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How to Trade Forex in Nigeria

How to Trade Forex in Nigeria revealed. We tested and verified how to trade forex for Nigerian traders.

This is a complete guide on how to trade forex in Nigeria.

In this in-depth guide you’ll learn:

  • What is Forex
  • How does Forex Trading work?
  • Our recommended forex brokers for beginner traders?
  • How to compare forex trading brokers against each other?
  • How to make money from forex trading in Nigeria?
  • Is Forex Trading Legal in Nigeria?
  • Which brokers offer an App on Android and IOS?
  • How to trade forex online in 2022?
  • Which 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 forex trading for Nigerians

Let’s dive right in…

Updated : July 21, 2022

What is Forex Trading?

👉 Forex trading can be described as a borderless activity that involves exchanging the currency of one country for that of another on a global decentralized marketplace known as the Foreign Exchange Market.

 

👉 Millions of participants in the Forex Market simultaneously buy one currency while they sell another. Some retail and institutional traders exchange currency for business, leisure, or to earn a profit.

The Basics of the Forex Market for Nigerians

👉 Forex is an acronym for “foreign currency” and “exchange.” Trade, tourism, and business are the most common uses for foreign exchange, although there are many more.

 

👉 Due to the worldwide spread of commerce, business, and finance, the forex market is the world’s largest and most liquid asset market. These two currencies are combined to make a currency pair. A three-letter code is used to identify the currency of each currency pair.

 

👉 The nation is represented by the first two characters, and the currency is represented by the third letter, as in the code NGN = Nigerian Naira. In addition, Nigerians must know that the value of one currency in terms of another is expressed by forex prices, which are referred to as rates.

 

👉 For example, a price or a rate in a Dollar-Naria pair can be quoted as USD/NGN = 415.08 at the current exchange rate between the US dollar and the Nigerian Naira.

 

👉 The currency to the left of the slash (USD) is the base currency while the currency on the right (NGN) is the quote currency.

 

👉 When Nigerians get started on either MetaTrader 4 or MetaTrader 5, they will notice that currency pairs are expressed differently, often without the slash, e.g. USDNGN instead of USD/NGN. While expressed differently, it will not impact how currencies are bought or sold.

 

👉 In the exchange involving USD/NGN, Nigerians will be selling Naira to purchase US Dollars at a rate of 415.08. This means that 1 unit of the base currency (USD) is equal to 415.08 Naira. Thus, to purchase 1 USD, you must pay 415.08 Naira.

 

👉 When Nigerians sell currency, the forex rate will indicate the number of units of the quote currency you will receive when you exchange a unit of the base currency.

 

👉 Whether you should sell or buy a currency will depend on your technical analysis and whether your indicators show that a currency is likely to depreciate or appreciate against another.

 

👉 If a trader believes that the value of a certain base currency will rise in the future, then they will establish a position known as a buy or long position.

 

👉 The same is true when traders believe that a currency will depreciate, but in such cases, they sell or short a position instead to profit from the currency’s depreciation.

 

When can I trade?

👉 When compared to other financial markets throughout the globe, the foreign exchange market is exceptional in that it is available for trade around the clock, five days a week.

 

👉 Depending on where you are in the world, the forex market sessions will open, close, and overlap according to some of the following time zones in the tables below.

➡️ Greenwich Mean Time (GMT)

➡️ Eastern Standard Time (EST)

 

Greenwich Mean Time (GMT)

📍 Region🏙 City⏰ Market Open🕓 Market Close
➡️ EuropeLondon8 am5 pm
➡️ EuropeFrankfurt7 am4 pm
➡️ United StatesNew York1 pm10 pm
➡️ United StatesChicago2 pm11 pm
➡️ AsiaTokyoMidnight9 am
➡️ AsiaHong Kong1 am10 am
➡️ PacificSydney10 pm7 am
➡️ PacificWellington10 pm6 am

 

Eastern Standard Time (EST)

📍 Region🏙 City⏰ Market Open🕓 Market Close
➡️ EuropeLondon3 amNoon
➡️ EuropeFrankfurt2 am11 am
➡️ United StatesNew York8 am5 pm
➡️ United StatesChicago9 am6 pm
➡️ AsiaTokyo7 pm4 am
➡️ AsiaHong Kong8 pm5 am
➡️ PacificSydney5 pm2 am
➡️ PacificWellington5 pm1 am

An introduction to Forex Brokers for Nigerians

👉 To participate in the Forex market, you will need the services of a forex broker. The currency market consists of central banks, investment and commercial banks, fund management organizations (mutual funds and hedge funds), large enterprises, and individual investors or speculators.

 

👉 The forex market, together with the interbank market, is one of the world’s major financial marketplaces, with the retail sector accounting for just a tiny percentage of the total volume.

 

👉 Retail Forex Traders are private investors or people who trade in the foreign exchange market. Retail Forex traders, often known as speculators, use a Forex broker to access the off-exchange retail foreign currency market (or Forex market).

 

👉 A forex broker is a corporation that offers traders a platform for buying and selling foreign currencies, and therefore they do not trade on the Interbank market.

 

👉 This usually refers to Forex trading software designed specifically for the retail forex market, such as MetaTrader 4 (a MetaQuotes product) or in-house trading platforms for use on the internet.

 

👉 The brokers serve as a link between you and their liquidity partner or partners (often bigger global institutions) with whom you would not otherwise be able to do business.

 

👉 While some Forex brokers serve as market makers, creating liquidity and taking on some risk, other retail brokers settle deals directly with the bigger banks that supply liquidity, with straight-through processing (STP) being the term for the latter.

 

How brokers earn money in Forex

👉 There are two ways that forex brokers get rewarded. The first is via a currency pair’s bid-ask spread.

 

👉 When the Naira-US Dollar pair is priced at 414.850 bid and 415.580 ask, the difference is 1, or referred to as 1 pip. Customers who open and cancel a trade at the ask and bid prices will be paid the spread amount by the forex broker.

 

👉 To add insult to injury, some brokers impose additional fees, as well as fees for access to unique trading instruments such as exotic options. In addition, some brokers could even charge a one-time or recurring subscription to use a certain software interface.

Basic Forex Terminology for Nigerians

👉 Understanding the trends and often used words in the Forex market is a crucial step toward smart and successful trading. There is a lot to understand in the forex market, but here is a rundown of some of the most often used words among traders.

➡️ Currency Pair – Currency pairs are used to trade forex: one currency is purchased, and the other is sold. Together the currencies in the pair make up the exchange rate.

➡️ The Exchange Rate is the rate at which a currency from one nation may be exchanged for a currency from another.

➡️ Base Currency – The first currency in the currency pair, for instance, USD is the base currency in the USD/NGN pair.

➡️ Quote Currency – The second currency in the pair, for instance in USD/NGN, NGN is the quote currency.

➡️ Long/Short Position – A long position is a buy position that traders make when they believe a currency’s value will increase. A short position is a sell position that Nigerians take when they expect a currency’s value to depreciate or fall.

➡️ Bid and Ask Prices – The bid price can be explained as the market price for selling a currency while the ask price is the market price when purchasing a currency.

➡️Depreciation/Appreciation – Appreciation refers to the value of a currency increasing while depreciation indicates that the value is falling or has fallen.

➡️ Gapping – With no trading activity in between, a starting price that is above or below the previous day’s closing. This implies that a limit or stop order could be filled at a price other than the one specified in the order.

➡️ Pip – The smallest price fluctuation that any exchange rate may make is a pip, which stands for “percentage in point.” It calculates the amount of change in a currency pair’s exchange rate in the forex market. Apart from Japanese yen-based currency pairings, which are presented to just two decimal points, a pip is a fourth and last number following the decimal point. Therefore, pips are the units of measurement for market earnings and losses.

➡️ Lot – Forex trading takes place in lots. A normal lot is the same as 100,000 base currency units. If you were dealing in Nigerian Naira, this would be 100,000 NGN. In addition, a micro lot has 1,000 units, whereas a mini lot has 10,000.

➡️ Leverage – With a little initial investment, an investor may expand their trading ability and manage a larger stake in the market using leverage. Leveraged trading could be available from an online broker for up to 30 times the amount of a trader’s original stake.

➡️ Margin is the minimum that Nigerian traders need to open and maintain a position. For instance, when Nigerians have a position of 150,000 NGN open and they use 1:30 leverage, the margin requirement is $5,000 or 3.33%.

➡️ Stop-Loss – A stop-loss order is a risk management technique that allows you to cancel a trade once it hits a certain price. If prices continue in an unfavourable direction for the investor, this may safeguard against additional losses on an open investment.

➡️ Take Profit – A take profit order is a risk management instrument that allows a trade to be automatically ended after it has reached a pre-determined profit target. This may safeguard profits from being lost due to an unforeseen price direction reversal that occurs before the investor can terminate the transaction.

➡️ Profit/Loss is the outcome of the trade which can only be realized once trading positions are closed.

➡️ Risk-Reward Ratio – For every dollar invested, the risk/reward ratio illustrates how much money an investor stands to gain or lose. When evaluating an investment’s expected returns and risk, many investors use risk/reward ratios to do so.

How to trade Forex in Nigeria

Choose your broker

👉 In the past, a broker was someone you would have contacted telephonically to purchase or sell currencies. However, now you can engage with a broker through a trading platform or trading software, thanks to the advancement of the Internet and software.

 

👉 There are plenty of online forex brokers vying for your business if you are a trader in the foreign exchange market. If you go to any financial news website, you will be inundated with forex broker ads.

 

👉 To help you separate the several types of brokers and to choose the right one, we have provided a guideline in this article.

 

Verify your broker’s reputation

👉 The purpose of forex brokers is to make it simpler for you to interact with banks that purchase and sell currencies. They are bound by a set of regulations and are obligated to follow certain procedures.

 

👉 For many years, however, the currency market has remained unregulated because of its decentralization.

 

👉 Even though it has vastly improved in recent years, you may still come across some shady forex brokers. Check to determine whether a broker is regulated before working with them.

 

👉 This information will be available on the websites of regulated brokers, and you can take the license number that the broker provides and check it according to the market regulator’s register.

 

👉 While the Central Bank of Nigeria (CBN) does not currently regulate the forex market or brokers that operate within it, you can rely on some of the following regulations to indicate a trustworthy forex broker:

➡️ The Financial Conduct Authority (FCA) in the UK

➡️ The Financial Sector Conduct Authority (FSCA) in South Africa

➡️ The Australian Securities and Investments Commission (ASIC) in Australia

➡️ The Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and several others.

 

Opening an account with a broker

👉 The procedure of creating an account with a forex broker is like that of opening an account with a traditional financial institution.

 

👉 It may take a few days to finish the operation since it requires the completion of documents as well as activities such as the verification of identity, and it may take that long because of the complexity of the method.

 

👉 Demo accounts are offered by forex brokers, and all you need to do to open one is supplying some basic information about yourself. If you are interested in trying your hand at trading, this might be a good opportunity.

 

👉 Until you feel confident enough to start trading with real money, you can simply set up a demo or practice account and put your trading skills to the test utilizing such accounts.

 

Learn the basics of how forex trading works

👉 For many investors, forex is an unexplored and very intimidating sector. News that influences the price of a stock might have a completely different impact on the price of a currency.

 

👉 In addition, when a prospective investor joins the foreign exchange market for the first time, it is typically unpleasant terrain because of the need to know how to price currencies and invest in them within a relative context.

 

👉 Many brokers have built up sections devoted to teaching and research to assist traders to stay up to speed and educated daily, to combat the lack of information that many traders have owing to the peculiarity of the forex market.

 

Familiarize yourself with the balances on your account

👉 When you are working with a forex broker and trading, you will see two balances on your account. Your real balance, excluding open deals, is one balance.

 

👉 Your other balance is the amount of money you would have if you closed all your deals, and lastly, your “net balance” is the second balance.

 

Understanding the Bid-Ask Spread

👉 When you place a forex transaction with a broker, they send it to the market on your behalf. They give you a price for the currency pair that is more than the price they can earn in the process.

 

👉 For example, you will see USD/NGN 414.580/415.580, where the first figure is what the broker will offer you if you want to sell the currency pair and the second number is what the broker will charge you if you want to purchase it.

 

👉 The broker’s commission is the difference between these spreads, and in the example, the difference is 1 pip. In addition, traders must remember that depending on the supply and demand, the gap may increase or decrease when the broker charges a variable or floating spread.

 

👉 The difference between the bid and ask price is referred to as “collecting the spread.” From the trader’s perspective, the spread or fee is usually apparent in trading.

 

👉 However, bear in mind that the beauty of the spread from the broker’s perspective is that it is calculated based on your leveraged trade size rather than your account balance size.

 

Learn what leverage means and how to use it safely

👉 Every account comes with the opportunity to apply forex leverage, which ranges from 1:2 and even as high as 1:3000. For example, a leverage of 1:10 implies you will have $10 to trade for every $1 in your account.

 

👉 Leverage is both beneficial and dangerous since it allows you to achieve exponential gains while also exposing you to growing losses.

 

👉 Forex brokers are required by law to disclose this, which they usually do in the small print. New traders are prone to become too enthusiastic and lose their funds rapidly if they enter the market too soon.

 

Understanding Position Sizes

👉 In the Forex market, a normal lot is a 100,000 contract (in the base currency). Thus, when a Nigerian trader trades one lot on a standard account, they are making a ₦100,000 deal.

 

👉 Many investors would be unable to afford such a deal without the use of leverage. A trader with leverage of 1:100 might conduct the identical one lot (₦100,000) deal with ₦1,000 in margin.

 

👉 Mini lots are available from several retail Forex brokers. Mini lots are one-tenth of a typical lot, allowing traders to trade one-tenth of a standard lot.

 

👉 Trading a mini lot is a term used to describe trading in this size range and contracts for mini lots start at 10,000 units of the base currency. Thus, a 10,000 Naira transaction would be a single mini lot trade.

 

👉 Subsequently, when Nigerians are trading with a leverage of 1:100, 100 Naria in margin controls a 10,000 NGN contract.

 

Select a Currency Pair

👉 When you trade forex, you are swapping one currency’s value for another. In other words, you will always purchase one currency while selling another. Therefore currencies are referred to as forex pairs or currency pairs.

 

👉 Because foreign currencies are quoted in terms of the value of one currency relative to another, a Forex currency pair is made up of an acronym for both currencies separated by a slash ‘/’. Most beginner traders will begin by trading the most widely available major currency pairs, such as:

➡️ EUR/USD

➡️ GBP/USD

➡️ USD/JPY

➡️ USD/CHF

➡️ USD/CAD

➡️ AUD/USD

 

Carry out market analysis

👉 The cornerstone of your trading attempts must relate to in-depth research and thorough market analysis. If you fail to do this, you will be trading on emotions, which is very detrimental and will lead to losses.

 

👉 When you initially begin your research, you will come across a plethora of forex resources, which might be daunting. However, when you explore a certain currency pair, you will come across helpful materials that stick out.

 

👉 Regularly checking current and historical charts, being abreast of the news for economic developments, monitoring various indicators, and engaging in other forms of technical and fundamental study are all important things to do.

 

How to mitigate your risk in the Forex Market

👉 To trade effectively, you must have a thorough understanding of the dangers involved. Each trader will take a different approach to the market, emphasizing the notion that there is no right or wrong method to trade the market.

 

👉 Instead, each trader must choose the level of risk that they are willing to accept. All Nigerians must first determine what type of trader they are before they start trading.

➡️ Do you like to be in the market during moments of volatility or are you a methodical trader?

➡️ Do you want to be continually engaged or do you want to smooth out the short-term noise so you can focus on the long-term gains?

 

👉 The risk of an investment’s real return being different than anticipated is defined as “the unpredictability of returns from an investment or the likelihood that an investment’s actual return will be different than expected.”

 

👉 There is a chance you will lose part or all your initial investment. It is calculated using a given investment’s historical or average returns. The greater the volatility of an investment, for instance, price or interest fluctuation, the higher the risk.’

 

👉 Forex is classified as extremely dangerous because of the daily price volatility. In addition, the leverage levels that are available in the off-exchange retail forex market relate to financial products such as equities.

 

👉 Because Nigerian investors are often wary of taking on more risk, assets with higher inherent risk must provide higher projected returns to justify taking on more risk.

 

👉 Others argue that more risk entails a larger chance of big rewards or greater danger of loss. Bigger potential for return, on the other hand, does not inevitably imply a higher level of risk.

 

👉 The risk/reward balance is sometimes referred to as the “iron stomach test.” Any Nigerian trader’s most critical choice is determining how much risk you can handle while still being able to walk away from your computer and get a good night’s sleep while having long-term deals open.

 

👉 A Nigerian trader’s risk/return ratio is the trade-off between the lowest possible risk and the greatest potential reward.

 

👉 Nigerians must remember that low levels of uncertainty (minimal risk) correspond to low potential rewards, whereas elevated levels of uncertainty (substantial risk) correspond to large potential returns.

 

👉 Risk and probability are at the heart of trading. Understanding the inner workings of your Forex trading strategy(s) and placing suitable entry and exit orders can help you reduce your risk while increasing your profit potential.

 

👉 Diversification is universally acknowledged as the optimal investment portfolio strategy. To be diversified, Nigerian traders must master the usage of several trading methods and numerous currency pairings to provide an equal return across the board.

 

👉 Certain trading systems claim an 80% success rate in particular market situations. However, a full-time Nigerian trader must use more than just one technique, since there are often extended periods when the trading criteria are not satisfied, which may span from a few days to many months.

 

👉 Diversifying your investments is not among the most often discussed investing issues. Many individuals feel that diversification dilutes trading earnings.

 

👉 Diversity is the most crucial factor in achieving long-term financial objectives while limiting risk, according to most investing specialists. However, diversification does not guarantee against loss.

 

👉 However, Nigerian traders must keep in mind that no amount of diversification can eliminate risk.

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

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

 

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.

 

Customer Support

👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Nigeria

👉 In this article, we have listed the best Forex brokers for forex 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 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

 

👉 Overall, AvaTrade is the best MT4 forex broker in Nigeria. AvaTrade offers an enormous range of markets with more than 1,250 financial instruments that can be traded over MetaTrader 4. AvaTrade has a high trust score and has won several industry awards in the past 16 years.

 

Best MetaTrader 5 / MT5 Forex Broker in Nigeria.

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

 

👉 Overall, FP Markets is the best MT5 Forex broker in Nigeria. FP Markets provides Nigerian traders access to the powerful upgrade on the MetaTrader platforms that can be used across several devices. FP Markets also offers unlimited access to a range of financial markets that can be traded with this innovative software.

 

Best Forex Broker for beginners in Nigeria

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

 

👉 Overall, XM is the best forex broker for beginners in Nigeria. XM offers several educational materials to beginner traders. This material ranges from live education to videos as well as webinars and tutorials.

 

Best Low Minimum Deposit Forex Broker in Nigeria

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

 

👉 Overall, HF Markets is the best low minimum deposit forex broker in Nigeria. Because of the high leverage ratio that HF Markets offers to Nigerians, traders can register a live trading account with deposits from 2,000 Nigerian Naria.

 

Best ECN Forex Broker in Nigeria

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

 

👉 Overall, OctaFX is the best ECN forex broker in Nigeria. OctaFX guarantees that 97.5% of orders are executed without any slippage using ECN technologies. OctaFX also offers decent leverage ratios up to 1:500 and a range of trading platforms that add to excellent trade execution speeds.

 

Best Islamic / Swap-Free Forex Broker in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Oanda’s website

 

👉 Overall, OANDA is the best Islamic / Swap-Free Forex broker in Nigeria. OANDA offers a dedicated Swap-Free Account to Muslim traders who follow Sharia law. This exempts Muslims from overnight fees, and it also provides them with their own trading conditions that are suited to their trading objectives and needs.

 

Best Forex Trading App in Nigeria

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSCA

Trading Desk

Crypto

Yes

Total Pairs

33

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Tradenation’s website

 

👉 Overall, Trade Nation is the best forex trading app in Nigeria. The Trade Nation proprietary app is available on iOS and Android devices. With the Trade Nation app Nigerians can track their open positions and remain updated on market movements at any given time.

 

Best Naira Trading Account Forex Broker in Nigeria

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Overall, Exness is the best Naira Trading Account Forex Broker in Nigeria. Exness offers a choice between different retail investor accounts along with offering Nigerians the option of registering a Naira-denominated account.

 

Best Lowest Spread Forex Broker in Nigeria

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

 

👉 Overall, FBS is the best lowest spread forex broker in Nigeria. FBS is one of few brokers that offer Cent and Micro accounts along with a choice between four other more advanced account types. FBS offers spreads from 0.3 pips on the Cent Account and Nigerians can expect zero-pip spreads on the Zero Account.

 

Best Nasdaq 100 Forex Broker in Nigeria

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

 

👉 Overall, Tickmill is the best Nasdaq 100 Forex Broker in Nigeria. Tickmill offers Nigerian traders access to Nasdaq 100 through three retail investor accounts with competitive trading conditions.

 

👉 Tickmill also offers Nigerians access to MetaTrader 4 and 5 which provides Nigerians with the tools they need to participate in a competitive CFD trading environment on Indices.

 

Best Volatility 75 / VIX 75 Forex Broker in Nigeria

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

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 the best Volatility 75 / VIX 75 forex broker in Nigeria. Pepperstone is an award-winning broker that is one of few brokers who offer access to the Volatility 75 Index as a tradable instrument. With Pepperstone Nigerians can expect the most competitive trading conditions along with powerful trading platforms.

 

Best NDD Forex Broker in Nigeria

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Overall, BDSwiss is the best NDD Forex Broker in Nigeria. BDSwiss operates as a No-Dealing Desk broker that routes all orders through reputable liquidity providers. BDSwiss is well-regulated and is one of a few brokers with an active presence across social media.

 

Best STP Forex Broker in Nigeria

Overall Rating

Min Deposit

10 USD / 4145 NGN

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Overall Axiory is the best STP Forex Broker in Nigeria. Axiory executes all orders under 200 milliseconds because of the connection that the broker has to Equinix datacentres. Axiory offers a range of markets that can be traded alongside dynamic trading accounts that can be used.

 

Best Sign-up Bonus Forex Broker in Nigeria

Overall Rating

Min Deposit

USD 1 / 415 NGN

Regulators

CySEC, FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

👉 Overall, InstaForex is the best Sign-up Bonus forex broker in Nigeria. InstaForex is a trusted and well-regulated broker that offers a Sign-Up No-Deposit Bonus of $1,000 to new Nigerian traders who register a trading account.

Conclusion

👉 Overall, forex trading is an extremely popular global activity that features an exceptionally low barrier of entry for Nigerian Traders. Forex trading must be done through regulated brokers indicated in this article to ensure that they get the best deal possible.

FAQ

How much can I start with forex in Nigeria?

You can start with a low capital of 1,000 Nigerian Naira. Most modern forex brokers require low minimum deposits while offering higher leverage levels. This helps you meet margin requirements and allows you to trade despite having low capital.

 

Which app is best for forex trading in Nigeria?

Trade Nation app is the best for forex trading in Nigeria based on user reviews, overall usability, and a range of features. Other noteworthy forex trading apps are AvaTrade’s proprietary apps along with HF Markets, Exness, XM, and FBS.

 

How can I fund my forex account in Nigeria?

You can use any given payment method that is supported by your broker including credit cards, debit cards, bank transfers, AstroPay, Neteller, Skrill, and other local payment options.

 

Who regulates forex in Nigeria?

The Central Bank of Nigeria (CBN) oversees the financial market and policies in Nigeria. However, the CBN does not currently provide regulatory licences to forex brokers who operate in Nigeria.

 

Do Forex traders pay tax in Nigeria?

Yes, all profits derived from forex trading are considered Capital Gains taxed and thus subject to 10% gross tax.

9.6/10 - (18 votes)

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