Best Currencies to Trade in Nigeria
Best Currencies to Trade in Nigeria revealed. We tested and verified the best currencies to trade for Nigerian traders.
This is a complete guide to the best currencies to trade in Nigeria.
In this in-depth guide you’ll learn:
- What is currency?
- What is a currency pair?
- Our recommended forex brokers?
- How to compare forex trading brokers against each other?
- What is the exchange rate?
- Best currencies to trade in with Naira?
- Best currencies for beginner traders?
- Best pairs to trade with a small account?
- What are the most traded currencies in Nairaland?
- Which low spread forex brokers offer a low minimum deposit of $5 (2 092 NGN)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best currencies to trade with for Nigerians…
Let’s dive right in…
Best Currencies to Trade in Nigeria (Updated 2023)
- ✅ What are the most important currency pairs to trade in Nigeria?
- ✅ What is a currency pair?
- ✅ What is the exchange rate?
- Why the Exchange Rate between Currencies Matters
- What are major, minor, and exotic forex pairs?
- What are the best currency pairs to trade in Nigeria?
- How to find the right currency pair to trade in Nigeria
- How to choose the right Forex Broker in Nigeria
- The Best Forex Brokers in Nigeria
What are the most important currency pairs to trade in Nigeria?
👉 The four currency pairings that see the largest volume of the transaction in the foreign exchange (FX) market are known as the main pairs.
👉 Currently, the four most important currency pairings are the EUR/USD, the USD/JPY, the GBP/USD, and the USD/CHF. The Group of Ten (G10) currency group includes these four main currency pairings, all of which are deliverable currencies.
What is a currency pair?
👉 A currency pair is a quotation of two independent currencies in which the value of one is stated against the value of the other.
👉 The currency mentioned first in a currency pair is known as the base currency, and the currency listed second is known as the quote currency.
👉 A currency pair compares the value of one currency to the value of another. The quote currency is compared to the base currency, and this figure is the amount of the quote currency required to get one unit of the base currency.
👉 An ISO currency code is a three-letter alphabetic code that relates to a currency when it is traded on an international market. This code is used to identify currencies, and the ISO code for the Nigerian Naria is NGN.
👉 Trading currency pairings is undertaken in the foreign exchange market, commonly known as the forex market. The financial world’s biggest and most liquid market where the buying, selling, converting, and speculating of currencies are all possible in this market.
👉 It also permits the conversion of currencies for worldwide commerce and investment. Because it is open every day of the week, including most holidays, the FX market sees a tremendous amount of trading activity.
👉 There are two currencies involved in every forex transaction, but the currency pair itself may be seen as a single unit—an item that is purchased and sold simultaneously. Currency pairs are purchased through a forex broker by purchasing one currency and selling another.
👉 Likewise, when you exchange the currency pair, you offer the base currency and get the quote currency. Different currencies are quoted according to their bid (buy) and ask (sell) prices.
👉 For the quotation or counter currency, the forex broker will pay you the bid price in exchange for your base currency. The price at which the broker is willing to part with the base currency in return for the quotation or counter currency is referred to as the “ask.”
What is the exchange rate?
👉 A currency exchange rate is a rate at which one nation’s or economic zone’s currency may be exchanged for another. It is used to assess the relative worth of different currencies and is crucial in understanding the dynamics of trade and capital flows.
👉 The exchange rate between two currencies is given as a quote by brokers, often through live prices. For instance, how many Nigerian Naira (NGN) may be traded for one US dollar (USD)? The current currency rate, as of 6 June, is 415.12, which translates to NGN 415.12 per 1 USD.
👉 Exchange rates are the price at which the currency of one country or economic zone may be exchanged for another. The rates are influenced by two variables namely the domestic and foreign currency value.
👉 In addition to these factors, the rates can be quoted directly or indirectly, or they can be quoted using cross-rates as follows:
➡️ Direct quotation – The direct quotation of exchange rates entails quoting the price of one unit of foreign currency in terms of the number of units of the domestic currency being exchanged. Indirect quoting of exchange rates entails stating the price of a local currency in terms of the quantity of foreign currency exchanged.
➡️ Cross rates are a way of quoting exchange rates in which several foreign currency exchange rates are used to suggest a local exchange rate, such as if you want to calculate the NGN/USD exchange rate but were unable to get a direct quotation. You might deduce the NGN/USD exchange rate from the NGN/CAD and CAD/USD exchange rates.
Why the Exchange Rate between Currencies Matters
👉 Exchange rates reflect a multitude of economic factors and variables, and they might vary for a variety of causes. Among the causes for fluctuating currency rates are:
➡️ Inflation Rates
➡️ Interest Rates
➡️ Government Debt
➡️ Exports and/or Imports
➡️ Political Stability in the Country
➡️ Signs of recession
➡️ Speculation for profit
➡️ Other Considerations
👉 Inflation rates have an impact on currency value and exchange rates. A higher inflation rate in a local country lowers the demand for the domestic currency since the value of the currency depreciates more rapidly than other foreign currencies over time.
👉 Currency values and exchange rates are affected by changes in interest rates.
👉 If all other circumstances stay constant, a higher interest rate in a domestic country will raise demand for its currency while more international investors will desire to invest at an increased interest rate, resulting in foreign money being invested in the domestic currency.
👉 In addition, the truth is that inflation is a counterbalance to the effects of both.
👉 Government debt is the total amount owed by the federal government. It influences currency value, as well as exchange rates as a country with higher debt, is less likely to attract foreign capital, resulting in inflation. The value of the local currency is devalued because of this downward pressure.
Exports and/or Imports
👉 The value of a country’s currency and exchange rates are impacted by its net exports and imports. When a country exports more goods than it imports, the value of its currency appreciates against other foreign currencies.
Political Stability in the Country
👉 The currency value and exchange rates are impacted by a nation’s political environment, as a country with greater political turmoil is less likely to attract international investment.
👉 Political instability raises investor risk because they are worried about whether their investments will be preserved by fair market procedures or a solid judicial system.
Signs of recession
👉 A country that is going through a recession will have fewer foreign investors interested in investing there. This is because investing in an economy with a grim future carries a greater risk. Secondly, when a recession occurs, interest rates tend to decrease, limiting foreign demand for local currency.
Speculation for profit
👉 To profit from the expectation of an increase in the value of a country’s currency, investors will want more of it. Therefore, the demand for the local currency may rise more quickly than the demand for foreign currency.
👉 There are additional factors when exchange rates are decided. When the global economic future is unclear, for example, certain “safe-haven” currencies are perceived to be stable and attract foreign money.
👉 These include the US dollar, the euro, the Japanese yen, and the Swiss franc. In addition, because it is the world’s official reserve currency, the United States dollar (USD) enjoys a premium over other currencies because of its inherent uniqueness.
Exchange Rates and Monetary Policy
👉 A policy that allows for flexible exchange rates not only enables monetary policy to concentrate on unemployment and inflation, but also enables exchange rates to fluctuate in response to changes in inflation and rates of return.
👉 However, this presents a risk that exchange rates will sometimes make sudden and significant movements.
What are major, minor, and exotic forex pairs?
👉 There are an equal number of currency pairings available as there are total currencies in circulation across the globe.
👉 The overall number of available currency pairings is always changing since new currencies are always being introduced. The amount of daily volume that a currency pair does in terms of trades is used to classify all the different currency pairings. The following currencies are significant:
➡️ United States Dollar (USD)
➡️ Euro (EUR)
➡️ Canadian Dollar (CAD)
➡️ Australian Dollar (AUD)
➡️ Japanese Yen (JPY), and several others
Major Currency Pairs
👉 Many people believe that the big currency pairings are what drive the global foreign exchange market, and these pairs see the largest volume of trading.
👉 Prices for these pairings often vary within narrower ranges, although the range of their changes may still be unpredictable.
👉 Although there is considerable disagreement over the exact composition of the ultimate list of major currencies, most of them contain the conventional “four majors,” which are as follows:
Minor Currency Pairs
👉 The second most-often traded items on the foreign exchange market are minor currency pairings, which are sometimes frequently referred to as ‘crosses.’
👉 Because these currency pairings have a lower level of liquidity compared to big currency pairs, forex traders sometimes engage in more deals with small currencies to lower their overall trading expenses.
👉 The United States Dollar is not included among the main currencies that are included in the minor pairings. The Euro, the Japanese Yen, and the British Pound are the minor pairings that see the largest trading volume.
👉 The most popular minor forex pairs are:
➡️ EUR/JPY, and others
Exotic Currency Pairs
👉 The lack of market liquidity that characterizes exotic currency pairings sets them apart from the main currency pairs that are most often traded.
👉 Despite this, there are a few exotic currencies that are worth trading due to the distinct price action and tactics associated with them.
👉 Alternative currencies and third-world currencies are also other names for exotic currencies. Because they have the potential for bigger returns than other currencies, trading them comes with a certain level of risk.
👉 Nevertheless, this also means that they might provide interesting possibilities in the foreign exchange market. Some popular exotic pairs include:
➡️ USD/RON, and more
What are the best currency pairs to trade in Nigeria?
👉 In contrast to equities markets, currency markets allow traders to use a higher degree of leverage while imposing lower margin requirements.
👉 However, before you dive fully into the fast-paced world of foreign exchange (Forex), you will need to familiarize yourself with the currency pairings that are traded the most often.
👉 Here is a rundown of six of the most actively traded currency pairings in the foreign exchange market:
👉 This currency pair comprises the European Union (EU) and United States official currencies (USD). The USD is the quotation currency, and the forex pair reflects the number of USD required to acquire one Euro, the pair’s base currency. Traders refer to the EUR/USD exchange as “Euro trading.”
👉 The EUR/USD exchange rate is 1 euro for x dollars. For instance, if EUR/USD trades at $1.50, it signifies that it costs $1.5 to acquire one euro. The EUR/USD currency pair has become the most actively traded pair in the world, attributable to EUR/USD symbolizing the two biggest economies in the world.
👉 The EUR/USD exchange rate is impacted indirectly and directly by factors that affect the euro and/or US dollar’s value relative to one another as well as other currencies.
👉 Consequently, the difference in interest rates between the European Central Bank (ECB) and the Federal Reserve (Fed) has a substantial impact on the relative prices of these currencies.
👉 In contrast to a price graph for a stock, where the stated price corresponds directly to the stock’s price, the price shown on a price graph for a forex pair relates to the exchange rate between the two currencies.
👉 The orientation of a chart is thus decided by the base currency. However, it is essential to highlight that the pair’s base currency is fixed and always equals one unit.
👉 Consequently, the rate does not provide the reason for the strengthening and/or weakening. The EUR/USD exchange rate might increase if the euro rises, or the US dollar falls. Either of these circumstances increases the rate (price) and a corresponding rise in the price chart.
👉 The Euro to US Dollar exchange rate is exceptionally tight, resulting in reduced expenses for traders. Because of the vast number of transactions involving this pair, this market is very liquid.
👉 In the past, the EUR/USD market has seen extraordinary fluctuations throughout various periods, which is another reason why traders are attracted to this currency pair.
👉 The USD/JPY currency ticker depicts the relationship between the US Dollar and the Japanese Yen. Dollar-Yen is the second most traded currency pair, after EUR/USD, and a gauge for the economic health of Asia and the globe.
👉 This pair is sometimes referred to as the Ninja due to the Japanese origins of the mythical warrior. Dollar to Yen is a member of the majors group and the second most active currency pair on the Forex market, after the EUR/USD.
👉 The United States dollar is the base currency in this pair, while the Japanese yen is the quote currency. This implies that if the USD/JPY exchange rate is 110, one dollar will cost 110 Japanese yen.
👉 The USD/JPY currency pair has always been appealing to all sorts of forex traders due to the intrinsic liquidity it provides throughout the day, and notably at “odd” Asian hours, assuring a liquid 24-hour market.
👉 The British pound sterling and the United States dollar comprise this currency pair. The GBP/USD currency pair is colloquially known as “Cable,” named after the deep-sea cables used to transmit bid and ask quotes between London and New York.
👉 As with most other currency pairs, the strength of the GBP/USD pair depends on the overall health of both the British and American economies.
👉 If the British economy grows much faster than the American economy, the pound should rise against the dollar. If the American economy is doing better than the British economy, then the converse is true.
👉 The sign for the GBP/USD currency pair is 1 British pound for X US dollars. For example, if the pair is trading at 1.50, one British pound will cost $1.5 per unit.
👉 GBP/USD is one of the top five most traded currency pairs in the world. GBP/USD is a currency pair that is affected by factors that affect the value of the British pound and/or the US dollar relative to other currencies and each other.
👉 The total interest rate differential between the Bank of England (BoE) and the Federal Reserve will thus impact the relative prices of these currencies. GBP/USD is now one of the most valuable technical analysis forex pairs that can be traded.
👉 Due to its reactivity to key indications, most technical traders like trading this pair. Correlation is another reason why both novice and expert traders choose this combination.
👉 USD/CHF is the abbreviation for the exchange rate between the US dollar and the Swiss franc. As of October 2019, the USD/CHF, sometimes known as the “Swissie,” is the sixth most traded forex pair on the foreign exchange market.
👉 The only European currency still in circulation today is the Swiss franc. Switzerland, a nation with a neutral stance in Europe, uses the Confoederatio Helvetica Franc, or simply CHF, as its currency.
👉 Due to its financial secrecy, Switzerland has remained a preferred location for keeping currency. Consequently, the Swiss Franc has strengthened significantly, putting pressure on the nation’s exporters.
👉 As the dollar is involved, USD/CHF is one of the most important currency pairings in the foreign exchange market. In addition, this currency pair’s spreads are less than those of minor and exotic currency pairings due to its substantial trading volume and liquidity.
👉 The US dollar is the base currency in the USD/CHF forex pair, while the Swiss franc is the quote currency. At any one time, the USD/CHF pair’s price indicates the number of Swiss francs required to exchange one US dollar for one franc.
👉 The Australian dollar was proclaimed a “floating” currency in 1983. Numerous causes associated with factors such as geology, geography, government policy, and several others, endear it to novice and experienced traders alike.
👉 Metals, coal, diamonds, cattle, and wool are all extremely abundant in Australia, leading to it being one of the most resource-rich countries in the world.
👉 AUD/USD is one of the most popular currency pairs to trade. When traders engage in AUD/USD trading, it is sometimes referred to informally as “trading the Aussie.” The difference in interest rates between the Reserve Bank of Australia as well as the Federal Reserve will influence the value of a currency.
👉 AUD/USD may increase if, for instance, the Fed intervenes in open market activities to devalue the US currency. This is because of the Fed’s actions, which increase the supply of US dollars and reduce the price of the currency via bank circulation.
👉 As the Australian dollar appreciates against the US dollar, the value of the pair rises compared to the strengthening Australian dollar.
👉 USD/CAD is the market symbol for the exchange rate between the US dollar (USD) and the Canadian dollar (CAD). This currency pair is considered “major” because it contains the US dollar, which is often recognized as the most successful and important currency in the world.
👉 Since more prominent currency pairs are the most often traded on the Forex market, they have greater daily trading volumes, tighter spreads, and are more liquid than minor or exotic currency pairs.
👉 Nigerian traders who have previously handled the USD/CAD currency pair will be aware of the term “Loonie trading.” This especially refers to the Canadian dollar coin with the image of its namesake bird.
👉 The USD/CAD currency pair is among the most liquid and actively traded on the foreign exchange market. The USD/CAD exchange rate is affected by factors that impact the value of the US dollar and/or the Canadian dollar relative to one another and other currencies.
👉 This currency pair is influenced by the difference in interest rates between the Federal Reserve (Fed) and the Bank of Canada (BoC).
👉 The value of the Canadian dollar is also significantly correlated with the cost of other commodities, particularly crude oil. Due to the dependency of Canada’s economy on oil, the price of oil dictates the condition of the economy and the value of the currency, hence CAD is considered a commodity currency.
👉 New Zealand and its dollar currency are not among the largest in the world, but they have a major presence in the forex market. NZD/USD is one of the major pairs and it is also referred to as the “Kiwi.”
👉 New Zealand is a major provider of agricultural goods such as whole milk powder, as well as other fruits and meat. In terms of risk, the New Zealand dollar is seen similarly to the AUD/USD currency combination due to its perceived commodity character.
👉 Carry traders have profited from the NZD to USD’s exposure to the agricultural output and commodities markets, as well as New Zealand’s historically high interest rates.
👉 The exchange rate between the US Dollar and the New Zealand dollar can be influenced by the performance of the country’s export market. Increases in global dairy and agricultural prices may stimulate the economy, influencing the value of the currency. Furthermore, the tourist sector is a significant economic engine.
How to find the right currency pair to trade in Nigeria
👉 When it comes to trading, selecting the appropriate currency pair and trading strategy is among the most crucial aspects of successful investment. If you make the right choice, you may earn a significant amount of money, but if you choose the incorrect combination, you will end up losing money.
👉 This is one of the parallels that can be seen between the stock market and the foreign exchange market. However, rather than trading individual equities, participants in the forex market deal in currency pairs.
👉 When deciding on a currency pair to trade in the forex market, the most crucial factors to consider are as follows:
➡️ First, investigate whether the pair in question is trending or one that is not trending.
➡️ The second step is to formulate a plan for the trading strategy that you will use.
➡️ Finally, you are interested in the genuine average range of that pair (which means how much the pair moves on a day-to-day basis).
Find the Trend in the Market
👉 When deciding on a currency pair to trade, the first thing you need to do is recognize the trend in the market.
👉 For example, “the AUD/USD has been in a downtrend for the last six months,” which means that the general direction in which the market has moved in the recent past has been downward.
👉 Trends are described as the total direction in which the market has moved. Either trend lines or moving averages (MA) applied to your charts may be used to determine the direction of a trend in the data.
👉 Before you determine which pair to trade, it will be crucial to make a mental note of the pair’s sideways trend if the pair has not been going in any direction.
Pair the trend with a Forex Trading Strategy
👉 The next thing you need to do to select the proper pair to trade is to check and see whether the pairs in question are compatible with the trading method you want to use. If you are trading using a trending technique, then the pairs you choose to trade must also be trending.
👉 If you attempt to trade using a trending approach on a pair that is moving sideways, you will have a strategy that is designed to lose money.
👉 If you have a trending technique and you can recognize currency pairings that are trending, your likelihood of becoming a successful trader will increase significantly.
👉 In addition, if you locate a pair that has been going sideways for an extended length of time, you must choose range trading or a sideways market trading strategy to match up with such pairings. You can also opt to match up your technique with a sideways market trading strategy.
👉 There are a lot of alternative tactics that you may use for each distinct pair, but before you trade any pair, you must have a good understanding of how that pair behaves. A common error that many traders make is mismatching the appropriate trading approach with the appropriate pair.
Average True Range
👉 The average true range (ATR) is the number of pips moved on a particular day. ATR is significant since it is more probable to hit your stop loss if you do not know how much a pair moves on average.
👉 This is vital when deciding on certain pairings to trade depending on your approach and trading goals.
👉 If you are a scalper looking to achieve a big percentage gain in a short amount of time, you should pay extra attention to pairings with a high ATR since they may fluctuate a lot and you do not want your stop loss to be too tight.
👉 Knowing the average real range of the currency pair and the technique you want to trade makes a major difference in your trading’s success or failure.
👉 Most traders underestimate the importance of properly picking the currency pair with which they trade and feel that they can trade any pair with any method.
👉 This trading technique is one of the most common reasons that beginners lose money, therefore do not make the same error of pairing the incorrect pair/strategy.
How to choose the right Forex Broker in Nigeria
👉 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 vital 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 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 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.
👉 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:
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ 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 Forex brokers for traders in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Forex Broker in Nigeria
👉 Overall, IC Markets is the best MT4 forex broker in Nigeria. The MetaTrader offering from IC Markets has an amazing selection of third-party research and trading tool plugins. IC Markets has clients based around the world and offers some of the best true ECN execution to Nigerians.
Best MetaTrader 5 / MT5 Forex Broker in Nigeria
👉 Overall, FP Markets is the best MetaTrader 5 forex broker in Nigeria. FP markets is well-established and offers Nigerians over 10,000 instruments that can be traded using MetaTrader 5. FP markets provides industry-leading trading solutions and affordable trading costs.
Best Forex Broker for beginners in Nigeria
USD 0 / 0 NGN
Account Activation Time
👉 Overall, IG is the best forex broker for beginners in Nigeria. IG offers a broad range of tradable markets and provides a plethora of educational resources for beginners. The IG Academy is provided as a free resource that can help beginner traders learn new trading skills.
Best Low Minimum Deposit Forex Broker in Nigeria
USD 1 (415 NGN)
IFSC, FSCA (south africa), ASIC, CySEC
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
$140 (58 116 NGNFind out More)
Account Activation Time
👉 Overall, FBS is the best Minimum Deposit Forex Broker in Nigeria. FBS has an ultra-low minimum deposit of 400 Naira and high leverage of 1:3000. FBS allows Nigerians to get started in trading immediately and guarantees fast trade execution speeds with minimal slippage.
Best ECN Forex Broker in Nigeria
👉 Overall, HF Markets is the best ECN forex broker in Nigeria. HF Markets is known for its well-regulated trading environment in which traders get tight spreads and competitive commissions. HF Markets provides ECN execution on all trades with no requotes and minimal slippage.
Best Islamic / Swap-Free Forex Broker in Nigeria
👉 Overall, XM is the best Islamic / Swap-Free forex broker in Nigeria. XM is an international broker that accommodates all types of traders including those who follow Sharia law. XM provides an Islamic account with competitive trading conditions and access to more than 1,000 financial instruments.
Best Forex Trading App in Nigeria
USD 100 / 41450 NGN
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best forex trading app in Nigeria. AvaTradeGO is the leading mobile trading app for Nigerians. AvaTradeGo allows you to trade while you travel and offers several advanced features to give you a competitive edge in the forex market.
Best Naira Trading Account Forex Broker in Nigeria
USD 10 / 4146 NGN
Account Activation Time
👉 Overall, Tifia is the best Naira trading account forex broker in Nigeria. Tifia is an international broker that offers Nigerians an NGN-denominated account. Tifia has a low minimum deposit and offers expert market analysis provided by Claws and Horns.
Best Lowest Spread Forex Broker in Nigeria
👉 Overall, Exness is the best lowest spread forex broker in Nigeria. Exness is a low-risk broker that charges zero-pip spreads on major currency pairs such as EUR/USD. The leverage that traders can use is unlimited on some accounts.
Best Nasdaq 100 Forex Broker in Nigeria
👉 Overall, Axi is the best Nasdaq 100 forex broker in Nigeria. Axi was created by professional traders and therefore the broker has tailormade solutions for Nigerians. Axi offers a range of markets including CFDs on Indices where Nigerians can trade NAS100.
Best Volatility 75 / VIX 75 Forex Broker in Nigeria
USD 100 / 41450 NGN
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Yes (Availability subject to regulations)
Account Activation Time
👉 Overall, Plus500 is the best Volatility 75 / VIX 75 forex broker in Nigeria. Plus500 offers a range of contracts for differences spread over 2,000 individual instruments including VIX. Plus500 also offers proprietary trading platforms that can be used by traders to access these markets.
Best NDD Forex Broker in Nigeria
USD 10 / 4145 NGN
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Account Activation Time
👉 Overall, Pepperstone is the best NDD forex broker in Nigeria. Pepperstone is one of the largest No-Dealing Desk brokers that offer ECN and STP execution on all trades. Pepperstone is committed to providing innovative technology along with the lowest latency trade execution.
Best STP Forex Broker in Nigeria
USD 100 / 41450 NGN
Account Activation Time
👉 Overall, FOREX.com is the best STP forex broker in Nigeria. FOREX.com provides trading services to more than 200,000 global clients. FOREX.com is one of the best STP Forex brokers that provide Nigerians with over 80 currency pairs that can be traded.
Best Sign-up Bonus Broker in Nigeria
USD 1 / 415 NGN
Account Activation Time
👉 Overall, SuperForex is the best sign-up bonus broker in Nigeria. Once Nigerians have signed up for a live trading account with SuperForex they can access several welcome bonuses. SuperForex is an extremely versatile broker with 11 trading accounts and a range of markets that can be traded.
👉 There are many options available to Nigerian traders when they trade foreign currencies. When participating in the forex market Nigerian traders must carry out extensive technical analysis to determine which currency pair is suited to their trading strategy and objectives.
What is the most profitable currency to trade in Nigeria?
GBP/USD (British Pound/US Dollar) and EUR/USD (Euro/US Dollar) are two of the most frequent currency pairings in forex trading.
What is the most frequently traded currency in Nigeria?
The USD is the most frequently traded currency in Nigeria, accounting for over 90 percent of the country’s foreign exchange transactions, according to sources.
How much will I need to start trading in Nigeria?
You can start trading forex with an initial deposit of 400 NGN. However, Nigerian traders are urged to deposit at least 50,000 NGN to cover both trading and non-trading fees that they may encounter, and to cover any losses that they could experience in the forex market.
Is forex trading considered gambling?
No, forex might seem like a gamble, but several differences set these activities apart. Forex trading involves risk management techniques to mitigate and minimize loss while gambling involves taking a chance and hoping the odds are in your favour.
Forex trading can be planned by analysing charts, trends, and other metrics by using technical analysis.
Is forex trading a skill in Nigeria?
Yes, forex trading is a skill that must be learnt and practiced consistently.