6 Best Volatility 75 Index Forex Brokers in Nigeria
The 6 Best Volatility 75 Index Forex Brokers in Nigeria. We tested the best VIX 75 index forex brokers for Nigerian Traders.
This is a complete guide to brokers that offers traders in Nigeria the chance to trade on the Volatility 75 Index
In this in-depth guide you’ll learn:
- What is the Volatility 75 Index and why Nigerian Traders should invest/trade in it?
- Volatility 75 index vs NASDAQ 100 index – Explained
- How to choose the best VOL 75 broker for your trading style
- The Best Metatrader 4 (MT4) and Metatrader 5 (MT5) VIX 75 platforms.
- Who is our #1 recommended 75 Index Volatility Broker in Nigeria
- Which Vix 75 broker offers a no deposit sign-up bonus?
Lots more…
So if you’re ready to go “all in” trading with a VIX 75 Index Forex Broker, this guide is for you.
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
6 Best Volatility 75 Index Forex Brokers in Nigeria (2023)
- IG Group – Overall, the Best Volatility 75 index broker
- HFM – Local NGN Broker in Nigeria offering VIX 75 index trading.
- AvaTrade – Great all-around Broker for Beginner traders.
- IC Markets – Largest True ECN and VOL 75 Broker for Nigerians
- eToro – Best Social and Copy Trading Platform
- Plus500 – Excellent Web Base Trading and 24/7 Live Support
What is the Volatility 75 Index?
👉 The Volatility 75 Index tracks implied volatility based on the options market. The overall stock market is long-biased, which means that the VIX generally displays sideways to gradual down movements. It is the VIX’s sustained low levels that warn keen investors of potential complacency in the market.
Best Vix 75 Index Forex Brokers in Nigeria – Comparison
| 🥇 Broker | 💻 Volatility 75 Index Broker? | 💳 Minimum Deposit (₦) | 💸 NGN Deposits Allowed? | 👉 Open An Account |
| 1. IG | ✔️ Yes | 104,000 Nigerian Naira equivalent to $250 | Yes | 👉 Open Account |
| 2. HFM | ✔️ Yes | 2,000 Nigerian Naira equivalent to $5 | No | 👉 Open Account |
| 3. AvaTrade | ✔️ Yes | 41,000 Nigerian Naira equivalent to $100 | No | 👉 Open Account |
| 4. IC Markets | ✔️ Yes | 83,000 NGN equivalent to $200 | No | 👉 Open Account |
| 5. eToro | ✔️ Yes | 83,000 NGN equivalent to $200 | No | 👉 Open Account |
| 6. Plus500 | ✔️ Yes | 41,000 Nigerian Naira equivalent to $100 | No | 👉 Open Account |
1. IG Group
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
Overview
IG Groups is one of the largest online brokers in the world with a massive tradable instrument portfolio of over 17,000. Nigerian traders have access to some of the best trading conditions in the industry, a range of advanced tools, educational material, and a choice in retail investor accounts.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | IG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX) |
| 💻 Trading Platform | MetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API |
| 💳 Minimum Deposit (₦) | 104,000 Nigerian Naira equivalent to $250 |
| 📈 Trading Assets | Forex, 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 spread | 0.1 pips (DMA) on EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
Average Fees
️ Typical spread – 0.1 pips EUR/USD
️ Minimum Deposit – 104,000 Nigerian Naira equivalent to $250
️ Overnight Fees on forex, for instance, is the nights held x (tom next rate from the underlying market as well as an annual fee) x trade size
️ Deposit/Withdrawal fee (range)
IG Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated and large forex broker with regulations in several regions through reputable market regulators including the Financial Conduct Authority | High minimum deposit requirement when registering an account |
| Competitive trading conditions are offered | There 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 |
Trust Score and Nigerian Market Share
Trust Score – 99%
Market Share – <5%
2. 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 one of the most regulated forex and Contracts for Difference (CFD) trading brokers in the industry. HFM has a truly global presence and offers its trading services and solutions to all types of traders around the world.
HFM is an ideal forex broker for beginners, advanced traders, and institutional investors because of the dynamic trading conditions, advanced trading tools, forex platforms, and education offered.
HFM Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💳 Minimum Deposit (₦) | 2,000 Nigerian Naira equivalent to $5 |
| 📈 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Average Fees
️ Typical spread – From 0.0 pips
️ Minimum Deposit – 2,000 Nigerian Naira equivalent to $5
️ Commissions – From $3 for forex major pairs and $4 for other complex instruments
️ Overnight Fees – swaps are adjusted daily according to the market conditions and the rates which are obtained by price providers
HFM Pros and Cons
| ✔️ Pros | ❌ Cons |
| HFM is a trusted broker with a strong international presence | Clients from the United States are not accepted |
| Regulated by several entities, including the strict and demanding Financial Conduct Authority | Variable competitive spreads are not offered |
| There are several bonuses and promotions offered | Limited selection of deposit methods and withdrawal options |
| There is a decent selection of retail investor accounts offered | |
| The broker offers tight spreads and commission-free trading options |
Trust Score and Nigerian Market Share
Trust Score – 83%
Market Share – 2.5%
3. 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
AvaTrade is the largest forex broker for beginner traders in Nigeria. The broker offers an impressive portfolio of educational material spread across forex articles, guides, tutorials, educational videos, and more.
AvaTrade also offers a wide range of complex instruments that can be traded across several financial markets. While there is only one retail account, AvaTrade offers some of the most competitive spreads that can be expected from a market maker broker.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💳 Minimum Deposit (₦) | 41,000 Nigerian Naira equivalent to $100 |
| 📈 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, Contract for Difference (CFD), Precious Metals |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
Average Fees
️ Minimum Deposit – 41,000 Nigerian Naira equivalent to $100
️ Typical spread – 0.9 pips EUR/USD
️ Overnight Fees – EUR/USD is -0.0026% sell and -0.0067% buy.
AvaTrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with competitive spreads and various social trading opportunities | IC Markets does not hold regulations from the Financial Conduct Authority (FCA) |
| Flexible and powerful trading platforms are available for the web, desktop platforms, and mobile devices | United States traders are not accepted |
| There are low trading costs involved | Fixed spreads are not offered |
| The transaction costs are transparent and cater for various traders despite their financial situation |
Trust Score and Nigerian Market Share
Trust Score – 91%
Market Share – <5%
4. 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 has been in operation since 2007 and it is the largest true Electronic Communications Network (ECN) forex broker in the forex market. IC Markets is well-regulated and offers advanced trading services and solutions to professional traders, novice traders, and institutional investors who seek the best trading conditions.
IC Markets also offers access to the best liquidity providers in the trading industry as part of an ever-expanding list. In addition, IC Markets also offers tailored trading solutions to retail traders in Nigeria who want to add a competitive edge to their trading activities.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail, Professional |
| 💻 Trading Platform | eToro trading app and web-based platform |
| 💳 Minimum Deposit (₦) | 83,000 NGN equivalent to $200 |
| 📈 Trading Assets | Forex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 1 pip EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
Average Fees
️ Typical spread – 0.0 pips EUR/USD
️ Minimum Deposit – 83,000 Nigerian Naira equivalent to $200
️ Commissions – from $3 per side/$6 per round turn
️ Overnight Fees – EUR/USD is -3.98 long and 0.35 short
IC Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with competitive spreads and various social trading opportunities | IC Markets does not hold regulations from the Financial Conduct Authority (FCA) |
| Flexible and powerful trading platforms are available for the web, desktop platforms, and mobile devices | United States traders are not accepted |
| There are low trading costs involved | Fixed spreads are not offered |
| The transaction costs are transparent and cater for various traders despite their financial situation |
Trust Score and Nigerian Market Share
Trust Score – 85%
Market Share – 3.7%
5. eToro
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
Overview
eToro stands out as the best social trading broker for Nigerians in addition to being multi-regulated and well-established forex and CFD broker. eToro is also popular because of its robust proprietary desktop platform and mobile app that offers Nigerian traders access to VIX and several other financial instruments.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail, Professional |
| 💻 Trading Platform | eToro trading app and web-based platform |
| 💳 Minimum Deposit (₦) | 83,000 NGN equivalent to $200 |
| 📈 Trading Assets | Forex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 1 pip EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
Average Fees
️ Minimum Deposit – 83,000 NGN equivalent to $200
️ Typical spread – 1 pip EUR/USD
️ Overnight Fees – EUR/USD is $-0.00000857 on a short (sell) position and $0.00005637 on a long (buy) position.
️ Withdrawal fee – $5 flat fee on all payment methods
️ Currency Conversion Fee – from 50 pips
eToro Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with Financial Conduct Authority regulation amongst other popular market regulators | MetaTrader is not provided or supported |
| Large online community | Limits are applied to the maximum leverage for retail clients |
| Powerful trading software provided | There is a limited selection of types of accounts |
| Offers a wide range of complex instruments that can be traded | Fixed competitive spreads are not offered |
| Trusted broker that provides negative balance protection, client fund security, and investor protection | The spreads charged are not the tightest |
| There is an inactivity fee applied |
Trust Score and Nigerian Market Share
Trust Score – 91%
Market Share – <5%
6. Plus500
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
Plus500 is not only the best CFD broker on this list but also the broker that features one of the most powerful, innovative proprietary trading platforms in the forex industry. In addition, Plus500 allows Nigerian traders access to over 2,000 financial instruments spread across several markets.
Plus500 offers tailored solutions to intermediate traders and professional investors from around the world, despite their trading styles or objectives.
Unique Features
| Feature | Information |
|---|---|
| ⚖️ Regulation | SIC, FMA, FSCA, FCA, CySEC, FSA, MAS |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Standard trading account |
| 💻 Trading Platform | Proprietary mobile trading app mobile devices and web-based trading |
| 💳 Minimum Deposit (₦) | 41,000 Nigerian Naira equivalent to $100 |
| 📈 Trading Assets | Forex, Indices, Commodities, Cryptocurrencies, Shares, Options, Exchange-Traded Funds (ETFs) |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | No |
| 📈 Minimum spread | 0.8 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | No |
Average Fees
️ Typical spread – 0.8 pips EUR/USD
️ Minimum Deposit – 41,000 Nigerian Naira equivalent to $100
️ Overnight Fees – EUR/USD is -0.0074% when traders go long and -0.0039% when traders go short
Plus500 Pros and Cons
| ✔️ Pros | ❌ Cons |
| Trusted and well-established CFD trading broker for beginner traders and institutional investors | Guaranteed stops are not free |
| Offers 24/7 customer service | There is restricted leverage on retail accounts |
| There are no commissions on trades | There is an inactivity fee applied |
| Negative balance protection is applied | Most trading strategies are prohibited including expert advisors, automated trading, hedging, scalping, and others |
| There are low trading costs, tight spreads, and transparent transaction costs that fit in with any financial situation | Plus500 does not currently offer a desktop platform |
Trust Score and Nigerian Market Share
Trust Score – 99%
Market share – <5%
Overview
The Volatility Index is often abbreviated as VIX or referred to just as Volatility 75. It is a special index that is calculated and measured by the Chicago Board Options Exchange, or CBOE. The purpose behind the VIX is to measure the volatility surrounding the S&P 500.
Nigerian traders are granted a plethora of trading opportunities across several financial instruments. The Nigerian forex market and the Nigerian Exchange Group are not the only two markets available to novice traders or professional traders, regardless of their trading styles or objectives.
While trading the VIX can seem very intimidating, several trading strategies can be used to pursue profits in this index. Several guides offer financial advice, trading tools, and video tutorials to help Nigerians make improved trading decisions when they trade VIX and other financial markets.
In addition, beginners and advanced traders are urged to view the following sections:
️ How to choose a forex broker
️ Understanding how the VIX Works
️ Best Trading Strategies for VIX
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
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 regulation such as FSA, SVG BVI, FSC, and others.
Account Features
Account Features includes 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.
Understanding how the VIX works
In the stock market, the VIX serves as a measure of investor confidence or trepidation. Typically, the VIX has a value of 30 and over this figure indicates extreme volatility in the overall stock market, which is interpreted as investor worry.
Investor complacency may be seen when the VIX dips below 30. This can be seen as a sign of calm in the market. Investors tend to be more cautious when the market is turbulent, and the converse is true when the market is calm.
To put it another way, when the S&P500 drops in value, investors become more cautious and the VIX rises, pushing its value over 30 because of the increased volatility.
Volatility 75 does quantify market volatility, but it cannot predict future market volatility or direction.
Best Trading Strategies for VIX
Automated trading and algorithmic trading
Quantitative volatility trading (QVT) is a popular trading strategy in financial markets today. Computer algorithms and automated software are used to monitor and profit from fluctuations in the volatility of the market.
Shorter period trading techniques may be used by traders of all levels of expertise utilizing this method. Trades may be completed significantly more quickly because of the automated nature of the process.
To further speed things up, traders don’t have to sit for hours in front of their terminals trying to time the exact moment of their entrance and departure.
Volatility Breakout Strategy
In technical analysis, a breakout occurs when a security’s price moves above or below the resistance or support levels on the price chart. Traders will often utilize the Average True Range (ATR) when this occurs as an indicator that a new trend direction has begun.
Breakouts on financial instruments may easily be detected with this technical indicator. Investors may use it to track each candlestick’s exact movement inside the chart.
Frequently Asked Questions
What is the Volatility Index?
It forms part of the index’s asset class, measuring the performance of stocks in the S&P500.
Why should Nigerians trade the Volatility Index?
There are several profitable opportunities, traders can go long or short, use leverage, and several other benefits.
How do Nigerians find brokers that offer the VIX?
Nigerians can visit the official website of the broker and view their financial instruments or contract specifications. Alternatively, traders can also contact the broker’s customer support to verify if the broker offers VIX.
How much money do I need to trade VIX?
Nigerians can register a CFD trading account with a deposit of 400 Nigerian Naira with some forex brokers.
Is VIX 75 CFD trading legal in Nigeria?
Yes, CFD trading is legal in Nigeria.
Is CFD Trading Taxable?
Yes, profits made from CFD trading will be taxed as capital gains tax. Nigerian traders must declare their profits and losses for every tax season.
How do I decide whether VIX is right for me?
Once Nigerian traders have a fundamental understanding of what VIX is and how to trade it, they can weigh the advantages and disadvantages, providing them with enough information to determine whether VIX fits into their trading portfolio and plan.
Top 3 Brokers
