7 Best Forex Broker for Scalping in Nigeria
The 7 Best Forex Brokers for Scalping in Nigeria revealed. We tested and verified the best Forex Brokers for Scalping for Nigerian Traders.
This is a complete list of Forex Brokers for Scalping in Nigeria.
In this in-depth guide you’ll learn:
- What is scalping?
- Which scalping strategies can be used for Nigerian traders?
- Our recommended SEVEN scalping forex brokers for Nigerian Beginner Traders
- How to compare forex trading brokers against each other?
- How and can I trade forex with $5 (2 096 NGN)?
- Which scalping brokers offer a low minimum deposit of $5 (2 096 NGN)?
- Which brokers offer a signup bonus on a $5 (2 096 NGN) deposit?
And lots more…
So if you’re ready to go “all in” with the best-tested Forex Brokers for Scalping in Nigeria…
Let’s dive right in…
- Louis Schoeman
Best Forex Broker for Scalping in Nigeria – Comparison
| 🥇 Broker | ✔️ Scalping Broker? | 💸 Minimum Deposit (₦) | ✔️ Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open An Account |
| 1. AvaTrade | Yes | 41,500 Naira | No | Yes | 👉 Open Account |
| 2. eToro | Yes | 20, 775 Naira | No | No | 👉 Open Account |
| 3. Capital.com | Yes | 1,000 Naira | Yes | Yes | 👉 Open Account |
| 4. FXTM | Yes | 10,000 Naira | Yes | Yes | 👉 Open Account |
| 5. Exness | Yes | 2,000 Naira | No | Yes | 👉 Open Account |
| 6. FBS | Yes | 60,700 Naira | No | Yes | 👉 Open Account |
| 4. HFM | Yes | 2,000 Naira | Yes | Yes | 👉 Open Account |
7 Best Forex Broker for Scalping in Nigeria (2023)
- AvaTrade – Overall, Best Forex Broker for Scalping in Nigeria
- eToro – Top Islamic/Swap Free Broker
- Capital.com – Verified STP Forex Broker for Scalping
- FXTM – Best Low Minimum Deposit Broker
- Exness – Top Low Spread Forex Broker for Scalping
- FBS – User-Friendly Trading App in Nigeria
- HFM – Top MetaTrader 4/MT4 Forex Broker for Scalping
What is Scalping and how does it work?
👉 Scalping is the trading activity of initiating and closing positions rapidly. Many people think it is the best trading approach ever developed. In general, traders will follow market movements and keep equities for many days, weeks, or even months.
👉 Even day traders will engage in far less trading and instead concentrate on things like market news, economic forecasts, and other macroeconomic indicators.
👉 However, scalpers focus on short-term price changes and use a technique based on technical analysis. Scalpers are day traders that make anything from ten to several hundred deals. It is the quickest kind of trading possible.
👉 One reason why this strategy is so well-liked is that it could result in a significant sum of money after many tiny earnings. Because of the high frequency and volume of leverage used, however, scalping is seen as a high-risk trading strategy.
1. 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
👉 Popular among CFD traders, AvaTrade provides access to more than a thousand different marketplaces. Included in this are dozens of foreign exchange pairings, equities, bonds, indexes, and cryptocurrencies.
👉 AvaTrade’s commodity trading division is excellent, and it supports trading in a variety of energy and precious metals. Trading on AvaTrade’s 0% fee markets with competitive spreads makes it an excellent choice for those who engage in scalping tactics.
👉 AvaTrade also provides its customers with its own proprietary trading platform, which can be accessed online or via an app for iOS and Android devices.
👉 AvaTrade ensures that all the platforms it supports come equipped with innovative trading tools and features. When starting a trading account for the first time with AvaTrade, a minimum deposit of just one hundred dollars is required.
👉 Nigerians also have the option of wire transfer or using their debit or credit card to make deposits.
Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📲 Social Media Platforms | • Instagram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💳 Minimum Deposit (₦) | 41,500 Naira |
| 💵 Trading Assets | Forex, 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 spread | From 0.9 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is a trusted broker with a high level of trustworthiness | AvaTrade does not offer variable spreads |
| AvaTrade provides an attractive welcome bonus | There is a limited choice between retail accounts |
| There is a referral bonus offered when traders invite family and friends to register a real account | AvaTrade does not provide the benefit of a no-deposit bonus |
2. eToro
Overall Rating
- 4.8/5
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 eToro is also one of the top brokers for scalping nowadays. This platform provides a vast array of markets and asset types that are all priced reasonably. Those who prefer to scalp stocks or ETFs, for instance, may do so commission-free.
👉 This covers markets in the United Kingdom, Germany, the Netherlands, Canada, and Hong Kong, among others. eToro enables users to purchase cryptocurrency assets like Bitcoin, Shiba Inu, Ethereum, EOS, Dash, and more in addition to equities and ETFs.
👉 Due to their volatility, digital currencies are well suited for scalping methods. eToro is also one of the top forex brokers on the market, with a platform that supports about 50 major, minor, and exotic currency pairings.
👉 In addition to indices markets, eToro offers commodities trading instruments such as gold, silver, natural gas, and crude oil. eToro also permits leveraged buying and selling of assets. Nigerian traders will like how honest eToro is about the overnight finance costs it charges for leveraged transactions.
👉 This will allow scalpers to establish unambiguous entry and exit goals. Copy Trading is another highly regarded function offered by eToro.
👉 This feature enables users to replicate the transactions of a successful eToro investor. In proportion to the amount invested, each position will be added to the user’s portfolio.
👉 Nigerians will also like eToro’s solid regulatory status. The broker has licenses from CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, and SIPC.
👉 Nigerian traders must note that deposits and withdrawals made in US dollars are cost-free, but the Nigerian Naira will incur a 0.5% forex tax.
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 and Cons
| ✔️ Pros | ❌ Cons |
| eToro has a strict and solid regulatory framework | There are limitations on leverage for retail traders |
| Client fund safety is guaranteed and there is consumer protection offered | There is a limited selection of retail investor accounts |
| eToro offers commission-free trading | Fixed spreads are not offered |
| There are over 2,000 complex instruments that can be traded | The spreads are not the tightest |
| The broker offers several trading opportunities and a social trading feature | There is a high minimum deposit on the Islamic Account |
| There is an award-winning proprietary platform offered | There is an inactivity fee charged on dormant accounts |
| eToro offers 24/6 dedicated customer services | |
| eToro offers a demo account and an Islamic Account | |
| Algorithmic trading and margin trading supported | |
| Real time quotes are offered alongside a wide range of benefits | |
| The mobile app is secure and features robust security such as two-factor authentication | |
| The app can be used as a wallet app for digital currencies | |
| Offers several resources that help traders make improved financial decisions with confidence | |
| Offers several helpful tools and services as a solid basis for investment decision along with investment advice | |
| Provides access to several popular cryptocurrencies that can be traded and crypto staking services | |
| There is a comprehensive portfolio management service and popular investor program offered |
3. Capital.com
Overall Rating
- 4.5/5
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 the greatest overall scaling broker. The platform is home to tens of thousands of CFDs across numerous asset classes. This includes indices, foreign exchange, cryptocurrencies, commodities, exchange-traded funds, and stocks.
👉 Therefore, scalpers would never lack trade possibilities. Additionally, and probably most crucially, Capital.com does not charge fees for trading. In addition, spreads at Capital.com are quite competitive, and EUR/USD, for instance, may be traded with a spread of just 0.6 pips.
👉 In addition to inexpensive costs and access to hundreds of markets, most Nigerians like Capital.com’s trading tools. The principal web-based trading platform, which can be accessed using a typical web browser, has several technical indicators, price feeds, customisable charts, and other features.
👉 There is also the option to trade using the MT4 desktop program at Capital.com. Those who intend to participate in mobile scalping trading will certainly love the Capital.com app.
👉 This program for trading is available for free download on both iOS and Android smartphones, and it has complete functionality. Capital.com provides leverage on all supported markets, which is a significant advantage for scalping.
👉 The maximum leverage available to retail customers will be capped at 1:30 for main FX pairs, 1:20 for minors/exotics and gold, and a lesser amount for other assets.
👉 Additionally, Nigerians will like that all markets accept both buy and sell orders. Therefore, scalping traders can expect to benefit from both rising and declining markets.
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 and Cons
| ✔️ 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 |
4. FXTM
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FXTM (Forex Time) is a well-known online trading platform that serves a broad range of markets. This offers a multitude of currency pairings and FX indexes. The latter enables scalpers to hedge their holdings with a hand-selected selection of currencies. Also supported by FXTM are spot metals and equities.
👉 FXTM provides a selection of account kinds. Spreads on the advantage account begin at zero pips, and commissions are quite competitive.
👉 The micro account, which gives commission-free access to the forex markets and minimal spreads of 1.5 pips, might appeal to traders with a lighter trading volume. Those uncertain of the optimal account type may benefit from beginning with the demo trading option.
👉 This provides traders with risk-free access to the financial markets since they will enter and exit positions using paper money. FXTM supports both MT4 and MT5, in addition to its own native iOS and Android mobile apps.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| ⚖️ CBN Regulation? | No |
| 📊 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💰 Minimum Deposit (₦) | 4,100 Nigerian Naira equivalent to $10 |
| 💰 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets |
| 🔎 Nigerian Naira-based Account? | Yes |
| 💳 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 | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and award-winning forex broker | Inactivity fees are charged on dormant accounts |
| There is a dedicated customer support team available | FXTM does not offer its services to United States clients |
| There are several easy and quick funding and withdrawal methods offered | |
| There are three dynamic retail investor accounts to choose from with high maximum leverage ratios | |
| Low minimum deposit requirements and commission-free trading offered | |
| Deposit fees are not charged on any of the payment methods offered and the processing times on withdrawals are quick | |
| There is a selection of educational tools offered and research tools for experienced traders | |
| There is dedicated customer support offered in multiple languages |
5. 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
👉 The Exness Group was established in 2008 and holds licenses from several regulatory bodies. The organization counts more than 340,000 active traders in July among its membership and publishes important performance data on its website.
👉 Users of Exness can trade on a diverse array of asset classes, including Forex and CFDs on Crypto, Metals, Energies, Stocks, and Indices, across five primary trading accounts.
👉 These asset classes are covered by Exness. Account leverage of up to 1:2000 on MT4 and unlimited leverage on MT5 are both available with Professional Accounts.
👉 Trading commissions are waived on the Pro Account, while Raw Spread and Zero Accounts charge a commission of 3.5 USD per lot, per side. Professional Accounts are referred to as Raw Spread, Pro, and Zero.
👉 There are two types of standard accounts, which are both free of commissions and are referred to as Standard and Standard Cent. Demo accounts and accounts that do not allow swapping based on Islamic law are also available.
👉 Forex traders who are interested in achieving the lowest possible spreads might consider opening an ECN account with Exness. Traders that have an ECN account can obtain their currency rates straight from the interbank market, and in return, they are only required to pay the usual commission cost.
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 and Cons
| ✔️ Pros | ❌ Cons |
| Exness has a global presence and has authorization and regulation with market regulators around the globe | There is a limited selection of tradable instruments and only a few asset classes |
| Exness offers instant withdrawals and deposits | There are only a few funding options offered |
| Nigerian traders have a choice between several dynamic account types | |
| Client fund safety is guaranteed and there is investor protection offered | |
| Exness offers 24/7 customer support that is both prompt and helpful | |
| There are tight and variable spreads offered with competitive commissions |
6. 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
👉 FBS is without a doubt one of the finest brokers available for scalping on margin; nonetheless, inexperienced traders should exercise extreme caution before starting high-leverage positions. The ability for traders to issue scalping orders with a maximum leverage limit of 1:3000 will be of critical importance.
👉 This implies that simply placing a position for as little as ten dollars, could be increased to a position of thirty thousand dollars. The type of account that you choose determines the fees that you will be responsible for paying.
👉 A specific type of account, known as a zero-spread account, often comes with a fee rate of twenty dollars for each lot that is traded. The commission-free account, which comes with attractive minimum spreads of 0.5 pips, is likely to be the most popular choice among casual investors.
👉 The most significant disadvantage of FBS is that it only provides trading in 37 different forex pairs. Subsequently, Nigerians looking for exotic currency markets will be dissatisfied.
👉 However, despite this drawback, the FBS trading site also provides access to stocks, indexes, energies, and cryptocurrency.
Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| ⚖️ CBN Regulation? | None |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📱 Trading Platform | FBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform |
| 💵 Minimum Deposit (₦) | 400 Naira |
| 💳 Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FBS provides a demo account option on several account types | The demo account expires after 40 days and traders must register once again |
| Demo account registration is hassle-free | |
| Traders can either register manually using their email, or using social accounts and credentials |
7. HFM
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
Overview
👉 HFM is a multi-regulated online broker that is also socially responsible. They have received several accolades for the services that they give and continue to get praise for their work.
👉 They provide a wide variety of financial products for trading, together with low fee rates, low spreads, and dependable transaction times.
👉 If you are just starting, there is a helpful collection of instructional information accessible to you, and if you would want to practice trading online before making a real investment, free demo accounts are available to you.
👉 HFM has made it its mission to provide the most favourable trading circumstances available. This includes offering narrow spreads beginning at only 0.0 pips, rapid execution speeds, and cheap commission rates.
👉 They provide all traders with unrestricted access to a liquidity pool, as well as a variety of trading platforms, trading tools, and highly customizable account types. This ensures that you will always have access to some of the greatest pricing that is currently available on the market.
Features
| Feature | Information |
| 📈 Account Base Currencies | USD, ZAR, NGN |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Nigerian Deposits/Withdrawals | No |
| ⚖️ CBN Regulation | No |
| 📊 Account Types | Micro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC |
| 📈 Leverage | 1:1000 |
| 📊 Micro Account Offered? | Yes |
| 📈 Trading Tools | HF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more |
| 💻 Educational Material | Educational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos |
| 👥 Nigerian-Based Customer Support | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated CFD and Forex broker that has a decent trust score | United States clients and some other regions are not accepted by HFM |
| The spreads offered are low and competitive | There may be restricted leverage for EU clients because of regulatory requirements |
| There are several account types to choose from with reasonable trading fees charged | There are no variable spread accounts offered |
| HFM welcomes all types of traders and trading strategies | Limited 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 |
How to choose the Right Scalping Forex Broker in Nigeria
👉 To scalp forex, Nigerian traders must consider certain components of their broker to ensure that they have the ideal environment and conditions to follow these trading strategies. The aspects that Nigerians must evaluate about their broker include the following.
The jurisdiction of the broker
👉 You may believe that the location of your broker is irrelevant, but nothing could be farther from the truth. There are countries in the foreign exchange market where scalping is severely prohibited. It is essential to know the jurisdiction of your forex broker.
👉 Many offshore brokers, for example, forbid scalping. These same brokers are often unlicensed and deemed dangerous. The United States, Japan, Australia, the United Kingdom, and Cyprus, among others, have monetary, compensation, and scalping laws.
The broker’s policy toward scalping strategies
👉 Most major brokers have an explicit policy permitting the use of scalping strategies. Others make scalping for traders exceedingly difficult or unprofitable.
👉 Some explicitly reject scalping practices inside their organization. Before engaging in this potentially profitable endeavour, it is essential to understand the policies of your broker.
👉 For example, a broker that allows scalpers to trade must have a structure in place to prevent bankruptcy in the case of big gains or losses from their customers. When brokers trade against their customers, the overall market exposure is reduced to zero.
👉 This permits the company to remain unaffected by customer losses or gains. If a company is unskilled with scalping techniques and how to manage them, traders may encounter issues such as sluggish servers and closed accounts.
👉 However, it is vital to understand your firm’s policies to ensure that they can manage the high volume of transactions and leverage associated with scalping.
The Execution Speeds of the Broker
👉 It is vital to have a reputed broker with a regulated policy that permits scalping in the market. However, as crucial is the rate at which prices are updated.
👉 Since a scalper trades several times in a brief period, it is crucial to acquire the most recent quotations in a timely way and execute choices without delay. Slippage is inconceivable for scalpers.
👉 They must be able to trade continuously and without delay, otherwise, this kind of trading would be unworkable. Scalping is a high-intensity trading strategy that requires innovative instruments and highly efficient brokerage business.
Whether the broker uses an ECN platform
👉 Typically, brokers that permit scalping use ECN systems for their traders (Electronic Communication Network).
👉 These brokerages are among the quickest in the Forex industry, and they create a platform where market makers and traders may post competitive bids. This enables brokerages to permit scalping and provide reduced spreads.
👉 ECN brokers provide several additional perks. Traders that choose flexibility over standard market hours might benefit from the reduced costs and additional trading time that ECN-using brokers often provide.
👉 In addition, people who want privacy have access to a great lot of it. Another strength of ECN brokers is their degree of openness. All ECN brokers have access to pricing information and history, facilitating market analysis and aiding in the prevention of price manipulation.
👉 Additional considerations regarding ECN brokers include:
➡️ Account Size – Typically, larger deposits are necessary.
➡️ Execution – Compared to other systems, this platform’s fast speeds are unmatched. Occasionally, spreads are non-existent and may even be flipped by a few seconds.
➡️ The spreads are far smaller than those employed by conventional brokers; hence, ECN brokers charge a set fee for every transaction. However, spreads will fluctuate significantly since they are more accurately dependent on market supply and demand.
The conditions and fine print of scalping with your Broker
👉 If your broker is very respected and skilled, they should have no trouble presenting you with a definitive answer about whether scalping is allowed in the market.
👉 Their message should be clear and straightforward, without any ambiguity or doubt. If a broker is worried about scalping, you should not utilize them. Brokers that permit scalping and offer a nice environment and trading platform will welcome scalpers with open arms.
The Best Forex Brokers in Nigeria
👉 In this article, we have listed the best brokers that offer forex trading and scalping environments to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Scalping 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 MT4 Scalping broker in Nigeria. OANDA is a well-known broker and trading platform that gives access to many markets and a variety of services. These markets are accessible via three retail accounts, MT4, and the prestigious OANDA platform.
Best MetaTrader 5 / MT5 Scalping 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, HFM is the best MetaTrader 5 Scalping broker in Nigeria. Scalpers get the best price from HFM, which has a strong worldwide footprint and is associated with numerous respected liquidity providers.
👉 HFM gives scalpers a selection of trading accounts tailored to their specific requirements and aims.
Best Scalping Broker for beginners in Nigeria
Overall Rating
- 4.8/5
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
👉 Overall, IG is the best Scalping broker for beginners in Nigeria. IG offers an extensive selection of trading tools and instructional materials for traders of all levels of expertise.
👉 Due to its low DMA spreads of 0.1 pips, a vast array of trading instruments, and extensive news, research, and instructional resources, IG is an excellent choice for both newbie and experienced traders.
Best Low Minimum Deposit Scalping Broker in Nigeria
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXTM is the best Low Minimum Deposit Scalping Broker in Nigeria. FXTM makes it simple for scalpers to open an account and begin forex market scalping.
👉 FXTM is well recognized for its minimal commission fees and zero-pip spreads. FXTM is the perfect broker for forex scalping in Nigeria.
Best Scalping ECN Broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
400 Nigerian Naira equivalent to $1
Regulators
FCA, ASIC, CySEC, EFSA, JSC
Trading Desk
• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
Crypto
Yes
Total Pairs
35 Forex Currency Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Admirals is the best Scalping ECN broker in Nigeria. Admirals is a worldwide regulated broker that offers six retail accounts with Market and Exchange execution and caters to all sorts of traders. Nigerians can also anticipate zero pip spreads and modest commission fees.
Best Islamic / Swap-Free Scalping Broker in Nigeria
Overall Rating
- 4.8/5
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
👉 Overall, eToro is the best Islamic / Swap-Free Scalping broker in Nigeria. eToro provides over 3,000 financial products across many asset classes, including equities, cryptocurrencies, and more.
👉 Muslim traders may convert their live accounts to an Islamic option so they can trade halal instruments without incurring swap fees by converting their accounts to an Islamic Option.
Best Scalping 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 Scalping trading app in Nigeria. FBS is a good broker for mobile scalpers because of its creative and strong mobile trading interface. FBS has a low entrance threshold for forex trading and provides its services in over 190 countries globally.
Best Naira Trading Account Scalping Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Alpari is the best Naira trading account Scalping broker in Nigeria. When scalpers want local assistance, Alpari, a Nigerian-based forex broker, can provide it. Scalping can be carried out using either MetaTrader 4 or 5, as well as Alpari’s own trading software.
Best Lowest Spread Scalping 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 lowest spread Scalping broker in Nigeria. Exness is a well-regarded STP and ECN broker with changeable spreads. These spreads depend on the financial instrument, account type, and market circumstances overall.
👉 Traders may anticipate zero-pip spreads from Exness due to its better liquidity and pricing collected from the industry’s leading liquidity providers.
Best Nasdaq 100 Scalping 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 Nasdaq 100 Scalping broker in Nigeria. Pepperstone is one of the major FX and CFD brokers and offers Nigerian scalpers a secure choice. Pepperstone provides some of the most competitive liquidity and transaction execution speeds.
Best Volatility 75 / VIX 75 Scalping Broker 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 Volatility 75 / VIX 75 Scalping broker in Nigeria. AvaTrade provides Nigerian scalpers with a variety of sophisticated trading options. AvaTrade provides VIX, which Nigerians may trade on desktop and mobile devices in addition to online browsers.
👉 AvaTrade also provides training resources for novices and sophisticated trading tools for seasoned traders seeking to develop their trading tactics.
Best NDD Scalping Broker in Nigeria
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
👉 Overall, FP Markets is the best NDD Scalping broker in Nigeria. FP Markets excels as a broker utilizing the MetaTrader platform. FP Markets is one of the most inexpensive brokers accessible to traders worldwide.
👉 FP Markets is an NDD broker that provides market execution and liquidity from BNP Paribas, Commerzbank, Barclays, and several other institutions. Traders may anticipate zero-pip spreads across a vast array of significant financial markets.
Best STP Scalping 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 STP Scalping broker in Nigeria. XM has a worldwide reach and is among the finest brokers in Nigeria for Scalpers. XM provides a selection of asset classes and a leverage ratio of up to 1:888.
Best Sign-up Bonus Scalping Broker in Nigeria
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best sign-up bonus Scalping broker in Nigeria. RoboForex, which has garnered a few awards throughout the years, provides over 12,000 traded goods on a variety of platforms.
👉 RoboForex obtains its liquidity from eight different providers and provides market execution, so traders may anticipate zero-pip spreads and cheap commission rates on ECN Accounts.
Conclusion
👉 In the forex market, the top scalping brokers will not only provide an abundance of tradable markets, but also minimal fees and narrow spreads. Users from Nigeria should also check that the broker provides quick execution speeds and enough leverage.
👉 While scalping is a popular trading strategy that can be very profitable, Nigerian traders must ensure that they research and test their strategy using a demo account. This will ensure that they protect themselves before they enter a volatile trading environment.
👉 Scalping can be extremely risky because of its fast-paced nature, and it is not an ideal strategy for complete beginners.
FAQ
Can you make money scalping in Nigeria?
Yes, you can earn money with scalping. Although scalping reduces the magnitude of winning transactions, it dramatically improves the winning-to-losing ratio. However, other traders choose alternative tactics that provide them with the opportunity for greater gains.
Which market is best for scalping?
The ideal markets for scalping are those with high volatility and tight trading ranges. The most frequent markets for scalping are currency, stocks, and cryptocurrencies.
What time is the best for scalping?
Scalping should be done when the trading volume and liquidity are increased, thus the best time is when the London and New York sessions overlap.
Do scalpers lose money?
Yes, scalpers can lose money because of the volatility involved, excessive use of leverage, and several other reasons.
How many trades do Nigerian scalpers do in a day?
Scalpers typically carry out a few up to 100 trades per day, aiming for small profits within every session.
Top 3 Brokers