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…
- Louis Schoeman
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.com | Yes | 41,000 Naira | Yes | No | 👉 Open Account |
| 2. FBS | Yes | 41,500 Naira | Yes | Yes | 👉 Open Account |
| 3. Exness | Yes | 41,000 Naira | Yes | No | 👉 Open Account |
| 4. XM | Yes | 2,000 Naira | No | Yes | 👉 Open Account |
| 5. easyMarkets | Yes | 60,700 Naira | No | Yes | 👉 Open Account |
| 6. AvaTrade | Yes | 41,500 Naira | No | Yes | 👉 Open Account |
| 7. Axi | Yes | 10,400,000 Naira | No | No | 👉 Open Account |
| 8. BD Swiss | Yes | 41,000 Naira | No | Yes | 👉 Open Account |
| 9. IC Markets | Yes | 83,000 Naira | No | No | 👉 Open Account |
| 10. HF Markets | Yes | 2,000 Naira | Yes | Yes | 👉 Open Account |
7 Best Crypto Brokers for Beginners in Nigeria (2023)
- Capital.com – Overall, Best Crypto Broker for Beginner Traders
- HF Markets – Best Bonus Offer in Nigeria
- Exness – Best Overall Broker in Nigeria
- XM – Lowest Spreads in the Trading Industry in Nigeria
- easyMarkets – offers up to 50% Sign up bonus
- Axi – Best Broker for Beginner Crypto Traders
- BDSwiss – Top Crypto App For Nigerian Traders
- IC Markets – Best Crypto Broker with Low Minimum Deposit
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
Overall Rating
- 4.5/5
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
| Feature | Information |
| ⚖️ Regulation | ASIC, FCA, NBRB, and CySEC |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail 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 spread | from 0.6 pip EUR/USD |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Capital.com is a well-regulated broker that reports excellent user experience | United States clients are not accepted |
| Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4 | There are restrictions on leverage ratios |
| There is a transparent fee structure with tight spreads, commission-free trading, and a reasonable overnight fee charge | The 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
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
Overview
👉 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
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Nigerian Traders? | Yes |
| 💳 Minimum deposit (NGN) | 400 Nigerian Naira ($1) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:3000 |
| 👥 Customer Support | 24/7 |
| ✔️ Pros | ❌ Cons |
| FBS offers competitive trading conditions with some of the lowest spreads | There are wide spreads charges on some accounts |
| There are several account types to choose from | There is a limited number of tradable instruments |
| There are many social trading opportunities | There 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
- 4.8/5
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
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| ⚖️ CBN Regulation? | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit (₦) | 2,000 Nigerian Naira equivalent to $5 |
| 💰 Trading Assets | Forex 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 spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | Yes |
| ✔️ Pros | ❌ Cons |
| Well-regulated in several global regions | There are no variable spread accounts |
| Offers some of the lowest spreads in the forex market on major currency pairs | There 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
- 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
👉 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
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| ⚖️ 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 NGN (or equivalent to $10) |
| 💰 Trading Assets | Forex 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 spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | No |
| ✔️ Pros | ❌ Cons |
| Exness is a reputable international broker authorized by several reputable market regulators | There 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 accounts | There 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
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
👉 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
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Nigerian Traders? | Yes |
| 💳 Minimum deposit (NGN) | 2,000 Nigerian Naira ($5) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:888 |
| 👥 Customer Support | 24/5 |
| ✔️ Pros | ❌ Cons |
| Negative balance protection is applied to retail investor accounts | US clients are restricted from accessing XM’s trading services |
| There are several secure payment methods to choose from | There are no fixed spread accounts offered |
| The broker is known for low spreads, low commissions, and reliable trade execution speeds | There 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
- 4.9/5
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 Feature | Value |
| 💻 Platform Offered | easyMarkets 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 Deposit | 10,300 Naira (Equivalent to $25) |
| 💸 Maximum Leverage | 1:200 |
| 💵 Commission Fees | None |
| 💳 Account Fees | None |
| 📱 Deposit and Withdrawal Fees | None |
| 📞 Customer Telephonic Support | Yes |
| 👥 Personal Account Manager | Yes |
| 🗣 24/5 Customer Support Through Live Chat | Yes |
| ✔️ Guaranteed Zero Slippage | Yes |
| 🛑 Guaranteed Stop-Loss | Yes |
| ❌ Negative Balance Protection | Yes |
| 📧 Daily Email on Fundamental Analysis | Yes |
| ✔️ Daily Email on Technical Analysis | Yes |
| 💻 Trading Central Indicator | No |
| 📱 Account Base Currency Options | EUR, 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 score | Variable spreads are not offered |
| There is a comprehensive proprietary trading platform offered along with MetaTrader 4 | easyMarkets 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
- 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
👉 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
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💳 Minimum Deposit (₦) | 41,000 Nigerian Naira equivalent to $100 |
| 📈 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, Contract for Difference (CFD), Precious Metals |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and one of the most trusted online trading brokers in the world | Variable spreads are not offered |
| There is a wide range of financial instruments that can be traded across financial markets | There is a limited choice between account types |
| There are several technical indicators, economic indicators, and other solutions for advanced traders | Inactivity fees are applied |
| There are several trading platforms to choose from | Currency 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 to | There 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
- 4.8/5
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 Feature | Value |
| 💳 Account setup costs | None |
| 📈 Average spreads | From 0.0 pips |
| 💸 Commissions on trades | From $3.50 round trip |
| 📈 Minimum Position Size | 0.01 lots |
| 💵 Minimum deposit requirement | 10,400,000 NGN equivalent to $25,000 |
| 💰 Range of markets | All |
| 📲 Mobile trading offered? | Yes |
| 📱 MT4 NextGen offered? | Yes |
| 🚀 Martin and Leverage offered? | Up to 1:400 |
| 💸 Account Base Currency | USD, EUR, GBP, AUD |
| ✔️ Demo trading availability | 30 Days |
| 📈 VPS | Yes, free |
| 🤝 Expert Advisors offered? | Yes |
| 📉 AutoChartist | Yes |
| 💻 Myfxbook AutoTrade offered? | Yes |
| 💳 PsyQuation offered? | Yes |
| 💰 PsyQuation Premium offered? | Yes |
| ✔️ Pros | ❌ Cons |
| Axiory is well-regulated and a member of the Financial Commission | Nigerian traders do not have access to local deposit and withdrawal options |
| Axiory guarantees client fund safety and provides investor protection | Nigerian Naira is not a supported base account currency |
| Traders have a choice between retail investor accounts and powerful trading platforms | Nigerians cannot deposit funds in local currency |
| There is a range of tradable instruments offered | Crypto trading is not supported |
| There is an Islamic account offered and an unlimited demo account | There 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
- 4.7/5
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 Feature | Value |
| 📈 Average Spread on EUR/USD | 1.5 pips |
| 📈 Maximum Leverage | 1:500 |
| 🔆 Tradable Instruments | Over 250 |
| 📈 Available Assets | Forex CFDs Stocks CFDs Indices CFDs Commodities CFDs Cryptocurrencies CFDs |
| 🔎 Commissions per round lot | $2 on Indices 0.15% on Shares |
| ✴️ Margin Call | 50% |
| 📊 Stop-out level | 20% |
| 💳 Instant Withdrawals offered? | Yes, only on credit cards up to 2,000 €/$/£ |
| 💳 0% fees on Deposits and CC Withdrawal? | Yes |
| 💻 Platforms available | All |
| 📊 Are trading alerts offered? | Limited Access granted |
| 📈 AutoChartist Performance Stats offered? | Yes, with a 208,500 NGN minimum deposit |
| 🎓 Personal Account Manager | Yes, with a 417,000 minimum deposit |
| 💻 Priority Service | No |
| 📈 AutoChartist Standard Tools | Yes |
| 🚀 Access to Trading Central? | Yes |
| 📊Trading Academy and Live Webinars | Yes |
| 📊Trade Companion offered? | No |
| ☪️ Islamic Account option? | Yes |
| 🔎 VIP Webinars | No |
| 👨💼 24/5 Customer Service and Support? | Yes |
| 💳 Minimum deposit requirement | 41,000 NGN |
| ✔️ Pros | ❌ Cons |
| BDSwiss is one of the trusted forex brokers with a high trust score that provides client protection | There are high minimum deposits on more premium accounts |
| There are commission-free options offered | Fixed spreads are not offered |
| There are competitive conditions with tight spreads and low commissions | There are some regional restrictions applied to some countries |
| BDSwiss has a large client base spread across the globe | The raw spreads are not the tightest |
| There are more than 250 CFDs to trade and several financial assets and classes | BDSwiss does not offer a deposit bonus or any other initiative |
| BDSwiss offers a high maximum leverage ratio up to 1:1000 | Does not offer a specific Nigerian client or terminal |
| Accepts electronic payments from Skrill, Neteller, and other trusted methods | Currency conversion fees are charged |
| Offers a powerful proprietary trading platform along with MetaTrader 4 and 5 | There is an inactivity fee charged on dormant accounts |
| There is a massive selection of educational material and trading tools, covering all aspects of trading | Withdrawal 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 methods | There 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
- 4.7/5
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
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail, Professional |
| 💻 Trading Platform | eToro trading app and web-based platform |
| 💳 Minimum Deposit (₦) | 83,000 NGN equivalent to $200 |
| 📈 Trading Assets | Forex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 1 pip EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with competitive spreads and various social trading opportunities | IC 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 devices | United States traders are not accepted |
| There are low trading costs involved | Fixed 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
👉 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
- 4.8/5
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
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
- 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 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
- 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, 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
Overall Rating
- 4.1/5
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
- 4.9/5
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
👉 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
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 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
- 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 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
- 4.7/5
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
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 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
- 4.7/5
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
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 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?
👉 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
👉 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.
Top 3 Brokers