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11 Best No Deposit Bonus Forex Brokers in Nigeria

The 11 Best No Deposit Forex Brokers in Nigeria revealed. We tested and verified the best no deposit forex brokers for Nigerian Traders.

This is a complete list of forex brokers with a no deposit bonus in Nigeria.

In this in-depth guide you’ll learn:

  • What is a No Deposit Bonus
  • Which brokers offer the best no deposit bonus to Nigeria Traders?
  • Our recommended eleven ECN and STP forex brokers for Nigerian Beginner Traders?
  • How to compare forex trading brokers against each other to find the best no-deposit bonus? 
  • Which Forex Brokers offer a no deposit bonus that has local offices in Lagos?
  • Which broker is best for beginner Nigerian traders?
  • Which brokers offer a signup bonus on a $5 (2076 NGN) deposit?
  • Which broker offers a sign-up bonus with or without verification for first-time traders?


And lots more…

So if you’re ready to go “all in” with the best-tested No Deposit Bonus Forex Brokers for Nigerians…

Let’s dive right in…

Updated : October 28, 2022

👉 Definition: A no-deposit welcome bonus is a promotional offer that provides trading credit to new traders on sign-up, allowing traders to start investing without risking their own capital.

Best No Deposit Bonus Forex Brokers in Nigeria – Comparison

🔎 No Deposit Forex Brokers💰 FREE Welcome Bonus Amount💳 Minimum Deposit to Qualify✅ Claim Bonus Here👉 Open Account
1. HFM50% Welcome Bonus$0Claim Bonus Here👉 Open Account
2. Tickmill10% Deposit Reward $100Claim Bonus Here👉 Open Account
3. SuperForex$88 No deposit bonus$0Claim Bonus Here👉 Open Account
4. FBSUp to $140 Level up bonus
$1Claim Bonus Here👉 Open Account
5. XM$30 bonus$10Claim Bonus Here👉 Open Account
6. MiTrade$30 no-deposit bonus$0Claim Bonus Here👉 Open Account
7. RoboForex$30 no-deposit bonus$0Claim Bonus Here👉 Open Account
8. MTrading$30 No-deposit bonus$0Claim Bonus Here👉 Open Account

11 Best No Deposit Bonus Forex Brokers in Nigeria (Updated 2022)

  1. HFM – Overall, Best No-Deposit Forex Broker in Nigeria
  2. Tickmill – Best Broker for Beginner Traders
  3. SuperForex – Best Broker with No Minimum Deposit Required
  4. FBS – Best Regulated CFD Broker in Nigeria
  5. XM Group – Best Range of Trade Instruments
  6. MiTrade – Best Proprietary Software Broker for Nigerian Traders
  7. RoboForex – Best No Deposit Broker with a Mobile App
  8. MTrading – Best Educational Broker for Beginner Traders
  9. InstaForex – Best Trading Conditions for Nigerians
  10. FreshForex – Best STP and ECN Broker with a No Deposit Bonus
  11. OctaFX – Best Commission-Free Broker in Nigeria

1. HFM

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Good for:

➡️️ Traders of all experience levels

➡️️ Technical traders

➡️️ Traders who want competitive pricing

✅ Our Rating: 9/10

✅ Trust Score: 81%/100

Overview

👉 With a market share of over 2.5% and a local office in Nigeria, HFM is one of Nigeria’s most popular brokers. HFM gives its clients a variety of custom solutions, including the ability to convert their Micro, Premium, Auto, or HFcopy accounts into Islamic Accounts.

👉 With the HFM MT5 platform, traders can take advantage of all of MetaTrader 5’s top features while also customizing them to meet their own trading preferences and goals.

👉 This robust, yet user-friendly platform gives you more features, innovative trading tools, first-rate customer service, and complete control over your trades.

HFM Pros and Cons

✔️ Pros❌ Cons
Well-regulated in several global regionsThere are no variable spread accounts
Offers some of the lowest spreads in the forex market on major currency pairsThere is a limited selection of funding options and withdrawal methods.
There are several account types to choose from
HFM accommodates all types of traders despite their trading strategies
Low minimum deposit requirement
Beginner traders and professional investors are both welcome
Educational tools, advanced trading tools, and several other comprehensive solutions are offered
There is a comprehensive market analysis offered
Technical analysis and fundamental analysis offered

HFM Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN Regulation?No
📊 Trading AccountsMT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit (₦)2,000 Nigerian Naira equivalent to $5
💰 Trading AssetsForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
🔎 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💰 Bonuses for Nigerian traders?Yes
📈 Minimum spread0.0 pips EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedYes

2. Tickmill

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Good for:

➡️️ A safe and secure trading environment for both beginners and advanced traders

➡️️ Robust trading software and trading solutions

➡️️ Effective risk management tools

✅ Our Rating: 9/10

✅ Trust Score: 3.9/5

 

Overview

👉 Tickmill Brokerage sets a new bar for brokerage services by using innovative technology. The company’s emphasis on innovation is one of its greatest assets and one of the primary reasons traders pick it.

 

👉 With an emphasis on delivering an ideal trading environment for both serious novices and more experienced traders, Tickmill is an STP broker that has been thoroughly vetted. For experienced traders, there are plenty of currency pairings to choose from; and because Tickmill offers MT5, the asset selection can expand even more.

 

👉 To jumpstart their trading journey, traders who register a trading account with Tickmill can earn a $30 No-Deposit welcome bonus. This allows traders to trade several financial markets using free trading funds, allowing them to safeguard their initial capital from loss.

 

👉 In addition, Tickmill also offers the benefit that all profits made using this trading bonus can be withdrawn.

 

Tickmill Pros and Cons

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

 

Tickmill Features

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

3. SuperForex

Overall Rating

Min Deposit

USD 1 / 415 NGN 

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Good for:

➡️️ African traders who are just starting their forex trading journey

➡️️ Nigerian traders with low starting capital

➡️️ Traders who need access to social trading opportunities

✅ Our Rating: 6/10

✅ Trust Score: 3.5/5

 

Overview

👉 SuperForex was formed in 2013 to make forex more accessible and incorporated into everyday life. Currently, the broker has operations in more than 150 countries throughout the world from its headquarters in Belize, which is in Central America.

 

👉 Offices may be located all around the globe, including in countries such as Zambia and Malaysia. International Financial Services Commission (IFSC) regulations ensure the broker’s identity verification and sign-in security methods are adequate.

 

👉 SuperForex offers Nigerian traders the chance to start trading forex without a minimum deposit requirement. This is the perfect way for new clients to test the services offered by SuperForex without risking their capital.

 

👉 Nigerian traders automatically qualify for an $88 no-deposit bonus, with the benefit that they can make a $10 deposit to receive a second no-deposit bonus of $99.

 

SuperForex Pros and Cons

✔️ Pros❌ Cons
SuperForex offers user-friendly trading softwareUS clients are restricted from registering with SuperForex
There is a low minimum deposit requirement
Traders have access to wide range of training resources
SuperForex offers a range of useful trading tools
There are social trading opportunities provided

 

SuperForex Features

FeatureInformation
⚖️ RegulationIFSC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)400 Nigerian Naira ($1)
Average spread fromVariable spread
📈 Maximum Leverage1:1000
👥 Customer Support 24/5

4. FBS

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

 

👉 Good for:

➡️️ High-frequency forex and CFD trading

➡️️ A flexible choice between innovative trading software

➡️️ Lucrative rewards and reasonable bonus terms and conditions

✅ Our Rating: 9/10

✅ Trust Score: 2.7/10

 

Overview

👉 FBS is a highly regulated worldwide CFD broker that offers trading on a variety of assets, including forex, metals, commodities, indices, and stocks, as well as over 35 digital assets, which is a far broader range than is offered by other brokers.

 

👉 FBS provides complete support for the MetaTrader 4 and MetaTrader 5 online trading platforms, as well as its proprietary FBS Trader App. Additionally, FBS offers a copy trading platform and a complimentary virtual private server to customers that trade more than three lots per month.

 

👉 FBS offers all new clients a no-deposit bonus of $30 that opens the world of online forex and CFD trading to all types of traders, allowing them to make a real profit of up to $500.

 

FBS Pros and Cons

✔️ Pros❌ Cons
FBS offers competitive trading conditions with some of the lowest spreadsThere are wide spreads charges on some accounts
There are several account types to choose fromThere is a limited number of tradable instruments
There are many social trading opportunitiesThere are several regional restrictions applied
There is an ultra-low minimum deposit requirement
The broker is well-regulated and trusted

 

FBS Features

FeatureInformation
⚖️ RegulationIFSC, CySEC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)400 Nigerian Naira ($1)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:3000
👥 Customer Support 24/7

5. XM Group

Overall Rating

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

 

👉 Good for:

➡️️ Access to a wide range of tradable instruments

➡️️ A selection of retail investor accounts

➡️️ Some of the best trading conditions with the tightest spreads

✅ Our Rating: 9/10

✅ Trust Score: 4.4/5

 

Overview

👉 XM Group is a reputable and well-regulated broker that has been in operation since 2009. In addition to forex, stock CFDs, commodities, equities, precious metals, energy, and shares, XM Group (XM) is an institutional dealing desk broker.

 

👉 This broker is ideal for scalpers, day traders and long-term investors because of its rapid execution and excellent analytical tools. To help novice traders get started in forex and CFD trading, it offers a world-class library of instructional and market analytical resources.

 

👉 XM Group offers Nigerian traders a $30 no-deposit bonus when they register a live trading account, providing them ideal trading opportunities without risking their own capital.

 

XM Pros and Cons

✔️ Pros❌ Cons
Negative balance protection is applied to retail investor accountsUS clients are restricted from accessing XM’s trading services
There are several secure payment methods to choose fromThere are no fixed spread accounts offered
The broker is known for low spreads, low commissions, and reliable trade execution speedsThere is an inactivity fee applied to dormant accounts
Traders can use hedging, scalping, and expert advisor trading strategies
The broker offers personal customer service to its clients

 

XM Features

FeatureInformation
⚖️ RegulationFSCA, IFSC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)2,000 Nigerian Naira ($5)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:888
👥 Customer Support 24/5

6. MiTrade

Overall Rating

Min Deposit

USD 1000 / 414500 NGN

Regulators

Not Regulated

Trading Desk

None

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on MiTrade’s website

 

👉 Good for:

➡️️ Innovative proprietary trading software

➡️️ Reasonable maximum leverage ratios

➡️️ Reliable trade execution speeds

✅ Our Rating: 9/10

✅ Trust Score: 4.6/5

 

Overview

👉 MiTrade is an award-winning broker specializing in forex and contract for difference (CFD) trading. Through its proprietary MiTrade trading platform, they provide customers with a diverse range of trading instruments across several asset classes, including FX, indices, commodities, and cryptocurrencies.

 

👉 The broker provides its customers with rapid and reliable executions, cheap trading costs, and transparent spreads, as well as low trading thresholds and up to 200 times leverage. In addition to its comprehensive trading solutions, MiTrade also offers a $30 no-deposit bonus when traders register for a live trading account for the first time.

 

MiTrade Pros and Cons

✔️ Pros❌ Cons
The broker offers a simple proprietary trading platformUS clients are not accepted
The broker is well-regulated and ensures that client funds are kept in segregated accountsThere is a limited selection of trading accounts
Commission-free trading is availableInactivity fees are applied
There is a low minimum deposit requirementIndividual stock trading is not offered
The broker offers a range of tradable instruments

 

MiTrade Features

FeatureInformation
⚖️ RegulationASIC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)400 Nigerian Naira ($1)
Average spread fromVariable
📈 Maximum Leverage1:200
👥 Customer Support 24/5

7. RoboForex

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Good for:

➡️️ A choice between different account types

➡️️ Comprehensive stock trading through the proprietary trading app

➡️️ A range of bonuses and promotions

✅ Our Rating: 9/10

✅ Trust Score: 3.4/5

 

Overview

👉 The RoboForex Group, which has been functioning since 2009 via two world-renowned businesses, RoboForex with global service and RoboMarkets Ltd, based in Cyprus, which serves EU and EEA nations, has been acknowledged by the most known specialists in the financial market.

 

👉 While in existence, the broker has served a wide range of customers from over the globe, earning some notoriety for its sophisticated trading proposition and customized conditions to meet a variety of trading styles, portfolio sizes, and approaches.

 

👉 Additionally, RoboForex’s proposition has a wide selection of trading platforms and tools, including industry-leading MetaTrader, cTrader, and proprietary R Trader. RoboForex offers its new clients a $30 no-deposit bonus when they register an account, providing them full access to the comprehensive trading solutions offered.

 

RoboForex Pros and Cons

✔️ Pros❌ Cons
The broker offers more than 12,000 markets that can be tradedUS clients are not accepted
There are several flexible account types offeredThere are no fixed spread accounts
Trading education is offered to all traders
There are several powerful trading tools
The broker applies negative balance protection to all retail trading accounts

 

RoboForex Features

FeatureInformation
⚖️ RegulationIFSC
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN) 4,150 Nigerian Naira ($10)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:2000
👥 Customer Support 24/7

8. MTrading

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on MTrading’s website

Overall Rating

4.1/5

Rated #473 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

Not Regulated

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

👉 Good for:

➡️️ Nigerian traders seeking the best international brokerage

➡️️ Negative balance protection

➡️️ Robust educational section

✅ Our Rating: 8/10

✅ Trust Score: 4.2/5

 

Overview

👉 The broker was founded in 2012 and has since expanded to have 10 locations throughout the world, serving more than 250,000 clients in total. The company’s primary markets include Africa, Latin America, and Asia, having consumers in places such as Nigeria, Thailand, Malaysia, and other countries.

 

👉 There is no regulatory agency overseeing MTrading, and the company’s headquarters are in the Caribbean nation of St Vincent and the Grenadines. The brokerage provides a limited selection of products, but it does so with outstanding features, such as a copy trading service.

 

👉 MTrading offers a $30 No-deposit bonus that can be used to trade across several asset classes offered by the online trading broker. This trading bonus features withdrawable profits once the terms of the bonus have been fulfilled. In addition, traders are protected against loss when they use this account.

 

Mtrading Pros and Cons

✔️ Pros❌ Cons
Offers powerful online trading platforms across multiple devicesUnregulated broker
News and analytics available for advanced tradersThere are no standalone trading tools offered
There are several flexible funding options supportedThe spreads are not the lowest
Traders have access to various articles and tutorialsTraders from the United States, United Kingdom, and other regions are not accepted
The broker offers a no-deposit bonus

 

MTrading Features

FeatureInformation
⚖️ RegulationNone
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)41,500 Nigerian Naira ($100)
Average spread from0.1 pips EUR/USD
📈 Maximum Leverage1:1000
👥 Customer Support 24/5

9. InstaForex

Overall Rating

Min Deposit

USD 1

Regulators

CySEC, FSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Good for:

➡️️ Traders of all experience levels

➡️️ Technical traders

➡️️ Traders who want competitive pricing

✅ Our Rating: 8/10

✅ Trust Score: 4.4/5

 

Overview

👉 InstaForex gives Nigerians a solution from the world’s best developers that enables them to conduct trading via the major counteragents that provide direct market access. InstaForex was founded in 2007 and has its headquarters in Limassol, Cyprus.

 

👉 However, it serves customers worldwide, with over 7 million traders now using InstaForex. In general, InstaForex’s objective is to offer a broad variety of services while treating traders fairly at every level.

 

👉 Along with superior technical solutions, one of the finest trading conditions on the market, and other benefits, the broker provides a personalized approach to each client via extensive educational and customer support services.

 

👉 InstaForex offers an impressive $1,000 no-deposit bonus when traders register a live trading account. The benefit of dealing with InstaForex is that traders need not verify their identities when they register, and the bonus amount is automatically credited to the trader’s retail investor account.

 

InstaForex Pros and Cons

✔️ Pros❌ Cons
The broker offers commission-free tradingThere are restrictions on leverage for European Union clients
MetaTrader 4 and 5 are both offered, available across devicesUS clients are not accepted
The broker is well-regulated and offers competitive trading conditions
There is a choice between retail investor accounts, each suited to different types of traders
There is a wide range of tradable assets offered

 

InstaForex Features

FeatureInformation
⚖️ RegulationFSC, BVI, SIBA
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)400 Nigerian Naira ($1)
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:1000
👥 Customer Support24/7

10. FreshForex

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Fresh Forex’s website

 

👉 Good for:

➡️️ Traders who like using more than one trading strategy

➡️️ Those seeking the best and most competitive pricing

➡️️ Reliable trading signals

➡️️ Low trading costs

✅ Our Rating: 5/10

✅ Trust Score: 4.2/5

 

Overview

👉 Located in Saint Vincent and the Grenadines, FreshForex is an STP and ECN broker that specializes in forex and CFD trading. Smart Bridge technology is used by FreshForex to provide retail forex traders with trading signals and daily market research.

 

👉 MetaTrader 4 and MetaTrader 5 enable traders to trade more than 130 different financial products in a variety of ways and techniques. ECN trading, attractive spreads, and reasonable trade execution times are all on the menu for traders.

 

👉 FreshForex offers new traders a $2021 no-deposit bonus program that is available until February 28. This bonus is only offered to new clients who do not have any previous data stored on the database of the broker. Traders need not complete account and identity verification to access this bonus.

 

👉 Traders must note that the bonus funds are not withdrawable, but the profit received on the bonus can be withdrawn once the bonus terms and conditions have been fulfilled.

 

FreshForex Pros and Cons

✔️ Pros❌ Cons
The broker offers both variable and fixed spreadsUnregulated and offshore broker
There is no minimum deposit requirementThere are several regions restricted from accessing SuperForex’s services
There are daily analysis tools and trading signals availableSpreads are marked-up
VPS access is provided to eligible clientsThere is a limited selection of markets offered
There are several flexible account types to choose from

 

FreshForex Features

FeatureInformation
⚖️ RegulationN/A
⚖️ CBN RegulationNo
✔️ Accepts Nigerian Traders?Yes
💳 Minimum deposit (NGN)0 Nigerian Naira
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:2000
👥 Customer Support 24/5

11. OctaFX

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Good for:

➡️️ Low trading fees

➡️️ Commission-free trading and a range of trading opportunities

➡️️ Award-winning broker services

✅ Our Rating: 7/10

✅ Trust Score: 4.6/5

 

Overview

👉 Established in 2011, OctaFX has been in operation for the past 11 years and has grown to become a trusted, award-winning trading provider. OctaFX’s low initial balance requirements and minimal spreads make it an excellent choice for investors looking for an inexpensive method to get started trading a broad range of assets on a global scale.

 

👉 Fees and commissions are not charged, which provides a significant incentive for those who want to trade across several financial markets. OctaFX’s monthly rewards and referral program, which foster a lively, competitive environment among fellow platform users, serve to further encourage this aggressive trading strategy.

 

👉 OctaFX also offers a no-deposit bonus between $8 and $16 when traders register an account in a few easy steps on the official website of the broker.

 

OctaFX Pros and Cons

✔️ Pros❌ Cons
Fixed spread accounts are offered to retail tradersUS clients are restricted
The broker accepts hedging and scalping strategiesThere are only a few financial markets that can be traded
Negative balance protection is applied to retail investor accounts
The broker is well-regulated and has a decent trust score
There is commission-free trading

 

OctaFX Features

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

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.

Frequently Asked Questions

What does a “No-deposit bonus” mean in forex trading?

The term refers to a bonus initiative that is offered by forex brokers, allowing traders to start without making a minimum deposit into their trading account.

 

Is a no-deposit bonus common among forex brokers?

No, the no-deposit bonus is not common among forex brokers, and it is something that only a few brokers still offer to traders.

 

How can Nigerian traders claim their no-deposit bonus?

When Nigerian traders have identified a broker that offers this incentive, they can simply read the terms and conditions of the bonus and then register a live account to receive their bonus. The criteria are different between brokers and traders must verify the terms and conditions first.

 

Is a forex no-deposit bonus like a welcome bonus?

It can be considered a type of welcome bonus because it serves to “welcome” new clients to the platform.

 

Why do forex brokers offer a no-deposit bonus?

It is a popular method to attract new clients, including beginner traders and advanced traders, encouraging them to register and use a live trading account.

 

What happens to the profits that Nigerian traders make on a no-deposit bonus?

Traders can withdraw the profits that they make while using their no-deposit bonus. Some forex brokers may have trading conditions that must be fulfilled before this can happen. Therefore traders must verify the terms and conditions before they sign up for an account with a broker.

 

Who is eligible for a no-deposit bonus?

No-deposit bonuses are normally only available to Nigerian clients who register a live trading account with a broker for the first time. Once traders have received their no-deposit bonus from a broker, they will not receive it again and most brokers have systems in place to prevent traders from bypassing this rule.

Conclusion

👉 Nigerian traders can benefit from this bonus because it allows them to start trading without having to deposit Nigerian Naira into their trading account.

 

👉 The no-deposit reward for Nigerian traders who register a broker account refers to a certain amount of trading credit that is credited to the retail investor account of the trader, allowing them to use it to participate in live markets without risking their real money.

 

👉 The no-deposit bonus, as the name suggests, can be claimed by Nigerian traders without having to make an initial deposit into the trading account. This allows traders to explore the broker’s offering, the trading platform, and live market conditions without the inherent risk of loss.

 

👉 In the article we detailed and discussed 10 of the best forex no-deposit bonuses that are available to Nigerian traders in 2022.

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