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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…

Updated : September 5, 2022

👉 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.

Best NDD Forex Brokers in Nigeria – Comparison

🥇 Broker✔️ NDD Broker? 💸 Minimum Deposit (₦)💰 Nigerian Naira-based Account?💳 NGN Deposits Allowed?👉 Open An Account
1. Exness✔️ Yes41,000 NGNYesYes👉 Open Account
2. Alapri✔️ Yes1,000 NGNYesYes👉 Open Account
3. FP Markets✔️ Yes30,800 NGNYesNo👉 Open Account
4. FXTM✔️ Yes10,000 NGNYesYes👉 Open Account
5. XM✔️ Yes2,000 NGNNoYes👉 Open Account
6. AvaTrade✔️ Yes41,500 NGNNoNo👉 Open Account
7. HFM✔️ Yes2,000 NGNYesYes👉 Open Account

10 Best NDD Forex Brokers in Nigeria (2022)

  1. FP Markets – Overall, Best NDD Broker in Nigeria
  2. GO Markets – Best Broker to Provide VPS to Nigerians
  3. XM – Best Bonuses for Nigerian Traders
  4. Alpari – Best Naira-Based Accounts
  5. FXTM – Best Tight Spread Forex Broker
  6. AvaTrade – Best Proprietary Software Broker
  7. HFM – Best MetaTrader5 Broker
  8. Admirals – Best Broker for Beginner Nigerian Traders
  9. OctaFX – Best Instant Deposit and Withdrawal Broker
  10. Tickmill – Best MetaTrader4 Broker in Nigeria

1. FP Markets

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

60

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

FeatureInformation
⚖️ RegulationASIC, CySEC
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformMT4/5 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 spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FP Markets is a well-regulated broker that has a high level of trustworthinessThere are no fixed spread accounts offered
There is a wide range of markets that can be traded across asset classesThere is no dedicated Naira account offered to Nigerian traders
There are powerful trading platforms supported across devicesThere are withdrawal fees charged
Nigerian traders receive an ECN pricing model with raw and tight spreadsThere 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

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

FeatureInformation
⚖️ RegulationASIC, FSA Seychelles, FSC Mauritius, CySEC
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard 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 spreadFrom 0.1 pips
💻 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
GO Markets is a well-regulated broker with a high trust scoreThere is a high minimum deposit
GO Markets offers powerful and user-friendly trading platforms across devicesThere is no Islamic account option provided for Muslim traders
There are commission-free trading options offeredNigerian traders may face currency conversion fees when they deposit in Nigerian Naira
GO Markets offers tight spreads and competitive commissionsThere are no local deposits and withdrawals offered to Nigerian traders
Trading Central, VPS, Myfxbook, AutoChartist, and MT4/5 Genesis is offeredThere 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

 

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

👉 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

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 (₦)2,000 NGN
💵 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.

4. 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

👉 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

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 NGN
💵 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%.

5. 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

👉 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

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 NGN
💵 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.

6. 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 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

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 NGN
💵 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
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.

7. 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

👉 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

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 NGN
💵 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%.

8. 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

👉 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

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 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 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.

9. OctaFX

 

Overall Rating

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

FeatureInformation
⚖️ RegulationFinancial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC)
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💸 Minimum Deposit (₦)41,500 Nigerian Naira
💵 Trading AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.6 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
OctaFX offers reliable, instant deposits and withdrawalsOffshore broker with tier-2 regulation, which is not ideal
The broker offers copy trading accounts through its proprietary trading appThere is a limited selection of trading instruments offered
Offers social trading opportunitiesThere 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 professionalsLimited 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

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

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 Nigerian 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.

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

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

 

👉 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

Benefits of using NDD brokers

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

The Best NDD Forex Brokers

👉 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 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.

➡️ FP Markets

➡️ GO Markets

➡️ XM

➡️ Alpari

➡️ FXTM

➡️ AvaTrade

➡️ HFM

➡️ Admirals

➡️ OctaFX

➡️ Tickmill

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 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

Best Forex broker accepting NGN deposits

👉 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

Best Forex broker providing VPS

👉 GO Markets provides Nigerian traders with direct VPS access, ensuring a streamlined trading process.

Best Forex broker providing bonuses to Nigerian traders

Best Forex broker providing bonuses

👉 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

Best Forex broker offering Naira-based accounts

👉 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

Best tight spread Forex broker

👉 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

Best Forex broker providing a proprietary trading platform

👉 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

Best MetaTrader 5 Forex broker

👉 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

Best Forex broker for beginner

👉 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

Best Forex broker providing instant deposits

👉 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

Best MT4 Forex broker

👉 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.

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