7 Best cTrader Brokers for Retail Traders in Nigeria
The 7 Best cTrader Forex Brokers in Nigeria revealed. We tested and verified the best cTrader forex brokers with fast entry and execution for Nigerian Traders.
This is a complete list of cTrader forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is cTrader?
- Who are the best cTrader brokers in Nigeria?
- How to choose a forex broker – Compare them side by side by fast entry, best scalping conditions, and best for fast execution.
- Which broker is the best for your trading styles?
- Which broker offers a sign-up bonus to first-time traders?
- What is the difference between cTrader and MetaTrader4?
And lots more…
So if you’re ready to go “all in” with the best-tested cTrader forex brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best cTrader Brokers for Retail Traders in Nigeria – Comparison
| 🏛️ Broker | ✔️ cTrader Broker? | 💵 Minimum Deposit (₦) | 💵 Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open Account |
| 1. Pepperstone | Yes | 60,700 NGN | Yes | Yes | 👉 Open Account |
| 2. IC Markets | Yes | 83,000 NGN | No | No | 👉 Open Account |
| 3. RoboForex | Yes | 4,100 NGN | Yes | No | 👉 Open Account |
| 4. Octa | Yes | 41,500 NGN | No | No | 👉 Open Account |
| 5. FXPro | Yes | 41 453,00 NGN | No | Yes | 👉 Open Account |
| 6. FP Markets | Yes | 30,800 NGN | Yes | No | 👉 Open Account |
| 7. Axiory | Yes | 41 453,00 NGN | No | Yes | 👉 Open Account |
What is a cTrader Forex Broker?
👉 Definition: cTrader is a complete trading platform solution for Forex and CFD brokers to offer their traders. The platform is packed with a full range of features to cater to each and every investment preference imaginable.
7 Best cTrader Brokers for Retail Traders in Nigeria (2023)
- Pepperstone – Overall, Best cTrader Broker
- IC Markets – #1 Scalping Broker for Nigerians
- RoboForex – Top cTrader Copy Trading Broker
- OctaFX – Low Commission-Free Forex Broker in Nigeria
- FxPro – Fastest Execution Broker
- FP Markets – True ECN Forex Broker
1. Pepperstone
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
Overview
👉 A relatively new broker, Pepperstone has swiftly become one of the top forex brokers in Australia (and the world), as evidenced by the numerous awards it has received, and Nigerian investors and traders have a great deal of respect for it.
👉 In addition to ECN access via cTrader, Pepperstone is one of the few forex brokers to provide DMA (Direct Market Access) implementation. Since the broker is regulated by both the FCA and ASIC, practically all forex traders have a high degree of confidence in this product.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (₦) | 60,700 Nigerian Naira |
| 💰 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Trust Score and Nigerian Market Share
👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
2. 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
👉 IC Markets is one of Australia’s fastest-growing forex brokers. As an ECN broker with headquarters in Sydney and operating offices around the world, IC Markets has a wide range of locations, including Vietnam and China, and now Nigeria.
👉 It is regarded as one of the world’s leading forex brokers. With a wide variety of trading platforms (including cTrader) and excellent customer service, IC Markets is an excellent choice for Nigerian traders.
👉 ASIC and CySEC, two of the most respected agencies in the forex sector, have both fully regulated them as leading forex broker.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSA in Seychelles, and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📱 Trading Platform | cTrader, MT4 and MT5 |
| 💵 Minimum Deposit (₦) | 83,000 Nigerian Naira |
| 💰 Trading Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| IC Markets is reputable and well-regulated, offering a safe environment and investor protection | The initial deposit is higher than other brokers |
| The broker is compliant with regulatory requirements | There may be a conversion fee charged |
| IC Markets offers a wide range of tools, technical indicators, trading ideas, and comprehensive trading services. | United States traders, amongst some other regions, are not accepted |
| The broker accepts all trading strategies including automated trading strategies, scalping, hedging, and so on. | Fixed spread accounts are not provided |
| IC Markets is known for providing a safe, transparent trading experience through powerful desktop platforms, web terminals, and mobile trading platforms | IC Markets does not have any proprietary trading platforms |
| There are several educational articles offered to beginner traders | |
| Traders can expect deep liquidity and reliable trade execution | |
| There is a transparent fee structure with low trading costs and competitive spreads | |
| There is a wide range of tradable instruments offered |
Trust Score and Nigerian Market Share
👉 IC Markets has a very high trust score of 85% and a market share of <5% in Nigeria.
3. RoboForex
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Despite the name, this broker does not offer automated trading services, but rather a wide range of Forex trading services, ECN business accounts (via cTrader), business accounts, extremely high leverage ratios (1000: 1), and extremely compelling Cent (cents) Accounts, suitable for any Nigerian traders wishing to learn about Forex trading.
Unique Features
| Feature | Information |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Prime Account, ECN Account, R Stockstrader Account, ProCent Account, Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app |
| 💵 Minimum Deposit (₦) | 4,100 NGN |
| 💰 Trading Assets | Forex, Stocks, Indices, Cryptocurrencies |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | from 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Offers a massive range of tradable instruments across financial markets | United States clients, and some other regions, cannot register with RoboForex |
| Provides professional yet user-friendly trading platforms | There are no fixed spread accounts offered |
| Low initial deposit requirement on all account types | There is no FCA, CySEC, FSCA, or other regulation with popular market regulators |
| There are several flexible account types with competitive trading conditions and transparent trading costs | Offshore broker with offshore regulation |
| Offers a vast range of research tools to experienced traders | Market Maker forex broker that can benefit from the losses of clients |
| Award-winning broker that ensures client fund protection | Inactivity fee may apply to dormant accounts |
| Negative balance protection applied to all account types | Withdrawal fee charged on several payment options |
| RoboForex has obtained Verify My Trade, proving trade execution speeds | |
| Comprehensive social trading platforms offered |
Trust Score and Nigerian Market Share
👉 RoboForex has a trust score of 66% and an overall market share of <5% in Nigeria.
4. Octa
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
CySEC, FSA-St-Vincent, FSCA
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 In addition to currency pairs, OctaFx offers trading in gold and silver. Using their trial accounts, Nigerian traders can participate in trading competitions that provide the chance to win real money. Many traders find their welcome bonus to be highly enticing.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader |
| 💵 Minimum Deposit (₦) | 41,500 Nigerian Naira |
| 💰 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | from 0.6 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Octa offers reliable, instant deposits and withdrawals | Offshore broker with tier-2 regulation, which is not ideal |
| The broker offers copy trading accounts through its proprietary trading app | There is a limited selection of trading instruments offered |
| Offers social trading opportunities | There is a limited selection between retail accounts |
| Octa is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals | Limited options for base currencies on accounts |
| The trading conditions that Octa offers Nigerian traders are transparent and reasonable | |
| Commission-free trading is offered on all retail investor accounts along with tight spreads | |
| Offers an unlimited virtual trading account and an Islamic Account for Muslim traders | |
| There is a range of advanced trading tools offered | |
| Octa offers versatile and reliable payment methods for deposits and withdrawals |
Trust Score and Nigerian Market Share
👉 Octa has a trust score of 61% and an overall market share of <5% in Nigeria.
5. FxPro
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 5000 NGN
Regulators
CySec, FSCA, FCA
Trading Desk
FxPro Trading Platfrom
Crypto
Yes
Total Pairs
300+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FxPro is a well-respected Forex broker with more than 870,000 customers in 173 countries, making it one of the largest in the market. Among the six asset classes offered by FxPro are forex, equities, indices, futures, metals, and energy. The firm’s execution model does not involve a dealing desk.
👉 Only 100 USD is required to open a live account with FxPro, however trading expenses are greater than with other brokers. The spreads for MetaTrader accounts start at 1.41 pips (EUR/USD) and 0.31 pips (EUR/USD) with a commission of 9 USD each round turn for Nigerian traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, CySEC, FSCA, DFSA, SCB |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MT4 Instant Account, MT4 Account (Market Execution), MT5 Account, cTrader Account, FxPro Edge Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5 and cTrader |
| 💵 Minimum Deposit (₦) | 41 453,00 Nigerian Naira |
| 💰 Trading Assets | Forex, cryptocurrencies, energies, stock CFDs, futures, indices, metals |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.3 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FxPro offers a broad range of tradable instruments. | Limited protection at offshore entity. |
| FxPro offers competitive spreads. | High recommended minimum deposit for Nigerian traders |
| FxPro provides fast order execution. | FxPro Edge Platform is only available in the English language |
| With FxPro, Nigerian traders have multiple platforms available. | Inactivity fee charged to Nigerian traders whose accounts go dormant |
| Nigerian traders have multiple account types available with FxPro | |
| Third party tools available to Nigerian traders for more comprehensive analysis | |
| Fast deposits and withdrawals available to Nigerian traders | |
| Fixed and variable spread accounts which allow for more flexibility in pricing |
Trust Score and Nigerian Market Share
👉 FxPro has a trust score of 90% and an overall market share of <5% in Nigeria.
6. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets is a well-established CFD and FX broker. Over 10,000 CFDs are available, with spreads starting at 0.0 pip.
👉 Nigerian traders can profit from a vast liquidity pool of licensed financial institutions thanks to the broker’s direct access to its top liquidity suppliers. Diverse liquidity and aggressively competitive pricing can be found at FP Markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 📱 Trading Platform | cTrader, MT4 and MT5 |
| 💵 Minimum Deposit (₦) | 30,800 NGN |
| 💰 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker that has a high level of trustworthiness | There are no fixed spread accounts offered |
| There is a wide range of markets that can be traded across asset classes | There is no dedicated Naira account offered to Nigerian traders |
| There are powerful trading platforms supported across devices | There are withdrawal fees charged |
| Nigerian traders receive an ECN pricing model with raw and tight spreads | There are administration fees charged on the Islamic Account |
| There is guaranteed fast trade execution through the Equinix servers | |
| Commission-free trading is provided | |
| There is a dedicated Islamic account option for Muslim traders | |
| There are no inactivity fees charged on dormant accounts | |
| Copy-trading and automatic trading is offered |
Trust Score and Nigerian Market Share
👉 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.
7. Axiory
Overall Rating
- 4.8/5
Min Deposit
10 USD / 4145 NGN
Regulators
IFSC, MFSC and FSC
Trading Desk
MetaTrader4, MetaTrader5, CopyTrade and cTrader
Crypto
No
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Low minimum deposit requirements and excellent training resources make Axiory a popular choice for novice Nigeriant traders who want to get started in the financial markets.
👉 With Axiory’s educational and market analysis products, novice traders will find a lot of value. There are bi-weekly webinars led by industry professionals, and Axiory’s trading academy provides courses, articles, and tutorials.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IFSC, FSC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | NANO, Standard, MAX, Terra and Alpha |
| 📱 Trading Platform | MT4, MT5, cTrader, CopyTrade |
| 💵 Minimum Deposit (₦) | 4 145,30 Nigerian Naira |
| 💰 Trading Assets | Forex pairs, Stocks, ETFs, Metals, Energies, CFD indices and Stock CFDs |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Wide variety of trading platforms from which Nigerian traders can choose | Demo account has limited functionality |
| Very tight spreads available | High commission is charged on certain instruments |
| Fast withdrawals with no additional charges |
Trust Score and Nigerian Market Share
👉 Axiory has a trust score of 76% and a market share of <5% in Nigeria.
Overview
👉 cTrader is a well-known trading platform in the financial trading industry. Spotware founders Andrey Pavlov and Ilya Holeu created it in 2010. Fast entry and execution, extensive charting tools, order types, level II pricing, and more are all features of this multi-asset CFD and Forex trading platform.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 cTrader’s user-friendly interface is accessible through web browser, phone, or download, and is a good option for Nigeria traders seeking an advanced trading software environment.
Understanding cTrader
👉 Multi-asset trading platform cTrader provides comprehensive charting capabilities, advanced order types, level II pricing and quick execution.
👉 It has a magnificent user interface, is linked to the most advanced backend technology, and can be accessed from a variety of different devices at the same time by Nigerian traders.
Chart trading with cTrader
👉 cTrader’s charting and trading functions are integrated smoothly. Chart Trading in cTrader is quick and precise. To open orders with Stop Loss and Take Profit, traders can use QuickTrade settings to establish Market, Limit and Stop Orders.
👉 Orders and positions that have already been placed can be changed at any moment by dragging and dropping objects on the chart. Order tickets are completely omitted from the trading process thanks to this cutting-edge feature.
👉 There are a wide selection of charts to choose from. Line studies automatically change to the timeframe and zoom level for an in-depth or birds-eye view of currency price action.
👉 There is immediate access to all of the necessary technical analysis tools, including trend indicators and oscillators as well as volatility measures and line drawings. For example, there are more than 70 pre-installed indications and objects, including shapes and text.
Special trading features
👉 There is a lot of information available to help investors manage risk and make better trading decisions with cTrader’s advanced trading capabilities, which include asynchronous order processing, level two pricing, advanced order types, and a wealth of information to support risk management.
👉 Directly from liquidity providers, cTrader offers the full range of executable prices. Volume Weighted Average Price (VWAP) is used to satisfy orders against the entire order book (VWAP).
👉 It is possible for Nigerian traders to activate Pending Orders or Stop Losses by the opposing side, the second consecutive price, and even the second consecutive opposite price, in order to defend against erroneous pricing.
👉 A position can be scaled out using Advanced Take Profit, Stop Loss, and Server Trailing Stops, all of which can be set to break-even.
👉 Two stop-out options are available in cTrader. A smart stop-out provides the highest possibility of recovery in the event that margin falls below the stop-out threshold. To keep the position and the entry point, the position with the highest margin will be partially closed.
👉 Margin, positions, and equilibrium are all safeguarded by this method. Instead, Fair Stop-Out terminates the greatest margin-taking position fully, rather than the most unprofitable position. In order to protect the remaining places, this strategy frees up as much room as feasible for Nigerian traders.
The Best cTrader Brokers in Nigeria
👉 cTrader is an advanced trading platform that provides comprehensive charting capabilities and a wealth of trading features to Nigerian traders.
👉 However, not all Forex brokers offer access to the cTrader platform, which is why we have compiled this list of the best cTrader brokers available to Nigerian traders.
👉 This “10 Best” is a comprehensive study of the FX market done by our staff in March 2023. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.
👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.
👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:
- Best Customer Support
- Lowest Spreads and Commissions
- Regulation
- Variety of trading instruments
- Highest leverage
- Negative reviews by their clients
- Minimum Deposit to start trading
👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.
➡️ Pepperstone
➡️ IC Markets
➡️ RoboForex
➡️ Octa
➡️ FxPro
➡️ FP Markets
➡️ Axiory
How to Choose a Forex Broker
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Nigeria
👉 The brokers featured on this list provide offer the cTrader platform to Nigerian traders alongside some of the best trading conditions in the market. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best TradingView Forex broker for Nigerian traders
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
👉 Pepperstone offers TradingView as well as cTrader to Nigerian traders, providing for a comprehensive set of trading and analytical tools.
Best scalping Forex broker for Nigerian traders
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
👉 IC Markets is the best Forex broker that will support scalping traders from Nigeria alongside excellent and competitive pricing and conditions.
Best copy trading Forex broker for Nigerian traders
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
No
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 RoboForex offers excellent copy trading capabilities for automated Nigerian traders through its CopyFX app.
Best commission-free Forex broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
CySEC, FSA-St-Vincent, FSCA
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Octa offers commission-free trading conditions for Nigerian traders alongside a transparent trading environment.
Best Forex broker offering fast execution to Nigerian traders
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 5000 NGN
Regulators
CySec, FSCA, FCA
Trading Desk
FxPro Trading Platfrom
Crypto
Yes
Total Pairs
300+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FxPro offers ultra-fast order execution of 14 milliseconds to Nigerian traders, making this list as the best Forex broker for rapid order execution and enhanced trading capabilities.
Best ECN Forex broker for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FP Markets offers the best ECN capabilities on this list, allowing Nigerian traders to benefit from direct market pricing.
Best tight spread Forex broker for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
10 USD / 4145 NGN
Regulators
IFSC, MFSC and FSC
Trading Desk
MetaTrader4, MetaTrader5, CopyTrade and cTrader
Crypto
No
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Axiory offers very tight spreads to Nigerian traders along with no charges on either deposits or withdrawals for truly competitive pricing.
FAQ
Why should I choose a cTrader Forex broker?
There are several benefits to using a cTrader broker. For example, forex brokers who pick the cTrader platform, do so because of the rapid execution of trades and for charting purposes. Another key advantage of picking these brokers is the removal of dealing desk interference.
How to choose a cTrader broker?
cTrader brokers should be assessed from the perspective of their regulation, customer support, pricing structure, available trading features, account variety, and they types of assets which can be traded.
How is cTrader different?
cTrader, in contrast to MetaTrader and the majority of other broker-owned platforms, only serves as an ECN platform. A direct connection between traders and the global Forex market will imply that there will be no dealing desk interference, either automatic or otherwise.
This is due to the fact that Spotware manages all of the cTrader infrastructure and the interface you get from your broker is only an interface. Commissions and spreads can be adjusted by the broker, but not the price feed or market data.
Should I choose cTrader?
This cross-broker trading platform’s reputation for openness, rapidity of product development, and high-speed trade execution make it a welcome choice for traders.
When compared to MetaTrader 4, cTrader’s trading management and visual aesthetics are clearly superior to that of its rival.
Which brokers offer cTrader?
Not all brokers off cTrader to Nigerian traders, and we have compiled the list of best cTrader brokers in this comprehensive list.
Conclusion
👉 Now it is your turn to participate:
➡️ Which broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the minimum deposit or because of leverage?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
Top 4 Brokers
