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…
- Louis Schoeman
Best FTSE 250 Brokers in Nigeria – Comparison
| 🏛️ Broker | ✔️ FTSE 250 Broker? | 💳 Minimum Deposit (₦) | 💸 Nigerian Naira-based Account? | 💵 NGN Deposits Allowed? | 👉 Open Account |
| 1. eToro | Yes | 83,200 NGN | No | No | Open Account |
| 2. Capital.com | Yes | 8,000 NGN | No | Yes | Open Account |
| 3. IG Group | Yes | None | No | No | Open Account |
| 4. Admirals | Yes | 400 NGN | No | No | Open Account |
| 5. XM | Yes | 2,000 NGN | No | No | Open Account |
| 6. Trade Nation | Yes | 400 NGN | No | Yes | Open Account |
| 7. Plus500 | Yes | 41,600 NGN | No | No | Open Account |
7 Best FTSE 250 Brokers in Nigeria (2023)
- eToro – Overall, the Best Broker on the FTSE 250
- Capital.com – Top Broker Accepting NGN Deposits
- IG Group – User-Friendly MetaTrader4 Broker for Nigerians
- XM – Verified Broker to Offer Negative Protection Balance
- Trade Nation – Best Broker with No Minimum Deposits
- Admirals – Top Forex Broker for Beginner Traders
- Plus500 – Best Commission-Free Broker for Nigerians
What is the FTSE250 Index?
👉 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.
1. 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
👉 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
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account, Demo Account, Islamic Account |
| 📱 Trading Platform | Proprietary 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 spread | From 1 pip per USD/EUR |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ 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 | There 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
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
👉 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
| 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 | ❌ Cons |
| Capital.com is a well-regulated broker that reports excellent user experience | There are restrictions on leverage ratios |
| Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4 | The 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
- 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
👉 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
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Various 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 spread | from 0.6 pips on majors |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes, 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 region | There are deposit fees charged |
| There are flexible trading and non-trading fees, ensuring that all types of traders receive tailored solutions | Only Dubai residents can apply for the Islamic Account |
| Nigerian traders are welcomed and given access to over 17,000 markets | There 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 experience | There is no Naira-denominated account |
| There are no fees charged on withdrawals | Nigerian 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
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
👉 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
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC/AFSL, CySEC, DFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro 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 spread | from 0.6 pips EUR/USD |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM is a well-regulated and trusted online broker with more than 5 million active clients | Fixed spread accounts are not offered |
| Client fund security is guaranteed, and investor protection is offered | There 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 volatility | There 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
- 4.7/5
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
👉 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
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, FSCA, SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Single 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 spread | from 0.4 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Trade Nation does not charge a minimum deposit, offering Nigerian traders with flexibility | There is a limited selection of funding options |
| The broker offers transparent fixed financial spread trading across several asset classes | The spread costs are not the lowest in the industry |
| There is a powerful desktop platform, innovative mobile trading app, and web-based trading platform | There are leverage restrictions on the UK and Australian clients |
| There is commission-free trading offered | United States clients are not accepted |
| There is a wide selection of educational content and beginner guides as part of an all-inclusive education material package | Inactivity 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
- 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
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
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, EFSA, JSC |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Trade 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 spread | from 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Admirals is well-regulated in several regions globally | There is an inactivity fee charged |
| Admirals offers commission-free options | Nigerian traders are subject to currency conversion fees |
| The broker accepts Nigerian traders despite their trading skills or trading strategies | There are deposit and withdrawal fees charged |
| There are user-friendly platforms available across devices | There are deposit and withdrawal fees charged |
| There is a wide range of tradable markets, complex instruments, and leveraged products | There are admin fees charged on the Islamic account |
| Admirals offers the MetaTrader Supreme Edition | There 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
- 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
👉 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
| Feature | Information |
| ⚖️ Regulation | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Single 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 spread | from 0.8 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Plus500 is well-regulated and has a high trust score | There is an inactivity fee charged on dormant accounts after a few months of inactivity |
| There is multilingual customer service offered 24/7 across communication channels | Guaranteed stops come at an additional charge |
| All client funds are held in segregated accounts | Plus500 restricts retail traders in certain regions |
| There is a wide range of markets to choose from | Restricted maximum leverage |
| The trading costs are low and can suit any financial restrictions that traders may have, especially novice traders | Trading strategies such as expert advisors, automated trading, hedging, scalping, and others, are prohibited |
| There are no commissions charged on trades | There 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
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 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
👉 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
👉 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
👉 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
👉 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 2023. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.
👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.
👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:
➡️ Best Customer Support
➡️ Lowest Spreads and Commissions
➡️ Regulation
➡️ Variety of trading instruments
➡️ Negative reviews by their clients
➡️ Minimum Deposit to start trading
👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.
➡️ eToro
➡️ Capital.com
➡️ IG Group
➡️ XM
➡️ Trade Nation
➡️ Admirals
➡️ Plus500
How to Choose a Forex Broker
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Nigeria
👉 The brokers 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
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
👉 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
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
👉 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
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
👉 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
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
👉 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
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
👉 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
Overall Rating
- 4.7/5
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
👉 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
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 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.
Top 4 Brokers
