7 Best Forex Brokers with a Minimum 5 USD Deposit in Nigeria
The 7 Best Nigerian Forex Brokers with a Minimum 5 USD Deposit in Nigeria revealed. We tested and verified the best low spread forex brokers with a minimum deposit of 5 USD for Nigerian Traders.
This is a complete list of forex brokers with a minimum deposit of $5 USD in Nigeria.
In this in-depth guide you’ll learn:
- What is a minimum deposit?
- Why you should invest with a broker with a 5 USD minimum deposit?
- Who are the best low-minimum deposit forex brokers for Nigerians?
- Ou recommended Five USD brokers for Nigerian Beginner Traders
- How to compare forex trading brokers against each other?
- How and can I trade forex with $5 (2 076 NGN) USD?
- Which brokers offer a signup bonus on a $5 deposit
And lots more…
So if you’re ready to go “all in” with the best-tested $5 forex brokers for Nigerians…
Let’s dive right in…
- Louis Schoeman
Best Nigerian Forex Brokers with a Minimum 5 USD Deposit – Comparison
| 🥇 Broker | 💸 Minimum Deposit (₦) | ✔️ Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open An Account |
| 1. Forex.ee | $5 (2 076 NGN) | No | No | 👉 Open Account |
| 2. FXTM | $5 (2 076 NGN) | Yes | Yes | 👉 Open Account |
| 3. Alpari | $5 (2 076 NGN) | Yes | Yes | 👉 Open Account |
| 4. HFM | $5 (2 076 NGN) | Yes | Yes | 👉 Open Account |
| 5. XM | $5 (2 076 NGN) | No | Yes | 👉 Open Account |
| 6. Pepperstone | $5 (2 076 NGN) | No | Yes | 👉 Open Account |
| 7. AvaTrade | $5 (2 076 NGN) | No | Yes | 👉 Open Account |
7 Best Forex Brokers with a Minimum 5 USD Deposit in Nigeria (2023)
1. Global GT
Overall Rating
- 4.1/5
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 95%
✔️ Overall Rating: 8/10
👉 Based in South Africa, Global GT is a well-regulated broker that provides Nigerian traders access to more than 500 tradable financial instruments, all spread across different asset classes. Global GT has a long history of reliability, and the broker offers trading accounts with a low minimum deposit of 5 USD or an equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | None |
| 💳 Account Base Currencies | USD or EUR |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | Yes |
| 💸 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 💻 Account Types | Cent Account, Mini Account, Standard Account, Standard FX Account, ECN Account |
| 📱 Trading Assets | Forex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, DeFi Tokens, NFTs |
| ✔️ Negative Balance Protection? | Yes |
| 💰 Margin Call | 50% |
| 🛑 Stop-Out | 20% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| Global GT is well-regulated and is trustworthy | There is only one trading platform offered |
| Local deposits and withdrawals are provided to Nigerian retail traders | There is no option for an Islamic Account |
| There is 24/7 customer support offered to traders | An inactivity fee is charged on dormant accounts |
| There is a choice between powerful trading platforms across several devices | There is only one retail account and one professional account offered |
| Nigerian traders can choose between different retail accounts to find the one that fits their trading objectives best | |
| There are tight spreads offered along with competitive commissions |
Market Share in Nigeria
👉 While Global GT does not have a large market share in Nigeria, the broker still falls within the Top 50 CFD and Forex brokers in Nigeria.
2. HFM
Overall Rating
- 4.8/5
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
🥇 Trust Score: 83%
✔️ Overall Rating: 9/10
👉 HFM is one of the forex and CFD brokers that truly has a global presence, with regulation and authorization in South Africa, Cyprus, Dubai, Seychelles, United Kingdom, Mauritius, and Kenya, with registrations in several other regions.
👉 In addition, HFM offers comprehensive trading solutions to traders, with the benefit that Nigerians can register a trading account from 5 USD, or an equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD, ZAR, NGN |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | Yes |
| 💸 Offers a Naria Account? | Yes |
| 📞 Nigerian Customer Support? | Yes |
| 💻 Account Types | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Negative Balance Protection? | Yes |
| 💰 Margin Call | Between 40% to 50% |
| 🛑 Stop-Out | Between 10% to 20% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| HFM is multi-regulated and ensures client fund security | There is a limited choice between payment methods for deposits and withdrawals |
| There are low trading and non-trading fees charged | There are only a few base account currencies offered |
| Nigerian traders can expect ultra-low minimum deposits | |
| There is a comprehensive affiliate program | There is only one retail account and one professional account offered |
| There are several account types offered |
Market Share in Nigeria
👉 HFM is one of the top forex brokers in Nigeria, with a market share of over 2.5%, HFM is one of the Top 20 forex brokers.
3. NumberOne CM
Overview
🥇 Trust Score: 64%
✔️ Overall Rating: 5/10
👉 NumberOne CM is a fully registered and VFSC-regulated ECN broker based in Vanuatu that was founded in 2017. To provide traders from all over the globe with flexible and comprehensive trading solutions, NumberOne CM offers a choice between retail accounts with ultra-low minimum deposits of 5 USD or an equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | None |
| 💳 Account Base Currencies | USD |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | No |
| 💸 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 💻 Account Types | Cent Account, Standard Account, ECN Account |
| 📱 Trading Assets | Forex, Commodities, Stocks, Indices |
| ✔️ Negative Balance Protection? | Yes |
| 💰 Margin Call | 100% |
| 🛑 Stop-Out | 30% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| NumberOne CM is regulated and offers ultra-low minimum deposits | The spreads are not the tightest |
| There is a choice between retail accounts with dynamic trading conditions | There is a very limited range of markets |
| The broker offers both MT4 and MT5 | There are fees charged on deposits and withdrawals |
| There is an Islamic Account option offered to Muslim Nigerian traders | There is no crypto trading offered |
| There is a demo account offered |
Market Share in Nigeria
👉 There is an insufficient amount of data on the exact market share that NumberOne CM has. However, some Nigerian traders use the broker because of its numerous benefits and unique features.
4. M4Markets
Overall Rating
- 4.7/5
Min Deposit
USD 5 / 2076 NGN
Regulators
–
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 73%
✔️ Overall Rating: 8/10
👉 M4Markets is a Seychelles-based licensed ECN CFD broker that has been in business since 2019.
👉 M4Markets was founded on the simple premise that customers come first. Trading solutions and services are supplied to traders from all over the globe in a secure and technologically sophisticated environment.
👉 M4Markets offers Nigerian traders a choice between three account types, with the benefit that the minimum deposit required on the Standard Account is 5 USD or an equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | None |
| 💳 Account Base Currencies | USD, EUR, GBP, JPY |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | Yes, Local Online Banking |
| 💸 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 💻 Account Types | Standard Account, VIP Account, Elite Account |
| 📱 Trading Assets | Forex, Commodities, Indices, Shares |
| ✔️ Negative Balance Protection? | Yes |
| 💰 Margin Call | 100% |
| 🛑 Stop-Out | 20% to 40% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| M4Markets offers competitive trading conditions | There is no Naira-denominated account offered |
| There is an ultra-low minimum deposit requirement on accounts | There is no crypto trading offered |
| There is high leverage up to 1:1000 | |
| M4Markets offers micro-lot trading | |
| The broker uses a comprehensive ECN execution model |
Market Share in Nigeria
👉 There is an insufficient amount of data on the exact market share that M4Markets has. However, some Nigerian traders use the broker because of its numerous benefits and unique features, including local deposit and withdrawal methods.
5. 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
🥇 Trust Score: 84%
✔️ Overall Rating: 9/10
👉 XM is a highly-trusted CFD and forex broker for Nigerian traders that ensures reliable trade execution, a no requotes policy, transparent fee schedules, and account types that suit different types of traders.
👉 XM allows Nigerian traders to register an account with a minimum deposit of $5, or equivalent in Naira, with the benefit that high leverage can be used to open larger positions in several financial markets.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| 📊 Max Leverage Ratio | • Account balance of $5 – $20,000 = 1:1 to 1:888 • $20,001 to $100,000 = 1:1 to 1:200 • $100,001+ – 1:1 to 1:100 |
| ✔️ Naira Deposits Allowed? | Yes |
| 💸 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 💻 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📱 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Negative Balance Protection? | Yes |
| 💰 Margin Call | 50% to 100% |
| 🛑 Stop-Out | 20% to 50% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| XM is a popular and trustworthy broker | There is no Naira-denominated account offered |
| Nigerian traders can be assured that negative balance protection is applied to retail accounts | Currency conversion fees may apply |
| There is a choice between several account types | |
| Nigerians can use a range of trading strategies while trading with XM | |
| There is a plethora of educational material offered |
Market Share in Nigeria
👉 While XM does not have a prominent market share in Nigeria, the broker accommodates Nigerian traders, and it ranks as one of the top brokers in the region.
6. Alpari
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 95%
✔️ Overall Rating: 9/10
👉 Alpari is one of the best Nigerian-based forex and CFD brokers that offer local support, Naira accounts, local deposits and withdrawals, and a range of benefits for Nigerian retail traders, regardless of their trading experience or skills.
👉 With Alpari, Nigerian traders can choose between dynamic retail accounts, and they can gain access to a range of markets with deposits from 5 USD, or an equivalent in Nigerian Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | Unlimited |
| 💳 Account Base Currencies | USD, EUR, GBP, NGN |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | Yes |
| 💸 Offers a Naria Account? | Yes |
| 📞 Nigerian Customer Support? | Yes |
| 💻 Account Types | Micro Account, Professional Account, ECN Account, Standard Account |
| 📱 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| ✔️ Negative Balance Protection? | Yes, on retail accounts |
| 💰 Margin Call | 60% |
| 🛑 Stop-Out | 40% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| Alpari has offices in Nigeria and offers local solutions to traders | There are no fixed spread accounts |
| There are trading signals that are sourced from AutoChartist | There is a limited range of markets offered |
| Alpari offers both MetaTrader 4 and 5 | There is a lack of comprehensive educational tools and research |
| There is a comprehensive proprietary Alpari CopyTrade app for mobile traders | |
| Newsfeeds are streamed through FxWirePro |
Market Share in Nigeria
👉 Alpari has a large market share of over 14% in Nigeria, making it one of the Top 5 brokers in the country.
7. FXGT
Overall Rating
- 4.7/5
Min Deposit
USD 5 / 2076 NGN
Regulators
Not Regulated
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
18
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 68%
✔️ Overall Rating: 9/10
👉 FXGT has been in operation since 2019 and the broker has gained some popularity among retail traders. FXGT is one of few hybrid brokers that provide financial instruments not offered by other brokers including Synthetic Cryptocurrencies, GTi12, NFTs, and DeFi tokens among conventional asset classes.
👉 In addition, FXGT offers a choice between retail accounts and the benefits that Nigerian traders can register an account from 5 USD, or an equivalent in Naira.
Features
| Feature | Value |
| 💰 Minimum Deposit | 2,000 Naira or an equivalent to $5 |
| 💵 Maximum Deposit | None |
| 💳 Account Base Currencies | USD, EUR |
| 📊 Max Leverage Ratio | 1:1000 |
| ✔️ Naira Deposits Allowed? | No |
| 💸 Offers a Naria Account? | No |
| 📞 Nigerian Customer Support? | No |
| 💻 Account Types | Cent Account, Mini Account, Standard Account, Standard FX Account, ECN Account |
| 📱 Trading Assets | Forex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, NFTs, DeFi Tokens |
| ✔️ Negative Balance Protection? | Yes, on retail accounts |
| 💰 Margin Call | 50% to 70% |
| 🛑 Stop-Out | 20% to 40% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ Pros | ❌ Cons |
| FXGT offers negative balance protection on all retail accounts | There are no fixed spreads offered |
| There is a choice between a range of markets | There is only one platform available |
| MetaTrader 5 is offered | |
| There is an extremely low minimum deposit requirement | |
| There is an Islamic account option offered along with a demo account |
Market Share in Nigeria
👉 FXGT does not have a large market share in Nigeria, but the broker is one of the Top 100 CFD and forex brokers for Nigerian traders
Overview
👉 One of the first things that you must do before you can start trading is to register a live trading account with a broker of your choice. This broker will have a minimum deposit that must be paid to activate your account and allow you to start trading.
👉 One of the benefits of trading foreign exchange is that you can start with a very low minimum capital requirement. While 5 USD does not seem like enough, Nigerian forex traders are granted the advantage that they can apply leverage to their capital before they execute a trade.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 This allows them to open and hold larger positions despite their low capital. In the next section, we will have a closer look at margin and leverage, both important components of trading that you must understand before risking real money in any financial market.
What exactly are Margin and Leverage?
👉 Margin accounts are given to investors by brokerage companies and are updated in real-time when currency values vary. To begin trading forex, traders must create an account with a forex broker or an online forex broker.
👉 After an investor creates and funds the account, the investor establishes a margin account and trading can commence. Leverage is the process of using borrowed money (referred to as capital) to invest in a currency, stock, or another financial instrument.
👉 Leverage is a prevalent idea in forex trading and when using it, Nigerian traders can trade greater positions in a currency by borrowing money from a broker.
👉 Another critical idea to grasp is the distinction between forex margin and leverage. While forex margin and leverage are synonymous, they have distinct definitions. While margin refers to the deposit required to initiate a trade and maintain an open position, leverage allows you to trade higher position sizes with lesser initial capital expenditure.
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.
Best Forex Brokers in Nigeria in 2023
Best Hybrid Broker for Nigerians
Overall Rating
- 4.7/5
Min Deposit
USD 5 / 2076 NGN
Regulators
Not Regulated
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
18
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FXGT is our top choice for this modern category as the broker offers financial instruments that are not yet offered by competitors such as NFTs, Synthetic Cryptos, and DeFi tokens.
Best Nigeria-based Forex and CFD Broker
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Alpari is our best local broker because there are offices in major cities, with dedicated customer support offered to Nigerian traders. In addition to this, Nigerian traders can register Naira-denominated accounts and use local deposit and withdrawal options.
Best Islamic Account in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 5 / 2076 NGN
Regulators
Not Regulated
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
18
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose FXGT from this list of brokers because the option for a Swap-Free Islamic Account is offered across all retail account types, ensuring that Muslim Nigerian traders can gain access to trading conditions that suit their unique trading objectives and needs.
Best Customer Support
Overall Rating
- 4.1/5
Min Deposit
USD 300 / 124350 NGN
Regulators
FSCA
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose Global GT because the broker offers 24/7 customer support to all its clients, ensuring that Nigerian traders can consult knowledgeable and helpful agents with any questions, queries, or issues.
Best Liquidity in Nigeria
Overall Rating
- 4.8/5
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
👉 HFM is our #1 for this category because the broker has a global presence, with affiliates and subsidiaries offering coverage around the globe. HFM sources its liquidity and pricing from the best providers which include top-tier banks, hedge funds, and other providers.
Best MT4 and MT5 broker in Nigeria
👉 NumberOne CM is our choice for the best trading platforms as the broker offers both MetaTrader 4 and MetaTrader 5 across desktop, web browsers, and a range of mobile trading apps that offer Nigerian retail traders the flexibility they need to compete in a fast-paced and competitive market.
Best ECN Forex and CFD Broker for Nigerian Traders
Overall Rating
- 4.7/5
Min Deposit
USD 5 / 2076 NGN
Regulators
–
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose M4Markets because of the broker’s outstanding ECN execution model, competitive pricing, and low minimum deposit requirements when traders register a trading account.
Best Trading Account for Nigerian Day 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 offers a choice between several retail trading accounts, including an Ultra-Low Account which ensures that day traders, algorithmic traders, and other fast-paced trading strategies gain access to the best possible pricing and trade execution speeds.
FAQ
Can I start trading forex in Nigeria with a minimum deposit of 5 USD?
You can register a live trading account with a broker for 5 USD, but you may not be able to cover the margin requirements on trades with 5 USD. However, you can use leverage to increase your position size or use bonuses from your broker that provides you with additional trading credit.
How do Forex Brokers in Nigeria make money?
Market Maker forex and CFD brokers make their money from the spread while No-Dealing Desk brokers make their money either from the spread or by charging commissions on trades.
What is the best trading platform in Nigeria?
MetaTrader 4 is the best trading platform in Nigeria with others such as MetaTrader 4, cTrader, and others performing well.
How can I start trading with 400 Naria trading capital?
You can register a trading account with any forex broker that allows such low minimum deposits and explore the options that your broker provides. You might not cover the margin requirements of trades with such low capital, which means that you might need to transfer more funds to start trading.
Some forex brokers offer bonuses that can boost your trading capital significantly, allowing you to get started in the forex market, which typically charges lower trading costs than other markets, especially on liquid, major forex currency pairs such as EUR/USD.
Why is Forex Trading so Popular in Nigeria?
The foreign exchange market is extremely accessible and requires very little trading capital to get started. The trading costs are also very low and there are a plethora of forex brokers in Nigeria to choose from, ensuring that anyone can get started.
