There are numerous excellent forex brokers all around the world. However, some cater especially to the Nigerian market, while others do not. This post will provide you with a list of registered forex brokers in Nigeria, highlighting the ones that stand out.
Top Registered And Legit Forex Brokers In Nigeria
#1. Forex4you
If you are looking for the best all-around forex broker on the list of forex brokers in Nigeria, Forex4you is most certainly the best alternative. This broker is rapidly expanding and has a strong global presence, especially in Nigeria. Forex4you provides a robust suite of trading tools and technologies, a diverse list of tradable assets, and an exceptional copy trading platform called Share4you, which allows traders to imitate the trades of more experienced traders.
It provides inexperienced traders with market exposure while they learn to trade and allows more experienced traders to go away from their screens without missing an entry or exit point. It also eliminates the need to perform in-depth research on various assets. Aside from the robust trading community that this broker has established, Forex4you also provides frequent rewards programs and promotions, such as their 100% deposit bonus.
Forex4you provides platforms such as Metatrader4, as well as their own unique mobile trading software and web trader, which can be accessed via any browser or as a desktop downloading option. The broker provides a diverse range of assets across five major asset classes, as well as four separate accounts to accommodate all trader types. It offers an extensive instructional portion of the website, which provides classes for traders of all skill levels as well as intriguing trading articles.
This broker is regulated by the British Virgin Islands Financial Services Commission and conducts business in an open and honest manner.
#2. FXTM
This broker is one of the few options on the list of forex brokers in Nigeria that has a local office as well as a phone number. As a result, it is a very safe alternative for people in Nigeria, and it is also regulated by organizations such as the FCA in the United Kingdom, the CySEC, and the FSCA.
There are three different account types available to you, with USD and Naira as your account currency possibilities. The minimum necessary deposit amounts are quite modest, and the costs are around normal for the industry.
You will be able to trade a selection of CFDs in addition to all currency pairs. FXTM currently offers more than 55 different currency pairs for trading. The withdrawal and deposit options are among the best available, and there is even support for some Nigerian-specific ways. These transactions are completely free, and the processing periods are very short.
With local offices in Abuja and Lagos, FXTM provides excellent customer service that is available 24 hours a day, seven days a week.
#3. AvaTrade
AvaTrade is an Irish corporation that serves traders from all over the world, including Nigeria. It was founded in 2006 and has since grown to become one of the world’s largest brokers. It is governed by organizations such as ASIC in Australia, FSCA in South Africa, and the Central Bank of Ireland. AvaTrade is well-known for being as secure and dependable as possible. It is a fixed spread broker with very competitive costs across the board.
If you need local service, there is a Nigerian customer support phone number available. You will, however, be unable to make any local deposits or withdrawals. Payout times are also frequently delayed, and customer support hours are mostly focused on European time.
In terms of trading, it provides more than 55 different currency pairings, as well as CFDs on shares, indices, bonds, and cryptocurrencies. It offers a wide variety of trading platforms for you to explore. This includes the AvaTrade platform as well as MetaTrader 4 and MetaTrader 5 platforms.
It also features a broad choice of mobile apps. One of the standout features is the welcome offer, which includes a 20% deposit bonus when you open a new AvaTrade account. Overall, this is a well-regulated forex broker with competitive spreads, a diverse portfolio of investments, and a plethora of excellent trading platforms.
#4. HotForex
HotForex is the most popular low-cost broker on this list of forex brokers in Nigeria. It also provides local assistance and offices throughout the country, making it an excellent choice for local traders. It is highly regulated, with agencies like the FCA in the United Kingdom, the FSCA in South Africa, and the CySEC keeping a watch on HotForex.
Because it is a 100% STP broker, you can always expect very fair trading. The speed with which trades are executed is likewise on par with the best in the industry. You also have competitive spreads on major currency pairs such as EUR/USD. There are over 50 currency pairings available for trading, as well as a plethora of different forms of CFDs. It offers one of the lowest necessary minimum deposits in the industry, at just $5.
There is also an appealing signup offer in place that allows you to get off to a good start, as well as a great loyalty program for current traders. You will receive a 100% deposit bonus on any deposit of at least $250 as part of the welcome offer. There are several local deposit choices available for deposits and withdrawals, making it excellent for consumers who prefer these types of possibilities.
#5. XM Forex
XM Forex boasts some of the fastest execution times among the leading forex brokers in Nigeria. It has been in existence since 2009 and is governed by ASIC in Australia and the CySEC in Cyprus. There are over 56 different currency pairs and hundreds of different CFDs available.
You have access to a fantastic educational offering, including several live seminars, free training, and instructional tools that can help you grow your trading skills. You can pick between three distinct types of accounts, each with cheap fees and low starting deposit amounts. Additionally, there is no commission charged, which is perfect, and all transactions are free.
The vast majority of trades are completed in less than a second, making it one of the fastest in the world today. There is also access to a wide variety of analyses. Finally, the 24/7 customer assistance is perfect if you ever have a problem when trading.
The Significance Of Trading With Licensed Forex Brokers
Regulated forex brokers are subject to increased scrutiny and stricter compliance standards. Unregulated or unlicensed brokers, for example, are not subject to the same duties to provide fair trade execution and may engage in other questionable practices. Unregulated brokers are likewise exempt from reporting to a regulating authority. When dealing with unlicensed brokers, traders may have no recourse for retrieving funds if they fall victim to a forex scam. However, not all regulatory permits are equal in importance.
Is Forex Trading Legal in Nigeria?
Yes, forex trading is permitted in Nigeria; however, brokers in Nigeria who offer over-the-counter (OTC) currency products must be licensed by the Nigerian Central Bank. However, there are no regulations prohibiting local residents from opening accounts with forex brokers authorized outside of Nigeria. Naturally, any income earned by Nigerian residents through trading with overseas brokers must be disclosed in Nigeria.
When Is The Best Time To Trade Forex In Nigeria?
While there is no “best” time for forex trading (this depends on a variety of circumstances and preferences), there are times that can indicate an active market for major currency pairings statistically. The greatest forex trading session in Nigeria time (GMT+1) often begins shortly after the New York session begins (about 2:00 pm West Africa Time) and concludes at 5:00 pm West Africa Time.
The most important forex trading sessions take place in Sydney, Tokyo, London, and New York. The London session is just passed the halfway point at 2:00 pm West Africa Time. The overlap with the New York session at this time can result in bigger trading volumes, more decisive price changes, and greater liquidity in the markets. During these times, forex currency pairs involving the USD, GBP, and EUR (along with other major and cross-currency pairs) may be more active.
If you trade Asia-Pacific currency pairs (such as the AUD, NZD, SGD, HKD, JPY, and RMB), higher price movement can occur shortly after midnight in Nigeria, when the Sydney and Tokyo sessions overlap.
How To Trade Forex In Nigeria
Before you begin trading forex in Nigeria, you should select a forex broker that is well-regulated and fully licensed. Once you’ve found a reputable forex broker, the following steps can help you get started as a forex trader in Nigeria:
- Complete your forex broker’s live account application process and read the terms and conditions supplied.
- Then, using your preferred deposit method, fill your new brokerage account. Make sure you start with an amount you can afford to lose.
- To become acquainted with your broker’s trading platform and product offerings, open a demo (or virtual trading) account. This is also an excellent opportunity to absorb forex trading educational content (most firms provide educational resources).
- Create a trading strategy. Even the best traders can lose money; sticking to a trading plan that keeps your average losses low (in comparison to your average earnings) is critical for long-term success in the forex market.
- You can now trade on the FX market. Choose your desired transaction size and start a long position on a certain currency by clicking buy, or a short position by pressing sell.
Can I Start Forex with 5000 Naira?
According to several experts, you can begin trading forex with 100,000NGN, 50,000NGN, or 40,000NGN. However, you can begin forex trading in Nigeria with as little as 5,000NGN. All you have to do is fund your account with money before you can begin trading.
Is OctaFX A Broker?
OctaFX is a new broker that has been in business for nearly ten years. OctaFX’s expansion has allowed it to continue to develop its goods and services. Increasing the number of regulatory licenses in Tier-1 jurisdictions would be a step toward gaining more client trust.
Which Broker Accepts Naira?
FXTM, HotForex, and Exness are among the renowned brokers that provide Naira accounts. Having a Naira account simplifies transactions and eliminates the need for currency conversion, making Nigerian traders’ lives easier.
How Much Is 0.01 Lot?
In the currency market, a lot is a normal contract size. It is equivalent to 100,000 units of a base currency, so 0.01 lots represent 1,000 units of the base currency.
Conclusion
As you can see from this list of regulated forex brokers in Nigeria, you have several very solid options. You can select the option that best meets your needs, from asset kinds to your preferred trading technology to the level of education and skills you require. Some of these brokers even have fantastic welcome bonuses that will instantly raise your account balance.
You couldn’t ask for much more from these offers than a wide selection of payment alternatives and local customer care. You will also have great peace of mind knowing that you are dealing with a broker who is highly regulated all over the world. As a result, you can trade to your heart’s delight without worrying about any other difficulties.
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