7 Best Cent Account Forex Brokers in Nigeria
The 7 Best Cent Account Forex Brokers in Nigeria revealed. We tested and verified the best cent account forex brokers for Nigerian Traders.
This is a complete guide to cent-account forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is a cent account?
- What is an ECN cent account?
- Why traders in Nigeria should sign up with a cent account?
- Which brokers offer a welcome sign-up bonus?
- Who are the best cent account forex brokers for Nigerians?
- How to choose a forex broker – Compare them side by side with, the best trading apps, minimum deposit amounts, NGN-based accounts, and much more.
- What is the difference between a cent account and a micro account?
- Which broker offers a low minimum deposit of $5 (2 097 NGN)?
And lots more…
So if you’re ready to go “all in” with the best cent account brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best Cent Account Forex Brokers for Beginner Traders in Nigeria – Comparison
| 🥇 Broker | ✔️ Cent Account Broker? | 💸 Minimum Deposit (₦) | 💰 Nigerian Naira-based Account? | 💳 NGN Deposits Allowed? | 👉 Open An Account |
| 1. Exness | ✔️ Yes | 41,000 NGN | Yes | Yes | 👉 Open Account |
| 2. Alpari | ✔️ Yes | 1,000 NGN | Yes | Yes | 👉 Open Account |
| 3. FP Markets | ✔️ Yes | 30,800 NGN | Yes | No | 👉 Open Account |
| 4. FXTM | ✔️ Yes | 10,000 NGN | Yes | Yes | 👉 Open Account |
| 5. XM | ✔️ Yes | 2,000 NGN | No | Yes | 👉 Open Account |
| 6. AvaTrade | ✔️ Yes | 41,500 NGN | No | No | 👉 Open Account |
| 7. HFM | ✔️ Yes | 2,000 NGN | Yes | Yes | 👉 Open Account |
7 Best Cent Account Forex Brokers in Nigeria (2023)
- Exness – Overall, Best Cent Account Forex Broker
- Alpari – Best MT4 Forex Broker
- FP Markets – Best Broker to Accept NGN Deposits
- FXTM – Best Broker for Beginner Traders
- XM – Best Commission Free Broker in Nigeria
- AvaTrade – Best Proprietary App Broker
- HFM – Best CMA-Regulated Broker for Nigerians
What is a Cent Account Broker?
👉 Cent account is a transitional stage between demo and dollar accounts being a first step into real trading, an opportunity to decrease the minimum available position size to 0.0001 of a standard lot. There is no minimum or maximum deposit or other specific requirements to open a cent account.
1. Exness
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
Overview
👉 Russian-based company Exness was created back in 2008. The monthly trading turnover of the Exness Group is over $180 billion, with 15,000 new accounts being registered each month and over 80,000 traders actively trading.
👉 They provide Nigerian traders with access to more than 120 financial assets, such as forex, cryptocurrencies, stocks, and indices, through their platform. There are 120 currency pairs to choose from in the Forex market.
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 |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | There is a limited portfolio of financial instruments offered |
| Nigerian traders can choose between several retail investor accounts | Exness offers a limited number of payment methods that can be used for deposits and withdrawals |
| 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 |
Trust Score and Nigerian Market Share
👉 Exness has a trust score of 97% and a market share of <5%.
2. 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
👉 More than 250 markets in Forex, Stocks, Indices, Metals, and Cryptocurrencies are available to Alpari’s Nigerian customers.
👉 On the desktop, web, and mobile platforms, Alpari provides MetaTrader 4 and MetaTrader 5 platforms, respectively.
👉 Alpari’s cent accounts and training features make it a fantastic choice for both novice and experienced Nigerian Forex traders.
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 |
| ✔️ Pros | ❌ Cons |
| Alpari is one of the best brokers in Nigeria with a market share of over 14% | There is a limited selection of financial assets that can be traded |
| Advanced traders have access to AutoChartist, news from FxWirePro, and several additional tools | There are no fixed spread accounts offered |
| There are dynamic trading accounts that satisfy the trading needs of several types of traders | |
| Alpari offers MetaTrader 4 and 5 across devices | |
| Alpari has won several awards in the years that the broker has been offering trading services |
Trust Score and Nigerian Market Share
👉 Alpari has a trust score of 95% and an overall market share of more than 14%.
3. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 As a CFD provider based in Australia, FP Markets has been around since 2005. It is licensed and controlled by the Australian ASIC and the Cypriot CySEC, and it offers trading in over 50 different currency pairs as well as gold, silver, and CFDs on stock indices and cryptocurrencies.
👉 Nigerian customers of FP Markets have the option of trading on either the MetaTrader4 or the MetaTrader5 platforms in a secure and feature-rich trading environment.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💸 Minimum Deposit (₦) | 30,800 NGN |
| 💵 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker that has a high level of trustworthiness | There are no fixed spread accounts offered |
| There is a wide range of markets that can be traded across asset classes | There is no dedicated Naira account offered to Nigerian traders |
| There are powerful trading platforms supported across devices | There are withdrawal fees charged |
| Nigerian traders receive an ECN pricing model with raw and tight spreads | There are administration fees charged on the Islamic Account |
| There is guaranteed fast trade execution through the Equinix servers | |
| Commission-free trading is provided | |
| There is a dedicated Islamic account option for Muslim traders | |
| There are no inactivity fees charged on dormant accounts | |
| Copy-trading and automatic trading is offered |
Trust Score and Nigerian Market Share
👉 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.
4. 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 a licensed and regulated broker globally, including the United Kingdom, South Africa, Belize, Cyprus, and Mauritius. They’ve won a slew of accolades, too.
👉 In addition to currency trading, FXTM also offers a wide variety of financial products and derivatives to Nigerian traders which can all be accessed on their cent-based trading accounts.
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 |
| ✔️ Pros | ❌ Cons |
| FXTM is a popular and multi-regulated trading provider | There are inactivity fees that will be applied if the trading account goes dormant |
| 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 |
Trust Score and Nigerian Market Share
👉 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.
5. 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
👉 XM offers Nigerian traders over 1000 financial instruments, including forex trading, stock CFD trading, commodity CFD trading, equity index trading, precious metals trading, and energy trading.
👉 There are around 55 currency pairings available for trading on XM, which is overseen by the International Financial Services Commission (IFSC).
👉 With XM’s MetaTrader 4 and MetaTrader 5 platforms, Nigerian clients may trade on the most popular platforms in the industry through the broker’s cent accounts.
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 |
| ✔️ Pros | ❌ Cons |
| XM has more than 5 million active clients from around the world | Inactivity fees apply |
| Client fund safety is guaranteed, and XM offers investor protection to Nigerian traders | There are no fixed spreads offered |
| 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 |
Trust Score and Nigerian Market Share
👉 XM has a trust score of 84% and a market share of <5% in Nigeria.
6. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade was established in Dublin, Ireland, in 2006 and is headquartered there. Nigerian traders will have access to over 250 instruments offered by AvaTrade, including over 60 currency pairs, major stock indices and indices of cryptocurrencies as well as commodities, bonds, individual shares and exchange-traded funds.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💸 Minimum Deposit (₦) | 41,500 Naira |
| 💵 Trading Assets | Forex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.9 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade caters specifically to the unique needs of Muslim traders | There are no variable spreads offered |
| There is a dedicated selection of financial markets that Muslim traders can trade | There are inactivity fees applied as well as currency conversion fees |
| There is a demo account that can be used to test strategies, and practice trading | |
| There are no additional charges on the Islamic Accoun | |
| Professional traders can employ advanced technical indicators and access powerful research tools and resources | |
| There is a large range of financial instruments offered |
Trust Score and Nigerian Market Share
👉 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.
7. 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 was established in 2010 and is headquartered there and in London. They also have offices in Dubai, South Africa, and St. Vincent and the Grenadines, as well as a number of satellite offices around the world.
👉 Over 150 trading instruments are available to Nigerian traders on HFM, including Forex, Commodities, Indices, Shares, Bonds, and CFDs on Cryptocurrencies. They have a wide variety of trading accounts, each of which includes commission-free Forex trading for Nigerians.
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 MetaTrader 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 |
| ✔️ Pros | ❌ Cons |
| There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM only offers a few deposit and withdrawal methods to Nigerians |
| There is a demo account for beginners who are learning to trade and professional traders who are testing strategies | |
| Nigerian traders can register a trading account in either USD, ZAR, or NGN | |
| Several asset classes can be traded through HFM | |
| Nigerian traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms |
Trust Score and Nigerian Market Share
👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.
Overview
👉 When using a cent account, the balance is displayed in cents and all transactions are carried out in cents as well. If you deposit $10, your account will have 1000 cents in it.
👉 Trading using a cent account carries a modest level of risk. As a result, it is a fantastic alternative for those Nigerian traders who are new to Forex.
Top 10 Brokers in Nigeria
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 Furthermore, this type of account may be an appealing option for experienced Nigerian traders who wish to experiment with new trading tactics. The use of smaller lot sizes and a lesser initial deposit than with other accounts are some of the advantages of using the cent account.
Understanding a cent account in Forex trading
👉 Trading with a Cent or Micro Account allows traders to open a live account with a relatively small deposit amount, such as $1, and trade live in real time. Furthermore, the lot size used for trading is $1000 or 0.01, which is less than one-hundredth of a conventional lot.
👉 This enables you to place genuine trades on the financial markets under the same conditions and with the same quotes as other Nigerian traders, without needing to deposit thousands of dollars into your trading account to get started.
👉 Initially, the Cent account was one of the most popular forex accounts available, and it was offered by the majority of forex brokers at the time.
👉 Unlike other account kinds, this sort of trading account offers the same trading advantages as the others, with the exception that all transactions are conducted in cents.
👉 The forex cent account is widely regarded as the best option for beginning Nigerian traders, as it provides the best possible start with the least amount of financial risk. It’s a low-risk account that’s specifically created for forex beginners in Nigeria to allow them to get their feet wet in the forex market.
👉 Trading with cent accounts is possible on micro lots, with a minimum lot size of 0.01. Because the trading amount is represented in cents, a $20 deposit will appear as 2000 cents on the trading balance display.
👉 As a result of this feature, the cent account is the most affordable trading account with the lowest risks.
👉 Furthermore, because of the low or no deposit requirements, it is one of the most popular and easily accessible forex trading accounts for beginner Nigerian traders.
Advantages of using a cent account
👉 Cent accounts provide various advantages to beginner traders in Nigeria, which include the following:
➡️ Low Deposit Requirements: Cent accounts often demand a minimal to no minimum deposit to be established. A trader can easily open a forex account with a minimum deposit of $1, and the trading balance will be displayed as 1000 cents on the screen.
➡️ Decreased risk: Using a cent account, Nigerian forex novices can get their feet wet in the live trading arena while taking on minimal financial risk.
➡️ Increase in trading experience: The majority of Nigerian traders in their early years of trading will use the cent account as a transitional stage from a forex demo account to a real-money trading account in order to get more experience.
➡️ Reduced spreads: When trading forex, Nigerian traders must pay a spread, which is the difference between the best available buy and sell prices at the time of the trade. Cent accounts tend to tighter spreads than other live trading accounts.
The Best Cent Account Forex Brokers in Nigeria
👉 Cent accounts provide numerous advantages to beginner Nigerian traders, allowing them to practice Forex trading in a live market environment while risking very little money. They are also a great tool for experienced Nigerian traders to test out strategies in a risk-free manner.
👉 Not all brokers offer cent accounts to Nigerian traders, however, and in this article we have listed the very best Forex brokers which offer cent accounts in Nigeria.
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 which offer cent accounts to Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
The best low spread Forex broker for Nigerian traders
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
👉 Overall, Exness is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, Exness guarantees fast trading speeds from a few milliseconds. In terms of users, Exness has over 204 000 registered clients in the UK.
Best MT4 Forex broker for Nigerian traders
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
👉 Overall, Alpari is considered a low-risk broker and can be summarised as a trustworthy and reliable market-making broker. Regarding spread and security, Alpari guarantees fast trading speeds from a few milliseconds. In terms of users, Alpari has over 2 million registered clients.
Best Forex broker accepting NGN deposits for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FP Markets is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, FP Markets guarantees fast trading speeds from a few milliseconds. In terms of users, FP Markets has over 10 000 registered traders.
The best Forex broker for beginner traders in Nigeria
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
👉 Overall, FXTM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, FXTM guarantees fast trading speeds from a few milliseconds. In terms of users, FXTM has over 4 million registered clients around the world.
Best commission-free Forex broker for 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
👉 Overall, XM is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, XM guarantees fast trading speeds from a few milliseconds. In terms of users, XM has over 5 million registered clients around the world.
Best Forex broker providing a proprietary trading app to Nigerian traders
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, AvaTrade guarantees fast trading speeds from a few milliseconds. In terms of users, AvaTrade has over 300 000 registered clients around the world.
Best CMA-regulated Forex broker for Nigerian 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
👉 Overall, HFM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, HFM guarantees fast trading speeds from a few milliseconds. In terms of users, HFM has over 2.5 million registered clients around the world.
FAQ
Is a cent account profitable?
While Nigerian traders can make profits on a cent account, they are much less than those which can be earned on other account types.
Do all brokers offer cent accounts?
Many brokers offer cent accounts, but not with the same trading conditions. The best brokers offering cent accounts to Nigerian traders are featured on this list.
What is a cent account in Forex?
The lowest fungible form of a currency, like the USD cent or the GBP penny, is used to compute and maintain the balance of a cent FX account. These accounts also permit trading of currency pairings with significantly smaller lot sizes.
One of the most popular types of trading accounts for novices is the cent account. Traders who want to experiment with new trading tactics also often use these account types.
How much experience do I need to trade on a cent account?
Cent accounts are perfect for beginner traders. The micro or cent account is in fact a good option for every type of trader. You do not need previous experience to use this account type.
Which type of traders should open a cent account
Cent accounts are a great option for beginner traders as it allows them to trade live Forex markets with minimal risk. Experienced traders can also use cent accounts to test out new strategies.
Conclusion
👉 Now it is your turn to participate:
➡️ Which broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the minimum deposit or because of leverage?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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