10 Best NDD Forex Brokers in Nigeria
The 10 Best NDD Forex Brokers for Nigerian Traders were revealed. We tested and verified the best NDD Forex Brokers for Nigerian Traders.
This is a complete list of forex brokers with NDD Forex Brokers in Nigeria.
In this in-depth guide you’ll learn:
- What are the No Dealing Desk (NDD) brokers?
- Why traders in Nigeria should sign up with an NDD broker?
- Who is the best forex broker with a NAIRA trading account?
- Which NDD brokers have local offices in Nigeria
- Which is the #1 Best low bandwidth trading app for Nigerians
- How to choose a forex broker – Compare them side by side by minimum deposit, NGN-based accounts, and much more.
And lots more…
So if you’re ready to go “all in” with the best-tested NDD 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 NDD Forex Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ NDD Broker? | 💸 Minimum Deposit (₦) | 💰 Nigerian Naira-based Account? | 💳 NGN Deposits Allowed? | 👉 Open An Account |
| 1. Exness | ✔️ Yes | 41,000 NGN | Yes | Yes | 👉 Open Account |
| 2. Alpari | ✔️ Yes | 1,000 NGN | Yes | Yes | 👉 Open Account |
| 3. FP Markets | ✔️ Yes | 30,800 NGN | Yes | No | 👉 Open Account |
| 4. FXTM | ✔️ Yes | 10,000 NGN | Yes | Yes | 👉 Open Account |
| 5. XM | ✔️ Yes | 2,000 NGN | No | Yes | 👉 Open Account |
| 6. AvaTrade | ✔️ Yes | 41,500 NGN | No | No | 👉 Open Account |
| 7. HFM | ✔️ Yes | 2,000 NGN | Yes | Yes | 👉 Open Account |
What is an NDD Forex Broker?
👉 Definition: A No Dealing Desk (NDD) broker. NDD brokers provide their clients with direct access to the interbank foreign exchange market without going through a dealing desk.
10 Best NDD Forex Brokers in Nigeria (2023)
- FP Markets – Overall, Best NDD Broker in Nigeria
- GO Markets – Best Broker to Provide VPS to Nigerians
- XM – Best Bonuses for Nigerian Traders
- Alpari – Best Naira-Based Accounts
- FXTM – Best Tight Spread Forex Broker
- AvaTrade – Best Proprietary Software Broker
- HFM – Best MetaTrader5 Broker
- Admirals – Best Broker for Beginner Nigerian Traders
- OctaFX – Best Instant Deposit and Withdrawal Broker
- Tickmill – Best MetaTrader4 Broker in Nigeria
1. FP Markets
Overall Rating
- 4.8/5
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 One of Australia’s leading financial services providers, FP Markets, was launched in 2005. FP Markets, based in Sydney, has won numerous honours for its client service, education, and execution of trades.
👉 FP Markets provides Nigerian traders with access to the renowned MetaTrader 4 platform, as well as almost 10,000 trading instruments available with spreads as low as 0.01%.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💸 Minimum Deposit (₦) | 30,800 NGN |
| 💵 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| 💰 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 | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker that has a high level of trustworthiness | There are no fixed spread accounts offered |
| There is a wide range of markets that can be traded across asset classes | There is no dedicated Naira account offered to Nigerian traders |
| There are powerful trading platforms supported across devices | There are withdrawal fees charged |
| Nigerian traders receive an ECN pricing model with raw and tight spreads | There are administration fees charged on the Islamic Account |
| There is guaranteed fast trade execution through the Equinix servers | |
| Commission-free trading is provided | |
| There is a dedicated Islamic account option for Muslim traders | |
| There are no inactivity fees charged on dormant accounts | |
| Copy-trading and automatic trading is offered |
Trust Score and Nigerian Market Share
👉 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.
2. GO Markets
Overall Rating
- 4.9/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC, CySec, FSC, FSA and SCA
Trading Desk
Hybrid
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 More than 150 countries are represented in GO Markets clientele, and it is well-known as a strong broker for both new and experienced Nigerian traders in the Forex and CFD markets.
👉 Tools, assets, and appropriate trading conditions are all available. GO Markets offers trading on the MT4 and MT5 trading platforms in Forex, share CFDs, indices, metals, and commodities, as well as excellent analysis tools like Autochartist and Trading Central for Nigerian traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FSA Seychelles, FSC Mauritius, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, GO+ Account |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 61,700 NGN |
| 💵 Trading Assets | • Forex CFDs • Share CFDs • Index CFDs • Metal CFDs • Commodity CFDs |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.1 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| GO Markets is a well-regulated broker with a high trust score | There is a high minimum deposit |
| GO Markets offers powerful and user-friendly trading platforms across devices | There is no Islamic account option provided for Muslim traders |
| There are commission-free trading options offered | Nigerian traders may face currency conversion fees when they deposit in Nigerian Naira |
| GO Markets offers tight spreads and competitive commissions | There are no local deposits and withdrawals offered to Nigerian traders |
| Trading Central, VPS, Myfxbook, AutoChartist, and MT4/5 Genesis is offered | There are no Nigerian Naira-denominated accounts |
| Traders have access to a-Quant tools | |
| There is a comprehensive GO Trade Academy educational portal for beginners | |
| GO Markets offers dedicated customer support |
Trust Score and Nigerian Market Share
👉 GO Markets has a high trust score of 98% and a market share of <5% in Nigeria.
3. 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
👉 An excellent trading platform is what makes XM a popular choice for both novice and expert traders in Nigeria.
👉 There are no hidden costs or commissions, and their order executions are lightning quick (99.35 percent in under a second), earning it the reputation of being a next-generation broker for online Forex trading in Nigeria.
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 (₦) | 2,000 NGN |
| 💵 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.
4. 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
👉 There are many products and services to choose from at Alpari Financial Services Ltd. (Alpari), one of the world’s leading independent Forex brokers.
👉 Many account kinds are available at Alpari, and the company’s customer service team is available in over 30 languages. Beginner traders in Nigeria can use their demo accounts and copy trading to practice their skills.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| 📲 Social Media Platforms | • Facebook |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Forex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4) |
| 📱 Trading Platform | MetaTrader 4 and 5 |
| 💸 Minimum Deposit (₦) | 1,000 NGN |
| 💵 Trading Assets | Forex 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 spread | From 0.4 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ 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 tools | There 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%.
5. FXTM
Overall Rating
- 4.6/5
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
👉 As an award-winning broker, FXTM takes client service very seriously and offers help via different channels in multiple languages, 24 hours a day, 365 days per year.
👉 As a newbie Nigerian trader, you’ll have access to a wealth of educational resources, documents, and tools. MetaTrader 4 and MetaTrader 5 are two of the trading platforms available through FXTM.
👉 The MetaTrader 4 app is available for Android and iOS devices, making it convenient for those who prefer to trade on the go.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💸 Minimum Deposit (₦) | 10,000 NGN |
| 💵 Trading Assets | Precious 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXTM is a popular and multi-regulated trading provider | There 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.
6. AvaTrade
Overall Rating
- 4.9/5
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 is a well-known Forex/CFD broker and one of the first big brokerages in the retail Forex/CFD market. As a company, they have a global presence, and now offer their services to Nigerian traders.
👉 They are one of the world’s most highly regulated internet brokerages, with offices and jurisdictions in six different countries.
👉 They claim to have over 200,000 customers and over 2 million trades each month. When it comes to choosing a trading platform, they’ve developed their own platforms, but they still prefer to keep the popular and well-known MT4.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 2,000 NGN |
| 💵 Trading Assets | Forex, 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade caters specifically to the unique needs of Muslim traders | There are no variable spreads offered |
| There is a dedicated selection of financial markets that Muslim traders can trade | There 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.
7. 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
👉 Another MT4-only broker with a long history is HFM. Webtrader and a wide range of smart and mobile devices are all supported, as is the desktop version.
👉 In addition, they collaborate with Blue Labs to offer various premium trader tool add-ons, which provides more capabilities for Nigerian traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 2,000 NGN |
| 💵 Trading Assets | Forex, 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM 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%.
8. Admirals
Overall Rating
- 4.1/5
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
👉 As an NDD Forex broker, Admirals is well-known for its cutting-edge research tools Bonds, ETFs, Cryptocurrencies, and Forex are just a few of the more than 4,000 assets available for trading to Nigerian traders.
👉 In addition to the FCA and CySEC’s stringent oversight, they’ve garnered a number of accolades for their work.
👉 With a $100 minimum deposit, they have a low Forex spread of 0 pips, which is extremely reasonable.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, EFSA, JSC |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Trade MT5 Account, Invest MT5, Zero MT5, Bets MT5, Trade MT4, Zero MT4 |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 • Admirals Mobile App |
| 💸 Minimum Deposit (₦) | 400 NGN |
| 💵 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Admirals is well-regulated in several regions globally | There is an inactivity fee charged |
| Admirals offers commission-free options | Nigerian traders are subject to currency conversion fees |
| The broker accepts Nigerian traders despite their trading skills or trading strategies | There are deposit and withdrawal fees charged |
| There are user-friendly platforms available across devices | There are admin fees charged on the Islamic account |
| There is a wide range of tradable markets, complex instruments, and leveraged products | There 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.
9. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 With award-winning trading conditions and minimal spreads, OcatFX is a great place to trade. In over a hundred countries, they are a reliable source for CFD and Forex trading, and are now available in Nigeria.
👉 In addition to Forex, commodities, and CFD markets, OctaFX offers a variety of other products, including CFDs to Nigerian traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 41,500 Nigerian Naira |
| 💵 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.6 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| OctaFX offers reliable, instant deposits and withdrawals | Offshore broker with tier-2 regulation, which is not ideal |
| The broker offers copy trading accounts through its proprietary trading app | There is a limited selection of trading instruments offered |
| Offers social trading opportunities | There is a limited selection between retail accounts |
| OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals | Limited options for base currencies on accounts |
| The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable | |
| Commission-free trading is offered on all retail investor accounts along with tight spreads | |
| Offers an unlimited virtual trading account and an Islamic Account for Muslim traders | |
| There is a range of advanced trading tools offered | |
| OctaFX offers versatile and reliable payment methods for deposits and withdrawals |
Trust Score and Nigerian Market Share
👉 OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.
10. 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 a No Dealing Desk (NDD) broker, Tickmill sends every order to their third-party liquidity providers. To put it another way, Tickmill does not have a conflict of interest with Nigerian traders that use their platform.
👉 As a trading platform, they offer MetaTrader 4 to Nigerian traders, as well as the newer MT5 platform. Additional help is available by email, chat, and phone around the clock at Tickmill.
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 Nigerian 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.
Overview
👉 Nigerian traders using non-dealing-desk brokers have direct access to the interbank foreign exchange market. NDD brokers are able to offer more competitive bid and ask pricing to FX traders by collaborating with banks and other significant market players.
👉 As a result of using an NDD broker, traders in Nigeria are likely to be charged either a spread or a commission.
Top 10 Brokers in Nigeria
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 NDDs are popular with Nigerian traders because they provide greater transparency. Brokers are seen by many traders as providing better service because they do not operate as a middleman as much as a retail FX company would.
Benefits of using NDD brokers for Nigerian traders
Faster execution
👉 NDD brokers don’t have their own trading accounts. To expedite deals, they just send your orders to the market.
👉 NDD brokers gain money from the spread that is added to forex pairs, rather than from their own trades. With NDD accounts, Nigerian traders can bet on a more dependable network and speedier transactions.
Greater variety of brokers
👉 NDD forex brokers, as previously noted, are becoming increasingly common. ECN, STP and DMA accounts are becoming increasingly popular, thus it is not unexpected to see more brokers offering these types of accounts.
Enhanced trading security
👉 With an ECN account, NDD brokers give an additional layer of privacy to Nigerian traders. All trades made over an ECN are done so anonymously.
👉 To ensure that your trades are executed at market value, you must maintain your anonymity in order to do so. Basically, the broker does nothing more than sending you an unchanged price, with the exception of a small spread.
The Best NDD Forex Brokers for Nigerian Traders
👉 Trading in an NDD environment provides numerous advantages for Nigerian traders, not least of all the access to competitive pricing and enhanced trading security. In this article, we explore the best NDD brokers for Nigerian traders.
👉 This “10 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.
➡️ FP Markets
➡️ GO Markets
➡️ XM
➡️ Alpari
➡️ FXTM
➡️ AvaTrade
➡️ HFM
➡️ Admirals
➡️ OctaFX
➡️ Tickmill
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 listed the best NDD Forex brokers for Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best Forex broker accepting NGN deposits for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FP Markets is an excellent choice and the best Forex broker for Nigerian traders who wish to deposit in Naira, so avoiding conversion fees on their accounts.
Best Forex broker providing VPS to Nigerian traders
Overall Rating
- 4.9/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC, CySec, FSC, FSA and SCA
Trading Desk
Hybrid
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 GO Markets provides Nigerian traders with direct VPS access, ensuring a streamlined trading process.
Best Forex broker providing bonuses to 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 a well-regulated and reputable Forex broker which offers excellent bonuses and promotions to Nigerian traders, allowing them to enhance their trading positions.
Best Forex broker offering Naira-based accounts to Nigerian traders
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
👉 While some other brokers do accept deposits in Naira, Alpari International provides fully Naira-based accounts to Nigerian traders, allowing for faster deposits and lower transaction fees.
Best tight spread Forex broker for Nigerian traders
Overall Rating
- 4.6/5
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
👉 FXTM makes the cut as the best broker offering tight spreads from 0.0 pips to Nigerian traders, along with a beginner-friendly trading environment and excellent customer support.
Best Forex broker providing a proprietary trading platform to Nigerian traders
Overall Rating
- 4.9/5
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
👉 AvaTrade is repeatedly ranked as the best broker for Nigerian traders seeking proprietary trading software, which is offered through the broker’s multi-award-winning AvaTradeGO app.
Best MetaTrader 5 Forex broker for Nigerian traders
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
👉 HFM provides Nigerian traders with the best access to MetaTrader 5, which is the updated version of MT4 and is an excellent choice for experienced traders in Nigeria.
Best Forex broker for beginner Nigerian traders
Overall Rating
- 4.1/5
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
👉 Admirals is an excellent option for beginner Nigerian traders, as they are popular for their comprehensive educational resources and wealth of updated and insightful trading articles.
Best Forex broker providing instant deposits and withdrawals to Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 OctaFX is the best choice for Nigerian traders seeking instant deposits and withdrawals, which will allow them to trade faster and enjoy their profits sooner.
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 is a pure MT4 broker which provides an excellent and user-friendly trading environment to Nigerian traders.
FAQ
What is an NDD Forex broker?
With an NDD broker Nigerian traders can enter the foreign exchange market directly without having to go through a dealing desk.
What types of NDD brokers are there?
NDD brokers are divided into STP (Straight through processing) & ECN (Electronic Communications) brokers.
What is a No Dealing Desk?
A No Dealing Desk is essentially trading platform offered by a forex broker that provides unfiltered access to interbank market rates of exchange.
What is a market maker?
A market maker (MM) broker is a type of broker that will create internally a market with its own bid and ask prices. The market maker FX quotes will mimic the bid and ask prices from the interbank market. The only caveat is that the market maker will be on the other side of all your trades. Additionally, traders are also offered with mark-up bid-ask spread.
Which are the best NDD brokers in Nigeria?
Not all brokers offer an NDD trading environment, and the best NDD brokers for Nigerian traders are featured on this list.
Conclusion
👉 Now it is your turn to participate:
➡️ Which broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the minimum deposit or because of leverage?
👉 Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
Top 3 Brokers
