What is Scalping in Nigeria?
What is Scalping in Nigeria revealed. We tested and verified scalping in forex trading for Nigerian traders.
This is a complete guide to scalping in Nigeria.
In this in-depth guide you’ll learn:
- What is scalping?
- What is a scalping strategy in Nigeria?
- Our recommended forex brokers with whom you can trade when scalping?
- How to compare forex trading brokers against each other?
- What is the best time to scalp in Nigeria?
- What are forex scalping indicators?
- Which scalping strategies can you use with MetaTrader 4/MT4?
- What is a profitable scalping strategy?
- Why you should trade with a scalping strategy?
- 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 scalping for Nigerians…
Let’s dive right in…
- Louis Schoeman
What is Scalping in Nigeria? (Updated 2023)
What is Scalping?
👉 Scalping is a trading method designed to benefit from small price fluctuations on a financial instrument, such as a forex pair.
👉 Scalpers are traders that use this approach by placing anywhere from ten to a hundred transactions in a single day with the assumption that it is easier to capitalize on minor price movements than on big ones.
Understanding Scalping
👉 It is easy to get addicted to the rush you get when you enter a trade and it instantly surges following your entrance, allowing you to sell into the momentum and make a “scalp” on moderate to heavy size positions.
👉 Scalp trading, which may also be referred to as scalping, is an intraday trading that aims to make a profit off truly little shifts in price. Scalping is a trading strategy that involves taking bigger position sizes to make smaller price gains over a shorter amount of time.
👉 It takes place throughout the day and the primary objective is to purchase or sell several currency pairs at the ask price or the bid price, respectively, and then immediately sell those forex pairs for a profit a few cents higher or lower.
👉 The amount of time that an individual holds a position can range anywhere from a few seconds to a few minutes, and before the conclusion of the trading session on the entire market, which may go on until 8 pm Eastern Standard Time (EST), the position is terminated.
👉 The price movements in the market are not the result of random chance, which means that they are high probability patterns that are robust enough to justify bigger sized bets to benefit from merely a portion of the larger move.
👉 Although scalp trading may seem to be hazardous, the truth is that it is risk-averse and can be handled in a way that is risk-free by adhering to strict disciplines and maintaining cautious response times.
👉 Scalping is a fast-paced activity for traders who are quick to react to market conditions. Precision timing and execution are required.
👉 To maximize gains in the shortest timeframes, scalpers utilize four to one margin day trading, with the one-minute and five-minute candlestick charts that must be studied closely to do this. Scalpers use a range of technical indicators including:
➡️ Stochastic
➡️ Moving Average Convergence Divergence (MACD)
➡️ Relative Strength Index (RSI)
👉 In addition, the points for price support and resistance levels that scalpers use include Bollinger Bands, Moving Averages, and Pivot Points.
👉 To prevent a breach of the Pattern Day Trader (PDT) guideline, scalping needs account equity of at least $25,000. Short-sale deals need the use of margin.
👉 Scalpers use a variety of strategies, including buying low and selling high, buying high and selling lower, or shorting high and covering low.
👉 Level 2 and the time of sale windows are often used to route orders quickly via the most liquid market makers and ECNs. For the fastest order fills, use the Level 2 window or pre-programmed hotkeys for point-and-click execution.
👉 Scalping is a trading strategy that relies only on short-term price movements and technical analysis. Traders that use scalping are deemed high-risk because of the excessive usage of leverage.
Scalping Objectives
👉 Even though making a profit before closing a position is the most evident goal of scalp trading making a profit is more of a by-product than a primary purpose.
👉 A seasoned scalper knows that the formula for success is right to risk versus probability instead of risk versus reward, attributable to the seasoned scalper looking past the mere surface of the market. Some of the objectives of scalpers include:
➡️ Allowing smaller profits to add up
➡️ Get in and out swiftly
➡️ Always prepare before the trade
➡️ Never trade on impulse
➡️ Always use effective risk management
Allow smaller profits to add up
👉 To be successful at scalping, you need to have an in-depth understanding of the fundamental trading patterns of the forex pairs that are on your watch list. In addition to this, you need to trade using a reliable system.
👉 Even though a pattern set-up may, in the end, result in a bigger price move, there is a greater likelihood of success when taking lesser gains on that move.
👉 For instance, it is simpler to aim for a price move of +0.25 USD on a currency pair than it is to strive for a price goal of +1.25 USD. Naturally, the lower the profit objective, the sooner it will be met, and subsequently, it will carry a larger likelihood of being accomplished.
Get in and out swiftly
👉 Scalp trading is characterized by a low tolerance for risk since the trader seeks to experience as few issues as possible. This involves entering and exiting the area in a short amount of time.
👉 If you are playing a lengthy set-up, you will go in immediately on the trigger, and then you will get out even while the forex pair is rising. This will guarantee that there is enough liquidity for the exit, as well as the possibility of commission rebates.
👉 The priority here is speed, which means that preparation must be done in advance of the trade to ensure that one is completely informed of the triggers for both entry and exit.
Always prepare before the trade
👉 You need to start preparing for your trades in advance so that you can already have stops and objectives thought out according to your approach. You need to have a solid understanding of price supports, price resistances, and the setup for each forex pair that you want to scalp.
👉 Once you have that information, you can use it to compute the position size as well as the probability vs the risk. In scalping, it is typical to have a risk to reward ratio of 3:1, but a lower risk to reward is always more advantageous.
👉 However, it could seem paradoxical because it involves putting up $0.60 on a transaction to earn $0.20 in profit.
👉 If the probability of achieving a profit of + $0.20 first is quite strong (>80%) then it is a trade that an experienced scalper may consider entering. Nigerian traders must always remember that the trade must have a high probability of quality.
Never trade on impulse
👉 Never trade any financial instrument spontaneously if you have not thought it through beforehand. It is easy to get caught up in the excitement of an instrument that has just set a new intraday high or has just had a major news release.
👉 The market wants you to feel anxious about losing out on a lucrative opportunity (indicative of FOMO). Keep in mind, however, that market makers as well as seasoned forex traders are already far ahead of the game and rely on newcomers to trade impulsively for that additional liquidity.
👉 Doing this is an inherent characteristic of gambling to buy a security that is not currently being traded.
Always use effective risk management
👉 Position size and holding duration are the main risk factors in scalp trading. The greater the size of your stake, the greater the amount of risk you take on. Having a huge stake in a single trade or on only one forex pair can have dire consequences.
👉 Risk increases linearly with the length of time in a trade, attributable to the fact that you are putting yourself at risk of market forces that you have no control over. There is a bigger probability of unexpected price movements if you keep a position for an extended period.
👉 Any given factor such as news, earnings releases, or others that drive the forex market, might damage your position, for example.
👉 Increasing the holding size (positive size) increases the risk, hence decreasing the holding duration is necessary to counteract that danger.
👉 You could reduce the size of the position to compensate for the risk involved with holding a position for an extended time. Thus, managing risk continuously is essential to maximising price movements while limiting risk.
Trading Tools for Scalpers in Nigeria
👉 Scalping successfully needs a steady day trading platform and certain basic sturdy tools. A costly error may be made by novice traders who mistakenly assume their mobile trading app, or a zero-commission forex broker is suitable for this. Listed below are a few essential scalping trading tools:
➡️ Level 2 Windows along with Time and Sales
➡️ Direct Order Routing
➡️ Sophisticated Charting
➡️ A DMA Broker
Level 2 Windows along with Time and Sales
👉 The best bid and best ask quotes are shown in the level 2 windows, which show the individual market makers and ECNs. There is the capacity to measure the depth of support or resistance at a certain price level.
👉 Nigerian scalpers must have access to order books from several ECNs and level 2 screens to recognize liquidity. The main data points for the charts are the actual transactions that are printed on the tape. These tools are essential for placing accurate and deliberate transactions, particularly in volatile markets.
Direct Order Routing
👉 Having the ability to watch level 2 is vital, but it also guides order routing. As you see players revising their bid and ask prices, you may place orders directly with them or choose to give or accept liquidity. Direct order routing allows you to take full control of your execution fills and receive ECN pass-through rebates that are applied to your commissions.
Sophisticated Charting
👉 Having price charts accessible with both price and momentum indicators helps traders comprehend price action as it develops based on its history. The charting platform should provide pre-market and post-market charting with numerous time frames and customisable technical indicators.
A DMA Broker
👉 In addition to the technologies that have already been discussed, a direct market access brokers (DMA) trading platform includes low-latency, robust, and consistent data feeds and an execution platform.
👉 These platforms are offered by direct market access (DMA) brokers that specialize in catering to busy traders, particularly Nigerian scalp traders. DMA brokers provide outstanding client service through phone, platform, messaging, and email.
👉 DMA brokers do not take three days to react to e-mail inquiries, unlike many popular zero-commission trading applications.
👉 In addition, several DMA brokers have short discover desks that may identify non-HTB shorts (often embedded directly into the platform). Another benefit is that DMA brokers offer information throughout the day, especially with inventory shortages.
👉 Differences between DMA brokers and other types of discount brokers or mobile apps are as stark as night and day. Support is the most crucial component and if there are ever power interruptions or complications with a deal, they are your go-to defences.
👉 Outages put thousands of dollars at risk as you wait for an email answer to an emergency issue that needs rapid care. Most direct market access brokers provide a free demo account to try out their trading software.
👉 In addition, make sure that you take advantage of a DMA broker’s free trial before deciding whether they are worth your time and money.
Scalping versus Swing Trading
👉 However, the holding duration and forex pair allocations for scalp trading are lower or bigger price swing goals than swing trading. When compared to scalping, swing trading might take anything from a few hours to a few days.
👉 Smaller security allocations are used to mitigate the risk of a prolonged holding period. Using a 1-minute candlestick chart, a scalper could be looking for a $0.25 profit, while a swing trader may be looking for a $2.50 profit.
👉 For the same $250 profit, the scalper can take a long position or a short position. While both strategies have the same end goal in mind, they take different risks to get there.
👉 Deciding between these strategies will depend on the Nigerian trader’s risk appetite and the time that they have available to trade.
Scalping and Momentum Trading Strategies Compared
👉 Scalping is a type of momentum trading where you buy and sell forex pairs that are trending upwards. Subsequently, scalpers are aiming to get in early and sell out of the momentum before it fades.
👉 Scalp trading and momentum trading are quite similar in terms of their overall strategy, with the trading style as the main element that sets these strategies apart.
👉 The price goals of scalpers are more cautious than those of momentum traders. For scalpers, a little fraction of the action is all that matters instead of the actual move.
👉 You can see this by looking at how a scalp trader would set a profit objective at only $0.10, which is merely 10% of the overall move, while a momentum trader might set their goal at a more reasonable $0.60 on a forex pair.
👉 Another thing to think about is how to reduce your risk exposure. Nigerian traders who use scalping will be more willing to tolerate lower risk/reward ratios than momentum traders, but they may also be willing to take greater positions.
👉 Risk can subsequently be reduced by minimizing holding durations and concentrating on circumstances with higher probability than others.
👉 However, those that trade with the momentum of the market concentrate on low-risk, high-reward trades (for instance, risk $1 to earn $3) and minimize risk by sizing their positions.
Best Technical Indicators for Scalping Forex in Nigeria
👉 Scalping is a type of trading where traders try to make money from minor changes in prices, usually after making a trade and having made a profit.
👉 Most of the time, these traders use a strict, pre-planned exit strategy because a single big loss can wipe out all their hard-earned small gains.
👉 Scalpers depend on a few things, such as scalping indicators, live feed, direct-access brokers, and the ability to place multiple trades, for their trading strategy to work. Traders who want to master the art of scalping should research the five greatest scalping technique indicators, including:
➡️ Simple Moving Average Indicator (SMA)
➡️ Exponential Moving Average (EMA)
➡️ Parabolic SAR
➡️ Moving Average Convergence Divergence (MACD)
➡️ Stochastic Oscillator
Simple Moving Average Indicator (SMA)
👉 The SMA indicator is the most fundamental form of indicator used by traders to create a trading strategy. This indicator shows the average price of the Nigerian trader’s position over an extended time.
👉 Trading in financial markets relies on the ability of traders to discern whether the price of their investments is rising or falling, which then helps them detect a market trend.
👉 To calculate the SMA, traders often add the most recent closing prices to the previous period’s closing price and divide that price by the number of periods.
Exponential Moving Average (EMA)
👉 In addition to the SMA, traders may use the Exponential Moving Average (EMA) indicator to lend greater weight to recent prices.
👉 Because of its rapid reaction time in response to current price changes rather than previous price movements, EMA is considered one of the greatest scalping indicators. Traders use the crossovers and divergences of the historical averages to generate buy and sell signals.
Parabolic SAR
👉 Another useful tool for traders is the Parabolic Stop and Reverse indicator, sometimes known as the SAR indicator. This tool illustrates the direction of a price action trend. When prices are moving higher, the SAR scalping indicator will show chart points that are lower than the current price.
👉 When the market is experiencing a negative trend, the indicator will show chart positions that are higher than the price, indicating to traders that prices will continue to fall.
👉 Traders can assess an asset’s future short-term momentum with the assistance of the SAR indicator, which also guides when and where to place a stop-loss order. It functions most well in environments where market trends are stable.
Moving Average Convergence Divergence
👉 Moving Average Convergence Divergence (MACD) is a common indicator used by traders. It may be used by a wide range of dealers. The MACD is a useful tool for gauging momentum and spotting trends, with the connection between two price-moving averages shown by the MACD indicator.
👉 Traders determine the MACD scalping indicator by subtracting the EMA of the 26th day from the EMA of the 12th day. The EMA of the 9th day is used as the MACD default setting or signal line to highlight buying and selling triggers.
Stochastic Oscillator
👉 Another well-liked indication that is used in indices, forex, and CFD trading is the stochastic oscillator indicator, which is also known as a momentum indicator. The straightforward concept that momentum comes before the price is supported by the evidence presented here.
👉 Consequently, traders use this scalping indication to acquire signs of the real movement exactly before it takes place. Additionally, the indicator bases its operation on the hypothesis that the action price after the trading day tends to be greater than the closing price of the subject being monitored.
👉 Traders acknowledge that the Stochastic Oscillator indicator is one of the most dependable instruments for buying and selling suggestions, even though it may seem to be extremely complicated.
Tips for Nigerian Scalpers who trade Forex in Nigeria
👉 To increase their odds of being successful at scalping, traders should limit their attention to only one currency pair or position at a time. When trading many positions at once, it may be difficult to watch the technical charts, and as a result, attention is sometimes lost.
👉 It is recommended to trade just those currency pairings that have the biggest volume as well as the best liquidity. Because of the very rapid nature of scalping, major currency pairings need a prominent level of liquidity to provide traders with the opportunity to enter and exit the market at a rapid pace.
👉 Scalpers often have a temperament or personality type that is reflective of the high-stakes nature of their trading strategy.
👉 Scalping is a type of day trading that demands an elevated level of attention, strong analytical abilities, and a reasonable degree of patience. This enables scalpers to make snap judgments to turn a profit.
Best Forex Pair for Scalping in Nigeria
👉 Scalping is a strategy that may be used for major currency pairings such as the EUR/USD, GBP/USD, and AUD/USD, as well as smaller currency pairs such as the AUD/GBP.
👉 Nigerian traders can consider this pair as they will be entering and exiting the market at a very rapid pace, and these currencies have the biggest transaction volumes and the narrowest spreads, which allows for the least amount of potential loss.
👉 When the spread is narrow, the number of pip movements that the exchange rate must undergo before your transaction results in a profit is reduced.
👉 However, more experienced Nigerian traders might find that they have better success with scalping smaller or exotic currency pairings. These combinations often have more volatility than major currency pairs, but they also involve a higher level of risk.
Best Time to Scalp Forex
👉 Even though the optimum times to scalp forex differ from currency to currency, there is widespread agreement among traders on the optimal times to do so.
👉 For instance, the first hour of the London trading session, which occurs in the middle of the morning, is often the most fruitful time to trade currency pairs based on the British pound.
👉 However, because the USD has the biggest trading volume, the ideal time to trade any major currency pairings is often during the opening few hours of the New York trading session.
👉 This is because New York is where most trading takes place, which means that Nigerians can trade between 2 pm and 6 pm local time.
👉 It should come as no surprise that investors do not pay attention to chart data outside of normal trading hours in the FX market.
👉 Some traders who scalp like to do their business in the early morning hours, when the market tends to be the most volatile. However, this strategy should only be used by experienced Nigerian traders and not by novices since the potential for loss is much higher at this time.
How to start Scalping in Forex Step by Step
👉 To get started as a scalper, you would need extremely excellent and dependable access to the market makers, as well as a platform that enables very quick buying and selling.
👉 In most cases, the trading platform will include a “buy” button as well as a “sell” button for each of the currency pairings. This ensures that the trader can simply enter or exit a position by clicking on the right button.
👉 In markets where there is a lot of liquidity, the execution of a trade might happen in a fraction of a second. In addition, to start scalping forex, Nigerians can consult the steps below:
➡️ Choose a Suitable Forex Broker
➡️ Explore the Trading Platform
➡️ Explore the level of Liquidity in the Market
➡️ Enquire about Slippage
➡️ Testing Redundancy
➡️ Select a suitable Charting Timeframe
➡️ Prepare Yourself by Getting a sense of the Market Direction
➡️ Prepare Your Charts
Choose a Suitable Forex Broker
👉 Remember that the forex market is a global financial market that is mostly uncontrolled, although governments and the industry are taking steps to implement laws that would regulate OTC forex trading to a certain extent.
👉 Research and comprehend the broker agreement to determine exactly what your duties would be as a trader, while also understanding the broker’s obligations.
👉 If your trades go against you, the broker can even liquidate your account automatically if you are using too much leverage, so pay attention to the margin requirements and what the broker will do.
Explore the Trading Platform
👉 Nigerian Scalpers should get well acquainted with the trading platform provided by their broker. You should always make a practice account and experiment with the platform until you are entirely acquainted with it before you register a real account.
👉 There is no room for mistakes on your platform if you aim to scalp the markets. Mistakenly pressing the “Sell” button instead of the “Buy” button might allow you to benefit if the market instantly moves in the other direction, but if you are not that fortunate, you will have placed a position in the opposite direction.
👉 These kinds of blunders may cost you a lot of money. Unintentional platform failures may and will result in losses. Before making a real money deal, practice utilizing the site.
Explore the level of Liquidity in the Market
👉 You should only trade in the most liquid marketplaces if you are a scalper. Certain sessions may be more liquid than others, too, depending on the currency combination. Although the forex markets are open 24 hours a day, there are distinct periods of high and low activity.
👉 London is the world’s largest currency trading hub, and activity usually builds up at about 3 am EST. The New York market opens at 8 am EST and contributes to the overall trading volume.
👉 Because of this, liquidity tends to be at its highest when two of the world’s most important forex hubs are both trading simultaneously, which typically occurs between 2 pm and 6 pm local time in Nigeria.
Enquire about Slippage
👉 To be effective and true to the strategy, transactions must be executed at the desired levels for scalpers. Make sure you are aware of your broker’s trading terms, including their trade execution policies.
👉 Execution assurances may be limited by certain brokers to periods when the markets are not moving quickly. However, many brokers do not provide any kind of guarantee at all.
👉 Slippage occurs when an order is placed at a given level but is executed a few pips away from where you had planned. For Nigerian scalpers, the spread and slippage add up, therefore you must ensure that your order can and will be executed at the desired level.
Testing Redundancy
👉 To protect oneself against disaster, you must exercise redundancy. Trade redundancy is the capacity to open and close positions in several ways. Consider the speed of your internet connection. If the internet goes down for any given reason, you must ensure that you have a backup in place.
👉 When you are in a situation where you need to get out of a trade swiftly or make a change, several variables become extremely important.
Select a suitable Charting Timeframe
👉 You must have a method that you can follow automatically to consistently execute transactions. If you are going to be scalping, you will require a strategy that you can apply consistently with a reasonable degree of confidence.
👉 Short-term charts, such as tick charts or one- or two-minute charts, and 5-minute charts, are required for scalping.
Prepare Yourself by Getting a sense of the Market Direction
👉 As a newbie scalper, it is usually a clever idea to trade with the trend. Use trend lines, Fibonacci levels as well as moving averages to find out the overall direction of the market. These will serve as your “lines in the sand,” and reflect support and resistance regions in the community.
👉 If your charts indicate that the trend is rising, you should be looking to purchase at all the support levels that have been achieved on your chart.
👉 The opposite is true if your chart shows prices trending from the top left to the bottom right, in which case you should consider selling when a resistance level is reached. Various kinds of charts and moving averages could be used to assist you to predict direction depending on how often you trade.
Prepare Your Charts
👉 In a forex scalping system, the trader may either manually seek for signals and evaluate them, or the trader “teaches” the software what signs to look for and how to understand them.
👉 Traders that use real-time charts for forex scalping benefit from the speed of technical analysis.
👉 Set up a 10-minute and a one-minute timer on the chart. Entering and exiting trades on a one-minute chart requires the usage of both a 10 minute and a one-minute chart.
👉 In addition, your platform must be configured to allow you to quickly switch between the various timeframes available to your users.
How to Choose the Right Scalping Forex Broker in Nigeria
👉 Nigerian traders must evaluate the following components of a scalping 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 Scalping Brokers in Nigeria
👉 In this article, we have listed the best brokers that accommodate scalping strategies in Nigeria. We have further identified the scalping brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Scalping Broker in Nigeria
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXCM is the best MT4 Scalping broker in Nigeria. FXCM has been in operation since 1999 and is one of the best MT4 NextGen Brokers with AutoChartist and PsyQuation. FXCM offers zero-commission trading which reduces the trading costs that scalpers face.
Best MetaTrader 5 / MT5 Scalping Broker in Nigeria
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HF Markets is the best MetaTrader 5 Scalping broker in Nigeria. HF Markets has a strong global presence and is partnered with several reputable liquidity providers to offer the best pricing to scalpers.
👉 HF Markets offers scalpers a choice between tailormade trading accounts for their needs and objectives.
Best Scalping Broker for beginners in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, eToro is the best Scalping broker for beginners in Nigeria. eToro is the perfect platform where beginner scalpers can start practicing their trading strategies.
👉 eToro provides an ideal social trading experience that makes it easy for Nigerians to master scalping by following more seasoned traders.
Best Low Minimum Deposit Scalping Broker 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 the best Low Minimum Deposit Scalping Broker in Nigeria. FXTM makes it easy for scalpers to register an account and start scalping the forex market.
👉 FXTM is known for its low commission charges and zero-pip spreads. FXTM is the ideal broker for fast-paced forex scalping in Nigeria.
Best Scalping ECN Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FP Markets is the best Scalping ECN broker in Nigeria. FP Markets offers Nigerians a broad selection of financial instruments that they can scalp. FP Markets also offers commission-free trading and high leverage ratios up to 1:500.
Best Islamic / Swap-Free Scalping Broker in Nigeria
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OctaFX is the best Islamic / Swap-Free Scalping broker in Nigeria. Apart from its superior STP and ECN trade execution speeds, FP Markets is also known to offer commission-free trading and zero-pip spreads on major instruments.
Best Scalping Trading App in Nigeria
Overall Rating
- 4.7/5
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 platform.
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 Scalping trading app in Nigeria. FBS is an ideal broker for scalpers who are on the move as they can use an innovative and robust mobile trading platform. FBS has a low barrier of entry into forex trading and offers its services to over 190 worldwide countries.
Best Naira Trading Account Scalping Broker in Nigeria
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 the best Naira trading account Scalping broker in Nigeria. Alpari is a Nigerian-based forex broker that can offer local support when scalpers need it the most.
👉 Alpari offers MetaTrader 4 and 5 alongside its own trading app through which scalping can be carried out.
Best Lowest Spread Scalping Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IG is the best lowest spread Scalping broker in Nigeria. IG offers DMA spreads to scalpers along with other technological advances that give them a competitive advantage. IG offers a massive range of markets that scalpers can explore to find the most profitable opportunities.
Best Nasdaq 100 Scalping Broker in Nigeria
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 the best Nasdaq 100 Scalping broker in Nigeria. Pepperstone is one of the largest forex and CFD brokers and a safe option for Nigerian scalpers. Pepperstone offers some of the best liquidity and trade execution speeds.
Best Volatility 75 / VIX 75 Scalping Broker in Nigeria
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 the best Volatility 75 / VIX 75 Scalping broker in Nigeria. Nigerian scalpers can explore the comprehensive trading solutions offered by AvaTrade. AvaTrade offers VIX and Nigerians can trade this instrument over desktop and mobile devices along with web browsers.
Best NDD Scalping Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
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 NDD Scalping broker in Nigeria. Exness is one of few brokers who offer NGN-denominated accounts to Nigerians. Exness provides Nigerian scalpers with zero-pip spreads and some of the lowest commission fees.
Best STP Scalping Broker in Nigeria
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 the best STP Scalping broker in Nigeria. XM has a global presence and is one of the best brokers for Scalpers in Nigeria. XM offers a choice between asset classes and the benefit of high leverage up to 1:888.
Best Sign-up Bonus Scalping Broker in Nigeria
Overall Rating
- 4.8/5
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 Scalping broker in Nigeria. Before Nigerians commit capital to a trading investment account, they can sign up with InstaForex to receive a sign-up bonus. This is a no-deposit bonus that gives scalpers free funds to test InstaForex’s services and platform.
Conclusion
👉 Scalping is one of the best fast-paced trading strategies in the forex industry. Scalping may not be complex, but it is extremely risky, and Nigerians must ensure that they are well-educated before attempting this strategy.
👉 Using the brokers that we have discussed, Nigerian scalpers can get started in scalping in a noticeably brief time, allowing them to earn profits from a fast-paced, competitive financial market.
FAQ
Is the forex market good for scalping in Nigeria?
Yes, the forex market is ideal for scalping. The forex market is quite liquid, which makes it easy to enter and exit deals. In addition, because of the brief duration of some transactions, reversal losses can be minimized.
Is Scalping Trading illegal in Nigeria?
No, scalping is legal. However, not all Forex or CFD Brokers will allow it. It comes down to the broker choice as it entails executing several transactions quickly, and consistently.
What is the best timeframe for scalping in Nigeria?
The ideal timeframe for scalping is between one to fifteen minutes.
Do forex scalpers make money?
Yes, Scalpers can make money from this trading strategy. If their deals remain lucrative, scalpers have the highest chance of making money.
Is scalping a high risk in Nigeria?
Yes, scalping can be a substantial risk. A trader’s brokerage account might be completely wiped out if they scalp the forex market. If a trader does not have an exit plan or a stop-loss transaction, the deal will be immediately unwound.
A forex trader who is unlucky in the market might suffer frequent and substantial losses.
Top 3 Brokers
