8 Best MT4 Brokers in Nigeria
The 8 Best MT4 Forex Brokers in Nigeria revealed. We tested and verified the best MetaTrader4 platforms from top forex brokers with a secure, dependable trading environment for Nigerian Traders.
This is a complete list of MT4 forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is the MT4 Trading Platform?
- How does MetaTrader4 work as a platform?
- How to open an MT4 account?
- Who are the best MT4 brokers in Nigeria?
- How to choose a forex broker best suited for your trading style.
- How to download the MT4 platform on your phone.
- Which MetaTrader4 broker offers a demo account?
- Which MetaTrader4 brokers offer a low minimum deposit of $5 (2 097 NGN)?
- Which broker offers a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-tested MT4 forex brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best MT4 Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ MT4 Broker? | 💵 Minimum Deposit (₦) | 💰 Nigerian Naira-based Account? | ✔️ NGN Deposits Allowed? | 💸 Bonuses for Nigerian traders? | 👉 Open Account |
| 1. Exness | Yes | 41,000 NGN | Yes | Yes | Yes | 👉 Open Account |
| 2. XM | Yes | 2000 NGN | No | Yes | Yes | 👉 Open Account |
| 3. Tickmill | Yes | 41,500 NGN | No | Yes | No | 👉 Open Account |
| 4. SuperForex | Yes | 400 NGN | Yes | Yes | Yes | 👉 Open Account |
| 5. RoboForex | Yes | 4,100 NGN | No | No | Yes | 👉 Open Account |
| 6. Pepperstone | Yes | 60,700 NGN | No | Yes | No | 👉 Open Account |
| 7. OANDA | Yes | 0 NGN | No | Yes | No | 👉 Open Account |
| 8. HFM | Yes | 4,100 NGN | Yes | Yes | Yes | 👉 Open Account |
8 Best MT4 Brokers in Nigeria (Updated 2023)
- Exness – Overall, Best MT4 Platform for Nigerian Traders for Nigerians
- XM – Best Regulated Forex Broker
- Tickmill – Top Islamic Account Broker
- SuperForex – Verified Naira-Based Account for Nigerians
- RoboForex – User-Friendly Broker to Offer Negative Balance Protection
- Pepperstone – Lowest Minimum Deposit Broker in Nigeria
- Oanda – Best Broker for Beginner Nigerian Traders
- HFM – Best MT4 Broker for Copy Trading
1. Exness
Overall Rating
- 4.9/5
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness can be described as a reliable and worthwhile broker that charges affordable trading fees (against major currency pairs) for Nigerian traders. For first-time traders, there is also a sign-up incentive and a reduced spread.
👉 MetaTrader 4, MetaTrader 5, WebTerminal, and the Exness Terminal are all options available to traders using Exness. Customized trading terminal designed by Exness developers exclusively for Exness customers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💵 Minimum Deposit (₦) | 41,000 Naira |
| 💸 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 💰 Nigerian Naira-based Account? | Yes |
| ✔️ NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | There is a limited portfolio of financial instruments offered |
| Exness offers an Islamic account conversion with no additional fees charged | Exness offers a limited number of payment methods that can be used for deposits and withdrawals |
| Nigerian traders can choose between several retail investor accounts | |
| Instant deposits and withdrawals are offered | |
| Exness has customer support available 24 hours a day, 7 days a week |
Trust Score and Nigerian Market Share
👉 Exness has a trust score of 97% and a market share of <5%.
2. 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
Overview
👉 XM.com offers two families of trading platforms: the MT4 and the MT5 families, the latter of which includes the XM WebTrader as an additional platform option.
👉 It is possible to use these platforms for Windows or Macintosh applications, browser-based (web-based) non-downloadable applications, and apps for smartphones.
👉 On all of these platforms, XM.com provides FX trading (currency trading). After selecting a trading account that matches their demands during registration, clients can choose the trading platform of their choosing.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit (₦) | 2000 Naira |
| 💸 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares, |
| 💰 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM has more than 5 million active clients from around the world | Inactivity fees apply |
| Client fund safety is guaranteed, and XM offers investor protection to Nigerian traders | There are no fixed spreads offered |
| XM has won several industry awards since its establishment in 2009 | |
| There are no commissions charged on either deposits or withdrawals | |
| XM is a low-cost forex broker with a high trust score |
Trust Score and Nigerian Market Share
👉 XM has a trust score of 84% and a market share of <5% in Nigeria.
3. Tickmill
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 As an award-winning and reliable STP broker, Tickmill relies on industry-standard technology to provide quick execution from MetaTrader 4.
👉 Tickmill should be a top pick in Forex brokerage because of its comprehensive educational resources, free access to premium tools, and favourable trading circumstances.
👉 Newbie traders in Nigeria will appreciate the company’s educational resources, while intermediate traders will appreciate the company’s high-level offering of tools and platforms.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 41,500 Naira |
| 💸 Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 💰 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No, only USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Currency conversion fees will apply for Naira deposits |
| Tickmill has a very high trust score and is known for its competitive trading conditions | There are no fixed spread accounts offered |
| There are several convenient funding options available including Skrill, Neteller, and others | The spreads are not the tightest |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others |
Trust Score and Nigerian Market Share
👉 Tickmill has a trust score of 81% and an overall market share of <5% in Nigeria.
4. SuperForex
Overall Rating
- 4.5/5
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
Overview
👉 For the most dependable and cutting-edge trading technology, go no further than SuperForex MetaTrader 4.
👉 MetaTrader 4 is the trading platform of choice for professionals. To meet the needs of consumers in the FX, CFD, and futures markets, it is an excellent choice. It is also well-known that SuperForex has a vast selection of local deposit and withdrawal alternatives for Nigerian customers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | None |
| 📲 Social Media Platforms | • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard 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 |
| 📈 Trading Platform | MetaTrader 4, SuperForex App |
| 💵 Minimum Deposit (₦) | 400 Naira |
| 💸 Trading Assets | Forex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs |
| 💰 Nigerian Naira-based Account? | Yes |
| ✔️ NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| There are three Islamic accounts for Nigerian traders to choose from according to their trading needs and objectives | MetaTrader 5 is not offered |
| The accounts can be registered with Naira as the base currency | There are only a few advanced trading tools offered to experienced traders |
| There is a demo account for beginners to practice their trading | |
| There are local deposit and withdrawal methods offered |
Trust Score and Nigerian Market Share
👉 SuperForex has a trust score of 87% and a market share of <5%.
5. RoboForex
Overall Rating
- 4.7/5
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
Overview
👉 An international financial regulatory body, the International Financial Services Commission (IFSC), has overseen RoboForex since 2009. (IFSC).
👉 More than 12,000 trading instruments and eight asset classes are offered to Nigerian RoboForex customers through its proprietary trading platforms and technology.
👉 MetaTrader 4 is also accessible as a web-based platform that can be accessed using any browser. As with the desktop version, RoboForex’s MT4 web terminal has all of the functionality and performance of the desktop version.
Unique Features
| Feature | Information |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Prime Account, ECN Account, R Stockstrader Account, ProCent Account, Pro Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app |
| 💵 Minimum Deposit (₦) | 4,100 NGN |
| 💸 Trading Assets | Forex, Stocks, Indices, Cryptocurrencies |
| 💰 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Offers a massive range of tradable instruments across financial markets | United States clients, and some other regions, cannot register with RoboForex |
| Provides professional yet user-friendly trading platforms | There are no fixed spread accounts offered |
| Low initial deposit requirement on all account types | There is no FCA, CySEC, FSCA, or other regulation with popular market regulators |
| There are several flexible account types with competitive trading conditions and transparent trading costs | Offshore broker with offshore regulation |
| Offers a vast range of research tools to experienced traders | Market Maker forex broker that can benefit from the losses of clients |
| Award-winning broker that ensures client fund protection | Inactivity fee may apply to dormant accounts |
| Negative balance protection applied to all account types | Withdrawal fee charged on several payment options |
| RoboForex has obtained Verify My Trade, proving trade execution speeds | |
| omprehensive social trading platforms offered |
Trust Score and Nigerian Market Share
👉 RoboForex has a trust score of 66% and an overall market share of <5% in Nigeria.
6. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Forex and CFD broker Pepperstone Limited offers low pricing on all FX, CFDs and commodities together with regulatory protection and great customer care. Pepperstone Limited is regulated by the FCA.
👉 Platforms for social copy trading have access to Pepperstone’s research and assistance, and the industry is growing rapidly in Nigeria.
👉 MT4 from Pepperstone has a lot to offer Nigerian traders of all skill levels, including real-time quotes, real-time charts, in-depth news and analytics, and a variety of order management tools, indicators, and expert advisers.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (₦) | 60,700 Nigerian Naira |
| 💸 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 💰 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Trust Score and Nigerian Market Share
👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
7. Oanda
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Founded in 1996, OANDA is one of the world’s most popular currency trading platforms and brokers.
👉 In Nigeria, traders may trust OANDA because it is adequately regulated by organizations like IIROC and ASIC as well as the Commodity Futures Trading Commission and the National Futures Association.
👉 To receive access to Oanda’s advanced premium trading indicators and widgets, you need to upgrade to MT4 premium.
👉 Use automated scaling out of positions and the depth of the market to your advantage. Stop-loss and profit-taking orders with trendlines can also be made to be more sophisticated and adaptable.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 📈 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💵 Minimum Deposit (₦) | 0 Nigerian Naira |
| 💸 Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| 💰 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.1 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| OANDA has an award-winning proprietary trading platform | There is an inactivity fee on dormant accounts |
| There is a dedicated account for Muslim traders | There are no fixed spreads |
| Negative balance protection is automatically applied to the retail accounts | |
| There are no deposit fees charged | |
| There is a large selection of educational materials | |
| There is a demo account and Islamic account offered |
Trust Score and Nigerian Market Share
👉 OANDA has a trust score of 91% and a market share of <5%.
8. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HFM is one of the prominent brokers in Nigeria because of its low barrier of entry into CFD and Forex markets. HFM provides affordable trading solutions to Nigerians and provides powerful trading technology, tools, and resources.
👉 HFM offers the use of MetaTrader 4, MetaTrader 5, and the HF App that can be downloaded on iOS and Android devices. MT4 is a highly customizable trading platform that is still popular among retail traders even though MT5 offers additional features, tools, and benefits.
Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💳 Minimum Deposit (₦) | 2,000 Nigerian Naira equivalent to $5 |
| 📈 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated in several global regions | There are no variable spread accounts |
| Offers some of the lowest spreads in the forex market on major currency pairs | There is a limited selection of funding options and withdrawal methods. |
| There are several account types to choose from | |
| HFM accommodates all types of traders despite their trading strategies | |
| Low minimum deposit requirement | |
| Beginner traders and professional investors are both welcome | |
| Educational tools, advanced trading tools, and several other comprehensive solutions are offered | |
| There is a comprehensive market analysis offered | |
| Technical analysis and fundamental analysis offered |
Trust Score and Nigerian Market Share
👉 HFM has a trust score of 85% and market share of more than 2.5% in Nigeria.
Overview
👉 MetaQuotes released MetaTrader 4 (MT4) as a trading platform in 2005. In addition to forex, MetaTrader 4 may be used to trade indices, cryptocurrencies, and commodities through contracts for difference (CFDs).
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 MT4 is a hugely popular trading platform amongst Nigerian traders because it can be tailored to your own trading style. Using algorithms to open and close trades for you based on a list of predetermined parameters is also possible.
How MetaTrader 4 works
👉 In order to trade and analyze the financial markets, traders utilize MetaTrader 4. A fast, secure, and dependable trading environment is provided by the MetaTrader 4 platform.
👉 Because of its characteristics, trading professionals in Nigeria regard it as one of the most widely used trading platforms.
👉 The MetaTrader 4 platform was developed by MetaQuotes Software in 2005. A lot of changes have been made since then, with the later version gaining significant popularity in the world of internet trading.
👉 Brokers are now offering the platform as an alternative to their proprietary software because of its growing popularity.
👉 Forex traders in Nigeria aren’t the only ones that use the MetaTrader 4 platform nowadays. Forex, CFDs, stocks and commodities are all traded using the software. It is also used to trade cryptocurrencies like Bitcoin and Ripple (XRP).
Steps to open an MT4 account
👉 It’s easy to get started with MetaTrader 4. MetaQuotes offers a free download of the platform as a zip file. When you sign up for a real or demo account with an online broker in Nigeria, you can also download the platform.
👉 Both Mac OS X and Linux can run MetaTrader 4. Windows 7, 8, and 10 (32- and 64-bit CPUs) are all compatible with the software. For those using a MacBook or Chromebook, you can also trade immediately through a web browser.
Setting up MetaTrader 4
👉 Register for a new account and sign in with your login credentials once you’ve downloaded the free platform from a broker in Nigeria. With the ability to customize your MetaTrader 4 platform in a variety of ways, you may tailor it to your needs.
👉 Sign-up pages typically include information on fees and spreads, including commissions and spreads. Some new customers are astonished to see daily swap fees tacked on to their accounts.
👉 Interest is charged or received at the conclusion of each trading day, depending on your position, as a result of a swap.
👉 To check your account balance and margin levels, go to the terminal. A ‘not enough money’ error will show when you try to conduct a trade since you don’t have enough money to meet the leverage requirement.
👉 To make a deposit or a withdrawal, go to your account section and click on ‘deposit’ or ‘withdraw’. Then select a payment method from the alternatives that are available.
👉 There is usually a free alternative for payment, however it varies amongst brokers. Deposit and withdrawal timings vary depending on the broker and mode of deposit and/or withdrawal.
Trading basics of MetaTrader 4
👉 Simply click on ‘tools’ and then on the new order option. This will bring you to the checkout page. Alternatively, you can press the F9 key on your keyboard. Although the order window looks complex, the elements are simple.
👉 Select ‘view’ and then ‘terminal’ to get to the MetaTrader 4 terminal. Select “trade” from the drop-down menu.
👉 Right-click on the profit column and choose “X” to close this position. By selecting ‘modify’ from the context menu of the position or pending order that you want to change, you can also edit stops and limitations.
👉 Simply choose an object from the toolbar and drag it onto a chart. A price chart’s timescale can be customized by right-clicking and selecting ‘timeframe’ from the context menu that appears.
Additional features on MetaTrader 4
👉 In addition to the 30 built-in technical indicators, MetaTrader’s Code Base and Market offer thousands of additional chart indicators. Just a few examples are the Elliot Wave indicator, Bollinger Bands, and pivot points.
👉 Users can customize the MetaTrader 4 platform by using third-party extensions. Two well-known examples are “Stealth Orders” and “Alarm Manager”.
👉 As a result of the use of Stealth Orders and the Alarm Manager, trades are kept secret. The Java API can also be used to create extensions for the MetaTrader 4 platform, as well. The MetaTrader 4 trading platform can be intimidating at first, but practice makes perfect.
Using Expert Advisors
👉 MetaTrader 4’s automated trading features are a major selling point. Expert Advisors (EAs), another name for robots, are computer programs that analyse financial market data and take positions based on predetermined rules.
👉 Code Base offers free access to trading bots and tutorials. Additionally, they can be hired or purchased from the Market or freelancers.
👉 Traders with a bit of programming know-how can use Raspberry Pi 3 and Python to integrate MetaTrader 4 with their own custom trading bots. Using MetaTrader 4 VPS, you may run trading bots around the clock.
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
👉 In this article we have uncovered the best Forex brokers which provide MetaTrader 4 to Nigerian traders.
👉 Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best Forex broker offering Islamic Accounts to Nigerian Traders
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
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
👉 Exness offers the best conditions to Islamic traders in Nigeria, which can be accessed through competitive swap-free accounts.
Best regulated Forex broker for Nigerian traders
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 multi-regulated in numerous jurisdictions around the world, and offers some of the most secure trading conditions to Nigerian investors.
Best MT4 Forex broker for Nigerian traders
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Tickmill offers the best trading features adapted to their MT4 trading account, which is widely compatible across numerous devices for Nigerian traders.
Best Forex broker offering Naira based accounts to Nigerian traders
Overall Rating
- 4.5/5
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
👉 SuperForex offers excellent Naira-based trading accounts to Nigerian traders, alongside transparent pricing and comprehensive trading tools.
Best Forex broker offering negative balance protection to Nigerian traders
Overall Rating
- 4.7/5
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
👉 RoboForex offers negative balance protection to Nigerian traders across all of its retail accounts, ensuring that any losses incurred will never exceed your initial deposit.
Best Forex broker with no deposit fees for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Pepperstone offers excellent deposit and withdrawal conditions to Nigerian traders, with no additional fees charged.
Best Forex broker for beginner Nigerian traders
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Oanda offers excellent educational resources to Nigerian traders, ensuring that they are well-equipped to trade the Forex markets successfully.
Best Volatility 75 / VIX 75 Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HFM is the Best Volatility 75 / VIX 75 Broker in Nigeria. HFM offers this popular index under “VIX.F.” Nigerians can expect tight spreads from 0.14 pips when they trade this instrument via MT4, with leverage up to 1:100 and competitive overnight fees.
FAQ
Do all brokers offer MT4 to Nigerian traders?
No, not all brokers offer MT4 to Nigerian traders, however the best brokers offering this supreme trading platform are featured on this list
What are the benefits of using MT4?
MT4 provides a user-friendly interface along with a wealth of technical indicators and other usefuly trading tools.
What is MetaTrader 4?
MetaTrader 4 is a leading Forex trading platform from MetaQuotes that is popular around the world with traders of all kinds.
Can MT4 be downloaded for mobile use?
Yes, MT4 is available for mobile download and is compatible with both Android and iOS operating systems.
Does MT4 provide automated trading?
Yes, MT4’s Expert Advisors can be used for numerous copy trading strategies by Nigerian traders.
Conclusion
👉 MetaTrader 4 is a leading Forex trading platform that is highly popular amongst traders in Nigeria. Not all brokers offer MT4, however, which is why we have compiled this comprehensive list.
👉 This “7 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
- Highest leverage
- 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.
➡️ Exness
➡️ XM
➡️ Tickmill
➡️ SuperForex
➡️ RoboForex
➡️ Pepperstone
➡️ Oanda
👉 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.
Top 3 Brokers