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10 High Leverage Forex Brokers in Nigeria

The 10 Best High Leverage Forex Brokers in Nigeria revealed. We tested and verified the best high leverage brokers operating in Nigeria.

This is a complete list of high leverage brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What are high leverage forex brokers?
  • Which Forex Brokers are best for first-time traders?
  • Which brokers offer 1:100, 1:3000, and 1:5000 leverages.
  • How to choose a forex broker – Compare them side by side by tightest spread, best scalping conditions, and lowest minimum deposit.
  • Which high leverage broker offers the best NGN sign up bonus


And lots more…

So if you’re ready to go “all in” with the best-tested high leverage forex brokers for Nigerians…

Let’s dive right in…

Updated : June 18, 2022

👉 Definition of High-Leverage Brokers: Highest leverage Forex brokers are known to offer leverage as high as 1:3000. Yet highest leverage is a double-edged sword: it leverages buying power, yet increases risks.

High Leverage Forex Brokers in Nigeria – Comparison

🥇 Broker✔️ High-Leverage Broker?💳 NGN Deposits/Withdrawals💵 Micro Account Offered?📞 Nigerian-Based Customer Support👉 Open An Account
1. Exness✔️ YesYesNoNo👉 Open Account
2. HotForex✔️ YesNoYesNo👉 Open Account
3. FBS✔️ YesYesYesNo👉 Open Account
4. FXTM✔️ YesYesYesYes👉 Open Account
5. RoboForex✔️ YesYesNoNo👉 Open Account
6. XM✔️ YesYes, AstroPayNoNo👉 Open Account
7. SuperForex✔️ YesYesYesNo👉 Open Account
8. 7BForex✔️ YesYesNoNo👉 Open Account
9. Kwakol Markets✔️ YesYesNoYes👉 Open Account
10. Tifia✔️ YesYesNoNo👉 Open Account

10 High Leverage Forex Brokers in Nigeria (2022)

  1. Exness – Overall, Best High Leverage Naira (NGN) Trading Account.
  2. HotForex – Best Broker in Nigeria for high leverage trading.
  3. FBS – Best Research Tools for Advanced Traders.
  4. FXTM – Fastest Withdrawals in Nigeria.
  5. RoboForex – Largest Range of Markets for Nigerians.
  6. XM – Best Low-Cost High Leverage Forex Broker.
  7. SuperForex – Popular Naira Islamic Account for Nigerian Traders.
  8. 7BForex – Most Popular Locally based Forex Broker in Lagos, Nigeria.
  9. Kwakol Markets – Good Web-Based Trading Platform for Beginners.
  10. Tifia – Best ECN Broker in Nigeria

1. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySEC, FSA, FCA, FSCA, FSC.

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Exness is one of the best CFD and forex brokers for Nigerians that not only offers a selection of accounts that can be registered with Naira as the base currency but offers unique and competitive trading conditions.

 

👉 Exness offers unlimited leverage on some account types and Nigerians can expect some of the tightest spreads and the lowest commission fees on their trades. In addition, Exness also holds a decent amount of market share in Nigeria, making it one of the Top 20 brokers in Lagos.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesAED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR
📊 Minimum Spread0.0 pips
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
💰 Account TypesStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📈 LeverageUnlimited
💵 Micro Account Offered?No
🔧 Trading ToolsAnalytical tools, Trading calculators, currency converter, tick history, economic calendar
📚 EducationNone
📞 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
Multi-regulated by strict and demanding entities, guaranteeing client fund securityThere is a limited selection of tradable markets
There are several accounts to choose fromThere are only a few funding options supported
Nigerians can use instant deposits and withdrawals through mobile money solutions
There is 24/7 customer support
There is a powerful and innovative proprietary trading platform

 

Trust Score and Overall Rating

👉 Exness has a trust score of 97% and an overall rating of 8/10.

2. HotForex

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

 

Overview

👉 HotForex has been operating for the past 12 years and during this time, the broker has grown and expanded, infiltrating the African market. HotForex has a market share of more than 2.5% in Nigeria, making it a popular option.

 

👉 There is also a local office based in Abuja, offering traders local customer support. HotForex offers a Naira-denominated account and traders can use leverage up to a maximum of 1:1000, with the benefit that low minimum deposits of 2,000 Naira are charged on accounts.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesUSD, ZAR, NGN
📊 Minimum Spread0.0 pips EUR/USD
💳 Nigerian Deposits/WithdrawalsNo
⚖️ CBN RegulationNo
💰 Account TypesMicro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📈 Leverage1:1000
💵 Micro Account Offered?Yes
🔧 Trading ToolsHF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more
📚 EducationEducational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos
📞 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
Well-regulated in several regions around the worldThere is a limited selection of funding options
Competitive spreads are offered
Offers a high leverage ratio of 1:1000 and a low minimum deposit
HotForex accepts all trading strategies
The broker caters for beginners as well as professional traders

 

Trust Score and Overall Rating

👉 HotForex has a trust score of 83% and an overall rating of 9/10.

3. 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 pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

 

Overview

👉 FBS is a licensed and reputable international broker that has a large market share of over 8.7% in Nigeria. FBS is well-regulated by IFSC and CySEC and guarantees client fund protection. FBS offers six retail trading accounts and the benefit that Nigerians can use leverage up to 1:3000.

 

👉 FBS sources its liquidity through Currenex and ensures that trade execution is reliable, with minimal slippage and no requotes. The minimum deposit that Nigerians can expect is ultra-low, from 400 Naira or an equivalent to $1.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesEUR, USD
📊 Minimum SpreadFrom 0.0 pips
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
💰 Account TypesFBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account
⚖️ RegulationIFSC, CySEC
📈 Leverage1:3000
💵 Micro Account Offered?Yes
🔧 Trading ToolsForex News Feed, Daily Market Analysis, Forex TV, VIP Analytics, Economic Calendar, Forex Calculators, Currency Converter
📚 EducationForex Guidebook, Tips for Traders, Webinars, Educational Video Lessons, Seminars, Glossary, FAQ
📞 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
There is an ultra-low minimum deposit requirementThe spreads on some accounts are very wide
FBS is well-regulated and offers investor protectionThe demo account is only available for 40 days
Nigerian traders can choose between several account typesThere are inactivity fees that may apply
There are fast and convenient payment methods for deposits and withdrawalsThere are withdrawal and deposit fees charged
Nigerian Naira deposits are allowedCurrency conversion fees may apply

 

Trust Score and Overall Rating

👉 FBS has a trust score of 75% and our overall rating on the broker is 9/10.

4. FXTM

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 ForexTime Limited is often referred to just as FXTM, popular and well-regulated forex and CFD broker with offices in Lagos, Abuja, and Port Harcourt, making it one of the best local forex brokers for Nigerians.

 

👉 FXTM offers a choice between trading accounts and offers an option for Naira as the base account currency. In addition to being a reliable broker, FXTM also offers leverage up to 1:2000, allowing Nigerian traders to maximize their profit potential.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesUSD, EUR, GBP, and NGN
📊 Minimum Spread0.0 pips EUR/USD
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
💰 Account TypesMicro Account, Advantage Account, Advantage Plus Account
⚖️ RegulationCySEC, FSCA, FCA, FSC
📈 Leverage1:2000
💵 Micro Account Offered?Yes
🔧 Trading ToolsEconomic Calendar, Forex and Financial News Timeline, Market Analysis Videos, Podcasts, FXTM Invest, Guide to Copy Trading, Video Guides
📚 EducationBeginners Guides to Forex Trading, What is Forex, Forex Trading Strategies, eBooks, CFD Trading Articles, Forex Glossary, Educational Videos, Articles and Tutorials
📞 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
FXTM is multi-regulated and has a high trust scoreThere are inactivity fees applied
There are low minimum deposit requirements on accounts
There are no deposit fees charged
The processing times on withdrawals are quick
Dedicated customer support in Nigeria offered in multiple languages

 

Trust Score and Overall Rating

👉 FXTM has a trust score of 93% and our overall rating for this forex broker is 9/10.

5. 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

on RoboForex’s website

 

Overview

👉 RoboForex has been operating since 2009 and over its years in operation has expanded its reach around the globe. Not only does RoboForex provide some of the best liquidity, but the broker also offers a large range of markets that can be traded and leveraged up to 1:2000.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesCySEC, FSCA, FCA, FSC Mauritius
📊 Minimum SpreadFrom 0.0 pips
💳 Nigerian Deposits/WithdrawalsYes, AstroPay
⚖️ CBN RegulationNo
💰 Account TypesPrime Account, ECN Account, R StocksTrader Account, ProCent Account, Pro Account
⚖️ RegulationInternational Financial Services Commission (IFSC)
📈 Leverage1:2000
💵 Micro Account Offered?No
🔧 Trading ToolsForex Analysis and Forecasts, RoboForex Analytics Centre, Economic Calendar, Blog, R StocksTrader Strategy Builder, Trading Calculators, Financial Charts, Trading Tips, Expert Advisors, Changes in Trading Schedule, CopyFX
📚 EducationGuides on Account Opening and Trading, Educational Videos, FAQ Section
📞 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
There is a large range of tradable instruments offeredThere are no fixed spread accounts
There is a low minimum deposit amount requiredRoboForex is a Market Maker and can take the opposite of trades
There are flexible account types with high leverage ratiosThere is a withdrawal fee that is charged
RoboForex is a multi-award-winning brokerAn inactivity fee may apply
Social trading opportunities are available alongside advanced trading tools and Verify My Trade (VMT)

 

Trust Score and Overall Rating

👉 RoboForex has a trust score of 66% as an offshore broker with a market share of less than 5%, and an overall rating of 9/10.

6. 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

 

Overview

👉 XM is a globally-recognized forex and CFD broker that has been operating since 2009. XM has over 2.5 million customers from 190 countries, offering more than 1,000 financial instruments that can be traded.

 

👉 The most unique feature of XM is that the broker guarantees that 99.35% of orders are filled in under a second, with no rejections and no requotes. XM offers Nigerian traders a choice between powerful trading platforms and offers its own proprietary mobile trading app.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesUSD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
📊 Minimum Spread0.0 pips
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
💰 Account TypesMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📈 Leverage1:888
💵 Micro Account Offered?Yes
🔧 Trading ToolsXM Live, Live Education, Live Education Schedule, Educational Videos, Forex Webinars, Platform Tutorials, Forex Seminars
📚 EducationTrading Tools, MQL5, Forex Calculators, Markets Overview, News Feed, XM Research, Trade Ideas, Technical Summaries, Economic Calendar, XM TV, Podcasts
📞 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
XM is well-regulated and guarantees client fund safetyFixed spreads are not offered
Negative balance protection is automatically applied to all XM’s trading accountsAn inactivity fee is charged on dormant accounts
There are no fees on deposits or withdrawals
XM is a low-cost forex broker that offers a wide range of tradable markets
XM offers a choice between several trading accounts, including a Micro Account for Nigerian beginner traders and those testing trading strategies

 

Trust Score and Overall Rating

👉 XM has a trust score of 84% and an overall rating of 9/10.

7. 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

on SuperForex’s website

 

Overview

👉 SuperForex is extremely popular in Nigeria because of its range of account types, ensuring that every trader has tailormade solutions despite their trading needs or objectives. SuperForex also offers high leverage ratios up to 1:2000, which means that traders can register an account and start trading from as little as 400 Naira.

 

👉 SuperForex also caters extensively for Muslim traders in Nigeria by offering three unique and dedicated Swap-Free Accounts, each with competitive trading conditions.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesUSD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR, THB
📊 Minimum Spread0.0 pips
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNone
💰 Account TypesStandard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account
⚖️ RegulationNone
📈 Leverage1:2000
💵 Micro Account Offered?Yes
🔧 Trading ToolsTechnical Analysis, Economic News, Fundamental Analysis, Video Analysis, Weekly Review
📚 EducationTraining Centres, Seminars, Educational Videos, Glossary, Pattern Graphix
📞 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
There are eleven trading accounts offeredMetaTrader 5 is not supported
There is a low minimum deposit requirementThere is a limited selection of trading tools
Nigerians are given Naira-denominated accounts
There are dedicated Islamic Accounts offered to Nigerian Muslim traders
Traders have access to managed accounts through SuperForex Bank

 

Trust Score and Overall Rating

👉 SuperForex has a trust score of 87% and we give it an overall rating of 8/10.

8. 7BForex

7bforex

Overall Rating

Min Deposit

12 USD / ₦5,000

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 7BForex is a trading service provider that is based in Nigeria that has been operating since 2010, offering Nigerian local solutions across a range of financial markets.

 

👉 Nigerian traders can trade using Naira and they are given a choice between three trading accounts, each with a maximum leverage up to 1:1000.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesNigerian Naira
📊 Minimum SpreadFrom 1.3 pips EUR/USD
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNone
💰 Account TypesStandard Account, Elite Account, Classic Account
⚖️ RegulationNone
📈 Leverage1:1000
💵 Micro Account Offered?No
🔧 Trading ToolsNone
📚 EducationWhat is Forex, Why Trade Forex, What are CFDs, FAQs, Understanding 7BForex Account Types, Understanding 7BForex Commissions
📞 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
Local broker that offers Naira accountsThere is only one trading platform offered
There are local deposits and withdrawals offeredThere is only one option for a live demo count
There is high maximum leverage up to 1:1000There is no Islamic or Swap-Free account
There are several bonuses and promotions offered
7BForex offers instant trade execution and no requotes
MetaTrader 4 is offered across all devices

 

Trust Score and Overall Rating

👉 7BForex has a trust score of 60% and an overall rating of 6/10.

9. Kwakol Markets

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

Not Regulated

Trading Desk

MetaTrader 5, MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Kwakol Markets is a multi-asset broker with offices in the United States, Hong Kong, Australia, and Abuja, Nigeria. Kwakol Markets is still a new broker, and it was only established in 2021. However, despite its young age, Kwakol Markets has captured a large market share in Nigeria, making it one of the Top 10 brokers in the region.

 

👉 Apart from its range of trading accounts, local support in Nigeria, and choice between MetaTrader 4 and 5, Kwakol Markets is known for low minimum deposits and leverage ratios up to 1:1000.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesUSD
📊 Minimum SpreadFrom 0.0 pips
💳 Nigerian Deposits/WithdrawalsNo
⚖️ CBN RegulationNone
💰 Account TypesStandard Account, ECN Account, Professional Account, Cent Account, No-Swap(Islamic) Account, VIP Account
⚖️ RegulationASIC, FINTRAC
📈 Leverage1:1000
💵 Micro Account Offered?No
🔧 Trading ToolsNone
📚 EducationNone
📞 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
Kwakol Markets is well-regulated through FINTRAC and ASICUSD is the only available base account currency
There is a choice between six retail accountsTraders cannot make deposits or withdrawals in Naira
Nigerian traders can deposit and withdraw crypto from mobile appsThere is no Naira-denominated account offered
There is a comprehensive affiliate program
There is a demo and Islamic account offered

 

Trust Score and Overall Rating

👉 Kwakol Markets has a trust score of 74% and an overall rating of 6/10.

Overview

👉 One of the largest benefits attributable to forex trading in Nigeria relates to low minimum deposits and high leverage ratios that are easily accessible. In this article, we will discover what leverage is and how it works, and which forex brokers in Nigeria offer the highest leverage ratios.

 

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

$100

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

 

👉 In addition to exploring the benefits of using leverage, we also need to consider the risks involved with trading forex using high leverage, allowing Nigerian traders to ensure that they manage and minimize their trading risks while they maximize their profit potential.

10. Tifia

Overall Rating

Min Deposit

USD 10 / 4146 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Tifia is a well-known broker in Nigeria that offers ECN trading solutions in addition to competitive trading conditions to both beginners and professional traders. Tifia has a long list of liquidity providers that ensure that Nigerian traders receive the best pricing on their trades.

 

👉 In addition, Tifia also offers a choice between three dynamic account types that have the advantage of leverage up to 1:1000 and low minimum deposits from 4,100 NGN.

 

Advanced Features Offered

FeatureInformation
💵 Account Base CurrenciesUSD, EUR, NGN, PLN, GBP
📊 Minimum Spread0.0 pips EUR/USD
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNone
💰 Account TypesMT4 Micro Account, ECN Classic Account, ECN Pro Account
⚖️ RegulationFSC in Mauritius
📈 Leverage1:1000
💵 Micro Account Offered?Yes
🔧 Trading ToolsFinancial Markets Analysis, Analytics From Claws & Thorns, Trading Calculators, Economic Calendar, Fundamental Analysis, Market Review, Technical Analysis, Social Trading Platforms
📚 EducationTrading Strategies, Trading Indicators, Educational Videos, Trading Glossary, Video Courses, Forex eBook
📞 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
There is an Islamic Account offered to Muslim traders, exempting them from overnight feesThere are no educational materials offered and only a few trading tools
Nigerians can choose NGN as their base account currencyThere are withdrawal fees charged
There are local Nigerian deposits and withdrawals offeredThere is no individual stock trading or crypto trading offered
Commission-free trading options are available
There is free VPS offered to eligible traders

 

Trust Score and Overall Rating

👉 Tifia has a trust score of 75% and an overall rating of 7/10.

Leverage – What it is and How it Works

Islamic Account

👉 Leverage is the process of using borrowed money (capital) to invest in a currency, stock, or any other financial instrument. Leverage is a prevalent idea in forex trading. Nigerian traders can trade much larger positions while trading by borrowing money from a broker.

 

👉 Leverage works by increasing your exposure to an underlying asset via the use of a deposit, referred to as margin. You are putting down a percentage of the total value of the deal – and your broker is lending you the remainder. The leverage ratio is the overall ratio of your exposure to margin.

 

👉 Each broker’s first margin requirement varies according to the amount of the deal as well as overall broker discretion. The leverage ratio indicates how much the amount of the deal is multiplied by because of the broker’s margin.

 

👉 Some typical Margin Requirements and Leverage Ratios offered by forex brokers are as follows:

Margin RequirementLeverage Ratio
2%1:50
1%1:100
.5%1:200

 

👉 Thus, the higher the leverage ratio that is offered, the lower the margin requirement will be, which means that Nigerian traders can start with a small amount of capital.

What are the Pros and Cons of Using Leverage?

Best Halal Trading Platform

Pros

➡️ Instead of the full amount needed to execute a trade, you simply need to put down a fraction of the trade’s value. However, while you can increase your profits on successful transactions, you can also increase your losses on bad ones, especially since margins are used to compute gains.

➡️ Nigerian traders can use leverage to free up cash for other ventures. Gearing refers to the capacity to enhance the amount of money that can be invested.

➡️ You can go short on financial instruments. You can profit from both rising and falling markets by using leveraged instruments to speculate on market changes, also known as going short.

 

➡️ 24-hour dealing because certain markets, such as important indexes, and forex, are open 24 hours a day, 5 days a week while crypto can be traded 24/7.

 

Cons

➡️ Increased losses because both losses and gains are magnified by margins. Thus, it is easy to forget how much money you are risking because your initial outlay is lower than in traditional transactions. However, even if your account balance is limited, you should always examine the whole value and negative potential of any transaction – and take measures to control your risk.

➡️ There are no rights as a shareholder. Leverage trading entails a loss of control over the underlying asset. Leveraged products, for example, can have an impact on dividend payments. Depending on whether you are long or short, you may not see the money in your account as a dividend.

➡️ Margin calls – Keeping your trade open could require that you deposit more money into your trading account, especially if your situation swings against you. Margin calls are common, and you will either need to increase your cash or a stop-out will close your position automatically.

➡️ Different funding charges – You are taking a loan from your broker to open a full position at the cost of your initial deposit when you use leverage. When you keep the position overnight, you could be charged an overnight fee for doing so.

Best High Leverage Brokers in Nigeria

Islamic Swap-Free Forex Brokers

👉 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 an informed trading decision.

 

👉 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.

➡️ Exness

➡️ HotForex

➡️ FBS

➡️ FXTM

➡️ RoboForex

➡️ XM

➡️ SuperForex

➡️ 7BForex

➡️ Kwakol Markets

➡️ Tifia

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

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

👉 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 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

👉 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.

Forex Trading in Nigeria – Best Forex Brokers For Nigerian Traders

Best MT4 and MT5 Mobile Broker

Demo Account Forex Brokers in Nigeria

👉 Exness is our top choice for mobile trading on the powerful MetaTrader 4 and 5 platforms that are free to download from any iOS or Android smartphone or tablet. With Exness, Nigerian traders can expect a full range of mobile trading features, advanced charting, live quotes, and much more.

 

Best Broker in Abuja, Nigeria

Best Copy-Trading Account

👉 HotForex is a well-regulated broker with a good reputation and a decent market share in Nigeria. HotForex offers local customer support and solutions to traders in Abuja, making it our top pick as a localized forex and CFD broker.

 

Best Low-Cost Forex Broker in Nigeria

Most Reliable Low-Cost Trading Broker

👉 XM is not only well-regulated and well-known for its high leverage ratios, but it is also the best broker for scalpers and day traders because of its low trading and non-trading costs.

 

Best Naira Trading Accounts

Demo Account Forex Brokers in Nigeria

👉 Exness offers a choice between live trading accounts and the benefit of several base account currencies, including the Nigerian Naira, ensuring that Nigerian traders can trade in local currency, exempting them from costly currency conversion fees.

 

Fastest Withdrawals in Nigeria

Nigerian Micro Currency Platform

👉 FXTM is the best choice for the fastest withdrawals in Nigeria. Not only does FXTM offer a range of payment methods, but FXTM is tested to have the fastest processing rates.

 

Best Research Tools for Advanced traders in Nigeria

Best Mobile Trading App

👉 FBS offers Nigerian traders a plethora of trading tools and research including Forex News Feed, Daily Market Analysis, Forex TV, VIP Analytics, Economic Calendar, and more.

Best Social Trading Broker in Nigeria

👉 RoboForex is one of the most versatile CFD and forex brokers on our list and it is well-known for its innovative, flexible social trading opportunities through CopyFX.

 

Best ECN Broker in Nigeria

Best ECN Broker

👉 Tifia is one of the best options that offer tailormade solutions to Nigerian traders, including ECN execution on trades, low trading and non-trading fees, and a dependable range of liquidity providers from around the world, including Bank of America, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Deutsche Bank, Goldman Sachs, and several more.

 

Largest Range of Markets for Nigerians

Best Social Trading Platform

👉 Of the brokers on our list, RoboForex offers an impressive portfolio of over 9,400 financial instruments that can be traded across several accounts and platforms.

 

#1 Proprietary Mobile App

Most Reliable Low-Cost Trading Broker

👉 XM not only offers the reputable MetaTrader suite but also offers its innovative mobile trader that can be used, giving Nigerian traders the flexibility that they need to trade wherever they are, at any given time.

 

Best Naira Islamic Account Broker for Muslims in Nigeria

Regulations and Licenses

👉 Finding a broker that offers competitive trading conditions on Islamic accounts without charging ridiculous administration fees is hard, which is why we recommend SuperForex for a choice between three dynamic Islamic Swap-Free trading accounts in Nigeria.

 

Most Popular Forex Broker with Offices in Lagos

Most Popular Forex Broker with Offices

👉 7BForex is the best forex broker that is based in Nigeria, providing traders from the region with unique and local options, solutions, and several advantages including a Naira account, local deposits, and exemption from currency conversion fees while trading, making deposits, and withdrawing funds.

 

Best FINTRAC regulated broker in Nigeria

Best FINTRAC regulated broker

👉 Very few international or offshore brokers have regulations on US soil, and Kwakol Markets is one of these brokers. FINTRAC regulation instills confidence in traders that they are dealing with a legitimate and reputable broker, which is why Kwakol Markets is our best FINTRAC-regulated broker for Nigerian traders.

FAQ

How can I get started with a high leverage forex broker in Nigeria?

Once you have a thorough understanding of leverage, you can start by registering an account with the high leverage forex brokers that we have discussed in the article.

What is Leverage in Forex Trading?

It refers to the funds that Nigerian traders can borrow from their broker, subsequently increasing their exposure to a certain market.

Why should I use trading leverage?

The main reason why it is popular in Nigeria among retail traders is that it increases their potential to make larger profits. It allows you to trade larger positions where you can cash in on small changes in the price movements on currency pairs and other instruments.

How do forex brokers provide leverage?

Forex brokers facilitate trades; thus they are intermediaries between retail traders and the interbank market. Because the forex exchange market typically sees a price fluctuation of 1% during an intraday period, these brokers can manage the risk of all their clients’ profits and losses while they simultaneously grant them high leverage ratios.

Is there a fee charged on leverage?

Yes, there are overnight fees that are charged when traders keep positions overnight in addition to fixed and varying margin rates, which are collateral for the trade.

Which forex broker has the highest leverage?

The broker with the highest fixed leverage is FBS with a Leverage up to 1:3000. However, with Exness, traders can have access to unlimited leverage, which places it at #1 on the forex broker with the highest leverage.

Can I trade Cryptocurrencies in Nigeria using leverage?

Yes, most forex brokers offer leverage on cryptocurrencies but at a much lower ratio because of the risks involved with volatility in the crypto markets.

How can I start using leverage as a beginner trader?

Typically, as a beginner, the notion of using high leverage may seem extremely intriguing, but beginners must take care to avoid overexposing themselves to loss. Beginners are urged to start with leverage between 1:10 to 1:100 until they have become more skilled in trading, allowing them to adjust their leverage all while trying to keep a risk-reward ratio between 1:2 and 1:3, where the rewards outweigh the risks.

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)

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