Forex broker in nigeria

One of the most critical factors about forex regulation is that you have to check whether the broker is regulated through the CBN or regulated by any other recognized authority in Nigeria: like the Securities and Exchange Commission, Nigeria SEC , to avoid forex scams and avoid losing your money regulated forex brokers in Nigeria that is a must. Several best forex brokers in Nigeria that provide their traders with trading platforms.

Most forex brokers in Nigeria provide many opportunities to trade using your money. They also provide high leverage and lower margin requirements that you can consider before deciding on your platform. The main objective of the central bank of Nigeria is to ensure the efficient, transparent, and smooth functioning of the financial markets.

The Central Bank of Nigeria has been the best consumer protection wing that checks the different complaints sent by the traders and investors where brokers are used to trade. That will be analyzed if a broker offering a forex trading platform is found guilty, and forex brokers are not treated nicely who do not adhere to the regulations are heavily fined, and their license will be revoked. On their website, a regulated broker must display their license number.

If brokers are not displaying they can be mistrusted. Safety The best fx broker should be regulated and licensed by regulatory authorities to offer brokerage services. The topmost regulated authority should license each broker offering various online trading services along with safe trading conditions. You must ensure that they are members of a regulatory organization regardless of the safety perks written on the website.

If any of the forex broker in Nigeria is not regulated, the user should know that the funds are not secure. The main objective of independent regulation is to make sure that any disputes among most brokers and traders are resolved quickly.

Ensure your listed forex brokers are all trustworthy to well being of your money with great customer service. Support Nigerian Naira Several online brokers that may not support the Nigerian Naira NGN as an option for funding the account, which will increase the exchange costs per the latest rate. Rest it will be a tedious process for users using a forex broker in Nigeria. Trading Fees The crucial factors you need to consider before choosing a broker i.

The user should consider different account types, transparency, and fees charged by a forex broker before one opens an account with the forex broker in Nigeria. The trader should select that forex broker in Nigeria that offers the lowest funding fees, spreads, and trading fees. Spread is something that can be described as the difference between the asking price and the bid price of a particular currency.

If a spread forex broker offer is lower in this selected broker, it is ideal for the user as they need to pay less to the brokers that less trading fees then provide fast execution of an order if you are planning to invest. Trading Platform While searching for the best forex broker in Nigeria, the significant factors you must check is the forex trading platforms.

Several forex brokers in the Nigerian offer MT4, MT5, and more platform support; if the brokers offer Metatrader 4 or 5, the user can consider opening any types of accounts with the broker. The user should also check whether the forex trading in Nigeria platform has an easy-to-use interface, live chat support, whether it is commission-free, has an ECN broker, and offers a variety of forex trading technical tools.

Check whether they offer different types of accounts standard account, micro account , chart station, the lowest spreads, and assets like metals, currencies, and indices. You may need to check them with different time frames. The user can also check whether they offer technical indicators and try out different types of trading strategies through the demo trading offered by the broker.

Most forex brokers in Nigeria have demo accounts to offer. If they use demo trading, this is an easy way to learn; they can use it to analyze the different strategies and choose the best one for them. Also, the user should check whether the broker offers mobile apps for android and IOS devices to ease mobile trading. Many best forex brokers that are in are offering attractive deals these days. Several forex brokers in Nigeria have the flexibility to offer different types of deposit withdrawal methods for their users.

The user should check whether the copy trading and the backtesting functions are integrated into the trading software. If you are copy trading, you can also check how the trading strategy works. You might check a few forex trading platforms that offer copy trading services where the trader can copy the profitable strategy of the other forex traders. Good Customer Support A good forex broker in Nigeria should provide excellent customer support for their users.

Before signing up with the FX platform, you may have to check customer support and how they can be contacted via live chat, email, or phone. They should also check whether the customer service offered in their native language is available online 24 hours a day throughout the week, and it is a good sign of their support.

After checking the customer service, if the user finds problems, questions, or issues that the customer support team does not solve, it is better not to engage with that forex broker. You might try searching for another best forex broker in Nigeria for beginners that provides excellent customer service and customer support when needed.

Pros and Cons of Forex Trading Pros Cons Forex trading in Nigeria can be easily accessed, and it is one of the most accessible financial markets to open and register with any types of accounts and proceed with trading. Registering in an online Forex trading account is very easy. Since the FX market is not regulated, several online brokers platform in Nigeria provide guaranteed stop-loss. Based on all the jurisdictions of the brokers, if the user is based in the UK or US zone, they cannot trade with the best forex brokers in the nation.

The FX market has high liquidity, and it is not matched by any central bank or other capital markets. With sudden increases or decreases in exchange rates, political events and significant changes in the economic scene can affect the liquidity of the currency pairs, which might affect the FX market.

The significant disadvantage when trading in the FX market is volatility. The primary concern is if the user trades for the short term, regardless of experience, it becomes challenging to deal with volatility. If the user trades from Nigeria with some of the major forex pairs, the spreads can be very tight, which might reduce trading costs.

When trading in the Forex trading market, dealing with exotic and minor currency pairs can be more expensive, and it might also increase the trading costs of these pairs. Retail Forex traders who reside in Nigeria should know that they are trading with professionals, National Central banks, and large multinational corporations with a significant presence in the forex market. Trading in the forex market allows you to make money with a high degree of risk. Several Forex trading platforms provide a demo trading account if you plan to practice for their users to practice trading.

FXTM offers the trade in over financial instruments spread over numerous asset classes such as Forex, commodities, cryptocurrency, stocks, shares, and more. AvATrade offers the trade in over financial instruments spread over numerous asset classes such as Forex, stocks, indices, cryptocurrencies, commodities, options, bonds, and more.

XM offers the trade in financial instruments spread across asset classes including Forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, and CFDs. FxPro boasts with a vast portfolio of tradeable assets consisting of over more than financial instruments. AxiTrader offers the trade in numerous financial instruments spread across Forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, bonds, CFDs, and ETFs.

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There are so many other questions that may come to your mind if you are a beginner forex trader. We will try to answer all these questions and more with this guide. Foreign exchange trading in Nigeria is overseen by the Central Bank of Nigerian CBN , which has a regulatory framework in place to protect Nigerian traders.

In addition, CBN also imposes certain criteria and requirements that must be met to ensure investor protection. Several prominent online brokers have established their presence in the region, with some holding registered offices in Lagos while others offer a dedicated customer support team to Nigerian traders.

With some of the biggest forex brokers, Nigerian traders have the option of registering a Nigerian Naira-denominated account, allowing traders to trade in their local currency. We reveal the best brokers with real and registered offices in Nigeria. Further, customer support is available 24X5 in eight languages and 24X7 in three languages. Another key feature is that withdrawals via some methods is executed instantly upon request. The support at Exness is not good. The email support is slow to respond to queries.

There is a long hold time on their Live chat, and normally you have to wait for a few minutes before connecting with their live chat agent. Their support is one of the biggest downside, but their overall fees is low. Very low spread of as low as 0. Instant withdrawal options are also available in Nigeria if you withdraw via bank transfers or EWallets. Sometimes it can take more than 24 hours to receive response from their email support. This can be an issue for clients if they face issues with withdrawals.

They offer 0. But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. They have local support options available, as they have phone number on their website for traders in Nigeria. Their support is also available on Whatsapp. This makes AvaTrade a low risk forex broker for traders in Nigeria. They are a fixed spread broker, so their spread will remain the same regardless of the market conditions or time of the day you are trading.

Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review. The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms. Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only.

The broker does not charge any extra commission other than the spread. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help. Alpari Pros Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They even offer local bank deposit options.

They offer PAMM accounts for investors. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option. Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds.

The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws. Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. Also, remember that not all regulations are the same. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators.

Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information. Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number.

There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers. Did other traders experience any issues with the broker? How is the feedback of the users of the mobile app on Play Store? Is the broker active in responding to serious issues?

By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision on which broker you should choose. If a broker a lot of negative reviews related to issues such as withdrawals, manipulation of price, spread widening etc. Multiple users reporting the same issues is generally a sign that something may be wrong. Trading Platforms Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering.

Usually, the best brokers in the business will give you multi-platform access i. There are some brokers which only allow you to trade only through a web-based interface. All the brokers that we have included in our list will allow you to trade on the most popular forex trading platforms i. Normally, the brokers will list all their available platforms on their website.

And it matters to check it! For example, many traders in Nigeria prefer MetaTrader 4 platform over others. So, you should check out this information before signing up, whether the platform of your choice is available or not. But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned.

Trading Fees Are there any hidden charge? It is really important that you carefully consider the various fees a broker might charge you before signing up. Spread is basically the difference between the bid price and the ask price of a currency. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.

Similarly you can check the spread for other instruments by checking contract specifications for every instrument on ForexTime. So, it would make sense to open Advantage account for lower fees. Commissions: Also check if there is any extra commission per lot with the account type. Both these depend on the instrument that you are trading.

Swap Fees: This is the fees charged by forex brokers for overnight trades. This fees depends on the broker, some brokers have very high Swap Rates, while some have lower. The Swap fees at XM are very high as compared to other forex brokers. You will find the reference to the Swap Fees under the specifications of instruments at forex brokers. The overall fees would be higher if any of the spreads, or commissions or overnight fees are higher.

Customer Support One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support. Make sure to check that the broker has customer support available via the following channels: a. Email Support c. Check how they respond to your questions, and were all your queries answered. Also, if the forex broker has a local office in Nigeria, then it is considered a positive thing.

While Exness has the lowest rating in terms of support, as their live chat team is very slow in responding to questions. Normally, it is good if your broker is responsive via live chat. For email, the benchmark should be a response within few hours.

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In addition, CBN also imposes certain criteria and requirements that must be met to ensure investor protection. Several prominent online brokers have established their presence in the region, with some holding registered offices in Lagos while others offer a dedicated customer support team to Nigerian traders. With some of the biggest forex brokers, Nigerian traders have the option of registering a Nigerian Naira-denominated account, allowing traders to trade in their local currency.

We reveal the best brokers with real and registered offices in Nigeria. These are trusted and genuine brokers with a high trusts score. In addition, several online brokers accept NGN deposits, which save Nigerian traders costs on currency conversion fees when they deposit or withdraw funds. While there are no restrictions on the forex brokers that Nigerian traders can use, whether local or international brokers, traders must ensure that they use well-regulated and verified Nigerian forex brokers.

But they support major banks. They have 2 account types i. Both these accounts have floating spreads starting from 0. This fees is lower than the typical spreads at other forex brokers compared. Their support is also very responsive in handing issues. They also have WhatsApp text support available. OctaFX Pros Their spreads for major currency pairs is quite competitive. OctaFX does not charge any extra commission per lot with any account type. Also instant wallet funding and withdrawals options are available.

And 1. And zero deposit fees. It is important to note that traders from Nigeria are registered under their offshore regulation i. But since the broker is regulated under 2 major regulations, so they are considered moderate risk broker for Nigerian traders.

XM broker offers 57 forex currencies, and more than CFD instruments on their platform. They also support CFDs on crypto currency on their platform. One downside with their fees is their Swap rates. Their Swap fees is higher than most brokers. Another plus is their no re-quotes policy. XM broker also offers free research through its own in-house team of analysts. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web.

XM Pros XM is regulated with 2 top tier regulators i. XM has very competitive spread with Ultra Low account 0. Their spread is around 1. High Swap fees for overnight positions. Ranks 5 Forex broker in Nigeria Exness is 5 in our recommended forex broker list for Nigerian traders.

They offer market Execution but it is very fast , very competitive spread of as low as 0. This is quite wide compared to other brokers. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed. In addition to this, Exness offers tight spreads with their three major account types.

Minimum spread for FX starts from 0. Exness does not charge any commissions with two of its account types. This payment method is instant even during withdrawals. Exness does not offer Naira base currency account at the moment. The minimum deposit at Exness via online bank transfer is USD 10, and their are no extra fees for funding or withdrwawals. The broker offers up to date financial news and technical analysis charts to its users so that they can invest better.

Further, customer support is available 24X5 in eight languages and 24X7 in three languages. Another key feature is that withdrawals via some methods is executed instantly upon request. The support at Exness is not good. The email support is slow to respond to queries. There is a long hold time on their Live chat, and normally you have to wait for a few minutes before connecting with their live chat agent.

Their support is one of the biggest downside, but their overall fees is low. Very low spread of as low as 0. Instant withdrawal options are also available in Nigeria if you withdraw via bank transfers or EWallets. Sometimes it can take more than 24 hours to receive response from their email support. This can be an issue for clients if they face issues with withdrawals. They offer 0. But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts.

They have local support options available, as they have phone number on their website for traders in Nigeria. Their support is also available on Whatsapp. This makes AvaTrade a low risk forex broker for traders in Nigeria.

They are a fixed spread broker, so their spread will remain the same regardless of the market conditions or time of the day you are trading. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review.

The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms. Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help.

Alpari Pros Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They even offer local bank deposit options. They offer PAMM accounts for investors. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option.

Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws.

Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. Also, remember that not all regulations are the same. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators.

Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information. Both these brokers mention their regulatory license numbers on their website footer section.

Some brokers may claim to be licensed, but in reality might be using a fake license number. There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers.

Did other traders experience any issues with the broker?