People in Nigeria are increasingly turning to internet trading platforms to purchase and sell assets such as currencies, gold, stocks, and indices. The most important thing is to select a platform with low costs, a large number of supported markets, and excellent customer service. In this post, we will look at the best forex and crypto trading platforms in Nigeria for 2023.
Best Crypto Trading Platforms in Nigeria
There are several key elements to consider while looking for the best trading platform in Nigeria for your needs. This should focus on KPIs such as commissions and spreads, payments, support instruments, customer service, and, of course, regulation. Here are some of the best trading platforms in Nigeria:
#1. Kraken
Kraken is one of the industry’s longest-running platforms, and it has maintained its legacy by consistently enhancing its offerings. It’s a feature-rich exchange with a strong emphasis on teaching, which is why it was named the top worldwide crypto exchange by Finder’s Crypto Trading Platform. You can begin constructing a cryptocurrency portfolio today by selecting from the 200+ supported coins.
Kraken has approximately 9 million members and a daily trading volume of more than $500 million, making it one of the world’s largest exchanges. However, in terms of total features and trading tools, Kraken completely outperforms the competition. It is plainly designed for traders, but it also caters to beginners.
Kraken offers a variety of staking choices as well as complex trading capabilities. It takes pride in giving low spreads and deep liquidity across marketplaces. This means you won’t have to worry about slipping as much.
While new traders may be intimidated by the exchange at first, the enormous number of guides offered by Kraken may assist anyone in becoming aware about bitcoin, its underlying technology, and the many forms of trading. Meanwhile, more experienced traders will like its high-quality system and simple UI (user interface), as well as how simple it is to trade, move crypto, and manage assets.
#2. Binance
Binance is a feature-rich exchange with low fees and a large selection of supported cryptocurrencies. With over 300 currencies available for purchase with Nigerian naira, you can begin developing a cryptocurrency portfolio today.
Binance is by far the most popular exchange in the world, with about 128 million users and greater trading volume than any competition.
Binance also offers a wide range of earning options, including staking, savings accounts, and yield farming for over 100 coins. It also has an NFT marketplace.
More experienced traders may like the platform’s extensive trading features, which include many order types, automated trades, and charting choices.
Binance launched its own blockchain, Binance Smart Chain (BSC), in 2020. BNB is the native coin of BSC and provides a variety of perks to Binance users. Using BNB to pay for trading expenses, in particular, leads in a 25% reduction.
Several BSC features have now been integrated into the Binance exchange. Users can utilize the platform to access decentralized finance (DeFi) services, eliminating the need to learn how to use a blockchain or a Web3 wallet.
#3. NairaEx
NairaEx is a cryptocurrency exchange established in Nigeria that allows customers to buy and sell Bitcoin in Nigerian naira.
Since 2015, the website has made it simple for Nigerians to have access to the global crypto market.
If you’re new to cryptocurrency, NairaEx offers a simple entry point with a user-friendly UI and cheap prices.
The site accepts a variety of deposit methods, such as bank transfers and card payments, making it simple to deposit and withdraw funds.
#4. Coinbase
Coinbase is a well-known global exchange noted for its user-friendly approach to cryptocurrency. It is also one of the world’s most popular cryptocurrency exchanges, with over 108 million verified members from over 100 countries and the second-greatest daily trading volume.
Coinbase’s most well-known product is its cryptocurrency trading platform. Customers can rapidly purchase, sell, or convert cryptocurrencies using a simplified and straightforward user experience built for newbies.
It is also becoming well-known for its Learn and Earn program, which awards users with free cryptocurrency for completing each learning module successfully.
If you want something more complex, Coinbase’s complex Trade (previously Coinbase Pro) features offer lower trading fees as well as more trading choices such as limit orders and stop loss orders.
#5. Quidax
Quidax is a cryptocurrency exchange and digital asset software established in Nigeria that allows users to buy, trade, and store various cryptocurrencies. The website was founded in 2018 with the intention of making it simple for Africans to have access to the cryptocurrency market. It has grown to be one of Africa’s largest domestic exchanges, with over 400,000 registered users across the continent.
Quidax has a number of tools that make trading simple and accessible to both novice and expert traders. These include a clear and straightforward user interface, cheap trading costs, rapid deposits and withdrawals, a mobile app, and a customer support service available 24 hours a day, seven days a week. It also has a quick swap capability as well as an OTC trading desk for large trades.
The platform’s dedication to accessibility, security, and usability has made it a popular alternative for newcomers searching for a full-featured crypto service.
#6. Luno
The Luno exchange, which has over 10 million customers in 43 countries, provides a straightforward method to get started in cryptocurrency investing. It solidifies its position as another of our highly recommended trading platforms.
With as little as $1, you may gain access to a variety of popular cryptocurrencies and set up recurring transactions at your desired frequency.
Luno is worth checking out because of its user-friendly layout and range of learning aids, especially if you’re just getting started and prefer an exchange with a low learning curve.
#7. Bybit
By volume, Bybit is one of the world’s largest crypto trading and derivatives exchanges. The Singapore-based exchange offers complex trading types for a large number of cryptocurrency coins in a variety of spot and futures markets. As a result, it is better suited to a seasoned crypto investor who knows leveraged trading and the associated dangers.
While the exchange is best known for its derivatives trading, it also accepts rapid buys and offers a variety of crypto-earning products, some of which are more sophisticated than others.
Furthermore, if you’re interested in the NFT market, Bybit’s site provides a one-stop shop for minting, purchasing, and bidding on NFTs.
#8. KuCoin
When compared to other centralized crypto exchanges, KuCoin has a remarkable range of new altcoins, which is why it was our clear choice as the best exchange for emerging altcoins.
To purchase lesser-known altcoins, you must usually utilize a decentralized exchange (DEX) like Uniswap or PancakeSwap, which requires you to know how to use a Web3 wallet.
All you have to do with KuCoin is establish an account and you’ll have access to 700+ digital assets.
Remember that many of these assets are completely new, untested, and far more volatile in price than BTC or ETH, so approach with caution.
Top Forex Trading Platforms in Nigeria
If you’re wondering how to find the finest forex trading platform in Nigeria, search for one that offers outstanding trading capabilities, live data, bespoke views, and adjustable charts to help you lock in your earnings. Here are some of the best forex trading platforms in Nigeria:
#1. FXTM Metatrader
FXTM’s currency trading platforms are MT4 and 5. It includes full web, desktop, and mobile device support.
FXTM’s MetaTrader platform is one of the best we’ve used and provides Nigerian forex traders with the most advanced capabilities. Over 250 trading instruments, fast order execution, trading signals, a wide choice of order types, a news feed, data protection, and other features are available to traders. The MT4 and MT5 platforms from FXTM are accessible on desktops, iPhones, iPads, Android, and Mac. There is also the MT5 WebTrader platform.
Fibonacci and Gann tools, channel lines, and so on) and nine periods are among the advanced charting tools for technical analysis. Furthermore, the technical analysis package includes 30 built-in indicators, 2000+ free custom indicators, and 700 paid indicators.
Their platform also supports a variety of orders such as market orders, limit orders, stop loss orders, and more. They also have a news feed embedded into their Metatrader. Furthermore, FXTM provides VPS for automated trading.
The FXTM platform also allows for copy trading. This is a novel FXTM scheme in which forex traders can invest by replicating the manager’s transactions.
#2. Hotforex
HotForex provides the most recent Metatrader 5 and MT4 platforms to Nigerian investors. It supports mobile, desktop, and online. HotForex provides an attractive yet risky leverage ratio of 1:1000 for trading currency pairs.
The MT5 interface from HotForex provides 21 distinct timeframes, enhanced analysis capabilities, trading across HotForex asset classes, close to 100 simultaneous charts, hedging, and one-click trading. It includes more than 80 technical indicators as well as an economic calendar.
The ability to access the account from anywhere using your iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators are all features of their platform.
Another plus is that Hotforex’s Metatrader includes fast order execution, a news feed, several order types, and EA support.
#3. OctaFX MT4
OctaFX provides Metatrader 4 for their Micro account, MT5 for their Pro account, and cTrader for their ECN account. All of their systems have multi-device support for web, desktop, and mobile.
OctaFX is one of the few forex brokers that provides both MetaTrader and cTrader.
They provide market execution on all of their platforms, and the majority of their orders are executed quickly and without slippage. They also support scalping and hedging, as well as expert advisors and custom indicators. With their MT4 platform, they also offer VPS service.
The disadvantage is that these platforms have a restricted number of assets. Their currency pairs are limited to 28, and their CFDs are restricted to four metals, two energies, ten indices, and three cryptocurrencies, namely Bitcoin, Ethereum, and Litecoin.
#4. XM
XM provides a Metatrader trading program, a desktop app, and a web application. It is a well-known low-cost forex trading platform that is ASIC and CySEC regulated.
#5. Tickmill MT4
Tickmill’s Classic and Pro accounts include Metatrader4 and Webtrader platforms. However, they do not provide the most recent MT5 platform. Their MT4 platform is compatible with all devices, including desktop, online, and mobile.
Tickmill uses a 100% NDD forex platform, so there is no conflict of interest with their clients. Their MT4 platform fully supports EAs, various charts, news, limit orders, and other features. They provide market execution, and we have found their order execution to be quite quick and without delays.
Furthermore, its MT4 is compatible with Windows, Mac, Android, iOS, and webtrader. Their site offers more currency pairs than other platforms, however their other instruments are limited. Aside from forex trading, they only provide 15 stock indexes and two metals.
#6. Alpari ECN MT5
Alpari provides Metatrader platforms MT4 and MT5, as well as their exclusive mobile trading app for Android and iOS. They also have the AlpariInvest app for investors and PAMM account holders.
For Nigerian traders, Alpari has the most recent MT5 software, which has strong functionality without freezing or downtime. They provide instant order execution for Nano and Standard accounts, as well as market execution for ECN accounts.
Their Metatrader has a variety of periods, order types, and technical indicators for technical analysis. They also provide a news feed to keep you up to date on any breaking news during your deal.
They also have a PAMM account for investors and an app to keep track of everything.
Conclusion
One of the most crucial factors to consider while looking for the best FX broker in Nigeria is the trading platform.
The software should be simple to use, providing symbols such as currencies and analyses on various time frames. Technical signs should be easy to find.
Excellent forex trading platforms should provide accurate forex quotations as well as dependable trade execution. Good order placement, account management, technical and fundamental analytical tools, excellent data security, and system downtime minimization.
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