08/04/ · Best Forex Broker For A Beginner - Investment - Nairaland. Best Forex Broker For A Beginner by Leonardemma1 (m): pm On Apr 08, List of best brokers for beginners. Re: Best Forex Broker For A Beginner by Frankfuse: pm On Apr 08, 7 rows · 07/08/ · Forextime or FXTM is the best forex broker in Nigeria, and they are one of the few forex Estimated Reading Time: 8 mins 18/04/ · 7 Best Forex Brokers in Nigeria. Here’s our list of best Forex brokers for traders in Nigeria: Hotforex – Best Forex Broker in Nigeria; XM Forex – Low fees & good support; OctaFX – Low fees Forex Broker in Nigeria; Avatrade – Fixed Spread Forex Broker; Exness – Very Low Spread Forex Broker; FXTM – Popular well-regulated forex brokerEstimated Reading Time: 9 mins
10 Best Forex Brokers In Nigeria [ Regulated Brokers]
We have listed the 7 Best Forex Brokers for traders in Nigeria. Last Updated: April 18, There is quite a high chance of traders losing their money due to deceitful practices by unregulated brokers. To protect yourself, you must only trade securely by choosing an authentic tier 1 regulated broker accepting traders from Nigeria. Brokers regulated with top-tier regulators like FCA, ASIC, FSCA, etc.
need to comply with strict regulations of concerned authorities. Hence, it is considered safe and secure to trade with regulated brokers. There are s of forex brokers that accept traders from Nigeria. We have analyzed most of the brokers that are popular in Nigeria, and have created the following list to ease the selection process for Nigerian traders. HotForex is our top recommendation and it is the best overall with features like low spreads and Naira dedicated account. So, one can rest assured that forex and CFD trading with FXTM is safe.
Nigerian clients are registered with their business registered under the Financial Services Authority FSA of St. Vincent and the Grenadines. HotForex offers leveraged trading services in a wide variety of currency pairs and CFDs on commodities, indices, cryptocurrencies, and stocks.
HotForex is a well-regulated and low-cost forex and CFD broker in Nigeria. Clients can opt for the most suitable account type out of the five available account types. With the auto account type, trades are executed automatically based on trading signals of the MQL5 community, best forex brokers in nigeri nairaland. Traders can also choose the PAMM account in which trades are executed through calls made by the fund best forex brokers in nigeri nairaland. The Copytrading account at Hotforex is specifically designed for copy traders.
Moreover, HotForex offers Naira accounts which is a major advantage for the retail traders who wish to trade with Naira as the base currency. Nigerian traders can transact through local GT Bank deposits. HotForex also allows for Expert Advisory EAscalping and hedging services on forex and CFD trades. The hold time is low, response to email queries is within 2 hours and chat reply is on an immediate basis.
XM Trading is a broker known for low spreads and is regulated with multiple tier 1 regulators. They charge their clients only on a spread basis and no extra commissions are charged per lot.
There is a tight spread of as low as 0. There are various instruments to trade from in XM trading. They offer trading on 57 currency pairs and 1, stock CFDs but no crypto CFDs. Other trading instruments available are commodities, equity indices, precious metals, best forex brokers in nigeri nairaland, energies, and shares.
The leverage offered is There are personal account managers assigned to the trading accounts. Also, facilities like video tutorials, best forex brokers in nigeri nairaland, technical analysis, webinars, market research, best forex brokers in nigeri nairaland, and daily Forex market outlook.
XM Trading provides support of 24 hours 5 days a week. There is live chat support in which there is no hold time, mail support provides a quick reply within hours. There is no local phone support. However, a call back can be requested. It is not regulated by any top-tier regulatory authority like FCA, best forex brokers in nigeri nairaland, FSCA, or ASIC but can still be considered safe for Nigerian traders due to CySEC regulation.
They charge fixed as well as variable spreads on best forex brokers in nigeri nairaland and CFDs depending on the account type chosen by the trader.
However, fixed spreads are available only on a limited number of trading instruments. The MT4 micro trading account offers variable and fixed limited instruments spreads starting from 0. The floating spreads are slightly higher 1. Overall, the trading fees at OctaFX are very competitive and better than many of the regulated brokers in Nigeria.
The local phone support is not available for Nigerian clients but the customer support services with live chat and email are resourceful. OctaFX can be chosen in Nigeria due to the availability of multiple trading platforms and convenient transaction through Nigerian GT banks. The broker is cost-effective but provides a limited number of trading instruments. Avatrade is regulated by FSCA of South Africa no. Hence, considered very safe for traders in Nigeria. It best forex brokers in nigeri nairaland offices in multiple countries of the world but does not have a local office in Nigeria.
Avatrade offers a single account type that does not involve any commission. Traders can choose between USD and EUR for account currency as Naira-based accounts are not available at Avatrade. Customer support service is not available through a local phone number in Nigeria but the live chat, FAQ, and email support are helpful. Avatrade offers MT4 and MT5 trading platforms for all the devices along with its own web trading platform. Avatrade offers more than trading instruments including 60 currency pairs with competitive spreads.
Exness is an FCA no. Traders in Nigeria can choose between 5 account types. The same with the pro account is 0. Both the fixed spread account types involve a commission of 3. Exness allows trading on currency pairs which is more than many of the regulated brokers in Nigeria. Despite the absence of local office and local phone support in Nigeriait can be an ideal choice as NGN best forex brokers in nigeri nairaland be chosen as the base currency. Convenient deposits and withdrawals through multiple methods and high leverage of up to make it an attractive choice in Nigeria.
Multiple top tier regulation makes it safe for traders in Nigeria. It offers 7 live trading account that differs based on trading platforms, fees, and minimum deposits.
FXTM allows trading on 59 currency pairs and CFDs on more than instruments including commodities, stocks, indices, and cryptocurrencies. The maximum leverage is on currency pairs and differs depending on the trading instrument selected by the trader.
The major advantage of choosing FXTM for Nigerian clients is the availability of NGN based trading account, local office, and local phone support in Nigeria. The broker also allows commission-free deposits and withdrawals through local banks in Nigeria. The spreads at Best forex brokers in nigeri nairaland are slightly higher than other regulated brokers in Nigeria. However, the variety of trading instruments, quality customer support service, and features offered to Nigerian clients make it an ideal choice for traders in Nigeria.
Tickmill is regulated by FCA no. It offers 3 types of live trading account namely Pro, Classic, and VIP account. The variable spreads on the classic account start from 1. The maximum available leverage is It does not have a local office in Nigeria and neither offer a local phone number for customer support. Traders cannot trade with NGN as a base currency.
Although, the convenient transaction methods with low spreads and commission make it an attractive choice for traders in Nigeria. Nigerian traders can trade with many internationally regulated brokers. It is very important to consider the features a broker provides including the platform used for trading, the spreads and commissions charged by the broker, account opening process, trading conditions, best forex brokers in nigeri nairaland, and the support provided.
As trading is unregulated in Nigeria, the broker should be regulated by at least one of the top regulators i.
e FSCA, FCA, CySEC, or ASIC. The investor should know which country the broker is based from and its registered office in or nearby the resident country. While signing up with the broker, all the terms and conditions should be read, understood, agreed, best forex brokers in nigeri nairaland, and clarified. A regulated broker will always have all the terms and conditions clearly described.
Do not rush while choosing a broker and opening a live trading account. For the brokers, it is their income and for the investors, it is the charge they are paying for the trading services. Before choosing best forex brokers in nigeri nairaland broker, one should make sure to understand the calculation of the spreads and commissions on each trade and how they will be charged. There are often other hidden charges as well, which should also be considered. Other charges which should be taken into account are the minimum deposit towards opening a trading account, the minimum balance to be maintained in the account while trading, etc.
Many brokers charge a fee for inactivity in an account for months. All these criteria should be studied, understood, and agreed upon before going ahead with any broker. Trading platform : The trading platform should be user-friendly and easy to understand. While choosing a broker, its trading platform should also be checked for convenience and user-friendliness. The trading platform should be a multi-device, multi-order platform. A well-equipped and multi-lingual platform should be preferred a wide variety of indicators best forex brokers in nigeri nairaland analysis tools.
The platform should be quick in placing orders. The most famous platforms in Forex trading are MT4 and MT5. An easy trading platform should be given preference over the others as this will save both time and energy. Account opening process : The account opening process has several steps before completion with regards to the collection, submission, and verification of various documents. The broker which takes the minimum time to set up an account after submitting documents should be the best one, best forex brokers in nigeri nairaland.
The account opening process will show you how organized and precise the broker is.
The best forex broker in Nigeria
, time: 8:547 Best Forex Brokers in Nigeria (Fees + 8 other factors compared)
18/04/ · 7 Best Forex Brokers in Nigeria. Here’s our list of best Forex brokers for traders in Nigeria: Hotforex – Best Forex Broker in Nigeria; XM Forex – Low fees & good support; OctaFX – Low fees Forex Broker in Nigeria; Avatrade – Fixed Spread Forex Broker; Exness – Very Low Spread Forex Broker; FXTM – Popular well-regulated forex brokerEstimated Reading Time: 9 mins 22/07/ · Pepperstone is the best forex broker for Nigerian based on there: Low brokerage including spreads and commissions The choice of the most popular forex trading platforms (MT4, MT5, cTrader)Estimated Reading Time: 9 mins 7 rows · 07/08/ · Forextime or FXTM is the best forex broker in Nigeria, and they are one of the few forex Estimated Reading Time: 8 mins
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