What are the best forex brokers in nigeria

What are the best forex brokers in nigeria

11/06/ · 7 Best Forex Brokers in Nigeria. These are the best registered forex brokers for traders in Nigeria: Hotforex – Best Forex Broker in Nigeria. XM Forex – Best Low spread Forex broker. Exness – Best Forex broker for Beginners. FXTM – Best ECN Forex Broker. OctaFX – Best Forex Broker with Local Deposits in Nigeria 15/06/ · Comparison of the Best Forex Brokers for Nigerian traders #1 – AvaTrade is the Best Nigerian Forex Broker #2 – CM Trading has the best forex trading platform Forex trading in Nigeria took off in when the first Cyprus-based forex brokers started to recruit traders using online advertisements. At the time, Marketiva and Northfinance (now FxPro) were the main forex brokers in Nigeria

7 Best Forex Brokers in Nigeria (Fees + 8 other factors compared)

Last Updated: September 13, Forex Trading in Nigeria is currently unregulated, though it is not illegal. Currently there are no locally regulated brokers in Nigeria. So if you are looking to trade forex, then it is advised to trade with popular foreign brokers that are regulated with global regulators like FCA, ASIC, CySEC or FSCA. And you should avoid brokers that are regulated with only offshore regulators.

Most major forex brokers accept traders from Nigeria. To make the search easier for you, we have listed the forex brokers that you can safely trade with. Our comparison is based on 11 factors including no. HotForex is our highest rated forex broker that we recommend for traders in Nigeria, what are the best forex brokers in nigeria. They are a forex and CFD broker, that are regulated with multiple global regulators, so trading with them is considered safe.

In terms of regulation, Hotforex is regulated by FSCA in South Africa as well as other reputed regulators like CySEC of Cyprus, FCA of UK. The deposited funds are safe as HotForex claims to segregate the funds from the operational expenses of the company. What are the best forex brokers in nigeria provide very low spreads in the market.

A rollover fee is charged on overnight holdings. There is no Deposit and withdrawal fee, so that is a good thing. You can also set Nigerian Naira as your base currency, what are the best forex brokers in nigeria.

HotForex provides MT4 and MT5 trading platforms, which are available on Desktop PC and Mac as well as on mobile Android and iOS and a WebTrader. It claims to have served more than 5 million clients from countries since its incorporation in The spreads at XM are as low as 0. All the forex and CFD trading account types at XM are commission-free but the shares trading account involves a commission. However, it can differ depending on the method of transaction selected by the client.

They accept deposits and withdrawals through multiple credit cards, bank wire transfers, and electronic payment methods. Exness is regulated by FSCA FSP no. It was launched in and offers trading on more than instruments including currency pairs. It offers 5 different account types and the fee structure depends on the account what are the best forex brokers in nigeria chosen. The Standard and Standard Cent accounts are commission-free with spreads starting from 0.

A large variety of transaction methods are available including local bank deposits, e-wallets, and cryptocurrencies. The customer support service is decent but there is no local phone support available in Nigeria. We have created a quick 5 point checklist that you should look for while choosing a forex broker. Regulations: Regulated brokers are safe to trade with, hence it should be the number one criterion.

Since Nigeria has no local regulations currently, ensure the broker is regulated with at-least one globally reputed regulator like FSCA or FCA. We also suggest avoiding those brokers who claim to be regulated, but are actually licensed under island regulations like Belize, VFSC etc.

Trading fees: Brokers mainly charge spread on a trade, commissions per lot if any and other hidden charges in some cases. Brokers also charge overnight charges in the form of rolling fee if the position is held overnight. There may also be deposit and withdrawal charges every time you make a transaction.

Make sure the overall fee is as low as possible, and look into the withdrawal fees, and inactivity charges as they might add up to a lot in longer run. Most forex brokers have list of trading instruments on their website where they compare the what are the best forex brokers in nigeria for each instrument for different account types. You can use their search in the table to check the spread for any desired instrument. Similarly, all other forex brokers also have such lists on their website where you can compare the spread.

Any regulated CFD broker will always provide you this information. Platforms: Trading platform is meant to make trading comfortable. MetaTrader trading platform What are the best forex brokers in nigeria and MT5 is often a good start for serious beginners.

It is even better if the platform offered supports mobile. Practising demo trading with a broker that you are about to choose could help with the decision, but remember that live trading conditions could vary. Order Execution: Order Execution must be quick, without any re-quotes or slippage.

Some brokers provide instant execution of orders mostly with market maker brokers while others provide Market Execution price is generated while execution, hence a possibility of slippages, what are the best forex brokers in nigeria. and offer quick response to emails within hours. If there is a Nigerian phone number for support, then it is even better. In our review of various Forex platforms, we found that HotForex and FXTM offer local phone number for support.

Educational webinars and knowledge guides are a plus. Currently there are no forex brokers registered with regulators in Nigeria. All the forex brokers that accept traders from Nigeria are foreign CFD brokers. You can choose any forex broker that is regulated by major regulators like ASIC, FCA or CySEC.

What are the best forex trading platforms in Nigeria? There are some brokers like Plus that offer their own proprietary platforms, but you should choose Metatrader brokers instead as you will get more customization options including support for EA, custom indicators etc. Currently only 3 forex brokers i. Hotforex, OctaFXForexTime have local offices in Nigeria, although they are not regulated by Nigerian regulators. Most other forex brokers are operating from foreign countries.

These brokers also accept local bank transfer as a deposit option in Nigeria, and also offer Naira withdrawal option, so you can withdraw your trading balance locally. The trading charges can vary depending on the instruments. All these brokers also offer withdrawals in Naira to any local bank account in Nigeria. The withdrawal time for Bank transfer is varied depending on the broker, like FXTM processes it in 24 hours, which other brokers take longer.

TradeForexNigeria Editor Last Updated: September 13, Leverage Available instruments Visit. Available instruments: 62 currency pairs, 19 CFDs. Visit Hotforex. Multiple account types to suit the needs of different types of traders Hotforex has negative balance protection, and segregation of funds for investor protection. Plus, they also have a local phone number for support. Accounts can be opened with NGN as base currency Hotforex has local office in Nigeria.

Read detailed Hotforex Review. Visit XM. Read detailed XM Review. Visit Exness. What we like about Exness Low minimum deposit requirement Lower spreads than many of the regulated forex brokers in Nigeria A large number of currency pairs are available to trade Multiple choices of account types to suit different types of traders.

Read detailed exness Review. Which forex brokers are registered in Nigeria? Which Forex brokers are registered in Nigeria? Which Forex Broker in Nigeria has the lowest fees? Which forex brokers accept local deposits in Naira? Hotforex is 1 rated FX Broker Visit. Back To Top. Regulation s : FCA, FSCA, CySEC. Leverage: with Micro account. Visit Broker. XM Forex. Regulation s : CySEC. Leverage: Regulation s : CySEC, FSCA. Regulation s : FCA, CySEC, FSCA.

Regulation s : ASIC, FSCA, CySEC.

Best CBN Regulated Forex Brokers In Nigeria ��

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7 Best Forex Brokers in Nigeria - Based on + Real Reviews

15/06/ · Comparison of the Best Forex Brokers for Nigerian traders #1 – AvaTrade is the Best Nigerian Forex Broker #2 – CM Trading has the best forex trading platform Forex trading in Nigeria took off in when the first Cyprus-based forex brokers started to recruit traders using online advertisements. At the time, Marketiva and Northfinance (now FxPro) were the main forex brokers in Nigeria 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