Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

best ftse 250 brokers in nigeria review

7 Best FTSE 250 Brokers in Nigeria

The 7 Best FTSE 250 Index Forex Brokers in Nigeria revealed. We tested and verified the best FTSE Index forex brokers for Nigerian Stock Traders.

This is a complete list of the Best FTSE  two hundred and fifty index forex brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is the FTSE 250 Index?
  • How to trade and invest on the FTSE Index?
  • Who are the best FTSE Brokers for Nigerian Traders?
  • How to choose a forex broker for your trading style.
  • What is a share cast?
  • What is the FTSE all-share index?
  • Which broker offer a sign-up bonus for first-time traders?
  • Which broker offers a low minimum deposit of $5 (2 077 NGN)


And lots more…

So if you’re ready to go “all in” with the best UK FTSE 250 brokerages for Nigerians…

Let’s dive right in…

Updated : July 22, 2022

👉 Definition of the FTSE250 Index: The FTSE 250 Index is a capitalization-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange.

Best FTSE 250 Brokers in Nigeria – Comparison

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

7 Best FTSE 250 Brokers in Nigeria (2022)

  1. eToro – Overall, the Best Broker on the FTSE 250
  2. Capital.com – Top Broker Accepting NGN Deposits
  3. IG Group – User-Friendly MetaTrader4 Broker for Nigerians
  4. XM – Verified Broker to Offer Negative Protection Balance
  5. Trade Nation – Best Broker with No Minimum Deposits
  6. Admirals – Top Forex Broker for Beginner Traders
  7. Plus500 – Best Commission-Free Broker for Nigerians

1. eToro

 

Overall Rating

Min Deposit

USD 50 / 20725 NGN

Regulators

CySec, FCA 

Trading Desk

None

Crypto

Yes

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Multi-asset eToro provides Nigerian traders with commission-free trading across a wide range of complicated instruments and asset classes.

 

👉 Since the Central Bank of Nigeria (CBN) does not regulate eToro, traders in Nigeria who want to trade forex using the Naira can feel secure utilizing this platform.

 

👉 EToro also provides free insurance, a wide selection of social trading options, complete client money protection, and the opportunity to invest with specialists in addition to these features.

 

👉 eToro’s award-winning proprietary trading platform may be used on both mobile devices and the web to trade over 2,000 tradable instruments.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account, Demo Account, Islamic Account
📱 Trading PlatformProprietary eToro copytrading platform
💳 Minimum Deposit (₦)83,200 Nigerian Naira
💰 Trading Assets• Forex Pairs
• Commodities
• Exchange-traded funds (ETFs)
• Indices
• Crypto Assets
• Stocks
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
✔️ Bonuses for Nigerian traders?Referral programme
📊 Minimum spreadFrom 1 pip per USD/EUR
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
eToro has a strict and solid regulatory frameworkThere are limitations on leverage for retail traders
Client fund safety is guaranteed and there is consumer protection offeredThere is a limited selection of retail investor accounts
eToro offers commission-free tradingFixed spreads are not offered
There are over 2,000 complex instruments that can be tradedThere is an inactivity fee charged on dormant accounts
The broker offers several trading opportunities and a social trading feature
There is an award-winning proprietary platform offered

 

Trust Score and Nigerian Market Share

👉 eToro has a high trust score of 91% and a market share of <5% in Nigeria.

2. Capital. Com

 

logobig-768x148

Overall Rating

Min Deposit

USD 20 / 8292 NGN

Regulators

CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon

Trading Desk

Market maker

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Capital.com a Market Maker broker that is regulated by the well-known ASIC, FCA, NBRB, and CySEC, which are all well-known in the financial industry. There are offices in the United Kingdom, Belarus, Gibraltar, Cyprus, the Seychelles and Australia. Capital.com has been in operation since 2016.

 

👉 More than 6,500 different financial instruments are available to investors who utilize Capital.com’s CFD services, spanning a wide range of asset classes. There are no hidden fees or charges at Capital.com, and the company guarantees the safety of its customers and their funds.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, FCA, NBRB, and CySEC
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail 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 spreadfrom 0.6 pip EUR/USD
📱 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Capital.com is a well-regulated broker that reports excellent user experienceThere are restrictions on leverage ratios
Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4The spreads are marked-up
There is a transparent fee structure with tight spreads, commission-free trading, and a reasonable overnight fee charge
Offers thematic investments and Capital.com TV
The broker accepts all trading strategies including algorithmic trading, mobile trading, scalping, and other

 

Trust Score and Nigerian Market Share

👉 Capital.com has a trust score of 76% and a market share of <5% in Nigeria.

3. IG Group

 

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 As the oldest FX and CFD broker, IG has a long history of serving traders all over the world with exceptional trading options and conditions. Nigerian traders can choose from more than 17,000 trading opportunities at IG, which has a trust score of 99 percent.

 

👉 IG was founded in 1974 by Stuart Wheeler as part of IG Holdings Plc, a publicly listed corporation, which was the world’s first spread betting organization (LSE: IGG). IG is a well-known company that provides access to the financial markets for those who are intelligent, decisive, and daring.

 

👉 IG is one of the finest brokers for Nigerian traders, despite the fact that the broker does not have offices in Nigeria nor is regulated by the Central Bank of Nigeria (CBN).

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsVarious accounts according to region
📱 Trading Platform• MetaTrader 4
• IG Platform
• ProRealTime (PRT)
• L2 Dealer
• FIX API
💳 Minimum Deposit (₦)103,000 Nigerian Naira
💰 Trading Assets• Forex
• Indices
• Shares
• Commodities
• Cryptocurrencies
• Futures
• Options
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
✔️ Bonuses for Nigerian traders?No
📊 Minimum spreadfrom 0.6 pips on majors
📱 Demo AccountYes
☪️ Islamic AccountYes, but only to residents of Dubai

 

✔️ Pros❌ Cons
IG has a long list of licenses, regulations, and authorizations from around the world, giving it a very high trust score of 99%There is a high minimum deposit
IG offers several account types per global regionThere are deposit fees charged
There are flexible trading and non-trading fees, ensuring that all types of traders receive tailored solutionsOnly Dubai residents can apply for the Islamic Account
Nigerian traders are welcomed and given access to over 17,000 marketsThere is a limited selection of deposit and withdrawal methods
There is a selection of trading platforms that cater towards different trading styles and levels of trading experienceThere is no Naira-denominated account
There are no fees charged on withdrawalsNigerian traders will face currency conversion fees

 

Trust Score and Nigerian Market Share

👉 IG Group has a very high trust score of 99% and a market share of <5% in Nigeria.

4. XM

 

Xm.com Logo 1 1024x514 1

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

 

👉 One of the world’s most trusted forex brokers, XM has an international presence and is governed by the International Financial Services Commission.

 

👉 CFD and FX broker XM has more than 5 million registered traders from 190 countries and offers competitive trading conditions and several account types as well as more than 1,000 tradable instruments that may be traded across a wide range of asset classes.

 

👉 More than 30 languages of customer assistance are available around the clock at XM, as is a wide selection of flexible payment alternatives. With no rejections or requotes incurred at XM, the broker guarantees that 99.35% of all orders will be processed in less than a second.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC/AFSL, CySEC, DFSA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-low Account, Shares Account, Demo Account
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
💳 Minimum Deposit (₦)2,000 Nigerian Naira
💰 Trading Assets• Forex
• Cryptocurrencies
• Stock CFDs
• Commodities
• Equity Indices
• Precious Metals
• Energies
• Shares
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
✔️ Bonuses for Nigerian traders?Yes
📊 Minimum spreadfrom 0.6 pips EUR/USD
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
XM is a well-regulated and trusted online broker with more than 5 million active clientsFixed spread accounts are not offered
Client fund security is guaranteed, and investor protection is offeredThere are some restrictions applied to United States, Canada, Israel, and Iran clients
Negative balance protection is applied to all retail accounts, guarding investors against market volatilityThere is an inactivity fee applied to dormant retail investor accounts
There is a choice between dynamic account types and trading platforms
XM has won several industry awards since its inception in 2009
There are several convenient funding options offered and a wide range of deposit currencies that can be used
There are no commissions charged on deposits or withdrawals

 

Trust Score and Nigerian Market Share

👉 XM has a trust score of 84% and a market share of <5% in Nigeria.

5. Trade Nation

 

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSCA

Trading Desk

Crypto

Yes

Total Pairs

33

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Tradenation’s website

 

👉 Trade Nation is a multi-regulatory brokerage firm that offers investors a fresh look at online investment. Additionally, they offer a simple trading platform that allows traders to trade a wide variety of financial instruments.

 

👉 Because of this, Trade Nation does not have a physical presence in Lagos, Nigeria. There is no CBN regulation of Trade Nation, although Trade Nation is well-regulated by other credible regulators.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, ASIC, FSCA, SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsSingle retail account
📱 Trading Platform• MetaTrader 4
• Trade Nation proprietary platform
💳 Minimum Deposit (₦)None
💰 Trading Assets• Indices
• Stocks
• Precious Metals
• Forex
• Commodities
• Energies
• CFDs
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
✔️ Bonuses for Nigerian traders?No
📊 Minimum spreadfrom 0.4 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Trade Nation does not charge a minimum deposit, offering Nigerian traders with flexibilityThere is a limited selection of funding options
The broker offers transparent fixed financial spread trading across several asset classesThe spread costs are not the lowest in the industry
There is a powerful desktop platform, innovative mobile trading app, and web-based trading platformThere are leverage restrictions on the UK and Australian clients
There is commission-free trading offeredUnited States clients are not accepted
There is a wide selection of educational content and beginner guides as part of an all-inclusive education material packageInactivity account fees may apply
There is a dedicated customer service team offered
Trade Nation offers international stability through a well-established regulatory framework

 

Trust Score and Nigerian Market Share

👉 Trade Nation has a trust score of 79% and a market share of <5% in Nigeria.

6. Admirals

 

Overall Rating

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

 

Overview

👉 In Nigeria, Admirals does not have a local office and is not regulated by the Central Bank of Nigeria (CBN). However, the broker is well-regulated by respected regulatory bodies like FCA, ASIC, CySEC, EFSA, and JSC, as well.

 

👉 Admirals’ overarching mission is to make high-quality software and tools available to the trading community at clear prices and executions.

 

👉 Award-winning multi-jurisdictional broker Admirals offers a wide choice of trading solutions that are both complex and user-friendly.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, ASIC, CySEC, EFSA, JSC
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsTrade MT5 Account, Invest MT5, Zero MT5, Bets MT5, Trade MT4, Zero MT4
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
💳 Minimum Deposit (₦)400 Nigerian Naira

💰 Trading Assets• ESG Trading • Instruments
• Forex
• Cryptocurrency CFDs
• Commodities
• Indices
• Stocks
• ETFs
• Bonds
• Spread Betting
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?Yes
✔️ Bonuses for Nigerian traders?Referral Programme
📊 Minimum spreadfrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Admirals is well-regulated in several regions globallyThere is an inactivity fee charged
Admirals offers commission-free optionsNigerian traders are subject to currency conversion fees
The broker accepts Nigerian traders despite their trading skills or trading strategiesThere are deposit and withdrawal fees charged
There are user-friendly platforms available across devicesThere are deposit and withdrawal fees charged
There is a wide range of tradable markets, complex instruments, and leveraged productsThere are admin fees charged on the Islamic account
Admirals offers the MetaTrader Supreme EditionThere is only one account type that can be converted to an Islamic Account
Traders are given access to premium analytics
There are several educational materials, resources, and tools offered

 

Trust Score and Nigerian Market Share

👉 Admirals has a trust score of 83% and a market share of <5% in Nigeria.

7. Plus500

 

Overall Rating

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

 

👉 More than 2,000 Forex and CFD products are available for trading on proprietary trading platforms at Plus500, a multi-regulated online trading broker created in 2008.

 

👉 No-commission trading with tight spreads, many ways to fund your account, and a customer service team that is available 24 hours a day, seven days per week are just some of the features you can expect from this company.

 

👉 Plus500 has subsidiaries in South Africa, the United Kingdom, Cyprus, Australia, Singapore, and Israel, among other locations across the globe. Plus500, a publicly traded company on the Main Market for Listed Companies of the London Stock Exchange, is a member of the FTSE 250 Index.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, FMA, FSCA, FCA, CySEC, FSA, MAS
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsSingle retail trading account
📱 Trading Platform• Proprietary Plus500 trading platform
💳 Minimum Deposit (₦)41,600 Nigerian Naira

💰 Trading Assets• Indices
• Forex
• Commodities
• Cryptocurrencies
• Shares
• Options
• Exchange-traded funds (ETFs)
💸 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
✔️ Bonuses for Nigerian traders?No
📊 Minimum spreadfrom 0.8 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Plus500 is well-regulated and has a high trust scoreThere is an inactivity fee charged on dormant accounts after a few months of inactivity
There is multilingual customer service offered 24/7 across communication channelsGuaranteed stops come at an additional charge
All client funds are held in segregated accountsPlus500 restricts retail traders in certain regions
There is a wide range of markets to choose fromRestricted maximum leverage
The trading costs are low and can suit any financial restrictions that traders may have, especially novice tradersTrading strategies such as expert advisors, automated trading, hedging, scalping, and others, are prohibited
There are no commissions charged on tradesThere is no desktop platform offered
There are no deposit fees charged
The proprietary platform is robust

 

Trust Score and Nigerian Market Share

👉 Plus500 has a very high trust score of 99% and a market share of <5% in Nigeria.

Overview

👉 Many mid-cap companies are traded on the London Stock Exchange in the United Kingdom. The FTSE 250 index provides a way for Nigerian traders to trade or invest in a group of these stocks.

👉 The FTSE 250 index is based on the total market capitalization of all stocks traded on the London Stock Exchange.

 

Top 10 Brokers in Nigeria

Broker

Rating

Regulators

Min Deposit

Leverage

Sign Up Bonus

Spreads

Website

1

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 The top 101 to 350 companies in terms of market capitalization are included in the index. Like other capitalization-weighted indexes, companies having a larger market value have a greater impact on the index’s price movement.

Understanding the FTSE 250

Understanding the FTSE 250

👉 The FTSE 250 is an index of capitalization-weighted companies, which means that companies are included depending on the amount of their market capitalization. The FTSE 250 is a collection of the largest publicly traded firms in the United Kingdom, ranging in size from 101 to 350.

 

👉 Investment trusts make up a significant portion of the FTSE 250. These are stock market-based investment products. Investors purchase shares in these funds, which are run similarly to mutual funds.

 

👉 The FTSE 250, like the FTSE 100, has a number of foreign companies and multinationals with significant operations outside of the United Kingdom.

 

👉 The FTSE 100 is also commonly correlated with it. There are some who believe that as an index, it better represents the UK stock market than FTSE 100.

 

👉 Aston Martin, Marks & Spencer Group, Royal Mail, and Virgin Money UK are among the 250 largest companies in the FTSE 250 index.

 

👉 Once every three months, the FTSE 250 firms are put through a rigorous evaluation process. The index’s composition could shift if one company’s market capitalization surpasses that of another.

How to trade and invest on the FTSE 250

How to trade and invest on the FTSE 250

👉 Spread betting and CFD trading provide Nigerian traders with direct access to the FTSE 250’s price movement. You can trade rising or falling prices without really owning the underlying assets in either of these instruments because they are both derivatives.

 

👉 Trading on margin allows you to open positions with only a small portion of the trade value. You would, however, be exposed to the entire trade’s worth.

 

👉 However, it can also exacerbate any losses that may occur as a result. In addition, trading has several tax advantages: spread bets are exempt from taxation and CFD losses can be deducted from earnings.

 

👉 Alternatively, to invest in the FTSE 250, you can either buy the stock of its constituents or ETFs that track its price.

 

👉 The only way to benefit from an investment is if the price of the underlying asset rises. If you decide to invest, you’ll have to pony out the entire amount at once.

 

👉 To that end, below are a variety of different instruments which Nigerian traders use to successfully trade or invest on the FTSE 250:

➡️ Stocks: if you invest in the FTSE 250 index, you’ll possess that company’s underlying shares. In the event that you plan to sell your shares at a better price in the future, this is a viable option. Dividends (if paid by the corporation) and certain shareholder rights are further advantages of stock investment.

➡️ ETFs: Investing in ETFs allows you to keep tabs on the performance of a diverse group of securities. A good method to spread your money over the FTSE 250 is to invest in an ETF. The Vanguard FTSE 250 UCITS ETF, which mirrors the composition of the FTSE 250, is the most popular form of ETF.

➡️ Index Futures: Index futures may be a good option if you wish to trade the FTSE 250 at a certain price on a specific date. Because there are no overnight funding fees, this strategy is preferred by traders with a longer time horizon. The overnight funding charge is already incorporated in index futures, so the spreads are a little wider.

➡️ Cash Indices: The FTSE 250 cash index is a good option if you wish to trade at the current market price. Cash indices are a popular choice for short-term traders since they have smaller spreads. However, if these positions are not closed by the end of the trading day, they are subject to overnight financing charges.

Market movements which Nigerian traders should monitor on the FTSE 250

Market movements which Nigerian traders should monitor on the FTSE 250

👉 There are a number of specific market factors which will affect the price on the FTSE 250, and Nigerian traders would do well to monitor these economic movements in order to trade or invest successfully on this index. As such, these market movements include:

➡️ The Financial Industry: Finance-related stocks make up more than 42% of the FTSE 250 index. As a result, the index’s value might be affected by changes in this industry. Industrials and consumer services are also major contributors to the index.

➡️ Earnings statements: The value of FTSE 250 companies may shift if and when they report their earnings. The FTSE 250’s price could be affected by any change in a company’s valuation, especially if the constituent has a significant weight in the index.

➡️ Political and economic events: Events that have a direct impact on the economy, such as planned or unplanned developments in the FTSE 250, could have an impact on the FTSE 250’s price.

The Best FTSE 250 Brokers for Nigerian Stock Traders

The Best FTSE 250 Brokers for Nigerian Stock Traders

👉 Investing in the FTSE 250 index is a good option for Nigerian stock traders who are looking to diversify their portfolios and take advantage of the price movements amongst some of the most popular and important companies in the UK.

 

👉 However, in order to invest successfully on the FTSE 250, Nigerian traders and investors will need to make use of a reliable and reputable broker.

 

👉 This “10 Best” is a comprehensive study of the FX market done by our staff in March 2022. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.

 

👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.

 

👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:

  1. Best Customer Support
  2. Lowest Spreads and Commissions
  3. Regulation
  4. Variety of trading instruments
  5. Highest leverage
  6. Negative reviews by their clients
  7. Minimum Deposit to start trading

 

👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.

➡️ eToro

➡️ Capital.com

➡️ IG Group

➡️ XM

➡️ Trade Nation

➡️ Admirals

➡️ Plus500

How to choose a forex broker

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

Regulation 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 Types

👉 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

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

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

👉 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

Trading Platforms

👉 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

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Nigeria

👉 The brokers on this list offer the best access to the FTSE 250 index. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.

Best Forex Broker for Beginners

Best Forex Broker for Beginners

👉 Admirals is the best Forex broker for beginners in Nigeria, as they offer a comprehensive educational selection with regularly updated resources, and a user-friendly trading environment.

 

Best MT4/MetaTrader 4 Broker in Nigeria

Best MT4/MetaTrader 4 Broker

👉 IG Group is the Best MT4 broker in Nigeria which provides excellent technical support along with a streamlined trading interface.

 

Best broker offering a proprietary trading platform

Best broker offering a proprietary trading platform

👉 e-Toro offers the best proprietary trading platform to Nigerian traders. This social trading platform is the first, and most advanced of its kind, offering exceptional social trading capabilities.

 

Best Broker accepting NGN deposits

Best Broker accepting NGN deposits

👉 Capital.com is the best broker that accepts NGN deposits in Nigeria, along with a transparent and competitive fee structure.

 

Best broker offering negative balance protection

Best broker offering negative balance protection

👉 XM is the best broker for Nigerian traders seeking negative balance protection, which guards all retail accounts from incurring losses that exceed their deposits.

 

Best broker with no minimum deposit

Best broker with no minimum deposit

👉 Trade Nation is the best broker in Nigeria that has no minimum deposit requirement, which allows Nigerian traders greater flexibility to begin trading the Forex markets with a capital amount that suits them.

 

Best commission-free broker in Nigeria

Best commission-free broker in Nigeria

👉 Plus500 is the best commission-free broker in Nigeria, offering excellent pricing on their spreads and a transparent pricing environment.

FAQ

What is FTSE 250?

The FTSE 250 is a stock market index that tracks the 250 LSE-listed members that follow the 100 blue-chip and the largest FTSE 250 businesses, and is commonly referred to as the “UK 250” by traders who prefer share dealing, spread betting, and CFD transactions.

 

What is a FTSE 250 company?

Stock traders that prefer share dealing, spread betting, and CFD transactions often refer to the FTSE 250 index as the “UK 250,” which measures the 250 LSE-listed members that track the 100 blue-chip and largest FTSE 250 companies.

 

How to get started with a FTSE 250 company?

To get started you will need to open an account with a reputable broker featured on this list, and make a deposit into your live trading account.

 

How do you invest in FTSE 250?

Investing in an index fund may be the most common way for investors to obtain exposure to the FTSE 250 index. The performance of the FTSE 250 index is replicated through the holdings of index funds. Other options include FTSE 250 tracker funds, ETFs and equities or index futures.

 

What is the smallest company in the FTSE 250?

The smallest company listed on the FTSE 250 index is TBC Bank Group PLC with a market cap of (£m) 586.86.

Conclusion

👉 Now it is your turn to participate:

➡️ Which broker from this list do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the minimum deposit or because of leverage?

 

👉 Regardless, please share your thoughts in the comments below.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.4/10 - (15 votes)

Table of Contents

Menu