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Best Forex Brokers in Nigeria 2018: Most Trusted Forex Broker

Nigerians have quite a few options when it comes to choosing forex brokers in nigeria. However, these options weren’t available to them a few years back. It is interesting to note that some of the best forex brokers in Nigeria are the ones that have operations across the globe and are an established force in the forex industry.
In compiling the list of best forex brokers in Nigeria, we have taken into the consideration many factors like overall experience in the forex industry, customer service, website and platforms, paying methods, and others.


1. XM


This forex broker, based in Cyprus, came into existence in 2009. The company is a result of the efforts put in by a group of like-minded interbank dealers that came together to form a platform that caters to the forex trading needs of all kinds of traders.





Pros:

  • XM provides services not just related to forex markets but also CFDs and commodities. Therefore, there is always something or the other for a trader to look forward to in online trading.


  • XM provides a wide range of trading platforms for its users to enable them to get the best out of various market conditions. However, the most useful and popular of these platforms remain the industry standard, Metatrader 4.

  • XM registration with UK’s FSA and Germany’s BaFin means all traders’ interests are protected round-the-clock and that their security is guaranteed.


Minimun deposit: $5

minimun trade size: 0.0001 lot
Spread type: Variable
maximun leverage: 1:888
platforms : Metatrader 4
payment options: webmoney, Visa/mastercard, unionpay, cashU, Western union, neteller, wire transfer, more
regulated by : Bafin, CONSOB, Cysec, ASIC, FCA, more
founded in : cyprus
offices in : 2009


2.Hotforex

100% SuperCharged BonusHotForex is an upcoming Asian forex broker that is based in Mauritius. What is really good with this broker is that it believes in transparency, honesty, and openness. Besides allowing its users to take advantage of Metatrader 4 platform, HotForex provides its users with lots of resources and trading tools using which they can improve their chances of succeeding in the forex market.





Pros:
  • The 8 trading platforms HotForex has on offer to its users are among the best in the industry. All these platforms are intuitive and user-friendly and offer you everything you need to make the most of the market conditions.
  • HotForex also provides different trading accounts so that the needs of all kinds of traders are met.
  • This forex broker has plenty of deposit and withdrawal options for its users including Bank Wire, WebMoney, Credit cards, PerfectMoney, CashU, and many others.


Minimun deposit: $5

minimun trade size: 0.01 lot
Spread type: Variable
maximun leverage: 1:1000
platforms : Metatrader 4
payment options: webmoney, neteller, skrill, cashU, wire transfer, credit cards
regulated by : FSC (mauritius), Cysec
founded in : 2010
offices in : Mauritius


3. Markets.com 


Markets.com is a multiple-award winning online forex broker that is based in Cyprus. It is well-known for providing several customer-centric forex trading packages to its users.

Pros:

  • In addition to being registered with CySEC, Markets.com is registered with many other world financial bodies that enable it to legally operate anywhere in the EU.
  • Markets.com is a champion forex trading services provider that offers services in more than a dozen languages.
  • Its trading platforms are robust and offer various kinds of trading opportunities for its users.


Minimun deposit: $100

minimun trade size: 0.01 lot
Spread type: Fixed
maximun leverage: 1:200
platforms : MT4, markets web trader, mobile apps
payment options: paypal, webmoney, skrill, neteller, credit cards, wire transfer
regulated by : Cysec, ASIC, FSCA
founded in : 2009

offices in : Cyprus


3. FXTM
FXTM or ForexTime came into existence in 2012 and is based in Cyprus and Belize where it is regulated by the financial bodies CySEC and IFSC respectively. In addition to providing services related to forex, FXTM also excels in providing services related to ETFs, commodities, indices, and stocks.

Pros:


  • FXTM provides its users a wide choice of trading platforms for all kinds of devices.
  • FXTM also provides its users with different trading account types to enable them to make the most out of the market situations.
  • Only a minimum deposit of $5 is required to open an account with FXTM and start trading with it.








4. AvaTrade
One of the pioneers of online forex trading, AvaTrade has earned quite a few rave reviews in the past few years since its inception. This Dublin-headquartered company has its offices across the world’s major cities including Sydney, Tokyo, Paris, and Milan.

Pros:

  • It is not just forex; AvaTrade excels in providing services for 200 different instruments that also cover stocks, indices, and commodities.
  • The customer support services of AvaTrade are available to all 24/7 through multi-lingual help desks. 
  • All the operations of AvaTrade are regulated and monitored across Japan, the European Union, the British Virgin Islands, and Australia so you can be sure your trading interested are protected all the time and under all conditions.


6. Forex4you
Forex4you is a British Virgin Islands-based online forex broker that came into reckoning in 2007. Despite being a new player in the market and having smaller operations, Forex4you has been able to win the hearts of several traders as they only provide quality services to every trader listed with them, irrespective of their trading volume.
Pros:
The only trading platform – Metatrader4 that Forex4you provides is versatile and come with a host of interesting and useful features for traders to execute their trades successfully and quickly. Whether trade alarms or automated scripts, market alerts or trailing stops, MT4 handles all for you.
While Forex4you, as with other forex brokers also, doesn’t charge you any commissions on a trade, it makes money through spreads that start from as low as 0.75 pips.
The customer support features of Forex4you are as good as it can get with clients being supported 24/5 via e-mail, telephone, or live chat.

Minimun deposit: $1

minimun trade size: 0.0001 lot
Spread type: Fixed
maximun leverage: 1:500
platforms : MT4, MT5
payment options: webmoney, skrill, yandex.money, Liqpay, QIWI, wire transfer, credit and debit cards
regulated by : SIBA, FSC (BVI)
founded in : 2007
offices in : latvia, india, british virgin islands, azerbaijan, UK, Russian federation, malaysia

7. easy-markets


Easy-markets is one of those well-rounded brokers that let its users take full advantage of world’s markets. Also, given the fact that it is regulated and monitored the world over, its users can feel safe and secure trading with it.
Pros:
The customer support services of easy-forex are available to users 24 hrs via different channels including live chat and e-mail. Therefore, whatever queries you may have, expect them to be solved in a quick time with easy-forex.
Easy-markets relies on Metatrader 4, considered as a standard forex trading platform worldwide.
You can open an account and start trading with easy-markets for as low as $25 with deposit process made simpler with lots of options including Wire Transfer, PayPal, Credit Cards, and others.

Minimun deposit: $25

minimun trade size: 0.05 lot
Spread type: Fixed
maximun leverage:  1:400
platforms : MT4, Trade desk, Web trader
payment options:  Paypal, credit cards, wire transfer 
regulated by : ASIC Cysec
founded in : 2003
offices in : cyprus

Comments

RISK:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.