10 Best Micro Currency Trading Platforms in Nigeria
The 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…
- Louis Schoeman
👉 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 |
| 1. Exness | Yes | From 0.0 pips EUR/USD | Yes | Yes | 👉 Open Account |
| 2. FXTM | Yes | From 0.0 pips | No | No | 👉 Open Account |
| 3. Alpari | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 4. HFM | Yes | From 0.0 pips | No | Yes | 👉 Open Account |
| 5. RoboForex | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 6. OctaFX | Yes | From 0.0 pips EUR/USD | No | Yes | 👉 Open Account |
| 7. XM | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 8. FBS | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 9. JustMarkets | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 10. SuperForex | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
10 Best Micro Currency Trading Platforms in Nigeria
- Exness – Overall, the Best Micro Account Trading Platform
- FXTM – Best Overall Demo Account Broker
- Alpari – Best Nigerian Customer Support
- HFM – Best Copy-Trading Account for Nigerians
- RoboForex – Best Social Trading Platform
- OctaFX – Best Trade Execution Broker
- XM – Most Reliable Low-Cost Trading Broker
- FBS – Best Mobile Trading App for Nigerians
- JustMarkets – Best Social Trading App
- SuperForex – Best Naira Trading Account
1. Exness
Overall Rating
- 4.9/5
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
| 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 |
| 💰 NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 200 lots |
| ✔️ PROS | ❌ CONS |
| Well-regulated by the FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, Exness is a broker with a high trust score | Exness does not offer a range of educational materials |
| Exness caters for both beginner and professional traders in Nigeria | There 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
- 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
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
| 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 |
| 💰 NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | Unlimited |
| ✔️ PROS | ❌ CONS |
| FXTM offers a dedicated Micro Account to Nigerian traders | There 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
- 4.7/5
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
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| 📱 Social Media Platforms | • Facebook |
| ⚖️ CBN Regulation? | No |
| 📱 Trading Accounts | Forex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4) |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💸 Minimum Deposit (₦) | 1,000 Naira |
| 📱 Trading Assets | Forex 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 spread | From 0.4 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 250 lots |
| ✔️ PROS | ❌ CONS |
| Alpari is an award-winning CFD broker that offers tailormade solutions to Nigerian traders | There are no fixed spread accounts offered |
| Both MetaTrader 4 and 5 are offered, and Alpari offers proprietary CopyTrade features | There is a limited selection of tradable instruments |
| There is a dedicated support team for Nigerian traders | There 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
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
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
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 📱 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💸 Minimum Deposit (₦) | 2,000 Naira |
| 📱 Trading Assets | Forex, 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 spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 60 lots |
| ✔️ PROS | ❌ CONS |
| HFM is multi-regulated and provides a transparent, fair, and secure trading environment | Only a few payment methods are offered by HFM for deposits and withdrawals |
| There are low and competitive spreads offered to Nigerian traders | There 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
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
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
| Feature | Information |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 📱 Social Media Platforms | • Facebook • YouTube |
| ⚖️ 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, R MobileTrader |
| 💸 Minimum Deposit (₦) | 4,100 Naira |
| 📱 Trading Assets | Forex, Stocks, Indices, ETFs, Commodities, Metals, Energy Commodities, Cryptocurrencies |
| 💳 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 500 lots |
| ✔️ PROS | ❌ CONS |
| RoboForex offers a massive range of trading instruments | RoboForex does not offer fixed spread accounts |
| There are ultra-low minimum deposit requirements | RoboForex 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 Nigerians | Inactivity fees may apply to dormant accounts |
| There are several research tools for experienced traders | There 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
- 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
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
| Feature | Information |
| ⚖️ Regulation | CySEC, SVG FSA |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ CBN Regulation? | None |
| 📱 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, OctaFX App |
| 💸 Minimum Deposit (₦) | 41,500 Naira |
| 📱 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies. |
| 💳 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | No |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | 0.6 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 500 lots |
| ✔️ PROS | ❌ CONS |
| OctaFX is an award-winning forex and CFD broker | There is a limited selection of financial markets that can be traded |
| Trades are commission-free and there are no fees on either deposits or withdrawals | There are only two account types offered |
| OctaFX offers an Islamic and demo account | There 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
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
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
| 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 |
| 💰 NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 100 lots |
| ✔️ PROS | ❌ CONS |
| There is a multi-regulated framework that protects Nigerian traders and ensures that they get the best trading environment | There is no Naira-denominated account |
| There is negative balance protection applied to XM’s accounts for retail traders | Inactivity 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
- 4.7/5
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 platform.
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
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| ⚖️ CBN Regulation? | None |
| 📱 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 💻 Trading Platform | FBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform |
| 💸 Minimum Deposit (₦) | 400 Naira |
| 📱 Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| 💳 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 500 lots |
| ✔️ PROS | ❌ CONS |
| JustMarkets offers a range of social trading opportunities to Nigerian traders | There is an inactivity fee charged when the trading account becomes dormant |
| Nigerians can choose between several account types | Deposit 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
- 4.4/5
Min Deposit
USD 1 / 430 NGN
Regulators
FSA, CySec, FSCA, FSC
Trading Desk
MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)
Crypto
Yes
Total Pairs
240+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
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
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority (FSA) in Seychelles |
| 📱 Social Media Platforms | • Facebook • Telegram |
| ⚖️ CBN Regulation? | No |
| 📱 Trading Accounts | Standard Cent Account (MT4), Standard Account (MT4), Pro Account (MT4), Raw Spread Account (MT4), Standard Account (MT5), Pro Account (MT5), Raw Spread Account (MT5) |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, JustMarkets App |
| 💸 Minimum Deposit (₦) | 400 Naira |
| 📱 Trading Assets | Indices, Energies, Forex, Metals, Cryptocurrencies, Shares, Futures |
| 💳 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 100 lots |
| ✔️ PROS | ❌ CONS |
| JustMarkets offers a range of social trading opportunities to Nigerian traders | There is an inactivity fee charged when the trading account becomes dormant |
| Nigerians can choose between several account types | Deposit 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
- 4.5/5
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
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
| Feature | Information |
| ⚖️ Regulation | None |
| 📱 Social Media Platforms | • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 📱 Trading Accounts | Standard 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 Platform | MetaTrader 4, SuperForex App |
| 💸 Minimum Deposit (₦) | 400 Naira |
| 📱 Trading Assets | Forex, 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 spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📉 Minimum trade size | 0.01 lot |
| 📈 Maximum trade size | 100 lots |
| ✔️ PROS | ❌ CONS |
| There are eleven account types to choose from | MetaTrader 5 is not offered to Nigerian traders |
| Nigerian traders have access to a selection of convenient funding options | There 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
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Rating
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Website
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👉 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
👉 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
👉 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
👉 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
👉 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
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions
Best Micro Trading Platform 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 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
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 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
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 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
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 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
Overall Rating
- 4.7/5
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 platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 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
Overall Rating
- 4.4/5
Min Deposit
USD 1 / 430 NGN
Regulators
FSA, CySec, FSCA, FSC
Trading Desk
MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)
Crypto
Yes
Total Pairs
240+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
Overall Rating
- 4.5/5
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
👉 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
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
Overall Rating
- 4.7/5
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
👉 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
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 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
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 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.
Top 3 Brokers