minimum Deposit (₦)1,000 Naira

📱 Trading AssetsForex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices
💳 Nigerian Naira-based Account?Yes
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.4 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size250 lots

 

✔️ PROS❌ CONS
Alpari is an award-winning CFD broker that offers tailormade solutions to Nigerian tradersThere are no fixed spread accounts offered
Both MetaTrader 4 and 5 are offered, and Alpari offers proprietary CopyTrade featuresThere is a limited selection of tradable instruments
There is a dedicated support team for Nigerian tradersThere is a limited range of educational materials and trading tools
There are unique and comprehensive trading solutions offered
Alpari offers an Islamic account as well as a demo account
There are several flexible convenient funding options offered

 

Trust Score and Nigerian Market Share

👉 Alpari has a trust score of 95% and an overall market share of over 14% in Nigeria.

4. HFM

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 HFM is popular and low-risk forex and CFD broker with a high trust score. HFM is well-regulated and offers a range of trading accounts, including a Micro Account, to Nigerian traders.

👉 HFM offers MetaTrader 4 and MetaTrader 5 across several devices, including an innovative mobile trading app, giving Nigerians the flexibility they need in fast-paced financial instruments.

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
⚖️ CBN Regulation?No
📱 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
💻 Trading PlatformMetaTrader 4 and 5
💸 Minimum Deposit (₦)2,000 Naira

📱 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💳 Nigerian Naira-based Account?Yes, along with ZAR and USD
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size60 lots

✔️ PROS❌ CONS
HFM is multi-regulated and provides a transparent, fair, and secure trading environmentOnly a few payment methods are offered by HFM for deposits and withdrawals
There are low and competitive spreads offered to Nigerian tradersThere are only a few base account currency options
There is a Micro Currency Account offered to both beginners and seasoned traders
Beginner traders have access to a range of educational materials
There are advanced trading tools available to seasoned traders
HFM offers an attractive affiliate program

Trust Score and Nigerian Market Share

👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.

5. RoboForex

 

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on RoboForex’s website

 

Overview

👉 RoboForex is an extremely versatile CFD, and Forex broker based in Belize, offering Nigerian traders a choice between five retail accounts, one of which is a ProCent Account that is designated for micro currency traders.

 

👉 RoboForex offers a large range of financial instruments that can be traded over a selection of powerful, innovative trading platforms, including reliable mobile apps for Nigerian traders.

 

Unique Features

FeatureInformation
⚖️ RegulationInternational Financial Services Commission (IFSC)
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
⚖️ CBN Regulation?No
📱 Trading AccountsPrime Account, ECN Account, R StocksTrader Account, ProCent Account, Pro Account
💻 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, R MobileTrader
💸 Minimum Deposit (₦)4,100 Naira

📱 Trading AssetsForex, Stocks, Indices, ETFs, Commodities, Metals, Energy Commodities, Cryptocurrencies
💳 Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spread0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size500 lots

 

✔️ PROS❌ CONS
RoboForex offers a massive range of trading instrumentsRoboForex does not offer fixed spread accounts
There are ultra-low minimum deposit requirementsRoboForex is a market maker broker that takes the opposite side of the trade against traders
RoboForex offers a choice between flexible trading accounts, including a Micro Account for NigeriansInactivity fees may apply to dormant accounts
There are several research tools for experienced tradersThere is a withdrawal fee charged on several withdrawal options
RoboForex has won several forex industry awards
RoboForex has Verify My Trade (VMT), which shows superior trade execution speeds
RoboForex offers comprehensive social trading platforms and several opportunities

 

Trust Score and Nigerian Market Share

👉 RoboForex has a trust score of 66% as an offshore broker with a market share of less than 5%.

6. OctaFX

 

Overall Rating

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

 

Overview

👉 OctaFX is known as a reliable CFD and forex trading provider that has been in operation since 2011. OctaFX is known for its reliable trade execution along with its STP and ECN execution models. OctaFX caters extensively for both beginner and professional traders in Nigeria, offering a selection of retail investor accounts.

 

👉 OctaFX offers two retail investor accounts, both with the option of trading positions as small as 0.01 lots. In addition, OctaFX offers competitive spreads and the benefit that Nigerian traders can use a range of trading strategies.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, SVG FSA
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• Telegram
• LinkedIn
⚖️ CBN Regulation?None
📱 Trading AccountsMetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account
💻 Trading PlatformMetaTrader 4, MetaTrader 5, OctaFX App
💸 Minimum Deposit (₦)41,500 Naira

📱 Trading AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies.
💳 Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spread0.6 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size500 lots

 

✔️ PROS❌ CONS
OctaFX is an award-winning forex and CFD brokerThere is a limited selection of financial markets that can be traded
Trades are commission-free and there are no fees on either deposits or withdrawalsThere are only two account types offered
OctaFX offers an Islamic and demo accountThere is no Naira-denominated account and NGN deposits could attract currency conversion fees
Nigerian traders have access to trade positions from as little as 0.01 lots
There are comprehensive copy-trading opportunities offered

 

Trust Score and Nigerian Market Share

👉 OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.

7. XM

 

Xm.com Logo 1 1024x514 1

Overall Rating

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

 

Overview

👉 Established in 2009, XM is an award-winning broker with a high rating and high popularity in Nigeria as a reputable forex and CFD broker. XM accepts traders from around the world and is widely known as one of the most liquid brokers in the region.

 

👉 XM offers Nigerian traders a choice between four retail investor accounts, with the benefit that a Micro Account is offered, with access to smaller position sizes, lower risks, and negative balance protection.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• LinkedIn
⚖️ CBN Regulation?No
📱 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
💻 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💸 Minimum Deposit (₦)2,000 Naira

📱 Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
💳 Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size100 lots

 

✔️ PROS❌ CONS
There is a multi-regulated framework that protects Nigerian traders and ensures that they get the best trading environmentThere is no Naira-denominated account
There is negative balance protection applied to XM’s accounts for retail tradersInactivity fees are applied when the trading account becomes dormant
Nigerian traders can use a range of trading strategies while trading with XM
There is a dedicated Micro Account offered with competitive trading conditions
XM offers a wealth of educational materials and advanced trading tools

 

Trust Score and Nigerian Market Share

👉 XM has a trust score of 84% and a market share of <5% in Nigeria.

8. FBS

 

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

 

Overview

👉 Established in 2009, FBS is a reliable international forex and CFD broker that offers its services and solutions to traders from around the world. FBS uses both STP and ECN execution models to ensure that Nigerian traders receive the best possible pricing when they trade several financial markets.

 

👉 FBS offers a choice between several trading accounts to Nigerian traders, including a Cent and Micro Account, with competitive trading conditions and a range of unique features.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC, CySEC
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
⚖️ CBN Regulation?None
📱 Trading AccountsFBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account
💻 Trading PlatformFBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform
💸 Minimum Deposit (₦)400 Naira

📱 Trading AssetsForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
💳 Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size500 lots

 

✔️ PROS❌ CONS
JustMarkets offers a range of social trading opportunities to Nigerian tradersThere is an inactivity fee charged when the trading account becomes dormant
Nigerians can choose between several account typesDeposit fees are applied to cryptocurrency deposits
Nigerian traders can start trading immediately using the no-deposit bonus that is offered to newly registered traders
JustMarkets offers competitive trading conditions across all account types
Nigerian traders can make deposits and withdrawals in Naira

 

Trust Score and Nigerian Market Share

👉 FBS has an overall trust score of 75% and a market share of more than 6.6% in Nigeria.

9. JustMarkets

 

Overall Rating

Min Deposit

USD 1 / 430 NGN

Regulators

FSA, CySec

Trading Desk

MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on JustMarket’s website

 

Overview

👉 JustMarkets is a CFD and forex broker that is well-known for its competitive trading conditions which consisted of tight spreads, a range of trading instruments, and high leverage up to 1:3000, among several other features.

 

👉 JustMarkets offers access to MetaTrader 4 and MetaTrader 5 along with the innovative JustMarkets trading app. Nigerian traders have several convenient funding methods for deposits and withdrawals, with the benefit that Naira can be used, exempting traders from currency conversion fees.

 

Unique Features

FeatureInformation
⚖️ RegulationFinancial Services Authority (FSA) in Seychelles
📱 Social Media Platforms• Facebook
• Instagram
• Telegram
• LinkedIn
• Twitter
⚖️ CBN Regulation?No
📱 Trading AccountsStandard Cent Account (MT4), Standard Account (MT4), Pro Account (MT4), Raw Spread Account (MT4), Standard Account (MT5), Pro Account (MT5), Raw Spread Account (MT5)
💻 Trading PlatformMetaTrader 4, MetaTrader 5, JustMarkets App
💸 Minimum Deposit (₦)400 Naira

📱 Trading AssetsIndices, Energies, Forex, Metals, Cryptocurrencies, Shares, Futures
💳 Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size100 lots

 

✔️ PROS❌ CONS
JustMarkets offers a range of social trading opportunities to Nigerian tradersThere is an inactivity fee charged when the trading account becomes dormant
Nigerians can choose between several account typesDeposit fees are applied to cryptocurrency deposits
Nigerian traders can start trading immediately using the no-deposit bonus that is offered to newly registered traders
JustMarkets offers competitive trading conditions across all account types
Nigerian traders can make deposits and withdrawals in Naira

 

Trust Score and Nigerian Market Share

👉 JustMarkets has a trust score of 49% because of its offshore regulation but has an overall rating of 8/10 for its trading offer. In addition, JustMarkets has a market share of over 4% in Nigeria, which places it in the Top 20 forex brokers active in Nigeria.

10. SuperForex

 

Overall Rating

Min Deposit

USD 1 / 415 NGN 

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on SuperForex’s website

 

Overview

👉 Established in 2013, SuperForex is a Belize-based broker that offers Nigerian traders some of the most comprehensive trading solutions, a choice between trading accounts, and the benefit that trading can be done in Nigerian Naira.

 

👉 SuperForex offers its traders the option of a Micro Cent Account with high leverage, a low minimum deposit requirement, and fixed, competitive spreads. SuperForex also offers a range of bonuses and promotions to allow traders to start trading immediately.

 

Unique Features

FeatureInformation
⚖️ RegulationNone
📱 Social Media Platforms• Telegram
• Instagram
• Facebook
• YouTube
• Twitter
• LinkedIn
• Pinterest
⚖️ CBN Regulation?No
📱 Trading AccountsStandard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account
💻 Trading PlatformMetaTrader 4, SuperForex App
💸 Minimum Deposit (₦)400 Naira

📱 Trading AssetsForex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs
💳 Nigerian Naira-based Account?Yes
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes
📉 Minimum trade size0.01 lot
📈 Maximum trade size100 lots

 

✔️ PROS❌ CONS
There are eleven account types to choose fromMetaTrader 5 is not offered to Nigerian traders
Nigerian traders have access to a selection of convenient funding optionsThere is a limited selection of trading tools and resources
There are Islamic accounts offered to Muslim traders in Nigeria
There is a demo account offered
Nigerians can register a trading account in Nigerian Naira
There is an extremely low minimum deposit requirement

 

Trust Score and Nigerian Market Share

👉 SuperForex has a trust score of 87% and a market share of <5%.

Overview

👉 Micro currency trading might be a new concept for many novice traders who are just starting their forex trading journey. Micro currency trading refers to the real-time trading of a security with a trading volume that is measured in 1,000 units of the base currency.

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

👉 The most prominent characteristic of micro currency trading is that Nigerians require a lower initial balance and that the risks are significantly reduced on these platforms. Micro currency trading is not only ideal for beginners but also for more seasoned Nigerian traders who want to test trading strategies in a live market environment with a lower degree of risk.

The Basics Of Micro Currency Accounts and Trading

Micro Currency Accounts and Trading

👉 The forex market can be accessed via a micro account, which is a type of retail trading account for individual investors. This is one of the smallest account types available to Nigerians.

 

👉 Inexperienced traders can also utilize this sort of account to try out their methods in actual market conditions. Micro lots in forex are 1,000 units of the base currency, while a standard account lot is equivalent to 10 mini account lots, which are equal to ten micro account lots.

➡️ 1 Micro Lot is 1,000 Currency Units

➡️ 1 Mini Lot is 10 Micro Lots, which is 10,000 Currency Units

➡️ 1 Standard Lot = 10 Mini Lots which is 100 Micro Lots and subsequently, 100,000 currency units.

 

👉 Investors create micro-accounts because it allows small-scale retail traders to trade in fast-paced markets. Even if the initial investment is lower than that of a typical trading account, the process of buying and selling currency pairs remains the same.

 

👉 In most cases, there is no minimum deposit requirement for micro accounts; if there is, it is a smaller amount, like $50. Nigerians must note that with micro-lot trading, the smallest volume a trader can transact is one micro-lot, while the maximum volume is typically determined by the amount of equity in the account or the broker’s discretion.

 

👉 This is true of most retail investor accounts and because of the use of leverage, a retail trader who is trading on a micro account can hold positions for both the long- and short-term.

 

Advantages of Micro Currency Trading

Restrictions implied by Sharia Law

👉 Individual investors who are new to online trading and the foreign currency market may benefit from micro-trading. Because the transactions are less in volume and the activities are narrower in scope, they avoid the interbank foreign currency market.

 

👉 When you create a micro-trading account, the trading platform or Forex broker with whom you opened the account is often responsible for monitoring the market on which your orders are placed.

 

👉 Subsequently, the Forex brokers that provide this low-cost and low-risk trading option are well-positioned to provide competitive spreads and rates even in the face of fierce competition. Based on these factors, micro-trading can be a good method to get started in Forex currency speculation.

 

Disadvantages of Micro Currency Trading

Disadvantages of Micro Currency Trading

👉 There are certain drawbacks to trading at a micro currency level. Keeping your positions active outside of market hours, for example, is usually compensated by the brokers at a certain cost. Because of this, profitability and performance are immediately impacted.

 

👉 Nigerian traders can choose to trade solely during the opening hours or examine the costs on various platforms for overnight positions before deciding on a broker to prevent this drawback.

Tips for Nigerians with Micro Currency Trading

Tips for Nigerians with Micro Currency Trading

👉 Use the correct technical indicators to perform micro-trading. For this strategy, stochastics based on minutes per minute are the most often employed indicators, since they are the most appropriate.

 

👉 The easiest way to utilize this indicator is with a customizable stock market graph that can be interpreted online. Since this interpretation relies on stochastic indicator data to guide your trades, familiarity with stochastic indicator methods is necessary.

 

👉 However, you must exercise caution while utilizing this indicator, as you must also keep an eye on other market influences and prudently place your stop limit and take profit orders per your strategy to protect your profits and minimize losses.

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 Micro Trading Platform For Nigerian Traders

Best Social Trading Platform

👉 RoboForex offers a powerful proprietary trading platform that supports social trading opportunities and provides Nigerian traders with the best trading workstation.

Best Trade Execution Broker in Nigeria

Best Trade Execution Broker

👉 OctaFX is our choice from this list as the forex broker that offers the best trade execution, filling 97.5% of orders that are received, with the benefit that there are no requotes and minimal slippage.

Best Mobile Crypto Deposits

Best Mobile Crypto Deposits

👉 OctaFX not only offers a proprietary trading platform that offers a range of functions to support the active trading operations of Nigerian traders, but it also offers fast and reliable crypto deposits through mobile, providing Nigerians with a significant amount of flexibility.

Most Reliable Low-Cost Trading Broker for Seasoned Nigerian Traders

Most Reliable Low-Cost Trading Broker

👉 XM is a reputable broker with comprehensive trading solutions that include low-cost trading, competitive commissions, and low minimum deposit requirements. In addition, XM also offers innovative and comprehensive trading tools and research to support seasoned Nigerian traders.

Best Mobile Trading App in Nigeria

Best Mobile Trading App

👉 FBS is our top selected mobile trading app in Nigeria, offering a range of useful features and functions, including the option to deposit and withdraw funds, manage, and open trades, access market news, set up alerts, and more.

Best Social Trading Mobile App

Best Social Trading Mobile App

👉 Social trading is one of the best ways for beginner traders to experience live markets and JustMarkets offers the perfect tool. Through the native JustMarkets app, MetaTrader 4, and MetaTrader 5 mobile app, Nigerian traders have access to a range of options, including Expert Advisors (EA).

Best Naira Trading Account Forex Brokers in Nigeria

Best Naira Trading Account Forex Brokers

👉 One of the best benefits for Nigerian traders is to find a broker that offers a Naira-denominated account, and therefore we chose SuperForex. In addition to offering eleven trading accounts that suit the different needs and objectives of a variety of traders, SuperForex allows traders to open an account in their local currency.

Best Copy-Trading Account for Nigerian Social Traders

Best Copy-Trading Account

👉 HFM is a multi-regulated and trusted broker with a decent market share in Nigeria. This is attributable to its competitive trading conditions and comprehensive solutions, including an innovative Copy-Trading Account, HFCopy, which allows both followers and providers of trading signals a dedicated platform.

Best Local Customer Support in Nigeria

Best Local Customer Support

👉 Alpari is a trusted CFD and forex broker with offices around the world, including Nigeria. This makes Alpari our #1 choice for providing local customer support to Nigerian traders.

Best overall Nigerian Micro Currency Platform

Nigerian Micro Currency Platform

👉 FXTM is our top choice as the overall Nigerian Micro Currency Platform with its selection of accounts and competitive trading conditions. In addition to this, FXTM is also a reliable broker with local support in Nigeria.

Best Demo Account Forex Brokers in Nigeria for Beginners

Demo Account Forex Brokers in Nigeria

👉 Exness is one of the best Nigerian brokers for beginners and while there are not a lot of educational materials offered by the broker, Exness offers a comprehensive demo account through powerful trading platforms, MetaTrader 4 and 5.

FAQ

Are Micro Currency Platforms in Nigeria safe?

If the platform has been verified and past reviews have been consulted and no issues found.

 

What is a micro lot in forex?

A micro lot is one-tenth the size of a mini lot, which translates to 1,000 units of the base currency.

 

How do I choose lot sizes in forex trading?

To determine which lot size you should trade, you need to evaluate the risk that you can take. The larger your position size, the more capital you need to cover the margin requirement, or the higher the amount of leverage you need to use. In addition, this means that each pip movement can be magnified, which increases your risks.

 

Most beginner Nigerian traders are urged to start with a demo account and then move on to a Micro Account.

 

How much leverage can I expect from Micro Currency Platforms in Nigeria?

This will depend on the forex broker that you deal with. There could be leverage restrictions on Micro Accounts because of the position size on accounts. However, some forex brokers still offer high leverage amounts up to 1:1000, and more, even on Micro Accounts.

 

Who should trade Micro lots?

Beginners are typically urged to trade micro-lots as it is the perfect introduction to the live trading world. However, Micro Lots are also used by more experienced traders who want to test their trading strategies.

Conclusion

👉 This “10 Best” is a comprehensive study of the FX market done by our staff in March 2022. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.

👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.

👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:

  1. Best Customer Support
  2. Lowest Spreads and Commissions
  3. Regulation
  4. Variety of trading instruments
  5. Highest leverage
  6. Negative reviews by their clients
  7. Minimum Deposit to start trading

👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.

➡️ Exness

➡️ FXTM

➡️ Alpari

➡️ HFM 

➡️ RoboForex

➡️ OctaFX

➡️ XM

➡️ FBS

➡️ JustMarkets

➡️ SuperForex

👉 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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