Forex Trading Training In Nigeria

Finding the listing of the Best Regulated Forex Brokers in Nigeria and their minimum deposits can be a difficult process, especially finding a list of trustworthy brokers who accept Nigerian traders and who let these traders to invest in their ain currency, the Nigerian naira (₦).

👌13+ Indicate Summary on Nigeria'south Trading Regulations

🇳🇬 Amount of traders in Nigeria	250 000+ ( Updated March 2022 )
🗺️ Regime Regulatory Body in Nigeria	Central Banking company of Nigeria (CBN)
📍 CBN Physical Accost and Details	Address: Cardinal Bank of Nigeria Plot 33, Abubakar Tafawa Balewa Way Primal Business District, Cadastral Zone, Abuja, Federal Capital Territory, Nigeria Phone: +234 700 225 5226 Website: https://world wide web.cbn.gov.ng/ Email: [email protected]
📢 CBN Official Twitter Page	CBN on Twitter
📚 Official Wikipedia Folio of CBN	Cardinal Banking concern of Nigeria Wikipedia Page
📉Almost Traded Currency*	USD / EUR and USD / NAIRA
⚖️ Is Trading Legal in Nigeria?	Yes, if it is with a regulated banker.
💰 Practise you lot get taxed on forex trading profits?	Yes
🌎Who is the number #1 Forex Broker offering Nigerian denominated accounts?	Forextime
🕒 Best time to trade in Nigeria?	09:00 - 12:00 and 15:00 - xvi:00 GMT+12
🏆Top CBN Regulated Forex Brokers	Hotforex, Avatrade, FXCM, Forextime
💳 How much coin do you need to successfully get started trading forex in Nigeria?	xl 000 Nigerian Naira'south
📈 Fastest Growing Banker in Nigeria*	Avatrade

Updated May 1 – 2022*

There are many online regulated Forex Trading Brokers and other platforms that claim to be the All-time Forex Trading Brokers in Nigeria.

Nigeria is currently Africa's fastest-growing forex and CFD trading community with global forex providers flocking to this West African country in record numbers to meet an explosive trading demand. Almost traders in Nigeria reside in the Niaraland region*

x Best Forex Brokers in Nigeria with a minimum deposit (2022)

✔️AvaTrade
✔️Pepperstone
✔️IC Markets
EasyMarkets
CMC Markets
ForexTime (FXTM)
OANDA
FBS
Hugosway
Alpari

Learning never stops, grooming and learning is a lifetime ongoing process, which is why there are so many online platforms to choose from. For a quick overview of the globe's leading global forex brokers, your search ends here.

> From Height Nigerian Islamic Accounts to Nigerian Naira (NGN) Trading Account and brokers – We take them all listed here. A – Z.

We take investigated some of the Best CBN Forex Trading Brokers and Platforms in Nigeria and will explore their features, pros, and cons as well every bit their pricing plans, sign-upwards bonus, minimum deposits, leverages, types of accounts, and platforms.

7 Most Frequently Asked Questions:

Is forex trading legal in Nigeria?
Yeah, forex trading is perfectly legal and regulated by the Central Bank of Nigeria ( CBN).

Who is the richest forex trader in Nigeria?
Uche Paragon is currently valued at around $20 million*.

Which is the most used forex exchange platform in Nigeria?
Avatrade is the well-nigh used forex trading exchange platform in Nigeria.

Are there forex trading courses in Nigeria?
Aye, there are plenty of accredited forex trading courses and accreditations in Nigeria. Including international online trading courses.

What is the All-time time to trade in Nigeria?
Nigh traders trade between 9 am – 12 am CAT and 2pm – 4pm.

What is the Best forex trading app for Nigerians?
The Avatrade Get app is the about traded and downloaded app in Nigeria. ( 2022 )

Most used currency pairs for trading by Nigerians?
Nigerian Niara to USD and USD to Euro.

Let's get started … on the top forex substitution platforms for Nigerians. Here is our full listing of licensed verified brokers.

Let's drill downward more in-depth and in detail on each forex broker.

AvaTrade

AvaTrade is an online banker founded in 2006 offering Forex trading, CFDs trading, Spread Betting trading, and Social Trading.

Benefits of trading with AvaTrade:

Regulated by: Central Bank of Republic of ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authorization (FSA), Fiscal Stability Lath (FSB), British Virgin Islands Financial Services Committee (BVI)
Headquarters: The British Virgin Islands
Foundation year:2006
Min Deposit:250
Used: past over 200,000 traders

AvaTrade is an excellent partner for all types of traders, be it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader iv and Avago platforms. AvaTrade offers bully trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

	Min. Deposit	Max. Leverage	Min. Spread	Committee
Islamic	USD 100	400:i	i.3 pips	None
Professional	USD 100	400:1	1.three pips	None
Retail	USD 100	400:1	1.iii pips	None

AvaTrade does not accuse their clients for making deposits and withdrawals and the but costs are the bank card, e-wallet, or bank transfer fees. Traders have access to professional person client back up, 24 hours a 24-hour interval, five days a week.

Pepperstone

4.9/5

Rated #10 of
Recommended FX Brokers

Minimum Deposit

Regulators

ASIC, FCA, CySEC, BaFin, DFSA, SCB, CMA

MetaTrader 4, MetaTrader v and cTrader, TradingView

Islamic Account

Trading Fees

🕒 Account Activation Fourth dimension

Pepperstone is a global online broker which was founded in 2010 and offers Forex, CFDs, and Social Trading. Pepperstone is regulated and supervised by reputable organizations with a head role based in Australia.

With Pepperstone new traders will demand a minimum deposit of Us Dollar 200 to open an account and the option is bachelor to sign upwardly for ademo account to familiarize themselves with thePepperstone platform. Pepperstone can accommodate various levels of traders whether a trader is experienced or just starting in the trade. Traders have the option to trade in over 100 instruments and over 70 currency pairs.

Pepperstone is one of the few brokers available that offer traders both of the MetaTrader platforms; MT4 and MT5 coupled with cTrader. Pepperstone likewise offers traders mobile apps for Android and iOS for the complete package.

Pepperstone benefits include

Allows scalping
Allows hedging
Offers STP
Depression min eolith
Offers Negative Balance Protection

Review

Pepperstone allows traders to execute a minimum merchandise of 0.01 Lot and supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

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IC Markets

4.7/five

Rated #37 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Fourth dimension

IC Markets is an online broker which was founded in 2007 and offers Forex, CFDs, Spread Betting, Share dealing, and Cryptocurrencies trading on offer both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.

IC Markets is a global broker and has a caput office situated in Australia, and new traders will need a minimum deposit of US Dollar 200 to get started and a demo account is on offer for those who desire to get acquainted with the IC Markets platform. IC Markets tin can conform various levels of traders whether they are experienced or but offset in the trading game.

Traders can trade in a wide diversity of instruments and currency pairs

Over 232 instruments
Over 65 currency pairs

Review

IC Markets also offer traders mobile apps for Android and iOS and 2 business relationship types, Standard account and Raw Spread business relationship. IC Markets supports a wide range of languages including English language, Japanese, Chinese, Smoothen, Afrikaans, Danish, Dutch, German and more.

EasyMarkets

4.9/5

Rated #18 of
Recommended FX Brokers

Minimum Deposit

Regulators

MetaTrader 4, TradingView

Islamic Account

Trading Fees

🕒 Account Activation Time

EasyMarkets has a trading platform that is perfect for Beginners and offers the choice of MT4 or their own online trading platform. The EasyMarkets features such as dealCancellation are only bachelor through their online forex platform which also includes a mobile trading app for iPhone, Android, and iPad devices.

EasyMarkets Is the Best Forex Broker for Beginners in Nigeria and is regulated by CSEC (Republic of cyprus) and ASIC (Australia) and offers beginner forex traders:

Enhanced gamble management tools as standard
Fixed spreads on all forex pairings
An like shooting fish in a barrel to use forex trading platform

Run a risk Management Tools Offered past EasyMarkets

EasyMarkets offers traders three key risk management tools which are platonic for those new to currency trading:

Bargain Cancellation

'deal cancellation, when activated allows a trader to abolish a trade within lx minutes when the markets move in the wrong direction, which is perfect for beginners or those who are concerned most the high risk of leveraged products.

Note: Merely certain currency pairings offer dealCancellation and the characteristic can only be activated at certain times and there is a pocket-sized fee when this is activated.

Guaranteed Stop Loss Orders

Virtually forex brokers in Nigeria offer stop-loss orders which will leave a trader when a set turn a profit or loss is fabricated on any merchandise, merely the outcome exists that when a market place has low liquidity or experience high turbulence the CFD provider won't be able to exist the trader at the set price, this is known as slippage and tin can lead to unexpected losses exceeding traders' expectations. EasyMarkets make all stop-loss ordered guaranteed stops significant the maximum losses ready are guaranteed to exist locked in or the FX broker will cover the difference.

Negative Remainder Protection

Similar to stop losses, negative balance protection helps stop a trader's losses before it exceeds their expectations, but in this instance, rather than protecting losses exceeding the corporeality set on a unmarried merchandise, this stops overall losses from exceeding deposits. EasyMarkets guarantees traders that they volition not lose more than than their residuum and if this does occur, they will cover the difference.

CMC Markets

4.vii/five

Rated #227 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Business relationship Activation Time

CMC Markets Has the Everyman Minimum Eolith. CMC Markets is 1 of the largest online brokers for the stock market and currency trading in Nigeria.

CMC Markets offer:

A range of financial markets including Bitcoin
US Dollar 0 minimum deposit and easy funding methods
Advanced charting through the Adjacent Generation CFD platform

Financial Markets With CMC

CMC Markets specialize in trading forex with over 330 forex pairs but this is not the only CFDs fiscal markets traders can trade.

Other CFDs include:

Indices
Shares
Efts
Commodities and treasuries

A more than recent addition is cryptocurrencies which range from:

Bitcoin, Ethereum, Litecoin, and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs.

Funding with CMC Markets

CMC Markets offers bones funding methods including:

Credit Cards (minus AMEX or Diners cars)
Debit Cards
Bank account transfers

The biggest reward is that CMC Markets has a U.s.a. Dollar 0 minimum deposit which means that y'all tin can motility from a demo business relationship to a alive account without a large eolith required.

Advanced Charting Through the Adjacent Generation Platform

CMC offers the choice of MT4 forex trading platform or the side by side generation platform.

Other central features of the Next Generation charting include:

35+ drawing tools
Technical indicators
Cost History
Chart Intervals
Customized Charts

These v key features and the power to trade direct from charts are why CMC'south CFD trading platform is considered the leader when it comes to charting.

ForexTime (FXTM)

4.6/v

Rated #32 of
Recommended FX Brokers

Minimum Deposit

Regulators

MetaTrader4, Metatrader 5

Islamic Account

Trading Fees

🕒 Account Activation Time

ForexTime (FXTM) Offers Local NGN Funding, an offer not made past most online brokers which increases commutation costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of US Dollar 100 for a standard forex account for ForexTime. This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.

Forex Time (FXTM) User Likes and Dislikes:

Likes	Dislikes
Provides multiple execution methods by account type	Leverage caps and margin restrictions on ECN accounts
Regulated in several jurisdictions, including outside the EU	A certain range of markets segmented across account types
Offers Cryptocurrency CFDs	On ECN accounts, stop and limit levels can be added only post-execution
FXTM Invest for auto trading	Low max order size of thirty standard lots per merchandise

Cardinal Features of FXTM (ForexTime)

ForexTime offerssocial trading (re-create trading) which ways a trader:

Selects a Strategy Manager
Makes a deposit (minimum deposit of United states Dollar 100)
Mirror the Strategy Director's trade
Picket as you share a percentage of wins/losses
Cash-out or add together deposits when required

Review

ForexTime is ideal for Nigerian traders new to CFDs with a higher chance contour.

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OANDA

iv.9/5

Rated #194 of
Recommended FX Brokers

Minimum Eolith

Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

Islamic Account

Trading Fees

🕒 Account Activation Fourth dimension

OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/half-dozen days a week support. Live chat, emails, and phone back up is available

OANDA is the Most Regulated Forex Banker and operates beyond half-dozen of the most apparent regime including:

Commonwealth of australia AISC (Australian Securities and Investments Commission)
United States CFTD (Commodity Futures Trading Committee)
Europe and Britain FCA – (Financial Conduct Authority)
Japan IFFA (Constitute Financial Futures Association)
Singapore MAS (Budgetary Authority of Singapore)
Canada IIROC (Investment Manufacture Regulatory Organization of Canada)

Pros	Cons
Generally depression fees	Only FX and some CFDs
Easy-to-employ spider web trading platform	Poor client service
Piece of cake and digital account opening	High bank withdrawal fee

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FBS

4.seven/5

Rated #71 of
Recommended FX Brokers

Minimum Deposit

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

MetaTrader iv, MetaTrader v, FBS Trader – all in one mobile trading pltform, CopyTrade

Islamic Account

Trading Fees

🕒 Account Activation Fourth dimension

Overview

In operation since 2009, FBS is a well-regulated and reputable ECN and STP broker which is headquartered in Belize. At that place are traders from 190 countries who take registered a trading account with FBS, making use of its competitive trading weather condition to trade more than than 75 fiscal instruments in global markets. You can read our full FBS review here

Pros and Cons

PROS	CONS
Well-regulated	Several countries restricted including the Usa, UK, Japan, State of israel, and others
Ultra-low minimum eolith requirement	Limited tradable assets
Social trading supported	High spreads on some accounts
Multiple business relationship types offered	Express trading platform and tools offered
Competitive trading conditions

Features

Feature	Information
Regulation	IFSC, CySEC
Minimum deposit from	$1
Average spread from	0.0 pips
Commissions from	$6
Deposit/Withdrawal Fees	Yes
Maximum Leverage	1:3000
Bonuses	Yes
Client Support	24/vii

Hugosway

Trading with an ECN forex banker like HugosWay sounds promising the forex broker is not regulated with any well-known regulator.

Hugosway Offers an ECN Trading Account and is an ECN forex broker offer ECN trading that:

Has liquidity from 50+ banks and dark pool liquidity providers
Offers straight-through processing reducing latency times
Reach low spreads with no dealer interference

Currencies	55+
Cryptocurrencies	30+ Bitcoin, Litecoin
CFD	125+

Alpari

4.vii/5

Rated #seventy of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

Alpari offers the latest MT5 software coupled with solid features without freezing or downtime. Alpari also offers instant guild execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, guild types, and many technical indicators for technical analysis. In that location is a news feed congenital-in to proceed runway of any news during trading and a PAMM account for investors is also on offer with an app where traders can keep track.

Alpari Fundamental Features:

Supports: MT4 & MT5 with multi-device support
Minimum deposit: ₦0
Leverage: 1:chiliad
Trading Instruments: 46 Forex pairs, Cryptocurrency, CFDs on Indices

OctaFX

4.eight/5

Rated #8 of
Recommended FX Brokers

Minimum Deposit

Regulators

Metatrader four , Metatrader v

Islamic Account

Trading Fees

🕒 Account Activation Time

🏛️ Visit Official Website

OctaFX is a global online broker which was founded in 2011 and offers Forex trading and for those who are looking to brand a start, a minimum deposit of US Dollar v. A demo account is as well on offer for those wishing to acquaint themselves with OctaFX – both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform is on offer. OctaFX also offers mobile apps for Android and iOS.

OctaFX can accommodate various levels of traders and has won numerous industry awards over the past 9 years. OctaFX doesn't charge a commission on CFD instruments.

OctaFX Trading benefits include:

Allows scalping
Allows hedging
Offers STP
Depression min deposit
Guaranteed stop loss
Offers Negative Balance Protection

OctaFX Trading Accounts on Offer include demo, Micro, Mini, Standard, nix spread, STP, and Islamic and is regulated past Financial Conduct Authorisation (FCA).

HotForex

iv.8/5

Rated #vi out of 66
Recommended FX Brokers

Minimum Deposit

Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

MetaTrader iv and MetaTrader v

Islamic Account

Trading Fees

🕒 Account Activation Time

The HotForex MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging, and i-click trading, and fourscore+ technical indicators plus an in-built economic calendar.

Founded:                             2010
Regulator:                           FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa
Account currency:           USD, EUR, GBP
Minimum deposit:          US Dollar five
Leverage:                            Up to 1:one thousand
Average spreads:             EURUSD – 1 pip, GBPUSD
Commissions:                    US Dollar 7 per lot circular-turn on the Zero Spread account.
Platforms:                           MT4, Web, Mobile

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, avant-garde trading functions, one-click trading, 24 analytical objects, and xxx technical indicators.

Hotforex's Metatrader offers a fast club execution, news feed, multiple order types, support for EAs.

Key features include:

Supports: MT4, MT5 for desktop, spider web & mobile
Minimum deposit: US Dollar 5
Leverage: 1:m
Trading Instruments: Forex, Cryptocurrencies, CFDs on Stock Indices, Bolt, metals

Tickmill

4.7/5

Rated #3 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

Tickmill has a 100% NDD forex platform, significant that there is no conflict of interest with their clients. Tickmills' MT4 has full back up for EA's, multiple charts, news, limit orders & much more.

Founded:                             2015
Regulator:                           FSA Republic of seychelles, CySEC Cyprus, FCA Great britain
Account currency:           USD, EUR, GBP
Minimum deposit:          US Dollar 5
Leverage:                            Upward to ane:500
Average spreads:             EURUSD – 1 pip, GBPUSD
Commissions:                    Usa Dollar 4 per lot circular-plough – only on the Pro account.
Platforms:                           MT4, Web, Mobile

Key Features include:

Supports: Metatrader for desktop, web & mobile
Minimum deposit: US Dollar 100 (~₦36,000)
Leverage: 1:500
Trading Instruments: Forex, CFDs on Stock Indices, precious metals

Tickmills' MT4 is supported on Windows, Mac, Android, iOS, too as webtrader, and the platform has 62 currency pairs.

Forex.com

4.7/five

Rated #231 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Business relationship

Trading Fees

🕒 Account Activation Time

FOREX.com delivers an excellent trading feel for both forex and CFDs traders akin. With competitive pricing, full-feature trading platforms, comprehensive marketplace inquiry, and a robust mobile app, FOREX.com caters to traders of all experience levels, from beginner to pro.

FOREX.com is publicly traded and regulated in four tier-i jurisdictions, making it depression-risk for forex and CFDs trading alike. FOREX.com has earned Best in Grade (pinnacle seven) awards for numerous categories in 2022, including Offer of Investments, Commissions & Fees, Instruction, Professional Trading, Crypto Trading, Ease of Use, and Overall.

Benefits of trading with Forex.com:

Regulated past: Financial Bear Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA)
Headquarters: United States
Foundation year:1999
Min Deposit:500
Used by over 40,000 traders

Feature	FOREX.com
Forex: Spot Trading	Aye
Currency Pairs (Total Forex pairs)	91
CFDs – Total Offered	4500
Social Trading / Copy-Trading	No
Cryptocurrency traded as actual	No
Cryptocurrency traded every bit CFD	Yep

FOREX.com'due south pricing construction is competitive and easy to understand, provides forex traders everything they demand, and more, to trade effectively through platforms and tools on offer, which includes – Advanced Trading, Web Trading, and MetaTrader.

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NordFX

4.iii/5

Rated #139 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

NordFX is an online broker which was founded in 2008 and offers Forex trading with a caput office situated in Mauritius. To make a start with NordFX traders will need to make a minimum eolith of at to the lowest degree Us Dollar ane and tin sign up for a demo account if needed.

NordFXhas won numerous industry awards over the past 12 years and does charge commission on CFD instruments. NordFX offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

NordFX Trading benefits include:

Allows scalping
Allows hedging
Offers STP
Low min deposit

NordFX Trading Accounts on Offer include:

Demo business relationship
Micro account
Mini account
Standard account
Zero spread business relationship
ECN account
STP account
Islamic account

NordFX supports a broad range of languages including Indian, Chinese, Arabic, Brazilian, English, Castilian, Russian.

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FXPro

4.7/v

Rated #202 of
Recommended FX Brokers

Minimum Eolith

Regulators

Islamic Business relationship

Trading Fees

🕒 Account Activation Time

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies trading. FXPro is a global banker and has a head office located in the UK.

FXPro provides traders with access to elevation-tier liquidity and advanced merchandise execution with no dealing desk intervention and a starting business relationship volition need a minimum deposit of US Dollar 100.

What can exist traded with FXPro?

Over 250 instruments
Over seventy currency pairs

FXPro is i of the few brokers in the market that offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

FXPro Trading benefits include:

Allows scalping
Allows hedging
Low min deposit
Offers Negative Balance Protection

WithFXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument, and the broker offers back up in a very broad range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Smoothen, Portuguese, Russian, Spanish, and Vietnamese.

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Admiral Markets

4.2/5

Rated #214 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized, and has a head office based in the Britain. Traders will demand a minimum deposit of US Dollar 200 to start and tin sign up for a demo business relationship in over 148 instruments and over 40 currency pairs.

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.

Admiral Markets Trading benefits include:

Allows scalping
Allows hedging
Offers STP
Low min eolith
Offers Negative Rest Protection

Admiral Markets Trading Accounts Offered:

Demo account
Micro account
Mini account
Standard account
ECN account
STP account

Admiral Markets offers support in a broad range of languages including English, Castilian, Hungarian, and much, much more!

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Axi

4.half-dozen/5

Rated #70 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

Axi is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum eolith needed to go started plus a demo account is on offer.

Axi tin can adapt various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.

Axi Trading benefits include:

Allows scalping
Allows hedging
Offers STP
Low min deposit

Other Benefits of trading with Axi include:

Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA)
Headquarters: Australia
Foundation twelvemonth:2007
Min Eolith: No minimum eolith.
Used by over x,000 traders

Axi Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic and support is offered in a broad range of languages including English, Chinese, Castilian, German, Japanese, Russian, Romanian, and Standard arabic.

Swissquote

4.5/5

Rated #310 of
Recommended FX Brokers

Minimum Eolith

Regulators

MetaTrader iv, MetaTrader 5

Islamic Account

Trading Fees

🕒 Account Activation Time

Swissquote is an online broker which was founded in 1999 and offers Forex and Social Trading, is a globally recognized broker and has a head office situated in Switzerland. New traders with Swissquote will need to make a minimum eolith of U.s. Dollar 1000 and a demo account is available.

Swissquote can accommodate various levels of traders and offers a wide variety of instruments and trading currency to choose from.

Over 100 instruments
Over 150 currency pairs

Swissquote offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

Swissquote Trading benefits:

Allows scalping
Allows hedging

Swissquote Trading Accounts on Offer include:

Demo account
Mini account
Standard business relationship

WithSwissquote, the minimum and maximum trade requirements will vary depending on the trader and the musical instrument and the platform supports a wide range of languages including English, German language, French, Italian, Spanish, Arabic, Russian, and Chinese.

HYCM

4.5/5

Rated #36 of
Recommended FX Brokers

Minimum Deposit

Regulators

MetaTrader 4, MetaTrader 5

Islamic Account

Trading Fees

🕒 Account Activation Time

HYCM is an online banker founded in 1977 and offers both Forex and CFDs trading. HYCM is a global broker with a head role based in the UK.

HYCM features include

Regulated by: Financial Conduct Say-so (FCA), FCA reference number 186171, Cyprus Securities and Commutation Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authorization (CIMA), CIMA reference number 1442313, Dubai financial services dominance (DFSA), DFSA license number 000048
Min Deposit:100
Used by over10,000 traders

HYCM has won numerous industry awards over the past 43 years and is governed and supervised by reputable financial regulatory bodies.

HYCM Trading benefits:

Allows scalping
Allows hedging
Low min deposit

HYCM Trading Accounts Offered:

Demo account
Micro business relationship
Mini account
Standard account
Islamic account

WithHYCM, the minimum and maximum trade requirements may vary depending on the trader and the instruments. HYCM supports a wide range of languages including English language, Chinese, Chinese (Traditional), Arabic, and Russian.

eToro

4.8/v

Rated #20 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Business relationship

Trading Fees

🕒 Account Activation Fourth dimension

* Etoro has lowered the corporeality of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Kingdom of spain, Italian republic, Sweden, Switzerland.

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a caput part based in Cyprus, Great britain. eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will demand to make a minimum deposit of US Dollar 200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Bear Authorization (FCA), Cyprus Securities and Commutation Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can merchandise in a wide diversity of over 100 instruments and over 50 currency pairs on eToro'due south user-friendly custom trading platform which is available as a browser-based web application. eToro likewise offers traders mobile apps for Android and iOS, making it easier to keep an heart on and execute trades.

eToro trading accounts on offer include Demo, Micro, Mini, Standard, STP, and Islamic. eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

XTB

four.half dozen/five

Rated #69 of
Recommended FX Brokers

Minimum Eolith

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

XTB is an online broker which was founded in 2002 and offers Forex, CFDs, and Cryptocurrency trading. XTB is a global broker with its caput office situated in Poland.

XTB have won numerous industry awards over the 18 years that they take been operating every bit a financial broker and traders tin choose to trade in a wide diversity of instruments over i,500 instruments and over 50 currency pairs in fact. XTB offer traders the pop MT4 forex trading platform alongside the award-winning Xstation5.

XTB also offers traders mobile apps for Android and iOS and customer support in a broad range of languages including English language, Castilian, Czech, Chinese, German language, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish.

Trading 212

4.vii/5

Rated #266 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

Trading 212 is a global online broker which was founded in 2006 and offers to trade in Stocks, Forex, Commodities, and Indices trading. With Trading 212 new traders volition need a minimum eolith of United states Dollar ane to showtime and they take the option to sign up for a demo account.

Trading 212 accommodates traders on various levels, whether it be experienced or novice. Trading 212 is regulated and supervised by reputable organizations and has won numerous industry awards over the past 14 years that they take been in operation.

Traders tin can trade in over 3000 instruments and over 177 currency pairs. Trading 212 offers traders a user-friendly custom trading platform which is also available every bit a browser-based web application alongside mobile apps for Android and iOS.

Trading 212 benefits include:

Allows hedging
Offers STP
Low min eolith
Guaranteed stop loss
Offers Negative Balance Protection

Trading 212 also offers traders a adept selection of educational resources and offers customer support in a wide range of languages.

FXPrimus

4.9/5

Rated #31 of
Recommended FX Brokers

Minimum Eolith

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

FXPrimus is an online broker founded in 2009 offering Forex trading, and Social Trading,
and is a global broker with a caput office in Cyprus.

FXPrimus features include

Regulated past: Cyprus Securities and Commutation Commission (CySEC), The markets in financial instruments directive (MiFID)
Used by over ten,000 traders
FXPrimus is not available in the following countries: AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, The states, AU, SY, DZ, JP, EC.

RoboForex

four.7/5

Rated #57 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

Roboforex is an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading. When starting with Roboforex traders volition need to make a minimum deposit of U.s.a. Dollar 1 and in that location is an option available for a demo business relationship for those who would like to get acquainted with the platform.

Roboforex tin accommodate various levels of traders, from experienced to beginner, and they can trade a broad multifariousness of instruments and currency pairs. Roboforex offers over 100 instruments and over 35 currency pairs in total.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders. Roboforex likewise offers mobile apps for Android and iOS.

Roboforex Trading benefits:

Allows scalping
Allows hedging
Offers STP
Low min deposit

Roboforex Trading Accounts include – Demo, Micro, Mini, Standard, Nothing, ECN, STP, and Islamic and all accounts support a wide range of languages including English language, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, and much more than.

FP Markets

4.7/5

Rated #23 of
Recommended FX Brokers

Minimum Deposit

Regulators

MetaTrader 4, MetaTrader v

Islamic Account

Trading Fees

🕒 Account Activation Time

FP Markets is a global, online broker which was founded in 2005 and offers Forex trading, and has a caput role situated in Australia.
When starting with FP Markets traders will demand to make a minimum deposit of U.s.a. Dollar 100 and a demo business relationship is on offer with a wide multifariousness of instruments and currency pairs on offer

Over 100 instruments and over 60 currency pairs in full is on offer, on the pop MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.

FP Markets Trading benefits include:

Allows scalping
Allows hedging
Offers STP
Depression min deposit
Offers Negative Balance Protection

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a broad range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, High german, Vietnamese.

XM Group

4.five/five

Rated #68 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Fourth dimension

XM Grouping is considered equally an boilerplate-risk, and is not publicly traded, and does not operate a bank.

The XM Grouping provides the entire suite of MetaTrader platforms plus over 1300 tradeable instruments.

The XM Grouping is regulated in two tier-1 jurisdictions and 1 tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading.
Pricing at XM Group varies past account type.

Offering of Investments

The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs.

Commissions & Fees

The commissions and fees at XM Group are depended on the type of account used.

Spreads: In the XM Zero account, average spreads on the EUR/USD stand at 0.1 pips (according to XM Group website information, and not including commission), compared to the commission-free Standard and Micro account, which had average spreads of i.7 pips for the same pairs.

Commissions: Fifty-fifty afterwards including the USD United states of america Dollar three.5 per side commission (United states of america Dollar seven per Round Plough), and average spreads of 0.1 pips on the EUR/USD, the all-in price to trade is 0.viii pips (0.ane spread + 0.vii RT commission), making the XM Zero account the firm'southward most competitively priced offering.

Platforms & Tools

XM Group is a MetaTrader-only broker offering the standard experience which includes both MT4 and MT5.

XM Group's research offering consists of:

Content generated by an in-house squad of analysts including:
Daily market recaps and
Technical and primal analysis articles and videos.
An economic calendar powered by Investing.com

Trading signals: The XM Group offers its trading signals hub to live account holders simply, trading signals that tin exist automated are currently limited to the Signals Market available within the MetaTrader platform.

Technical analysis: The XM Group offers Tradepedia, which provides educational Forex and CFD content.

Video news analysis: The XM Group creates daily forex news videos with market analysis explained in a Goggle box interview-style format.

Client Service

Boilerplate Connectedness Time:<ane minute
Average Cyberspace Promoter Score:66 / 10
Average Professionalism Score:ii / ten
Overall Score:7 / 10
Ranking:24th out of 43 brokers

TD Markets

4.3/five

Rated #3 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

TD Markets is a forex broker visitor in Saint Vincent and the Grenadines. Every bit a Forex broker, TD Markets provides traders with access to one or more platforms that allow them to buy and sell strange currencies. Retail currency traders use the broker to gain access to the 24-hour currency market for speculation purposes.

TD Markets supports the MetaTrader 4 (MT4) platform, which earned its reputation as the most popular trading platform due to its ease of use and diverse useful functionalities that allow traders to make transactions but also analyse market dynamics, to automate their trades via a wide range of Expert Advisors and to back-test their strategies.

Pros	Cons
Low initial deposit required	No choice of account types
Low spreads	No pick of trading platforms
MT4 platform provided	No e-wallets equally payment methods
Offers attractive trading conditions	Offshore regulation simply

TD Markets allows its traders to utilize a maximum leverage ratio of up to 1: 500.

When choosing a Forex Banker or Trader in Nigeria y'all should consider and keep the post-obit factors in mind:

Ensure that the broker has ahistory of at least two years.
Reasonably sized client support of at least 15 users is a skillful indication of the Brokers
Bank check that the Trading Platform falls under regulation from a jurisdiction that tin concur a broker responsible for any misgivings.
Ensure that the Trading Platform has the ability to get deposits and withdrawals candy inside a shorter time period.
Ensure the forex brokers have offices in Nigeria.
Stick with CBN-regulated forex brokers.

Information technology is not essential that the brokerage is locally situated only they must behave a regulation from a Tier 1 reputable state.

Read 27 All-time Forex Brokers in Namibia

In decision

There are thousands of Forex brokers effectually the world, and Due south African residents can register and trade with each of them. Traders are advised to stick to brokers regulated by the FSCA – Financial Services Conduct Dominance of Nigeria formerly known as the FSB.

Many Forex brokers may appear similar but in that location are understated differences that make each broker uniquely suitable for a different type of trader.

FAQ'south

Is forex trading legal in Nigeria?

Yep, it is

Which is Nigeria's most used forex broker?

XTB

Is forex trading a gamble in Nigeria?

Forex trading anywhere is always a adventure.

How many forex traders are there in Nigeria?

The estimate is effectually 150 000 monthly forex traders.

Can you lot make coin with forex trading in Nigeria?

75% of all traders lose coin*

Conclusion

In that location is an extremely high level of risk involved in the trading of Forex/CFDs and other financial instruments. This level of hazard may not be suitable for all traders and may lead to losses that exceed the initial eolith.

Traders need to evaluate and realize their objectives, their level of exposure to risks as well as their willingness to face high levels of risk. Information technology is advisable that traders seek independent and professional advice should they deem it necessary to do so, co-ordinate to our inquiry.

Adventure warning:

Between 78/8% – 89% of retail investor accounts lose coin when trading CFDs.
You should consider whether you lot can afford to accept the loftier gamble of losing your money.