Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Crypto Broker for Beginners in Nigeria Main Banner

10 Best Crypto Brokers for Beginners in Nigeria

The 10 Best Crypto Brokers for Beginners in Nigeria revealed. We tested and verified the best crypto brokers for beginners for Nigerian Traders.

This is a complete list of the best crypto brookers in Nigeria.

In this in-depth guide you’ll learn:

  • What is a crypto broker?
  • What is cryptocurrency?
  • Our recommended crypto broker is Nigerian traders starting out.
  • How to compare crypto brokers against each other?
  • Which broker offers apps on IOS and Android?
  • How and can I trade forex with $5 (2 075 NGN)?
  • Which brokers offer a signup bonus for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best crypto forex brokers for beginner Nigerians…

Let’s dive right in…

Updated : September 1, 2022

10 Best Crypto Brokers for Beginners in Nigeria – Comparison

🥇 Broker✔️ Offers Crypto Trading App?💸 Minimum Deposit (₦)✔️ Nigerian Naira-based Account?💰 NGN Deposits Allowed?👉 Open An Account
1. Capital.comYes41,000 NairaYesNo👉 Open Account
2. FBSYes41,500 NairaYesYes👉 Open Account
3. ExnessYes41,000 NairaYesNo👉 Open Account
4. XMYes2,000 NairaNoYes👉 Open Account
5. easyMarketsYes60,700 NairaNoYes👉 Open Account
6. AvaTradeYes41,500 NairaNoYes👉 Open Account
7. AxiYes10,400,000 NairaNoNo👉 Open Account
8. BD SwissYes41,000 NairaNoYes👉 Open Account
9. IC MarketsYes83,000 NairaNoNo👉 Open Account
10. HF MarketsYes2,000 NairaYesYes👉 Open Account

10 Best Crypto Brokers for Beginners in Nigeria (2022)

  1. Global GT – Overall, Best $5 Forex Broker for  Nigerian Traders
  2. HotForex – Best Liquidity Broker in Nigeria
  3. NumberOne CM – Best MT4 and MT5 Broker
  4. M4Markets – Top $5 ECN and CFD Broker for Nigerian
  5. XM – Best Nasdaq100 Trading Account
  6. Alpari – Best MT4 Nigerian-Based Broker
  7. FXGT – Best 5 USD minimum deposit  Islamic Account Broker for Nigerians

What is the role of a Crypto Broker in Nigeria?

👉 Instead of selling cryptocurrencies to clients directly, Nigerians prefer using brokers that offer CFD trading on cryptocurrency markets, which provides clients with a far more advantageous entry point into the crypto world.

 

👉 A cryptocurrency broker provides traders with derivatives products in which they form contracts, allowing Nigerians to speculate on the price of digital currency without owning the underlying asset.

1. Capital.com

logobig-768x148

Overall Rating

Min Deposit

USD 20 / 8292 NGN

Regulators

CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon

Trading Desk

Market maker

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Capital.com is a trusted cryptocurrency exchange that facilitates trades between several coin pairs. There are no costs associated with trading cryptocurrencies, and traders may take advantage of leverage of up to 1:2, as is common among crypto brokers that prioritize their clients’ safety.

 

👉 Capital.com allows trading in more than 6,000 CFDs in addition to foreign exchange, indices, commodities, and stocks. Capital.com provides a wealth of information for traders of all experience levels, including how-to articles and market analysis.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, FCA, NBRB, and CySEC
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account
📱 Trading Platform• Capital.com Web
• Capita.com Mobile
• MetaTrader 4
• Trading View
💳 Minimum Deposit (₦)8,000 Nigerian Naira
💰 Trading Assets• Indices
• Forex
• Commodities
• Cryptocurrencies
• Shares
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?Yes
✔️ Bonuses for Nigerian traders?No
📊 Minimum spreadfrom 0.6 pip EUR/USD
📱 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Capital.com is a well-regulated broker that reports excellent user experienceUnited States clients are not accepted
Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4There are restrictions on leverage ratios
There is a transparent fee structure with tight spreads, commission-free trading, and a reasonable overnight fee chargeThe spreads are marked-up
Offers thematic investments and Capital.com TV
The broker accepts all trading strategies including algorithmic trading, mobile trading, scalping, and others
Offers a decent selection of deposit methods and withdrawal options including bank wire transfer, bank transfer, and electronic payment processors
Currency conversion fees are not charged and there is a selection of base currencies
There is a decent selection of educational content offered
The proprietary platform offers charting tools and several other features
Regulatory protection is guaranteed through several regulatory bodies
There is a selection of instruments from a wide range of asset classes
Capital.com offers helpful customer service 24/7 and there is a lot of customer feedback reflecting a positive experience with the broker

2. FBS

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

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

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

Overview

👉 An FBS crypto account is a safe bet if you wish to dip your toe into the world of cryptocurrency trading. Opportunities for trading may be found in the rapid price changes of digital currencies such as Bitcoin, Ethereum, and others. Additionally, unlike the traditional market, cryptocurrency trading may occur at any moment.

 

👉 The FBS Crypto Account supports over a hundred different instruments, including a wide variety of cryptocurrencies, crypto-fiat crosses, crypto-coin crosses, and crypto-metal crosses.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC, CySEC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)400 Nigerian Naira ($1)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:3000
👥 Customer Support 24/7

 

✔️ Pros❌ Cons
FBS offers competitive trading conditions with some of the lowest spreadsThere are wide spreads charges on some accounts
There are several account types to choose fromThere is a limited number of tradable instruments
There are many social trading opportunitiesThere are several regional restrictions applied
There is an ultra-low minimum deposit requirement
The broker is well-regulated and trusted

3. HF Markets

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 As a global leader in the cryptocurrency trading industry, HF Markets is a go-to destination for investors. Whatever your level of expertise or trading goals may be, you will find an account type and spread at HF Markets that work for you.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN Regulation?No
📊 Trading AccountsMT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit (₦)2,000 Nigerian Naira equivalent to $5
💰 Trading AssetsForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
🔎 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💰 Bonuses for Nigerian traders?Yes
📈 Minimum spread0.0 pips EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedYes

 

✔️ Pros❌ Cons
Well-regulated in several global regionsThere are no variable spread accounts
Offers some of the lowest spreads in the forex market on major currency pairsThere is a limited selection of funding options and withdrawal methods.
There are several account types to choose from
HFM accommodates all types of traders despite their trading strategies
Low minimum deposit requirement
Beginner traders and professional investors are both welcome
Educational tools, advanced trading tools, and several other comprehensive solutions are offered
There is a comprehensive market analysis offered
Technical analysis and fundamental analysis offered

4. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

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

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Exness, a top CFD broker with over 200,000 clients in over 100 countries, offers trading in more than 100 currency pairs, several cryptocurrencies, 70+ stock CFDs, indices, and commodities.

 

👉 Award-winning broker Exness offers Nigerian traders a risk-free trading environment. New traders who are interested in learning more about Exness may do so primarily via the Exness Academy.

 

👉 Our Forex trading classes are divided into three tiers of difficulty, which is extremely helpful if you are just starting your trading journey in the market.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
⚖️ CBN Regulation?No
📊 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit (₦)41,000 NGN (or equivalent to $10)
💰 Trading AssetsForex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks
🔎 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💰 Bonuses for Nigerian traders?Yes
📈 Minimum spread0.0 pips EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedNo

 

✔️ Pros❌ Cons
Exness is a reputable international broker authorized by several reputable market regulatorsThere is a limited selection of tradable instruments in only a few financial markets
The broker offers some of the tightest spreads across all types of accountsThere is a limited selection of funding options offered
There are several account types to choose from, each accommodating different types of traders
There are various market metrics available including exchange rates, overall trading activities available, current market conditions, and more.
Exness is ideal for any Nigerian beginner traders and institutional investors
There are solutions offered for any type of professional trader who needs advanced options
There is a powerful proprietary mobile app offered
Client fund safety and investor protection is guaranteed
Multilingual 24/7 customer support is offered
Instant withdrawal methods are available

5. XM

Xm.com Logo 1 1024x514 1

Overall Rating

Min Deposit

USD 5 / 2 075 NGN

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

Overview

👉 As a large global broker with a sizable customer base and a stellar reputation, XM is a favourite among Nigerian traders. If you are looking for educational materials, go no further than XM; they are on par with the best brokers in the world.

 

👉 Webinars on foreign exchange trading (Forex), tutorials on the XM trading platform, and live educational seminars are just some of the learning opportunities provided by XM. These materials are extensive and straightforward.

 

👉 While most of the XM website’s educational resources are available to anybody who visits, a verified trading account is required to access a select few sections.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)2,000 Nigerian Naira ($5)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:888
👥 Customer Support 24/5

 

✔️ Pros❌ Cons
Negative balance protection is applied to retail investor accountsUS clients are restricted from accessing XM’s trading services
There are several secure payment methods to choose fromThere are no fixed spread accounts offered
The broker is known for low spreads, low commissions, and reliable trade execution speedsThere is an inactivity fee applied to dormant accounts
Traders can use hedging, scalping, and expert advisor trading strategies
The broker offers personal customer service to its clients

6. easyMarkets

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

CFD

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Trading in 20 different digital cryptocurrency assets is now possible via authorized market maker easyMarkets. EasyMarkets has been an industry leader in delivering innovative features like negative balance protection and guaranteed stop-loss since its inception.

 

👉 New tools including easyTrade, Freeze Rate, and dealCancellation have been implemented by the business to help traders reduce risk exposure.

 

Unique Features

Account FeatureValue
💻 Platform OfferedeasyMarkets Web/Mobile App
💵 Minimum Transaction Size (USD)70 USD
📈 Maximum Transaction Size (lots)50 lots
📊 Average Fixed Spreads (from)EUR/USD – 1.8 pips
GBP/USD – 2.4 pips
USD/JPY – 2.4 pips
WTI (OIL) – 0.06 USD
XAU/USD – 0.50 USD
💰 Minimum Deposit10,300 Naira (Equivalent to $25)
💸 Maximum Leverage1:200
💵 Commission FeesNone
💳 Account FeesNone
📱 Deposit and Withdrawal FeesNone
📞 Customer Telephonic SupportYes
👥 Personal Account ManagerYes
🗣 24/5 Customer Support Through Live ChatYes
✔️ Guaranteed Zero SlippageYes
🛑 Guaranteed Stop-LossYes
❌ Negative Balance ProtectionYes
📧 Daily Email on Fundamental AnalysisYes
✔️ Daily Email on Technical AnalysisYes
💻 Trading Central IndicatorNo
📱 Account Base Currency OptionsEUR, CAD, CZK, JPY, NZD, AUD, PLN, TRY, CNY, HKD, USD, SGD, CHF, GBP, MXN, NOK, SEK, ZAR, BTC

 

✔️ Pros❌ Cons
Well-regulated broker with a high trust scoreVariable spreads are not offered
There is a comprehensive proprietary trading platform offered along with MetaTrader 4easyMarkets is a market maker broker that takes the opposite side of their clients’ trades, which means they benefit from client losses
Commission-free trading on all accounts because the broker fee is included in the spread
An inactivity fee is applied to dormant accounts
Offers innovative features such as Freeze-Rate, Inside Viewer, easyTrade, and more
The guaranteed stop-loss is offered free of charge
TradingView, Trading Central, and other platforms are offered
There is a powerful and innovative easyMarkets app offered
easyMarkets offers low, fixed spreads

7. AvaTrade

Overall Rating

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

👉 Trading platforms for foreign exchange (FX) and crypto contracts for difference (CFDs) are provided by AvaTrade, a reputable and well-known company across the globe. It is a great option for copy trading, as it lets users trade CFDs on cryptocurrency markets.

 

👉 AvaTrade also offers an extensive range of educational resources and materials to Nigerians who are just starting in the crypto market.

 

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
⚖️ CBN RegulationNo
📊 Trading AccountsRetail Investor Account, Professional Account Option
💻 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💳 Minimum Deposit (₦)41,000 Nigerian Naira equivalent to $100
📈 Trading AssetsForeign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, Contract for Difference (CFD), Precious Metals
📊 Nigerian Naira-based Account?No
💳 NGN Deposits AllowedNo
💰 Bonuses for Nigerian tradersYes
📈 Minimum spread0.9 pips EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes
📊 Social Trading OfferedYes

 

✔️ Pros ❌ Cons
AvaTrade is multi-regulated and one of the most trusted online trading brokers in the worldVariable spreads are not offered
There is a wide range of financial instruments that can be traded across financial marketsThere is a limited choice between account types
There are several technical indicators, economic indicators, and other solutions for advanced tradersInactivity fees are applied
There are several trading platforms to choose fromCurrency conversion fees may be applied
There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed toThere is a limited number of base currency options offered on accounts
There is a multitude of social trading opportunities offered
The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others.

8. Axi

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 The Axi broker is owned by AxiCorp Financial Services Pty Ltd. As a result of the staff’s considerable industry knowledge, the firm can satisfy the expectations of its customers, develop innovative solutions, and deliver great service.

 

👉 Axi Broker has designed a specialized interface to make first-time traders feel at ease. The extensive training provided by the Knightsbridge Trading Academy may help newcomers get their feet wet.

 

👉 For first-time traders, the 30-day trial period is more than enough time to develop their skills before making a permanent commitment to an actual trading account.

 

Unique Features

Account FeatureValue
💳 Account setup costsNone
📈 Average spreadsFrom 0.0 pips
💸 Commissions on tradesFrom $3.50 round trip
📈 Minimum Position Size0.01 lots
💵 Minimum deposit requirement10,400,000 NGN equivalent to $25,000
💰 Range of marketsAll
📲 Mobile trading offered?Yes
📱 MT4 NextGen offered?Yes
🚀 Martin and Leverage offered?Up to 1:400
💸 Account Base CurrencyUSD, EUR, GBP, AUD
✔️ Demo trading availability30 Days
📈 VPSYes, free
🤝 Expert Advisors offered?Yes
📉 AutoChartistYes
💻 Myfxbook AutoTrade offered?Yes
💳 PsyQuation offered?Yes
💰 PsyQuation Premium offered?Yes

 

✔️ Pros❌ Cons
Axiory is well-regulated and a member of the Financial CommissionNigerian traders do not have access to local deposit and withdrawal options
Axiory guarantees client fund safety and provides investor protectionNigerian Naira is not a supported base account currency
Traders have a choice between retail investor accounts and powerful trading platformsNigerians cannot deposit funds in local currency
There is a range of tradable instruments offeredCrypto trading is not supported
There is an Islamic account offered and an unlimited demo accountThere are holding commissions applied to the Islamic Account
There is unlimited access to AutoChartist
Traders can use a range of trading strategies
The broker accepts Nigerian traders

9. BDSwiss

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 BDSwiss provides Nigerians access to 32 distinct coin pairings on their cryptocurrency exchange. At BDSwiss, you could gain leverage of up to 1:5 and crypto trading can be done without being subject to commission charges. BDSwiss offers comprehensive support for MT4, MT5, and a unique BDSwiss WebTrader software.

 

👉 BDSwiss provides an enormous range of tradable assets across four live accounts, as well as an extensive suite of analytical tools and advanced charting.

 

Unique Features

Account FeatureValue
📈 Average Spread on EUR/USD1.5 pips
📈 Maximum Leverage1:500
🔆 Tradable InstrumentsOver 250
📈 Available AssetsForex CFDs
Stocks CFDs
Indices CFDs
Commodities CFDs
Cryptocurrencies CFDs
🔎 Commissions per round lot$2 on Indices
0.15% on Shares
✴️ Margin Call50%
📊 Stop-out level20%
💳 Instant Withdrawals offered?Yes, only on credit cards up to 2,000 €/$/£
💳 0% fees on Deposits and CC Withdrawal? Yes
💻 Platforms availableAll
📊 Are trading alerts offered?Limited Access granted
📈 AutoChartist Performance Stats offered?Yes, with a 208,500 NGN minimum deposit
🎓 Personal Account ManagerYes, with a 417,000 minimum deposit
💻 Priority ServiceNo
📈 AutoChartist Standard ToolsYes
🚀 Access to Trading Central?Yes
📊Trading Academy and Live WebinarsYes
📊Trade Companion offered?No
☪️ Islamic Account option?Yes
🔎 VIP WebinarsNo
👨‍💼 24/5 Customer Service and Support?Yes
💳 Minimum deposit requirement41,000 NGN

 

✔️ Pros❌ Cons
BDSwiss is one of the trusted forex brokers with a high trust score that provides client protectionThere are high minimum deposits on more premium accounts
There are commission-free options offeredFixed spreads are not offered
There are competitive conditions with tight spreads and low commissionsThere are some regional restrictions applied to some countries
BDSwiss has a large client base spread across the globeThe raw spreads are not the tightest
There are more than 250 CFDs to trade and several financial assets and classesBDSwiss does not offer a deposit bonus or any other initiative
BDSwiss offers a high maximum leverage ratio up to 1:1000Does not offer a specific Nigerian client or terminal
Accepts electronic payments from Skrill, Neteller, and other trusted methodsCurrency conversion fees are charged
Offers a powerful proprietary trading platform along with MetaTrader 4 and 5There is an inactivity fee charged on dormant accounts
There is a massive selection of educational material and trading tools, covering all aspects of tradingWithdrawal fee applied on the bank wire withdrawal option for certain amounts
Provides advanced charting tools and analytical material There are no Nigerian Naira deposits allowed and there is no NGN account offered
Deposit fees are not charged on deposit methodsThere is no desktop version of the proprietary trading platform
Offers a demo account and Islamic Account
BDSwiss offers a decent range of payment methods
There is a choice between dynamic retail investor accounts

10. IC Markets

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Although it is most known for its raw Forex spreads, IC Markets is a broker that accepts new customers and offers trading on 18 different cryptocurrency pairs.

 

👉 Weekend traders and beginners still establishing their footing in the market may benefit from the ease of bitcoin trading and IC Markets’ 24/7 customer assistance.

 

👉 IC Markets offers a variety of educational tools, including video tutorials, articles, frequent webinars, and IC Markets WebTV. In addition to basic and technical market analysis, it also features breaking market news.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
⚖️ CBN RegulationNo
📊 Trading AccountsRetail, Professional
💻 Trading PlatformeToro trading app and web-based platform
💳 Minimum Deposit (₦)83,000 NGN equivalent to $200
📈 Trading AssetsForex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks
📊 Nigerian Naira-based Account?No
💳 NGN Deposits AllowedNo
💰 Bonuses for Nigerian tradersYes
📈 Minimum spread1 pip EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes
📊 Social Trading OfferedYes

 

✔️ Pros❌ Cons
Well-regulated broker with competitive spreads and various social trading opportunitiesIC Markets does not hold regulations from the Financial Conduct Authority (FCA)
Flexible and powerful trading platforms are available for the web, desktop platforms, and mobile devicesUnited States traders are not accepted
There are low trading costs involvedFixed spreads are not offered
The transaction costs are transparent and cater for various traders despite their financial situation

How to choose the right Crypto Broker in Nigeria

How to choose the right Crypto Broker in Nigeria

👉 Nigerian traders must evaluate the following components of a cryptocurrency broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Credibility and Reliability

👉 The cryptocurrency market is noticeably young in comparison to other markets, however just because it is new does not imply that every broker you come across is unskilled. There are reputable and knowledgeable crypto brokers available for you to work with.

 

👉 They have the appropriate credentials, such as licenses issued by well-known and respectable regulatory authorities, and they have experts working on their team.

 

👉 Additionally, they have the appropriate qualifications. It is possible to read reviews written about the broker and get insight into the services they provide to choose whether you should work with them.

 

Trading Platform

👉 A broker’s trading platform needs to be intuitive and feature-rich for crypto traders, just as it would be for FX traders. There are several reasons why these kinds of systems are essential.

 

👉 First, they make bitcoin trading very convenient for their customers. A wide variety of choices are available to users of a well-designed platform. These choices exist just to ease the way for both new and seasoned bitcoin traders.

 

👉 A broker, particularly one just getting started in the bitcoin industry, cannot function properly without these platforms. Verify the broker’s web platform is innovative.

 

Financial Background

👉 Do not get into business with a broker whose net worth is lower than the money you want to invest. To be considered a reliable cryptocurrency broker, a company must have access to substantial funds. This ensures that your cryptocurrency holdings are secure and that your broker will not go under.

 

Customer Service

👉 Since cryptocurrency trading is available around the clock, questions and issues might arise whenever they arise. Finding a broker who is accessible at all hours of the day and night is, therefore, highly recommended.

 

👉 Regardless of the time zone, you should be able to contact a knowledgeable support staff that will respond quickly and professionally to your inquiries and concerns.

 

Technical Assistance

👉 Providing excellent customer service is one thing, but providing stellar technical assistance is something quite else.

 

👉 Brokers often have technical support departments to assist clients with issues that need in-depth knowledge in a certain area. Many cryptocurrency exchanges provide no means of contacting technical support staff.

 

👉 They believe that their customer service staff is sufficient to carry out all their duties. However, things are quite different. You cannot operate a successful crypto brokering firm without a dedicated and knowledgeable technical support staff.

 

👉 Most significantly, the team should be made up of veterans in the crypto space that has worked in the field for many years. They should have an intimate familiarity with the system and be able to provide you with quick, effective answers.

 

Fees and Commissions

👉 When choosing a cryptocurrency broker, it is important to research the fees they impose. Obtain specific information from the broker about the fees they charge and any other potential dangers so that you can make an informed choice.

 

Overall Longevity

👉 Some trustworthy cryptocurrency brokers may have just lately entered the market, although these instances are exceedingly rare. If a cryptocurrency broker has been around for a long time, then it must be doing something well since customers will continue to use it.

 

Registration Process

👉 Sign-up procedures for cryptocurrency brokers provide incredibly detailed information about them. Experts in the field can tell immediately whether a broker is reliable only by observing its onboarding procedure.

 

👉 In the beginning, you could struggle with this. You will be able to tell the legitimate brokers from the scammers more easily as time goes on. The presence of a vast number of depositing fees is a glaring red flag in certain sign-up procedures.

 

👉 If a cryptocurrency broker requires a big initial payment from new customers, chances are good that they are a fraud. This is even more apparent when considering that most reputable cryptocurrency brokers charge their clients next to nothing to trade.

 

👉 Instead of dealing with crypto brokers that demand exorbitant deposits, consider working with brokers like these. The process’s safety should be verified, too. Checking for an SSL certificate is as simple as searching in the upper left corner of your browser’s search bar.

 

👉 Because of this certificate, you can rest assured that the site you are visiting is secure and will not expose any of your personal data to hackers.

 

Convenience

👉 If a cryptocurrency exchange cannot make your life easier, they are not worth your time. Instead of dealing with an uncomfortable cryptocurrency broker, you may as well trade on your own. Everything in this field is changing quickly due to the dynamic nature of the environment.

 

👉 If you want to make the best choices at the correct times, you need to keep current on a broad range of topics. That is if your broker provides you with tools that make your trading easier.

 

Practice Trading

👉 Quite a few circumstances might arise in cryptocurrency trading, making it a complex endeavour. You will not know how to make the proper choices at the right times if you are just starting in this industry. What will happen is that you will lose a lot of money because of this.

 

👉 Avoiding these errors is easy by using demo trading, which simulates real-world trading conditions without any monetary risk to the trader. Since there is no potential for profit or loss, this choice is neutral, but you will gain knowledge about the processes involved in crypto trading.

 

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 Crypto Brokers in Nigeria

👉 In this article, we have listed the best crypto brokers that offer MetaTrader 4 to traders in Nigeria. We have further identified the crypto brokers that offer additional services and solutions to Nigerian traders.

 

Best MetaTrader 4 / MT4 Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSA, FCA, ASIC, DFSA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

66

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Axi is the best MT4 Crypto Broker in Nigeria. Axi offers over 130 assorted products that can be traded via MetaTrader 4. Nigerian traders are given some of the best trading conditions that include low starting spreads across all account types with Axi.

 

Best MetaTrader 5 / MT5 Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on RoboForex’s website

👉 Overall, RoboForex is the best MetaTrader 5 Crypto broker in Nigeria. RoboForex offers a choice between 12,000 tradable instruments that can be traded via MetaTrader 5 alongside a few other powerful trading platforms.

 

Best Crypto Broker for beginners in Nigeria

Overall Rating

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 the best Crypto Broker for beginners in Nigeria. AvaTrade offers some of the best educational sources to Nigerian beginner traders. There are several guides and videos along with webinars, seminars, and more.

 

Best Low Minimum Deposit Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, HF Markets is the best Low Minimum Deposit Crypto Broker in Nigeria. HF Markets offers Nigerian traders live trading accounts with minimum deposits of 2,000 Naira.

 

👉 HF Markets is a popular MetaTrader crypto broker that also offers a proprietary trading app for iOS and Android.

 

Best ECN Crypto Broker in Nigeria

Pepperstone-Logo-Tagline-RGB-BlackBlue

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 the best ECN Crypto Broker in Nigeria. Pepperstone is one of the largest forex and CFD brokers in the world that offers its services to over 170 countries.

 

👉 Nigerians can expect some of the fastest trade execution speeds with no requotes and minimal slippage.

 

Best Islamic / Swap-Free Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Oanda’s website

👉 Overall, OANDA is the best Islamic / Swap-Free Crypto Broker in Nigeria. OANDA offers a choice between 3 retail accounts. This includes a dedicated Islamic account that is offered to Nigerian Muslim traders who follow Sharia law.

 

Best Crypto Trading App in Nigeria

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

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

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

👉 Overall, FBS is the best crypto trading app in Nigeria. FBS offers its crypto account through the FBS Trader. Nigerians can benefit from a plethora of features and some of the best market analyses.

 

Best Nigerian Naira Trading Account Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

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

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Exness is the best Nigerian Naira trading account Crypto Broker in Nigeria. Exness is one of the best multi-currency brokers that offer NGN-denominated accounts.

 

👉 Exness is a MetaTrader-only broker that offers a small range of tradable instruments.

 

Best Lowest Spread Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, IC Markets is the best lowest spread Crypto Broker in Nigeria. Because of its true ECN execution model IC Markets offers some of the tightest spreads in the industry.

 

👉 IC Markets serves traders around the world and offers a range of crypto CFDs to Nigerian traders.

 

Best NDD Crypto Broker in Nigeria

Xm.com Logo 1 1024x514 1

Overall Rating

Min Deposit

USD 5 / 2 075 NGN

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

👉 Overall, XM is the best NDD Crypto Broker in Nigeria. XM is a popular No-Dealing Desk broker that serves over 2.5 million traders from around the world. Cryptocurrency CFDs form a part of XM’s extensive range of over 1,000 financial instruments.

 

Best STP Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Tickmill is the best STP Crypto Broker in Nigeria. Tickmill is one of the best brokers for Nigerian beginners that offers transparent trading fees and superior STP and ECN execution.

 

Best Sign-up Bonus Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 1 / 415 NGN 

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on SuperForex’s website

👉 Overall, SuperForex is the best sign-up bonus Crypto Broker in Nigeria. SuperForex offers a choice between 11 trading accounts and is one of the brokers with the largest range of promotions and bonuses.

Why is Bitcoin popular in Nigeria?

Why is Bitcoin popular in Nigeria?

👉 The rapid adoption of cryptocurrencies in Nigeria may be traced to the rising popularity of smartphone-based peer-to-peer payments (also known as digital money transfers).

 

👉 About 32% of Nigerians who participated in the Statista Global Consumer Survey said they either extensively use cryptocurrency or own some. Subsequently, the West African nation tops the list of the 65 nations surveyed.

 

👉 This is particularly true in nations in Africa and Southeast Asia, where rapid and trustworthy money transfer options are not always readily accessible, making online currency the preferred option. Also, like most traditional banks, many Nigerian consumers believe that international money transfers incur no fees.

 

👉 Furthermore, a growing number of merchants are now accepting Bitcoin, even in the most unexpected of settings.

How to start trading Crypto in Nigeria

How to start trading Crypto in Nigeria

👉 Learning how to acquire Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies might be overwhelming for a newcomer to the crypto world. Thankfully, getting started is not hard at all. If you follow these five simple steps, you will be well on your way to investing in cryptocurrency.

➡️ Step 1 – Select a platform or a broker

➡️ Step 2 – Create Your Account

➡️ Step 3 – Fund your Wallet or Trading Account

➡️ Step 4 – Start trading by placing your first order

➡️ Step 5 – Choose a crypto wallet for the storage of coins

 

Step 1 – Select a platform or a broker

👉 Selecting a broker or crypto exchange is the first step in making a cryptocurrency purchase. While both provide access to the crypto market, there are several important distinctions to be aware of.

 

👉 An exchange is a decentralized or centralized online marketplace for buying and selling digital currencies.

 

👉 Despite their cheap costs, exchanges might be frightening to inexperienced crypto investors because of their complicated user interfaces that include several trading kinds and elaborate performance data.

 

👉 Paxful, Luno, LocalBitcoins, NairaEx, BitPesa, and Paybis are some of the most well-known cryptocurrency exchanges in Nigeria.

 

👉 Even while novices, especially those with little experience trading stocks, may feel overwhelmed by these organizations’ regular trading interfaces, they also provide straightforward purchasing choices.

 

👉 Brokers for cryptocurrencies provide user-friendly interfaces and handle all communication with cryptocurrency exchanges on your behalf, simplifying the process of buying crypto. Many of them have more expensive fees than currency exchanges.

 

👉 Others claim to be “free,” but they profit from either sharing your transaction data with huge brokerages or funds or failing to execute your trade at the best available market price.

 

👉 Among the most well-known crypto brokers, Exness, AvaTrade, HF Markets, and a few others stand out.

 

Step 2 – Create Your Account

👉 You can establish an account with a cryptocurrency broker or exchange after you have made your choice. When making large purchases on certain sites, identification verification may be required. This is crucial in avoiding fraud and satisfying law enforcement standards at the federal level.

 

👉 Until you pass the verification procedure, it may be impossible for you to trade cryptocurrencies. To verify your identity, the platform may request a photo of you or a copy of your government-issued photo identification.

 

👉 Nigerians should note that this process is not a requirement with many decentralized exchanges that are strict about the anonymity of their users.

 

Step 3 – Fund your Wallet or Trading Account

👉 Make sure your wallet has sufficient cash before attempting to purchase crypto. You may fund your crypto wallet in several ways, including by connecting a bank account, approving a wire transfer, or using a debit or credit card.

 

👉 Depending on the exchange or broker and your chosen funding method there may be a wait of several days before you may use the funds you deposit to purchase cryptocurrencies.

 

👉 Nigerians must take note of the following before making any purchases:

➡️ Credit card deposits are an option at certain exchanges and brokers but doing so carries a prominent level of risk and may be costly.

➡️ Credit card issuers see purchases of cryptocurrencies as cash advances when making the transaction. The interest rates on cash advances are often greater than those on ordinary purchases, and there are sometimes extra costs associated with using them.

➡️ When getting a cash advance, you could have to pay a fee equal to 5% of the total value of the transaction.

➡️ You might potentially lose 10% of your crypto buy to costs since this is in addition to whatever fees your crypto exchange or brokerage may levy, which can range up to 5% itself.

 

Step 4 – Start trading by placing your first order

👉 Once you have funded your cryptocurrency account, you may begin placing orders. Bitcoin and Ethereum are only two examples of the hundreds of other cryptocurrencies available today.

 

👉 Enter the ticker symbol for the cryptocurrency you want to buy (Bitcoin is BTC, for example) and the quantity you want to buy. You can buy a tiny fraction of a cryptocurrency like Bitcoin or Ethereum through most exchanges and brokers, saving you thousands.

 

Step 5 – Choose a crypto wallet for the storage of coins

👉 The Nigerian government and the banking industry do not endorse cryptocurrency trading operations, and cryptocurrency exchanges are not protected.

 

👉 There is a possibility that these transactions might be compromised. Because millions of dollars’ worth of Bitcoin has already been lost due to forgotten or lost passwords, this is a real risk. Therefore, you must always keep your cryptocurrency in a safe location.

➡️ Never remove crypto from the exchange. When you make a cryptocurrency purchase, the coins will be kept in a “crypto wallet” that is associated with the exchange. One reason to take cryptocurrency from the exchange and into a hot or cold wallet is to avoid the provider the exchange works with or to increase security. To complete this transaction, you may be required to pay a modest charge to the exchange, the amount being transferred, or both.

➡️ Hot Wallets. The term “online crypto wallet” refers to a wallet that is accessible from any device with an internet connection, whether a computer, tablet or smartphone. Hot wallets have the advantage of being easily accessible, but they also pose a greater risk of theft since they are always linked to the internet.

➡️ Cold Wallets. Since they are not linked to the internet, cold crypto wallets are the safest place to store your cryptocurrency. They are portable storage devices like flash drives and hard drives. The cryptocurrency stored in a cold wallet is at risk if the associated keycode is lost or the device is damaged or fails. Although the same thing might happen with hot wallets, some are managed by custodians who can restore access if you lose it.

Conclusion

👉 To choose the right broker for your needs, you must first understand those needs. The choice between buying virtual currency outright and trading futures, which offer more profit potential but also greater risk, is an important one for novice Nigerian crypto traders to make.

 

👉 Even while most traditional brokers will let you trade major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and Cardano, you may want to consider diversifying your portfolio.

FAQ

Do you need a broker to trade cryptocurrencies in Nigeria?

No, you do not exclusively need a broker to trade cryptocurrencies in Nigeria as several trusted crypto exchanges offer their services in the region. You will, however, always need an intermediary if you wish to trade crypto CFDs.

 

If you want to purchase and/or sell the coins themselves, you can use an exchange that either facilitates the trade, or you can buy/sell coins privately by connecting to a buyer or a seller.

 

Is it risky to trade crypto in Nigeria?

Yes, like any other investment Crypto is very risky. However, unlike other investments, there are additional risks involved with crypto, especially cybercrime.

 

How do crypto brokers make money?

Brokers in cryptocurrencies earn their keep by taking a cut of each trade their clients make. Due to the novelty of the cryptocurrency market, many brokers are allowed to charge larger commissions than they would for traditional financial goods.

 

Can I legally trade crypto in Nigeria?

Yes, you can legally trade crypto in Nigeria. There are no laws that prohibit traders from dealing in cryptocurrencies, but traders do not have any protection from monetary loss, fraud, or any other counterparty risks as cryptocurrencies are not considered legal tender in Nigeria.

 

Where can I buy crypto in Nigeria?

You can buy, sell, exchange, trade, and hold crypto by using the services of either a cryptocurrency broker or a decentralized or centralized cryptocurrency exchange trading platform such as Coinbase or Paxful, amongst others.

9.2/10 - (24 votes)

Table of Contents

Menu