7 Best PAMM Account Forex Brokers in Nigeria
The 7 Best Nigerian Forex Brokers with a PAMM Account in Nigeria revealed. We tested and verified the best PAMM Account forex brokers for Nigerian Traders.
This is a complete list of forex brokers that offer a PAMM Account in Nigeria.
In this in-depth guide you’ll learn:
- What is Percent Allocation Money Management (PAMM)?
- Who are the best PAMM account forex brokers for Nigerians?
- Who are our recommended Six PAMM Account forex brokers for Beginner Traders?
- Which PAMM Account forex brokers are the most profitable?
- Which PAMM Account forex brokers offer the best account management?
- Do PAMM Accounts have regulations?
- How safe are PAMM Accounts?
- Which brokers offer a signup bonus for first-time traders?
- Which PAMM Account brokers offer a low minimum deposit of $5 (2 076 NGN)?
And lots more…
So if you’re ready to go “all in” with the best-tested PAMM Accounts 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 PAMM Account Forex Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ Offers a PAMM Account? | 💸 Minimum Deposit (₦) | ✔️ Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open An Account |
| 1. Forex.ee | Yes | 20, 775 Naira | No | No | 👉 Open Account |
| 2. FXTM | Yes | 10,000 Naira | Yes | Yes | 👉 Open Account |
| 3. Alpari | Yes | 1,000 Naira | Yes | Yes | 👉 Open Account |
| 4. HFM | Yes | 2,000 Naira | Yes | Yes | 👉 Open Account |
| 5. XM | Yes | 2,000 Naira | No | Yes | 👉 Open Account |
| 6. Pepperstone | Yes | 60,700 Naira | No | Yes | 👉 Open Account |
| 7. AvaTrade | Yes | 41,500 Naira | No | Yes | 👉 Open Account |
7 Best PAMM Account Forex Brokers in Nigeria (2023)
- Forex.ee – Overall, the Best PAMM Account Broker
- FXTM – Best Broker for Beginner Traders in Nigeria
- Alpari – Best PAMM Account MT4 Broker
- HFM – Best CMA-Regulated Broker in Nigeria
- XM – Best Commission-Free PAMM Account Broker
- Pepperstone – Best Broker with NO Withdrawal Fees
- AvaTrade – Best Proprietary Software Broker with a PAMM Account
What is a PAMM Account?
👉 Definition: A PAMM Account is an account where a single trader in Nigeria acts as the manager and trades on behalf of multiple clients at once.
1. Forex.ee
Overview
👉 Forex.ee is an online CFD and Forex broker which is headquartered in St. Vincent and the Grenadines. Forex.ee was established 1998 and has been successfully operating since 2004.
👉 All trades at Forex.ee are executed straight to the market via ECN/STP technology without the broker’s participation. Many satisfied clients have written glowing testimonials about the broker since it first opened for business in Nigeria.
Unique Features
| Feature | Information |
| ⚖️ Regulation | The Ministry of Economic Affairs in Estonia |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | • STP Account. • Basic ECN Account. • Advanced ECN, and. • Premium ECN. |
| 📲 Trading Platform | MetaTrader 4 |
| 💰 Minimum Deposit (₦) | 20, 775 Naira |
| 💸 Trading Assets | Forex Currency pairs, CFDs, Cryptocurrencies, Commodities, and Indices |
| 💵 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.4 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Forex.ee offers an ECN pricing environment which allows for tight spreads and transparent pricing | Forex.ee still has offshore regulation |
| Forex.ee offers the industry renowned MetaTrader 4 platform | |
| Forex.ee offers Islamic accounts for Nigerian traders of the Muslim faith |
Trust Score and Nigerian Market Share
🥇 Forex.ee has a trust score of 63% and an overall market share of over <5% in Nigeria.
2. FXTM
Overall Rating
- 4.6/5
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 For FXTM investors in Nigeria, a wide range of trading platforms are available, including MetaTrader5, MT5 Pro, MetaTrader4, MT5 Web Trader, VPS, and the mobile MT4 apps for iOS and Android devices, among others.
👉 More than 250 assets are available for trading, including currency pairs, commodities (such as gold, oil, and silver), stocks, market indices, and CFD’s.
👉 Bitcoin, Ethereum, and Litecoin are all available for trading in CryptoCurrency pairs. FXTM Invest offers copy trading, and their team of strategists hails from all around the world.
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 Naira |
| 💸 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.
3. 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
👉 For more than a decade, Alpari has been one of the world’s leading Forex brokers, providing Nigerian clients with a wide range of the most advanced financial instruments and cutting-edge technology for online trading and investment.
👉 Over 50 currency pairings and a wide range of additional instruments are available to Alpari customers in Nigeria. The company provides three trading platforms for computers and mobile applications for iOS and Android. The first two platforms are web-based.
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 Naira |
| 💸 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%.
4. 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
👉 Multi-asset broker HFM offers CFD trading via their web-based trading platform. Since its inception in 2010, HFM has made steady progress in a saturated sector.
👉 The company has opened more than 2,000 live accounts in less than a decade, despite the tough market conditions.
👉 Nigerian traders may trade traditional forex pairs as well as CFDs on commodities, stocks, indices, energy, metals, and cryptocurrencies at HFM. Traditional forex pairs are also available to traders in Nigeria.
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 Naira |
| 💸 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%.
5. XM
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 Since 2009, XM Group has grown significantly, with 1.5 million clients in 196 countries.
👉 In the crowded sector of market makers, XM Group stands out for its excellent customer service and educational support for Nigerian traders, as well as the fact that it is regulated by three major authorities.
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 Naira |
| 💸 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.
6. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Online broker Pepperstone was formed in 2010. ASIC in Australia, FCA in the United Kingdom, and DFSA in the United Arab Emirates all provide licenses and regulate this global broker.
👉 Their extensive selection of currency pairs and crosses makes them one of the most popular Forex brokers in Nigeria. Forex, CryptoCurrency CFD’s, Shares, Indexes, Options, and Commodities are just some of the markets they cover for Nigerian traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account. |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit (₦) | 60,700 Nigerian Naira |
| 💸 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 💵 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Trust Score and Nigerian Market Share
🥇 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
7. 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 one of the world’s most prominent CFD and foreign exchange brokers. With its extensive licensing and regulation system, it has become a popular choice.
👉 Some of its advantages for Nigerian traders include a responsive customer care structure, a wide range of educational resources, competitive spreads, and a good degree of leverage, among other features.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📲 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💰 Minimum Deposit (₦) | 41,500 Naira |
| 💸 Trading Assets | Forex, 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 spread | From 0.9 pips EUR/USD |
| ✔️ 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.
Overview
👉 When it comes to PAMM accounts, the term is used to describe an account where a single trader in Nigeria acts as the manager and trades on behalf of multiple clients at once.
👉 Forex / CFD brokerages use a software tool to allow their Nigerian clients to delegate some or all of their accounts to a particular trader, and PAMM accounts are no exception.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 For each of these clients, they receive a part of the earnings or losses earned by their managing trader into their own personal accounts, which are linked to their own accounts.
Understanding how a PAMM account works
👉 Forex trading using a pooled amount of money is known as “percentage allocation management module,” or “PAMM.”
👉 There are many qualified Nigerian traders and money managers that an investor can choose from to manage their funds. To create gains, these traders/managers may manage several forex trading accounts using their own capital and such pooled moneys.
👉 The broker is certainly crucial in the realm of finance. The trading platform and a wide range of trading accounts are both provided by this business.
👉 To ensure a positive trading experience for both investors and fund managers, exchanges offer a safe and highly regulated environment that includes services such as deposits and withdrawals as well as a variety of other useful components.
👉 It is the fund manager’s responsibility to oversee the actual transactions that take place on behalf of the investors. They will only have access to funds that have been authorized and assigned to them; they will not be able to withdraw money from investors.
👉 Brokers have the power to set their own fees and deposit amounts when considering whether or not to accept new clients. Costs and minimum deposit requirements are determined by the broker’s guidelines.
👉 PAMM technologies allow Nigerian investors to outsource trading to the fund manager. To be sure, investors are in charge of their own funds and can determine how much they want to send over to the manager.
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 License
👉 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 Withdrawal
👉 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 featured the very best Forex brokers which offer PAMM accounts to Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best ECN Forex broker for Nigerian traders
👉 Overall, Forex.ee is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Forex.ee guarantees fast trading speeds from a few milliseconds. In terms of users, Forex.ee has thousands of registered clients.
The best Forex broker for beginner traders in Nigeria
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
👉 Overall, FXTM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, FXTM guarantees fast trading speeds from a few milliseconds. In terms of users, FXTM has over 4 million registered clients around the world.
Best MT4 Forex broker for 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
👉 Overall, Alpari is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, Alpari guarantees fast trading speeds from a few milliseconds. In terms of users, Alpari has over 2 million registered clients.
Best CMA-regulated 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
👉 Overall, HFM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, HFM guarantees fast trading speeds from a few milliseconds. In terms of users, HFM has over 2.5 million registered clients around the world.
Best commission-free Forex broker for 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
👉 Overall, XM is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, XM guarantees fast trading speeds from a few milliseconds. In terms of users, XM has over 5 million registered clients around the world.
Best Forex broker with no withdrawal fees for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is considered a low-risk broker and can be summarised as a trustworthy and reliable agency-execution broker. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds. In terms of users, Pepperstone has over 8000 registered clients in the UK.
Best Forex broker providing a proprietary trading app 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
👉 Overall, AvaTrade is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, AvaTrade guarantees fast trading speeds from a few milliseconds. In terms of users, AvaTrade has over 300 000 registered clients around the world.
FAQ
What are the benefits of trading with a PAMM account?
PAMM technologies allow Nigerian investors to outsource trading to the fund manager. To be sure, investors are in charge of their own funds and can determine how much they want to send over to the manager.
What is the broker’s role in overseeing PAMM accounts?
The broker is certainly crucial in the realm of finance. The trading platform and a wide range of trading accounts are both provided by this business. Brokers have the power to set their own fees and deposit amounts when considering whether or not to accept new clients. Costs and minimum deposit requirements are determined by the broker’s guidelines.
What is a PAMM account?
Forex trading using a pooled amount of money is known as “percentage allocation management module,” or “PAMM.” When it comes to PAMM accounts, the term is used to describe an account where a single trader in Nigeria acts as the manager and trades on behalf of multiple clients at once. Forex / CFD brokerages use a software tool to allow their Nigerian clients to delegate some or all of their accounts to a particular trader, and PAMM accounts are no exception.
What does the fund manager do in a PAMM account?
It is the fund manager’s responsibility to oversee the actual transactions that take place on behalf of the investors. They will only have access to funds that have been authorized and assigned to them; they will not be able to withdraw money from investors.
Is it safe to use a PAMM account?
Yes. To ensure a positive trading experience for both investors and fund managers, exchanges offer a safe and highly regulated environment that includes services such as deposits and withdrawals as well as a variety of other useful components.
There are many qualified Nigerian traders and money managers that an investor can choose from to manage their funds. To create gains, these traders/managers may manage several forex trading accounts using their own capital and such pooled moneys.
Conclusion
The Best PAMM Account Forex Brokers in Nigeria
👉 The use of PAMM accounts allows Nigerian traders to have their investments traded and managed on their behalf by an experienced account manager.
👉 This has several advantages for Nigerian traders, but not all brokers offer PAMM accounts in Nigeria. In this post we have gathered the best Forex brokers which offer PAMM accounts to Nigerian traders.
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
