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10 Best Cryptocurrency Brokers in Nigeria

The 10 Best Cryptocurrency Brokers in Nigeria revealed. We tested and verified the best cryptocurrency brokers for Nigerian Traders.

This is a complete list of cryptocurrency brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is cryptocurrency?
  • Which cryptocurrency brokers are best for beginner traders?
  • Which broker can trade Bitcoin on?
  • With which broker can you deposit money with a debit card?
  • Which cryptocurrency broker offer an app that is IOS and Android compatible?
  • How to compare forex trading brokers against each other?
  • How and can I trade forex with $5 USD?
  • Which brokers offer a signup bonus on a $5 deposit


And lots more…

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

Let’s dive right in…

Updated : July 21, 2022

Best Cryptocurrency Brokers in Nigeria – Comparison

🥇 Broker✔️ Cryptocurrency Broker?💸 Minimum Deposit (₦)✔️ Nigerian Naira-based Account?💰 NGN Deposits Allowed?👉 Open An Account
1. eToroYes83,000 NairaNoNo👉 Open Account
2. IG GroupYes41,500 NairaYesYes👉 Open Account
3. Capital.comYes41,000 NairaYesNo👉 Open Account
4. HF MarketsYes2,000 NairaYesYes👉 Open Account
5. BD SwissYes41,000 NairaNoYes👉 Open Account
6. TickmillYes41,500 NairaNoNo👉 Open Account
7. ExnessYes41,000 NairaYesNo👉 Open Account
8. easyMarketsYes60,700 NairaNoYes👉 Open Account
9. FP MarketsYes30,800 NairaNoYes👉 Open Account
10. AvaTradeYes41,500 NairaNoYes👉 Open Account

10 Best Cryptocurrency Brokers in Nigeria (Updated 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 a CFD Cryptocurrency Broker in Nigeria?

👉 Contracts for Difference (CFDs) are an extremely popular tradable instrument that can be used in several markets, including cryptocurrencies.

 

👉 A CFD Crypto broker offers this to Nigerian traders who want to speculate on the price movements of crypto pairs without owning the underlying asset, or crypto coin.

1. eToro

Overall Rating

Min Deposit

USD 50 / 20725 NGN

Regulators

CySec, FCA 

Trading Desk

None

Crypto

Yes

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Forex products and other CFD derivatives have been offered to retail consumers by eToro since 2007. The social trading tools offered by eToro, which enable inexperienced Nigerian users to copy the strategies of the platform’s most successful traders, are one of its best aspects.

 

👉 The social trading platform offered by eToro represents a major change in how many people previously traded and made investments. Nigerians may simply copy the trades and investments of other traders and investors by using a social trading account.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
📲 Social Media Platforms• Twitter
• Facebook
• LinkedIn
• Instagram
• YouTube
⚖️ CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformeToro proprietary trading app and web platform
💵 Minimum Deposit (₦)83,000 Naira
💳 Trading AssetsForex Pairs, Commodities, Exchange-traded funds (ETFs), Indices, Crypto Assets, Stocks
✔️ Nigerian Naira-based Account?No
💸 NGN Deposits Allowed?No
💰 Bonuses for Nigerian traders?Yes
📊 Minimum spread1 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Well-regulated broker with Financial Conduct Authority regulation amongst other popular market regulatorsMetaTrader is not provided or supported
Large online communityLimits are applied to the maximum leverage for retail clients
Powerful trading software providedThere is a limited selection of types of accounts
Offers a wide range of complex instruments that can be tradedFixed competitive spreads are not offered
Trusted broker that provides negative balance protection, client fund security, and investor protectionThe spreads charged are not the tightest
There is an inactivity fee applied

2. IG

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 At IG, you can access unparalleled educational and market analysis materials. Those who sign up get daily updates and analyses through email, and someone is always available to answer queries.

 

👉 The vast collection of educational materials available from IG could be helpful to traders who are new to the market. Included are the IG Academy, Managing Your Risk, Trading Strategies, Webinars, Seminars, and a Glossary.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA
⚖️ CBN Regulation?No
📊 Trading AccountsIG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX)
📊 Trading PlatformMetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API
💰 Minimum Deposit (₦)104,000 Nigerian Naira equivalent to $250
💰 Trading AssetsForex, Shares, Indices, Commodities, Cryptocurrencies, Interest Rates, Bonds, ETFs, Futures, Options
🔎 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💰 Bonuses for Nigerian traders?No
📈 Minimum spread0.1 pips (DMA) on EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedNo

 

✔️ Pros❌ Cons
Well-regulated and large forex broker with regulations in several regions through reputable market regulators including the Financial Conduct AuthorityHigh minimum deposit requirement when registering an account
Competitive trading conditions are offeredThere is an inactivity fee charged
IG Group caters for all types of traders despite their trading experience
Longstanding reputation in the trading industry
Client funds are kept in segregated accounts and investor protection is offered
There are several retail investor accounts to choose from and several powerful trading platforms

3. Capital.com

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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 prominent CFD and forex broker that offers a massive range of crypto pairs and coins to Nigerian traders. Trading cryptocurrencies is commission-free, and traders can benefit from leverage of up to 1:2, which is typical among crypto brokers that put their customers’ security first.

 

👉 In addition to foreign currency, indices, commodities, and equities, Capital.com also offers trading in more than 6,000 CFDs. For Nigerian traders of all levels of expertise, Capital.com offers a multitude of resources, including market research and how-to articles.

 

Unique Features

🏛️ Broker✔️ FTSE 250 Broker?💳 Minimum Deposit (₦)💸 Nigerian Naira-based Account?💵 NGN Deposits Allowed?👉 Open Account
1. eToroYes83,200 NGNNoNoOpen Account
2. Capital.comYes8,000 NGNNoYesOpen Account
3. IG GroupYesNoneNoNoOpen Account
4. AdmiralsYes400 NGNNoNoOpen Account
5. XMYes2,000 NGNNoNoOpen Account
6. Trade NationYes400 NGNNoYesOpen Account
7. Plus500Yes41,600 NGNNoNoOpen Account

 

✔️ Pros❌ Cons
Capital.com offers a referral bonus to its clientsThere are strict terms and conditions to the referral bonus
Capital.com is a reputable broker that is well-regulatedThere are no additional bonuses offered

4. 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

👉 Customers come from all over the globe to trade cryptocurrencies via HF Markets, which is one of the most well-known crypto brokerages and trading platforms in the world.

 

👉 HF Markets is well-known for having competitive spreads as well as a variety of account kinds that may cater to the requirements of Nigerian traders with varying levels of trading expertise and different trading goals.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN RegulationNo
📊 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, Equity markets and Stocks DMA, ETFs
📊 Nigerian Naira-based Account?No
💳 NGN Deposits AllowedNo
💰 Bonuses for Nigerian tradersYes
📈 Minimum spread0.0 pips EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Well-regulated CFD and Forex broker that has a decent trust scoreUnited States clients and some other regions are not accepted by HFM
The spreads offered are low and competitiveThere may be restricted leverage for EU clients because of regulatory requirements
There are several account types to choose from with reasonable trading fees chargedThere are no variable spread accounts offered
HFM welcomes all types of traders and trading strategiesLimited funding options offered for deposits and withdrawals
There is a low minimum deposit requirement and secure methods for deposits and withdrawals
Suited to beginner traders and experienced traders
Offers comprehensive expert trading and market analysis
Offers a decent selection of educational tools and a range of trading tools

5. 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

👉 The cryptocurrency exchange services offered by BDSwiss have been increased, and the company now offers a total of 32 distinct coin pairings.

 

👉 You will not have to pay any commissions even if you may obtain leverage of up to 1:5 with BDSwiss. BDSwiss offers full support for the MT4 and MT5 trading platforms, in addition to its own proprietary WebTrader software.

 

👉 The trading platforms that are provided by BDSwiss contain a full set of analytical tools and advanced charting, in addition to a large choice of other tradable assets that may be spread among four actual accounts.

 

Unique Features

FeatureValue
📉 Minimum Deposit41,500 Naira or equivalent to $100
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, GBP
📊 Max Leverage Ratio1:1000
💸 Naira Deposits Allowed?No
✔️ Offers a Naira Account?No
💰 Nigerian Customer Support?No
📊 Account TypesClassic Account, Premium Account, VIP Account, RAW Account
💻 Trading AssetsForex, Commodities, Shares, Indices, Cryptocurrencies
✔️ Negative Balance Protection?Yes
📞 Margin Call50%
🛑 Stop-Out20%
📉 Minimum Trade Size0.01 lots

 

✔️ Pros❌ Cons
BDSwiss offers commission-free tradingThere is no Nigerian specific trading terminal offered
Nigerian CFD traders can choose between 250 CFDs across asset classesThere are withdrawal fees charged
There is a high leverage ratio offeredNigerian Naira deposits are not accepted
BDSwiss offers MetaTrader 4 and 5 across devicesThere is no NGN-denominated account offered
There are no deposit fees charged

6. Tickmill

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

Overview

👉 Tickmill was established in 2015 and developed by a group of professional traders with extensive expertise in global markets. Tickmill is an SEC-registered broker offering online trading on 80+ different financial products.

 

👉 The broker’s innovative technology enables low spreads (as low as 0 pips), cheap fee rates, and lightning-fast execution times (an average of 0.15 seconds).

 

👉 Transparency is ensured by the absence of requotes and the use of an NDD (No Dealing Desk) execution mechanism, which is automated.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, FCA, CySEC, Labuan FSA, FSCA
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)41,500 Nigerian Naira ($100)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:500
👥 Customer Support 24/5

 

✔️ Pros❌ Cons
The broker offers commission-free trading across financial instrumentsThe broker does not accept clients from the United States and some other regions
There are powerful trading platforms to choose fromFixed spread accounts are not offered
The broker is well-regulated in several regions
There is a selection of popular financial instruments that can be traded
There are several advanced trading tools offered

7. 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

👉 Trading is available on more than one hundred currency pairs with Exness, many different cryptocurrencies, and over seventy stock CFDs, indices, and commodities. Exness is a leading CFD broker with customers in over one hundred countries.

 

👉 A completely risk-free trading environment is provided by award-winning broker Exness for traders in Nigeria.

 

👉 Exness is a well-liked worldwide broker that offers its customers access to nine different account kinds, one of which is a Cent Account that is regarded as being among the most cost-effective in the market.

 

👉 Exness offers its customers a diverse range of cryptocurrency trading pairs, with Bitcoin being the most widely traded option.

 

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

8. 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

👉 easyMarkets, an approved market maker, has just made it possible to trade in twenty several types of digital cryptocurrency assets.

 

👉 Since its inception, easyMarkets has consistently been a pioneer in the financial services market by being the first to provide novel features such as negative balance protection and guaranteed stop-loss.

 

👉 easyMarkets has developed novel resources for traders to use, such as easyTrade, Freeze Rate, and dealCancellation, to assist traders in minimizing their 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

9. FP Markets

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

60

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 You may trade on more than 10,000 different financial instruments across numerous worldwide marketplaces with FP Markets, which is an established and registered broker that gives you access to a wide variety of financial products.

 

👉 FP Markets can provide you with award-winning ECN trading conditions, including pricing based on direct market access, narrow spreads beginning at 0 pips, and adjustable leverage of up to 1:500. FP

 

👉 In addition, FP Markets does not engage in the practice of requoting prices, and clients have their pick of many highly effective trading platforms.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformMT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account
💸 Minimum Deposit (₦)30,800 NGN
💵 Trading Assets• Forex
• Shares
• Metals
• Commodities
• Indices
• Cryptocurrencies
• Bonds
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
The demo account registration takes 30 secondsThe demo account will expire if traders do not continuously use it
Traders can choose between MetaTrader 4 and MetaTrader 5 across devices, giving them the flexibility to trade from anywhere
FP Markets offers a choice between account types
The demo account is the perfect tool for beginners
The demo account is available for an unlimited time if traders use it frequently

10. 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

👉 AvaTrade’s revolutionary mobile program, AvaTradeGO, provides a safe and simple interface for trading cryptocurrency. AvaTradeGO provides investors with a bird’s-eye view of their transactions, as well as the opportunity to create watchlists and see real-time quotations and charts.

 

👉 The platform’s mobile app allows users to trade over 1,250 assets, including 20 cryptocurrencies.

 

👉 Furthermore, unlike many other brokers that restrict users to trade just between cryptocurrencies, AvaTrade allows customers to exchange cryptocurrencies for fiat cash.

 

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
⚖️ CBN Regulation?No
📊 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, CFDs, Precious Metals
🔎 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💰 Bonuses for Nigerian traders?Yes
📈 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.

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 charges 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 100 / 41530 NGN

Regulators

IFC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

42

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, AMarkets is the best MT4 Crypto Broker in Nigeria. AMarkets offers Standard and ECN accounts on MetaTrader 4 and MetaTrader 5, as well as additional tools and copy trading.

 

👉 There are also a few handy deposit and withdrawal methods, as well as a demo account that is appropriate for both beginner and experienced traders.

 

Best MetaTrader 5 / MT5 Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 300 / 124350 NGN

Regulators

FSCA 

Trading Desk

MetaTrader 5

Crypto

Yes

Total Pairs

60

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Global GT is the best MetaTrader 5 Crypto Broker in Nigeria. Global GT offers more than 500 crypto assets ranging from NFTs to DeFi Tokens, and more. Global GT offers a choice between trading platforms and Nigerians can use MetaTrader 5 across several devices.

 

Best Crypto Broker for beginners in Nigeria

Overall Rating

Min Deposit

USD 1 / 415 NGN

Regulators

CySEC, FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, InstaForex is the best Crypto Broker for beginners in Nigeria. Online trading platform InstaForex has won several accolades and is used by traders all over the world.

 

👉 InstaForex’s educational centre is first-rate and includes articles along with polls, and expert analyses, among other things.

 

Best Low Minimum Deposit 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 Low Minimum Deposit Crypto Broker in Nigeria. When Nigerians register an account with Axi they are not subject to a set minimum deposit requirement.

 

👉 In addition, Nigerians can use MetaTrader 4 to trade 11 crypto coins at competitive rates.

 

Best ECN 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 ECN Crypto Broker in Nigeria. Spreads start at 0.0 pips on the most popular trading platforms, and that is only the beginning of the trading options provided by this true ECN broker.

 

👉 With a constant stream of transactions from all over the globe, IC Markets can easily maintain its high daily trading volume, making it a favourite among both novice and seasoned traders.

 

Best Islamic / Swap-Free Crypto Broker 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 Islamic / Swap-Free Crypto Broker in Nigeria. AvaTrade is recommended by several credible broker review sites and has over 300,000 registered users.

 

👉 Due to its regulation by three of the world’s leading financial authorities, AvaTrade has earned the trust of customers all around the globe. AvaTrade is the best broker for Muslim traders in Nigeria, attributable to the unique halal trading conditions that they can expect.

 

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. Over 12 years, FBS has earned a reputation as a reliable and secure broker. FBS is rapidly becoming the most popular online forex broker, and for good reason as it routinely attracts over 10,000 new customers daily.

 

👉 FBS offers a dedicated Crypto Account to Nigerian traders that can be accessed through an innovative and feature-rich trading app for iOS and Android devices.

 

Best Naira Trading Account 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 Naira trading account Crypto Broker in Nigeria. Traders at HF Markets may choose from a variety of retail trading accounts, each with its own set of features and trading conditions, to suit their individual needs.

 

👉 Another benefit that Nigerian traders can expect from HF Markets is localized support based in Nigeria and an NGN-denominated account.

 

Best Lowest Spread 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 lowest spread Crypto Broker in Nigeria. RoboForex has received many honours for excellent services and low spreads in addition to providing access to more than 12,000 trading items.

 

👉 RoboForex’s strong characteristics are its safe network and its ability to prevent the loss of a negative balance.

 

Best NDD Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA

Trading Desk

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FOREX.com is the best NDD Crypto Broker in Nigeria. FOREX.com has customers in over 180 countries throughout the globe, including both individuals and large financial institutions.

 

👉 When it comes to trading forex and CFDs, FOREX.com is a trusted name that consistently delivers for customers all around the globe.

 

Best STP 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 STP Crypto Broker in Nigeria. Over 200 financial products, many retail account types, and a wealth of other tools are now available to Exness traders. Exness is a trusted STP and ECN broker that offers a user-friendly trading platform for traders of all experience levels.

 

Best Sign-up Bonus Crypto Broker in Nigeria

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on MTrading’s website

Overall Rating

4.1/5

Rated #473 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

Not Regulated

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

👉 Overall, MTrading is the best sign-up bonus Crypto Broker in Nigeria. MTrading provides its international clientele with adaptable trading platforms and terms that set them apart in the industry.

 

👉 MTrading also offers an attractive welcome and sign-up bonuses to Nigerian traders once they have verified their live trading account.

Crypto CFDs versus Crypto Spot

Crypto CFDs versus Crypto Spot

👉 The concept of exchanging Bitcoin and other cryptocurrencies is well-known and accepted by many. Speculating on the price of a cryptocurrency and making a profit by purchasing cheap and selling high is a common strategy.

 

👉 Trading on an exchange, or “spot trading,” has been around for a while, but trading cryptocurrency CFDs is a new phenomenon. Without having to hold any cryptocurrency, traders may still profit from market swings by trading crypto CFDs.

 

👉 Those in favour of crypto CFDs point to the fact that you do not have to own any crypto as a benefit, which helps explain why CFD trading has garnered so much attention.

 

Crypto CFDs

👉 Contracts for difference (CFDs) are a type of financial derivative that legally bind the broker and trader together. Nigerian traders in a crypto CFD do not take physical possession of the underlying digital money.

 

👉 Instead, they bet that the value of their preferred crypto will either climb or decrease, hoping to benefit from the difference. Thus, if the trader’s forecast comes true, they can earn a profit. A loss will be charged against the trader if their forecast is incorrect.

 

👉 The gain or loss is calculated by multiplying the percentage change in the asset’s value by the number of units traded, with a cut going to the broker.

 

👉 It is possible to employ leverage while trading crypto CFDs, which is not possible when trading crypto on spot markets. Trading using leverage might be advantageous since it would allow traders to trade a larger volume of crypto than they could if they bought it all at once.

 

👉 However, it is important to remember that the stakes are higher when using more leverage.

 

👉 Furthermore, crypto CFDs have several additional benefits. Even though Bitcoin and Ethereum are two of the most popular cryptocurrencies, their price fluctuations might be too much for some day traders to bear.

 

👉 CFDs provide traders additional freedom and speed in entering and exiting trades, as well as the option to use stop loss and hedging methods.

 

👉 Here is where the trader could get an advantage, as the different cryptocurrency rates and quotations in USD or other cryptocurrencies give opportunities to hedge and minimize excessive market risk at a low cost and with a high degree of flexibility provided by CFDs.

 

Crypto Spot

👉 In addition to the advantages of trading crypto CFDs, trading crypto on an exchange directly offers its own set of benefits.

 

👉 Buying and selling cryptocurrency on your own eliminates the need for an intermediary and reduces your exposure to risk throughout both short- and long-term transactions thanks to the absence of leverage.

 

👉 As a bonus, crypto holders do not incur any costs for overnight storage, and the asset may be used for all kinds of transactions. Additionally, folks who are not used to employing leverage may find this approach more appealing.

 

👉 Since there is often a finance fee involved with retaining a CFD position overnight, evidence suggests that crypto CFDs are more popular for short-term trading. Because of this, it may be more expensive to conduct long-term trades with crypto CFDs.

 

👉 In contrast, cryptocurrency trading on an exchange may be done for any time frame, whether for a short position or a lengthy deal.

 

👉 Crypto spot and crypto CFDs both have their advantages and disadvantages, but both may be used to profit from the growth of the cryptocurrency market. One’s own preferences and financial condition will determine the best option.

How to start trading Crypto CFDs in Nigeria

How to start trading Crypto CFDs in Nigeria

➡️ Pick a trustworthy cryptocurrency CFD broker: Find a reliable CFD broker to handle your crypto trading. Make sure you know what to anticipate by researching the broker’s spreads and fees, as well as their leverage choices, regulatory licenses, trader protection measures, and licensing.

➡️ Sign up for a customer account by creating an account with a crypto broker of your choosing. Typically, this entails filling out an account opening form and submitting supporting documentation for know your customer checks. Signing up with INFINOX is simple and fast.

➡️ Put together a strategy for trading crypto: Create a trading strategy to back up your judgment calls, and make sure it includes appropriate risk mitigation steps. Read our guide on how to construct a trading strategy for more information.

Conclusion

👉 Those interested in trading cryptocurrencies in Nigeria should search for a reliable broker that provides a user-friendly trading interface with a wide range of digital assets along with the ability to do technical analysis with reasonable simplicity.

FAQ

Where can I buy crypto in Nigeria?

You can buy crypto from any trustworthy exchange in Nigeria, or you can trade crypto as a contract for difference (CFD) instrument.

 

What is the best app to trade cryptocurrency in Nigeria?

The best app currently for crypto traders in Namibia is FBS as it comes with a crypto trading account.

 

Can I buy Bitcoin with 5,000 NGN?

You can start investing in Bitcoin with any given amount, depending on your broker or exchange’s minimum investment amount.

 

How can I trade cryptocurrency in Nigeria for beginners?

You can start by consulting educational materials and sources offered online. Once you have learned enough, you can choose a broker or an exchange and register a demo account.

 

You can start trading using virtual funds until you have built up some skills in trading crypto. Once you are ready, you can make a minimal investment and start trading.

 

How many people in Nigeria use crypto?

During a survey in 2022, around 33.4 million Nigerians (35% of the overall population) use cryptocurrencies.

10/10 - (18 votes)

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