best cma regulated forex brokers review

6 Best CMA Regulated Forex Brokers in Nigeria

The 6 Best CMA Regulated Forex Brokers in Nigeria revealed. We tested and verified the best CMA-regulated forex brokers for Nigerian Traders.

This is a complete guide to CMA-regulated forex brokers for Nigerians.

In this in-depth guide you’ll learn:

  • What the Capital Market Authority (CMA)?
  • Why traders in Nigeria should sign up with a Kenyan CMA-regulated broker?
  • Who are the best CMA-regulated forex brokers for Nigerians in 2022?
  • How to choose a forex broker – Compare them side by side by market activities, licensing, and best minimum deposits.
  • Which brokers offer a sign-up bonus for first-time traders?

And lots more…

So if you’re ready to go “all in” with the best-verified Capital Market Authority (CMA) forex brokers for Nigerians…

Let’s dive right in…

10 Best Forex Brokers in Nigeria for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.4/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

tickmill

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

avatrade

4.8/5

User Score

#9

4.8/5

User Score

#10

4.7/5

User Score

Updated : March 3, 2023

Best CMA Regulated Forex Brokers in Nigeria – Comparison

🥇 Broker✔️ CMA Regulated Broker?⚖️ Regulation🏛 CBN Regulation?💸 NGN Deposits Allowed?👉 Open An Account
1. FXPesaYesCMANoNo👉 Open Account
2. Exinity East Africa LimitedYesCMANoNo👉 Open Account
3. Scope MarketsYesCMA, CySEC, FSCANoNo👉 Open Account
4. PepperstoneYesASIC, BaFin, CMA, CySEC, DFSA, FCA and SCBNoYes👉 Open Account
5. HFMYesFSCA, CySEC, DFSA, FSA, FCA, FSC, CMANoYes👉 Open Account
6. Windsor MarketsYesCMA, CySEC, FCA, FSCNoNo👉 Open Account

What is a CMA Regulated Broker?

👉 The Capital Markets Authority (CMA) is responsible for licensing and regulating the activities of forex brokers in Kenya.

6 Best CMA Regulated Forex Brokers in Nigeria (2023)

  1. Pepperstone Markets  Kenya Limited Overall, Best CMA Regulated Broker
  2. FXPesa – Best Low Minimum Deposit for Nigerians
  3. Exinity East Africa Limited – Top Islamic Account Broker
  4. Scope Markets – Verified MT5 Forex Broker
  5. HFM – Best Broker that offers NGN Accounts
  6. Windsor Brokers – Top Commission-Free Trading in Nigeria

1. Pepperstone Markets Kenya Limited

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

 

Overview

👉 The STP trading executions provided by Pepperstone Markets Kenya Limited ensure that there is no conflict of interest between Nigerian traders and the brokerage firm. They charge cheap commissions on trades.

 

👉 Trading is facilitated on trading platforms like MetaTrader 4 and 5, web-based trading platforms, and cTrader for PC, and they are considered to be among the most secure choices available.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💸 Minimum Deposit (₦)60,700 Nigerian Naira
💵 Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indicies
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Pepperstone ensures client fund security by keeping it in segregated accountsNigerian traders do not have a Naira-denominated trading account
Pepperstone is both a multi-regulated and multi-award-winning brokerThere are additional fees applied to the Islamic account
Pepperstone caters for all types of traders despite their trading experience or styleThere are some leverage restrictions
Well-regulated by some of the top market regulatory entities
Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners
There is a demo account and Islamic account offered
There are several funding options offered to traders
Deposit fees and withdrawal fees are not charged

 

Trust Score and Nigerian Market Share

👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.

2. FXPesa

 

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FXPesa is a multi-platform exchange that allows Nigerian clients to trade using both Windows and Mac operating systems at the same time.

 

👉 They do, however, allow Nigerian traders to access their trading services via Apple or Android mobile devices as an option.

 

👉 In light of the fact that mobile trading has surpassed desktop trading in terms of popularity, it isn’t surprising that FXPesa delivers an extremely dependable mobile service to users in Nigeria.

 

👉 New clients who are unsure of how to trade with these products can take use of instructive trading videos and guided tutorials to get them up to speed.

 

Unique Features

FeatureInformation
⚖️ RegulationCMA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsExecutive Account, Premier Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FXPesa Mobile App, FXPesa proprietary platform
💸 Minimum Deposit (₦)2,072 Nigerian Naira
💵 Trading Assets• Index CFDs
• Forex
• Commodity CFDs
• Share CFDs
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FXPesa offers over 60 currency pairs, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDMXN, USDNOK, USDHKD, USDDKK and USDCNH. Other instruments include CFDs on silver, gold, platinum and oil, 11 indices and stocks. The benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher than the levels traders would usually consider attractive
Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions offered to retail clients at 1:30 in the summer of 2018, currently leverage as high as 1:400.the benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher than the levels traders would usually consider attractive.
You can open a trading account at FXPesa with just 5 USD and that is in the lower range of what most brokers would usually require.

 

Trust Score and Nigerian Market Share

👉 FXPesa has a trust score of 93% and a market share of <5% in Nigeria.c

3. Exinity East Africa Limited

 

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 A subsidiary of Exinity Group, a new global wealth management organization supported by 20 years of trading and investment experience, Exinity is a component of the Exinity Group.

 

👉 Exinity provides a competitive trading environment to Nigeria traders that includes an ECN pricing structure, industry-renowned platforms, and swap-free, halal trading, among other features and benefits.

 

Unique Features

FeatureInformation
⚖️ RegulationCMA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsSingle retail trading account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💸 Minimum Deposit (₦)Not indicated
💵 Trading Assetscurrencies, metals, energies, commodities, indices, and equity CFDs
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Great trading costs with raw spreads from 0.0 pips and high leverageLimited selection of withdrawal options
Seven days swap free trading followed by a fixed feeMinimum deposit not indicated by broker – larger entity has a very high minimum deposit of $10 000.
Regulated broker with a trusted management team
Competitive trading tools and Live workshop for beginner traders

 

Trust Score and Nigerian Market Share

👉 Exinity East Africa Limited has a trust score of 72% and a market share of <5% in Nigeria.

4. Scope Markets

 

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Scope Markets is a global online trading broker that provides forex, commodities, stocks, and indices trading as well as leveraged and investment products in a variety of markets in Nigeria.

 

👉 The company provides access to MetaTrader 5 as well as a variety of account types, payment methods, and educational materials that should be sufficient to suit the demands of most traders, from Nigeria and Kenya to Mexico and beyond, according to the corporation.

 

Unique Features

FeatureInformation
⚖️ RegulationCMA, CySEC, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard Account, Gold Account, Platinum Account, Investment Account
📱 Trading PlatformMetaTrader 5
💸 Minimum Deposit (₦)82 900 naira
💵 Trading AssetsForex, CFDs on commodities, stocks and indices
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadfrom 1.5 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Great trading costs with raw spreads from 0.0 pips and high leverageLimited selection of withdrawal options
Seven days swap free trading followed by a fixed feeMinimum deposit not indicated by broker – larger entity has a very high minimum deposit of $10 000
Regulated broker with a trusted management team
Competitive trading tools and Live workshop for beginner traders

 

Trust Score and Nigerian Market Share

👉 Scope Markets has a trust score of 92% and a market share of <5% in Nigeria.

5. HFM 

Overall Rating

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

👉 Founded in 2010, HFM is a London-based Forex and commodities trader. HFM announced in 2012 that it had added the Financial Conduct Authority (FCA) to its long list of accreditations (licensed no. 801701).

👉 The HF App, which gives Nigerian traders access to their accounts as well as a variety of trading tools, news, and financial analysis, further distinguishes HFM from the competition. As a HFM customer, you’ll be able to trade a wider range of assets, including specialty CFDs.

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 MetaTrader 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
✔️ Pros❌ Cons
There are tight, competitive spreads from 0.0 pips on EUR/USDHFM 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%.

6. Windsor Brokers

Windsor Brokers

 

Overview

👉 There is a lot to like about Windsor Brokers, which caters to both new and seasoned traders in Nigeria, offering low spreads on forex and CFD trading, as well as a plethora of training materials and CySEC regulation.

 

👉 The spreads at Windsor Brokers are different depending on the type of account you have. The EUR/USD spread for Prime account holders is normally 1.5 pips, but the EUR/USD spread for Zero account holders is around 0.2 pips, though it can go as low as 0 for Nigerian traders.

 

Unique Features

FeatureInformation
⚖️ RegulationCMA, CySEC, FCA, FSC
📲 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsPrime or Zero MT4 Account
📱 Trading PlatformMetaTrader 4
💸 Minimum Deposit (₦)41, 452 Naira
💵 Trading Assets• Forex
• Metals
• Spot and CFD indices
• Spot and CFD energies
• Commodities
• Treasuries
• Shares
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Well-regulated broker in several jurisdictionsLimited selection of trading platforms
Commission-free trading available to Nigerian traders.
Technical Signals updated up to four times a day.
Over 33 years of experience in the global markets and a well-established reputation.

 

Trust Score and Nigerian Market Share

👉 Windsor Brokers has a trust score of 92% and a Nigerian market share of <55%

Overview

👉 An independent government financial regulatory agency known as the Capital Markets Authority of Kenya, or CMA, is charged with overseeing the activities of market intermediaries such as the stock exchange, the central depository, and all other persons licensed under the Capital Markets Act of Kenya.

 

👉 Regulating the financial services sector, the Capital Markets Authority sets criteria for asset allocation. Guidelines for the amount of funds to be invested in each asset type (equities, government bonds and bills) are stated in ranges in the Cap 485A modified in 2013.

 

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 phrase “capital markets” refers to a group of markets that facilitate the purchase and sale of long-term and medium-term securities. Derivatives, Treasury bills and bonds, corporate bonds, and commercial papers are only some of the instruments traded on the capital markets.

The Role of the CMA

The Role of the CMA

👉 It is the primary job of the CMA to supervise, license, and monitor the actions of market intermediaries, such as the stock exchange, the central depository, and the settlement system, and everyone else who is authorized to operate under the Capital Markets Act of 2000.

 

👉 Long-term productive investments are financed using this mechanism, which has a significant impact on the economy.

 

👉 A few examples of the Authority’s duties are as follows:

➡️ granting licenses and overseeing the activities of all capital market intermediaries;

➡️ monitoring the conduct of all licensed individuals and market institutions;

➡️ controlling the issuance of capital market products;

➡️ fostering market development by investigating new products and institutions;

➡️ promoting investor education and public awareness; and safeguarding investors’ interests, among others.

Benefits of trading with a CMA-regulated Forex broker

Benefits of trading with a CMA-regulated Forex broker

👉 There are numerous benefits for Nigerian traders who choose to sign up with a CMA-regulated Forex brokers. These include the following:

➡️ This regulatory organisation ensures that forex brokers are transparent to their customers and that they are unable to do business with them. Because they are bound by these regulations, their trading options are frequently legitimate.

➡️ Nigerian customers’ money is protected and cannot be misappropriated by the corporation, which has vowed to keep its customers’ money separate from their own money.

➡️ Every broker must have operational customer service assistance, which is ensured by regulators. Consequently, if any problems arise, the Nigerian consumer will be able to receive support as soon as possible.

➡️ In order to protect the interests of their traders, regulators ensure that licensed forex brokers do not engage in any malpractices or fraudulent actions that could jeopardize the reputation of their firms.

➡️ Because of the requirements established by the regulators, Nigerian forex traders can benefit from lower fees and spreads, resulting in greater profits.

➡️ In order to be properly licensed, your broker must be constantly on the lookout for fresh business prospects.

➡️ Regulated forex broker have no right to disrupt the market, ensuring that Nigerian traders can make the most of their investments in the currency market.

The best CMA-regulated Forex brokers in Nigeria

The best CMA-regulated Forex brokers in Nigeria

👉 Nigerian traders will enjoy numerous benefits when signing up with a CMA-regulated Forex broker. Only a handful of brokers are regulated by the CMA, and we have listed the best of these in this article.

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

👉 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 outlined the best CMA-regulated Forex brokers which operate in Nigeria. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.

 

Best Forex broker with no withdrawal fees for Nigerian traders

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

👉 Overall, Pepperstone is considered a low-risk broker and can be summarised as a trustworthy and reliable agency-execution broker. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds. In terms of users, Pepperstone has over 8000 registered clients in the UK.

 

Best Forex broker with a low minimum deposit for Nigerian traders

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXPesa is considered a low-risk broker and can be summarised as a trustworthy and reliable NDD broker. Regarding spread and security, FXPesa guarantees fast trading speeds from a few milliseconds. In terms of users, FXPesa has over 2000 registered clients in Kenya.

 

Best Forex broker offering Islamic Accounts to Nigerian traders

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Exinity East Africa is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Exinity Easy Africa guarantees fast trading speeds from a few milliseconds. In terms of users, Exinity has registered clients from over 120 countries.

 

Best MT5 Forex broker for Nigerian traders

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Scope Markets is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Scope Markets guarantees fast trading speeds from a few milliseconds.

 

Best Forex broker with NGN accounts for Nigerian traders

Overall Rating

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.

 

Best Forex broker with commission-free trading for Nigerian traders

Overall Rating

Min Deposit

USD 100 / 1 296 BWP

Regulators

CySEC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Windsor Brokers is considered a low-risk broker and can be summarised as a trustworthy and reliable market-making broker. Regarding spread and security, Windsor Brokers guarantees fast trading speeds from a few milliseconds. In terms of users, Windsor Brokers has registered traders from over 80 countries.

Frequently Asked Questions

How do I verify CMA authorisation?

To identify if a forex broker is licensed to operate under the CMA, the first step is to identify the register number from the disclosure text at the bottom of the broker’s homepage. This can then be checked on the official list of the CMA website.

Does the CMA protect me as a trader?

Yes, because the CMA actually oversees the way in which financial companies and best spread betting brokers in Nigeria and Kenya operate.

What is the CMA?

An independent government financial regulatory agency known as the Capital Markets Authority of Kenya, or CMA, is charged with overseeing the activities of market intermediaries such as the stock exchange, the central depository, and all other persons licensed under the Capital Markets Act of Kenya.

What is the role of the CMA?

It is the primary job of the CMA to supervise, license, and monitor the actions of market intermediaries, such as the stock exchange, the central depository, and the settlement system, and everyone else who is authorized to operate under the Capital Markets Act of 2000.

Long-term productive investments are financed using this mechanism, which has a significant impact on the economy.

How does the CMA protect me?

A few examples of the Authority’s duties are as follows:

  • granting licenses and overseeing the activities of all capital market intermediaries;
  • monitoring the conduct of all licensed individuals and market institutions;
  • controlling the issuance of capital market products;
  • fostering market development by investigating new products and institutions;

 

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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