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best mt4 brokers review

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…

Updated : September 7, 2022

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. ExnessYes41,000 NGNYesYesYes👉 Open Account
2. XMYes2000 NGNNoYesYes👉 Open Account
3. TickmillYes41,500 NGNNoYesNo👉 Open Account
4. SuperForexYes400 NGNYesYesYes👉 Open Account
5. RoboForexYes4,100 NGNNoNoYes👉 Open Account
6. PepperstoneYes60,700 NGNNoYesNo👉 Open Account
7. OANDAYes0 NGNNoYesNo👉 Open Account
8. HFMYes4,100 NGNYesYesYes👉 Open Account

8 Best MT4 Brokers in Nigeria (Updated 2022)

  1. Exness – Overall, Best MT4 Platform for Nigerian Traders for Nigerians
  2. XM – Best Regulated Forex Broker
  3. Tickmill – Top Islamic Account Broker
  4. SuperForex – Verified Naira-Based Account for Nigerians
  5. RoboForex – User-Friendly Broker to Offer Negative Balance Protection
  6. Pepperstone – Lowest Minimum Deposit Broker in Nigeria
  7. Oanda – Best Broker for Beginner Nigerian Traders
  8. HFM – Best MT4 Broker for Copy Trading

1. Exness

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

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 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

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📈 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💵 Minimum Deposit (₦)41,000 Naira
💸 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
💰 Nigerian Naira-based Account?Yes
✔️ NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips EUR/USD
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutionsThere is a limited portfolio of financial instruments offered
Exness offers an Islamic account conversion with no additional fees chargedExness 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

 

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.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

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📲 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📈 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💵 Minimum Deposit (₦)2000 Naira
💸 Trading AssetsForex, 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 spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
XM has more than 5 million active clients from around the worldInactivity fees apply
Client fund safety is guaranteed, and XM offers investor protection to Nigerian tradersThere 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

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

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsPro Account, Classic Account, VIP Account
📈 Trading PlatformMetaTrader 4, MetaTrader 5
💵 Minimum Deposit (₦)41,500 Naira
💸 Trading AssetsForex, 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 spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingCurrency conversion fees will apply for Naira deposits
Tickmill has a very high trust score and is known for its competitive trading conditionsThere are no fixed spread accounts offered
There are several convenient funding options available including Skrill, Neteller, and othersThe 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

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

👉 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

FeatureInformation
⚖️ RegulationNone
📲 Social Media Platforms• Telegram
• Instagram
• Facebook
• YouTube
• Twitter
• LinkedIn
• Pinterest
🏛 CBN Regulation?No
💻 Trading AccountsStandard 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 PlatformMetaTrader 4, SuperForex App
💵 Minimum Deposit (₦)400 Naira
💸 Trading AssetsForex, 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 spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
There are three Islamic accounts for Nigerian traders to choose from according to their trading needs and objectivesMetaTrader 5 is not offered
The accounts can be registered with Naira as the base currencyThere 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

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

👉 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

FeatureInformation
⚖️ RegulationInternational Financial Services Commission (IFSC)
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsPrime Account, ECN Account, R Stockstrader Account, ProCent Account, Pro Account
📈 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app
💵 Minimum Deposit (₦)4,100 NGN
💸 Trading AssetsForex, Stocks, Indices, Cryptocurrencies
💰 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Offers a massive range of tradable instruments across financial marketsUnited States clients, and some other regions, cannot register with RoboForex
Provides professional yet user-friendly trading platformsThere are no fixed spread accounts offered
Low initial deposit requirement on all account typesThere 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 costsOffshore broker with offshore regulation
Offers a vast range of research tools to experienced tradersMarket Maker forex broker that can benefit from the losses of clients
Award-winning broker that ensures client fund protectionInactivity fee may apply to dormant accounts
Negative balance protection applied to all account typesWithdrawal 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

 

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

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

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📈 Trading PlatformMetaTrader 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 spreadFrom 0.0 pips
📱 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Pepperstone ensures client fund security by keeping it in segregated accountsNigerian traders do not have a Naira-denominated trading account
Pepperstone is both a multi-regulated and multi-award-winning brokerThere are additional fees applied to the Islamic account
Pepperstone caters for all types of traders despite their trading experience or styleThere 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

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

on Oanda’s website

 

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

FeatureInformation
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard Account, Core Account, Swap-Free Account
📈 Trading PlatformMetaTrader 4, OANDA Platform, TradingView
💵 Minimum Deposit (₦)0 Nigerian Naira
💸 Trading AssetsIndex 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 spreadFrom 0.1 pips
📱 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
OANDA has an award-winning proprietary trading platformThere is an inactivity fee on dormant accounts
There is a dedicated account for Muslim tradersThere 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

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

👉 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

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

 

Pros and Cons

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

 

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

1

9/10

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

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

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

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 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

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

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

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

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

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

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

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.

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

Best Forex broker offering Islamic Accounts to Nigerian Traders

👉 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

Best regulated Forex broker for Nigerian traders

👉 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

Best MT4 Forex broker for Nigerian traders

👉 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

Best Forex broker offering Naira based accounts to Nigerian traders

👉 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

Best Forex broker offering negative balance protection

👉 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

Best Forex broker with no deposit fees

👉 Pepperstone offers excellent deposit and withdrawal conditions to Nigerian traders, with no additional fees charged.

 

Best Forex broker for beginner Nigerian traders

Best Forex broker for beginner

👉 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

Best Volatility 75 / VIX 75 Broker in Nigeria

👉 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 2022. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.

 

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

 

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

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

 

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

➡️ 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.

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