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best mt5 brokers review

7 Best MT5 Brokers for Nigerian Retail Traders

The 7 Best MT5 Forex Brokers in Nigeria revealed. We tested and verified the best MT5 platforms from top forex brokers with a secure, dependable trading environment for Nigerian Traders.

This is a complete list of MT5 forex brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is the MT5 platform?
  • How does MetaTrader5 work as a platform?
  • How to open an MT5 account?
  • Who are the best MT5 brokers in Nigeria?
  • How to choose a forex broker best suited for your trading style?
  • Which broker offers a sign-up bonus for first-time traders?
  • Which MT5 Brokers offer a demo account?
  • Which MT5 Brokers have a low minimum deposit?

 

And lots more…

So if you’re ready to go “all in” with the best-tested MT5 forex brokers for Nigerians…

Let’s dive right in…

Updated : September 5, 2022

Best MT5 Brokers for Nigerian Retail Traders – Comparison

🏛️ Broker✔️ MT5 Broker?💵 Minimum Deposit (₦)📱 Nigerian Naira-based Account?💵 Nigerian Naira-based Account?💰 NGN Deposits Allowed?👉 Open Account
1. ExnessYes41,000 NGNYesYesYes👉 Open Account
2. AlpariYes1,000 NGNYesYesYes👉 Open Account
3. AdmiralsYes400 NGNNoYesYes👉 Open Account
4. AvaTradeYes41,500 NGNNoNoYes👉 Open Account
5. HFMYes2,000 NGNYesYesYes👉 Open Account
6. FXTMYes10,000 NGNYesYesYes👉 Open Account
7. IG GroupYes103,000 NGNNoNoNo👉 Open Account

7 Best MT5 Brokers for Nigerian Retail Traders (2022)

  1. Exness – Overall, the Best Retail Accounts for Nigerians
  2. Admirals – Best Forex Broker for Beginner Traders
  3. Alpari – Best AutoCharist Broker
  4. AvaTrade – Best Forex Brokers for Advanced Nigerians Traders
  5. HFM – Best Naira Trading Accounts
  6. FXTM – Best Customer Support for Nigerians
  7. IG Group – Best Regulated Forex Broker in Nigeria

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

👉 With approximately 60,000 active client accounts from around the world, Exness is one of the fastest-growing brokers in the industry.

 

👉 The MetaEditor tool on Exness’s MetaTrader 5 allows Nigerian traders to create trading robots and technical indicators. As the tool is linked to the platform, new programs appear in MetaTrader 5 and can be executed immediately.

 

👉 Using Exness’s MetaTrader 5 platform, Nigerian traders can trade in hedging mode. Hedging is a strategy in which you open multiple positions on a single trading instrument, even if they are polar opposites.

 

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
Nigerian traders can choose between several retail investor accountsExness offers a limited number of payment methods that can be used for deposits and withdrawals
Exness offers an Islamic account conversion with no additional fees charged
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. Alpari

 

Overall Rating

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

👉 Alpari has been operational since 1998, and while it began in Russia, the broker quickly moved throughout the globe, opening an office in Nigeria where it began giving specialized services to Nigerian traders.

 

👉 The new and updated version of MT5 from Alpari boasts state-of-the-art features including options for hedging, making it an excellent option for advanced Nigerian traders.

 

Unique Features

FeatureInformation
⚖️ RegulationFinancial Services Commission Mauritius (FSC)
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
🏛 CBN Regulation?No
💻 Trading AccountsForex Standard Account (MT4), Forex Micro Account (MT4),
Forex ECN Account (MT4/5), Forex Pro Account (MT4)
📲 Trading PlatformMetaTrader 4 and 5
💰 Minimum Deposit (₦)1,000 Nigerian Naira
💸 Trading AssetsForex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices
💳 Nigerian Naira-based Account?Yes
💵 NGN Deposits Allowed?Yes
💰 Bonuses for Nigerian traders?Yes
📊 Minimum spreadfrom 0.4 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Alpari is one of the best brokers in Nigeria with a market share of over 14%There is a limited selection of financial assets that can be traded
Advanced traders have access to AutoChartist, news from FxWirePro, and several additional toolsThere are no fixed spread accounts offered
There are dynamic trading accounts that satisfy the trading needs of several types of traders
Alpari offers MetaTrader 4 and 5 across devices
Alpari has won several awards in the years that the broker has been offering trading services

 

Trust Score and Nigerian Market Share

👉 Alpari has a trust score of 95% and an overall market share of more than 14%.

3. Admirals

 

Overall Rating

Min Deposit

400 Nigerian Naira equivalent to $1

Regulators

FCA, ASIC, CySEC, EFSA, JSC

Trading Desk

• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App

Crypto

Yes

Total Pairs

35 Forex Currency Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 There are many advantages to using Admirals as an online broker for Nigerian traders, such as the fact that they are regulated by the Financial Conduct Authority (FCA).

 

👉 Tradable instruments include Forex, commodities and indices, stock shares, ETFs as well as bonds and other financial instruments. Even though its cryptocurrency offerings are unaffected by the FCA and JSC, the company is unable to sell them.

 

👉 A wide range of options are available to traders who prefer to use either MT4 or MT5 platforms from Admirals.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, ASIC, CySEC, EFSA, JSC
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsTrade MT5 Account, Invest MT5, Zero MT5, Bets MT5, Trade MT4, Zero MT4
📲 Trading Platform• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
💰 Minimum Deposit (₦)400 Nigerian Naira
💸 Trading Assets• ESG Trading • Instruments
• Forex
• Cryptocurrency CFDs
• Commodities
• Indices
• Stocks
• ETFs
• Bonds
• Spread Betting
💳 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?Yes
💰 Bonuses for Nigerian traders?Referral Programme

📊 Minimum spreadfrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Admirals is well-regulated in several regions globallyThere is an inactivity fee charged
Admirals offers commission-free optionsNigerian traders are subject to currency conversion fees
The broker accepts Nigerian traders despite their trading skills or trading strategiesThere are deposit and withdrawal fees charged
There are user-friendly platforms available across devicesThere are admin fees charged on the Islamic account
There is a wide range of tradable markets, complex instruments, and leveraged productsThere is only one account type that can be converted to an Islamic Account
Admirals offers the MetaTrader Supreme Edition
Traders are given access to premium analytics
There are several educational materials, resources, and tools offered

 

Trust Score and Nigerian Market Share

👉 Admirals has a trust score of 83% and a market share of <5% in Nigeria.

4. AvaTrade

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 AvaTrade’s MT5 platform allows Nigerian traders to trade numerous assets, such as forex, with no re-quotes, no price rejections, and adjustable trading conditions.

 

👉 MetaTrader 5 allows Nigerian users to trade from your smartphone or tablet at any time and from virtually any location. Traders can trade their preferred assets from any web browser on any device thanks to the Web platform.

 

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
📱 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📲 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💰 Minimum Deposit (₦)41,500 Naira
💸 Trading AssetsForex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
💳 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
💰 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.9 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
AvaTrade caters specifically to the unique needs of Muslim tradersThere are no variable spreads offered
There is a dedicated selection of financial markets that Muslim traders can tradeThere are inactivity fees applied as well as currency conversion fees
There is a demo account that can be used to test strategies, and practice trading
There are no additional charges on the Islamic Account
Professional traders can employ advanced technical indicators and access powerful research tools and resources
There is a large range of financial instruments offered

 

Trust Score and Nigerian Market Share

👉 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.

5. 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

👉 With a market share of over 2.5% and a local office in Nigeria, HFM is one of Nigeria’s most popular brokers. HFM gives its clients a variety of custom solutions, including the ability to convert their Micro, Premium, Auto, or HFcopy accounts into Islamic Accounts.

👉 With the HFM MT5 platform, traders can take advantage of all of MetaTrader 5’s top features while also customizing them to meet their own trading preferences and goals.

👉 This robust, yet user-friendly platform gives you more features, innovative trading tools, first-rate customer service, and complete control over your trades.

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📲 Trading PlatformMetaTrader 4 and MetaTrader 5
💰 Minimum Deposit (₦)2,000 Naira
💸 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💳 Nigerian Naira-based Account?Yes, along with ZAR and USD
💵 NGN Deposits Allowed?Yes
💰 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes
✔️ Pros❌ Cons
There are tight, competitive spreads from 0.0 pips on EUR/USDHFM only offers a few deposit and withdrawal methods to Nigerians
There is a demo account for beginners who are learning to trade and professional traders who are testing strategies
Nigerian traders can register a trading account in either USD, ZAR, or NGN
Several asset classes can be traded through HFM
Nigerian traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms

Trust Score and Nigerian Market Share

👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.

6. FXTM

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 For more than a decade, FXTM has been a renowned and well-regulated Cyprus-based ECN and STP broker. Along with its cheap minimum deposit, wide range of accounts, and variety of trading platforms, FXTM’s local offices in Nigeria are a distinctive feature.

 

👉 Forex, commodities, CFDs, indices, stocks, and futures may all be traded on the MT5 platform provided by FXTM, allowing you to access a wider range of financial markets.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• Instagram
• YouTube
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📲 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💰 Minimum Deposit (₦)10,000 Naira
💸 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💳 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
FXTM is a popular and multi-regulated trading providerThere are inactivity fees that will be applied if the trading account goes dormant
FXTM offers its clients quick deposit and withdrawal methods with short processing times
There are no deposit fees charged
There are several educational materials offered
FXTM offers dedicated, local support in multiple languages

 

Trust Score and Nigerian Market Share

👉 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.

7. IG Group

 

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 IG is one of the best forex brokers for Nigerian traders, despite the fact that the broker does not have any physical presence in Nigeria and is not regulated by the Central Bank of Nigeria (CBN).

 

👉 IG Markets fully supports MetaTrader 5 and provides traders with access to 60 different currencies, 16 different indices, and a variety of commodities, among other things.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsVarious accounts according to region
📲 Trading Platform• MetaTrader 4
• IG Platform
• ProRealTime (PRT)
• L2 Dealer
• FIX API
💰 Minimum Deposit (₦)103,000 Nigerian Naira
💸 Trading Assets• Forex
• Indices
• Shares
• Commodities
• Cryptocurrencies
• Futures
• Options
💳 Nigerian Naira-based Account?No
💵 NGN Deposits Allowed?No
💰 Bonuses for Nigerian traders?No
📊 Minimum spreadfrom 0.6 pips on majors
✔️ Demo AccountYes
☪️ Islamic AccountYes, but only to residents of Dubai

 

✔️ Pros❌ Cons
IG has a long list of licenses, regulations, and authorizations from around the world, giving it a very high trust score of 99%There is a high minimum deposit
IG offers several account types per global regionThere are deposit fees charged
There are flexible trading and non-trading fees, ensuring that all types of traders receive tailored solutionsOnly Dubai residents can apply for the Islamic Account
Nigerian traders are welcomed and given access to over 17,000 marketsThere is a limited selection of deposit and withdrawal methods
There is a selection of trading platforms that cater towards different trading styles and levels of trading experienceThere is no Naira-denominated account
There are no fees charged on withdrawalsNigerian traders will face currency conversion fees

 

Trust Score and Nigerian Market Share

👉 IG Group has a very high trust score of 99% and a market share of <5% in Nigeria.

Overview

👉 A Forex, stock, and futures trader in Nigeria can use MetaTrader 5 as a multi-asset trading platform. A wide range of analytical and trading tools are available, including those for automated trading systems (e.g. robots) and expert advisors (also known as expert advisors).

 

👉 The Market Depth and separate order and trade accounting in MetaTrader 5 make for a formidable trading system.

 

👉 Both the classic netting system and the hedging option system are supported by this order accounting system. There are four different ways to execute orders: Instant, Request, Market, and Exchange.

 

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

 

👉 Market, pending, stop, and trailing stop orders are all supported by the platform, making it an advanced and comprehensive platform for Nigerian traders.

Understanding MT5 functionality

Understanding MT5 functionality

👉 Forex, stock, and futures trading can be done online using MetaTrader 5 (MT5). It’s a good platform for experienced traders because of its many analysis tools and indicators. Expert advisors and signals can also be used to automate trading.

 

👉 After the very successful MetaTrader 4 platform, MetaQuotes developed the MetaTrader 5 platform in 2010. New features and a new look were added to MetaTrader 5 in order to appeal to more skilled traders.

 

👉 MetaTrader 5 is a free trading platform that can be accessed via a web browser. You can also save the platform to your computer and use it that way. Windows XP, 7, 8, and 10 are all supported by the software.

 

👉 Except for MacOS Catalina, the download works on Mac devices. Both 32-bit and 64-bit processors should be able to run the software without any issues. Linux is also supported by MetaTrader 5.

 

Register for an account

Register for an account

👉 Register for a new account when you have installed MetaTrader 5 on your PC or accessed the login page on your browser. In order to verify your identification, trading goals, and risk tolerance, most brokers will ask for some basic information.

 

👉 Deposits and withdrawals can be done from your account dashboard. Brokers set their own minimum deposit requirements. The supplier and method you choose will have an impact on the fees you pay.

 

👉 When you open an account, you’ll get information on trading fees, commissions, and leverage levels. Traders in the foreign exchange market may see a charge on their accounts. A swap fee is an interest earned or paid on overnight exchanges.

 

👉 There are a total of 38 technical indicators included in MetaTrader 5. More than 100 price charts and 21 timeframes are available on the platform, ranging from a minute to a month in length. A short-term and long-term price trend can be studied on this platform.

 

Advanced features

Advanced features

👉 The economic calendar and real-time news feeds may be found in the MetaTrader 5 platform. A Depth of Market feature, together with one-click trading and a wide library of historical market data like NSE stock data, are also included in the software.

 

👉 All sorts of trading orders and execution models are supported by MetaTrader 5’s order and trade accounting.

 

👉 Expert Advisors offer automated trading (EAs). Algorithms will carry out deals on your behalf based on predetermined criteria.

 

👉 It is possible to create, test, and improve expert advisors using the MQL5 programming language. The MQL5 Wizard is a great resource for novice traders.

 

👉 Also accessible for free download are expert advisors from the Market or from Code Base. MetaTrader 5 robot tutorials in PDF format are available online and include step-by-step instructions on how to get started.

 

MT5 for mobile download

MT5 for mobile download

👉 The mobile app offers everything a professional needs to operate if you need to take a break from your MacBook or Chromebook.

 

👉 Trading orders, such as pending orders and level 2 prices (up to 32 quotes), can be accessed. Fast switching between financial instruments on charts, free financial news, push notifications, 30 technical indicators, and 24 analytical tools are just some of the advantages of using mobile trading platforms.

 

👉 Go to Google Play and search for the Android app (APK). Apple’s app store is the place to go for anyone with an iPhone. Alternatively, you can access the platform by logging into the WebTrader login page on your smartphone. Most brokers provide a beginner’s guide on using MT5 on a mobile device.

 

👉 As a reminder, time zones are determined by the broker and can’t be modified from your iPhone or Android devices.

 

Test MT5 in a demo account

Test MT5 in a demo account

👉 Preparation is key before opening a genuine account on the MetaTrader 5 platform. Trend analysis and order execution are simple enough for newcomers to learn. For example, you may test a trading strategy on stocks without risking any actual money in the process.

 

👉 Trailing stops and risk management tools, as well as experimenting with different lot sizes, are all options in a forex strategy. Note In terms of your base currency, a lot is equal to 100,000, a mini lot is equal to 10,000, and a micro lot is equal to 1,000.

The Best MT5 Brokers for traders in Nigeria

 

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 list we have provided the finest brokers which provide MetaTrader 5 to Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.

Best selection of retail accounts for Nigerian traders

Best selection of retail accounts

👉 We selected Exness in this category, as it offers a comprehensive range of tailored trading accounts which can support a wide range of trading styles and strategies.

Best Forex broker for beginner Nigerian traders

Best Forex broker for beginner

👉 Admirals is our best choice for beginner Nigerian traders, as it provides comprehensive educational resources and excellent customer support.

Best AutoChartist Forex broker for Nigerian traders

Best AutoChartist Forex broker

👉 Alpari is the best broker for AutoChartist enthusiasts in Nigeria, providing additional trading features for a comprehensive trading approach.

Best Forex broker for advanced Nigerian traders

Best Forex broker for advanced

👉 AvaTrade provides experienced Nigerian traders with a wealth of additional trading tools and features to support a wide range of advanced trading strategies.

Best Broker with NGN trading accounts for Nigerian traders

Best Broker with NGN trading accounts

👉 HFM is extremely popular with Nigerian traders, not least of all for their specially adapted NGN trading accounts, which allow Nigerian traders to make deposits in their local currencies. This has numerous benefits, including the avoidance of conversion fees, and faster deposit and withdrawal times.

Best Forex broker offering customer support to Nigerian traders

Best Forex broker offering customer support

👉 FXTM is particularly popular around the world, and in Nigeria specifically, due to the broker’s excellent multilingual customer support. This is essential to successful trading and for an overall positive trading experience.

Best regulated Forex broker for Nigerian traders

Best regulated Forex broker

👉 IG Group is extremely well-regulated and has a highly reputable industry reputation, providing Nigerian traders with a safe and secure trading environment.

FAQ

What is MT5?

MT5 was released by MetaQuotes in 2010 as the updated version of MetaTrader 4. MT5 provides additional features not available on the MT4 platform.

 

What are the benefits of trading with MT5?

With MT5, market, pending, stop, and trailing stop orders are all supported by the platform, making it an advanced and comprehensive platform for Nigerian traders.

 

What are MT5 Forex brokers?

MT5 Forex brokers make this platform specially available to Nigerian traders. MT5 can be downloaded directly from supporting brokers to either your own PC or mobile device, or used directly online through the broker.

 

Which traders should use MT5?

While MT5 is broadly compatible and available to all traders, it is best used by experienced or advanced Nigerian traders.

 

Which brokers offer MT5?

Not all Forex brokers offer MT5 to traders in Nigeria. In this article we have listed the best MT5 brokers which also provide excellent trading conditions and competitive pricing.

Conclusion

👉 MetaTrader 5 was the updated version of the highly popular MT4 platform, and as such is an excellent tool for advanced and algorithmic traders in Nigeria. Not all brokers offer MT5, and we have featured the best brokers which provide this platform to traders in Nigeria.

👉 This “7 Best” was 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

➡️ Admirals

➡️ Alpari

➡️ AvaTrade

➡️ HFM 

➡️ FXTM

➡️ IG Group

👉 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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