Carefully selected list of the Top 10 Best Forex Brokers in Nigeria for Online Trading in 2020. Leave a comment if your favourite one is not on the list.
Forex Trading is becoming a great trend not only in Nigeria but all over the world. If you are one of the forex brokers in the world, you would know how addictive it could get and how intensive the amount of money one can have if you know the process and steps in forex investment.
While others find it difficult to invade the foreign exchange broking industry, some find it as easy as 1,2,3. In Nigeria, specifically, Forex Trading is becoming highly in-demand due to the country’s fast-growing economy.
Forex trading can put money in your bank account monthly, but it doesn’t make you a millionaire in an instant. You have to be persistent, skilled, and patient when it comes to increasing your investment in the forex market.
However, the forex industry provides you with a modest income monthly in such ways that you would never go broke again. Also, the economic stability of Nigeria has massively increased with the help of its forex trading.
The country is one of the best countries to invest in. It is also a country with the best forex brokers on the continent.
Best forex brokers in the continent.
Nigeria is known to have one of the most bountiful economic deposits and contributions in the continent, and it also has the best forex brokers in the continent.
Great contributors to such claims are the abundance in its resources and huge oil reservoir. Also, the import-export processes of Nigeria have increased in recent years.
All of these have marked an increased demand in the forex market in Nigeria. In this article, we will discover more about the forex market, what spread to look for, how much money to deposit, how to trade in the forex market profitably, and we will also know the top 10 best forex brokers in Nigeria for online trading.
Things to Consider in Successful Forex Trading
Before you start trading in the Forex market, there are a few things that you need to consider.
1. Look for a regulated broker:
First of all, make sure that the account that you are opening in is one of the regulated brokers. This means you have to have a forex trading system which is a set of rules and conditions that guide the way you trade, and it shows you how to manage your risks by telling you when to enter and exit a trade.
The Banks and Other Financial Institution Act of 2007 is duly responsible for strictly requiring the client to avoid depositing its money in the same account with that of the company’s.
This is to protect both the brokers and the traders from having their financial losses in both their profits, deposits, leverage and other financial records in cases of bankruptcy.
Failing to check on the best forex brokers may put your investment in the wrong brokers and may lead you to financial losses, instead of earning more money.
2. Look for a forex trading mentor
The second thing that you need is to have ongoing support and training by an experienced foreign exchange trading mentor. Most people start in Forex trading by buying an e-book or attending a forex trading seminar.
After reading and attending the forex trading seminar, they go straight away by opening a forex trading account and deposit with real money in their chosen brokers.
This could lead to some inaccurate decisions in trading since you are not practically guided by an expert.
Never start right away and deposit real money in your account. Give yourself some practice, and if you know someone available for practical guidance, that is a lot better!
You can hire them and having their pieces of advice, their guidance, and their wisdom in forex trading could help you grow your knowledge and expertise as a forex broker.
3. Acquire a learning account
The third thing is you need to have a learning account – not a demo account! A learning account is a practice account that enables you to learn the techniques of a forex trading account.
Most brokers fail in forex trading because they use a demo account to learn forex tradings which can be one of the biggest mistakes one can ever make in learning forex trading which causes forex traders a lot of headaches and stress.
They deposit money in their accounts and start trading and eventually lost the trades. That would mean losing your deposits and not even experiencing a profit.
You have to take note that most of the first time brokers in the forex trading industry failed because of their lack of knowledge about the matter.
4. Check your broker’s status
The fourth thing you need to consider before setting up an account in the forex trading industry is to check your desired brokers’ status.
Once you have decided which broker to invest your money in, it is always safe to check your desired broker’s background. Check on their minimum deposit, their spread, their support team, and their experience in the trading industry.
By comparing the statuses of the different reputable brokers, you would then be able to decide which broker to invest your trades in.
5. Check your broker’s fees
The fifth thing you need to consider is their fees. Many forex brokers give you low initial offers as a primary deposit in your new accounts.
However, as you go on with the process, there are hidden charges which you were not informed of. This is the reason why you need to check on their trading fees and make sure everything is transparently done.
If you think the broker offers a minimum deposit of $100, but after the initial deposit, they ask for other fees which are not stipulated in their terms and agreement, do not be fooled! Some brokers have their ways of adding up hidden charges to their traders which is not allowed. Check on your desired broker’s website or office and have a reliability check.
Other things to consider
Other things you may consider to include in the forex brokers’ customer service. You have to check if they have supports that are available 24/7. This way, it is easier for you to resolve issues that you may face any time of the day.
Also, if you are a Nigerian living in the community, you have to check if they have their local offices in the region. Some brokers do not have local offices, which is also a little bit worrying since you may experience delays in settling some issues which you may encounter in the trading process.
Lastly, check on their forms of platforms in trading. Some brokers do not have trading platforms available on mobile devices. This may cause inconveniences, especially if you are a trader who travels a lot.
If you do not constantly use a web-based interface, you should check on your desired brokers’ platform offers.
Again, forex trading is not something that would make you a millionaire in an instant, it will take time, and you will also experience losses before you enjoy the fruits of your gains.
Those are all parts of the forex trading industry. So, having said those things that you need to prepare before you start your forex trading account, let us get to know the top 10 best forex brokers in Nigeria.
Top 10 Forex Brokers in Nigeria
A lot of Nigerians claim to have difficulty in foreign exchange trading because some forex trading firms do not allow Nigerians to spread and open your accounts in Nigerian Naira.
We all know that opening an account in forex trading is one of the most famous instruments in growing your bank accounts with a tremendous amount of money.
However, it is so difficult in choosing the perfect and righteous forex brokers for you. Being a part of a regulated and reliable forex Nigerian broker is an imperative part of being in the Nigerian forex trading.
To give you the best set of choices for a Nigerian forex broker, here are the top 10 Nigerian forex brokers that may interest you in trusting your forex accounts with.
Forextime or FXTM started in the forex industry in the year 2011 and is considered as one of the best forex brokers in Nigeria. It is one of those forex brokers who, may be considered as new in the forex trading industry in Nigeria, but is considered as the top-selling and most-preferred and is one of the best forex brokers in the entire region.
It was rated with 9 out of 10 by most Nigerian forex traders. It is duly regulated by the Nigerian forex market and is considered as one of the least amounts of spreads. If you are planning on opening accounts in FXTM, you are only required to have a minimum deposit of 2000 Naira, and you are also allowed to open different accounts in FXTM.
- Minimum Deposit:
Their minimum deposit may sound a little bit high, but this amount will double in a short time. This forex broker is mostly chosen by most Nigerian traders because CFD instruments that are very attractive for consumers’ and Nigerian traders’ portfolio. As of now, they offer as many as 60 currency pairs, both for major and minor currencies.
- Customer Service Support:
Forextime offers you honest support in its forex transactions, spreads, tradings, and withdrawals. This is the reason why many Nigerians opt to open their accounts in FXTM. It is also known for its quick and prompt responses to every problem encountered by a Nigerian trader.
- Learning Support:
For most first time traders, FXTM does not only support their needs in forex trading, but it also helps them in gaining knowledge and expertise in terms of forex trading in Nigeria. They offer a learning kit that enables traders to learn more things about forex trading in Nigeria.
Apart from that, FXTM also offers up to 20 options both for withdrawals and deposits of accounts. Its greatest highlight lies in the fact that FXTM is highly in-demand among forex traders in Nigeria. This is because it is one of the most regulated forex brokers in Nigeria and other regions of the continent.
Nigerian traders also commented that FXTM has a low volume of spreads for its pairs of currencies, making it a very good deal for most Nigerian traders. For most new Nigerian forex traders, FXTM is very popular for its excellent spread offers and quick withdrawal system in Nigeria.
In case of any concerns about your accounts, FXTM offers chat supports who would assist Nigerian traders in solving their concerns. They also have good speaking English traders and brokers, which is very good, especially for foreign traders of Nigerian Naira.
Alpari, compare to FXTM, is older and was established in the year 1998. Its length in the forex trading industry is one of the reasons why it is considered as one of the best forex brokers in Nigeria. In terms of longevity of experience in handling forex trading in Nigeria, Alpari has better experiences and has established its reputable name in the forex industry of Nigeria. Alpari was rated by trades with 8.9 out of 10 in the recent survey by Nigerian forex traders.
- Minimum Deposit:
It has been noted that, just like FXTM, Alpari also has one of the biggest volume trades every month and it has one of the most numbers of accounts among the different forex brokers. Their services range from a very low minimum deposit, a very healthy trading nature, and good and up-to-date spread. They require a minimum deposit of $100 in every account. These up-to-date spreads are one of the primary things that most Nigerian traders look for in some foreign brokers.
- Customer Service Support:
They have standby support that is always ready to help and assist traders, especially the new ones, 24/7.
- Currency Pairs:
Unlike FXTM, Alpari has fewer currency pairs offered, which are limited up to 48 only. Alpari offers traders to deposit their accounts to a maximum of 6 options. Their Nano Account is available for up to zero amount of deposits and they also offer accounts in forex trading in cryptocurrencies. Other than the spread, Alpari does not require additional commission in their forex trader’s accounts.
Mainly, Alpari takes pride in offering its forex traders with a spread at a very low amount. Alpari functions under the regulation of CySeC and is also proud to say that their years of service, being one of the oldest, is one of the most trusted and is one of the best forex brokers in Nigeria.
OctaFX was founded in the same year with FXTM – 2011 and is one of the best forex brokers in Nigeria. Their account types are limited to 3 only, which is a good choice, especially for newbies in the forex trading industry in Nigeria.
- Minimum Deposit:
It offers forex trading with 28 pairs of currency and is known for its good spread. OctaFX only requires a minimum deposit of $5 which is a very good and fair deposit for most newbies in the forex industry.
- Currency Pairs
Having been rated with 8.9 out of 10 by most forex traders, OctaFX tied with Alpari. However, in terms of being competitive, OctaFX does not go behind in terms of its spread in an asset, and they also offer bitcoins and other cryptocurrencies.
- Customer Service Support:
Their chat support is always open 24/7 to respond and fix traders’ issues on forex trading in Nigeria. Just like FXTM and Alpari, they also have supports who are fluent in English to help and accommodate foreign forex traders.
Just like Alpari, OctaFX is regulated by CySec; therefore, Nigerians are in good hands if they choose to deposit their accounts in OctaFX as one of their brokers. OctaFX also offers a wide range of local deposits and withdrawals in Nigeria, making it even easier for Nigerian traders to trade and access their accounts. To add, they do not charge fees in their deposits and withdrawals and gives a 50% deposit bonus in the forex traders’ deposits.
Unlike the top 3 best forex brokers in Nigeria, Hotforex is duly regulated by 3 regulatory committees; namely, FCA. SCA and CySec. Being regulated by these three makes it safer and easier for most Nigerian forex traders to trade and open their accounts in Hotforex as their brokers.
- Minimum Deposit
Their minimum deposit is $5, and their spread is as low as 0.3 pips for their competitive currency pairs such as USD/EUR. Their low minimum deposit and good spread are two of the things that make them the best forex broker in Nigeria.
- Wide platforms:
Aside from their good spread, their platforms are also very much accessible by simple taps in your mobile phones and computers. This is not true to all forex brokers since not all of them can be downloaded in smartphones. Most of the brokers are only accessed in desktops and/or laptops. Hotforex breaks that stereotype by allowing its traders to be able to access their accounts in any technological device they want, wherever, and whenever they want.
- Bonuses and promotions:
The broker also offers good programs for those who continue to trade with them and offers a bonus for as high as 100% for their first sign up. Their support is not only limited to chat but in other platforms such as email and phone calls as well.
- Minimum Deposit:
It requires the forex traders to create a minimum deposit of 30,000 Naira. Most beginners in forex trading would think twice in creating deposits and accounts in Hotforex as their brokers, but all is well and is worth it once you get to experience the sweet success of forex trading with them.
5. XM Forex
It’ss on the 5th of our list as one of the best forex brokers in Nigeria which was rated with 8.8 out 10 by Nigerian forex traders. And was founded in the year 2009 and is under the regulation of CySec and ASIC. XM Forex has more forex currencies, ranging up to 55, compared to the first 4 forex brokers that were initially mentioned in this article.
- Learning Support:
XM Forex takes pride in its educational programs offered to its traders. They give training, seminars and educational materials to all of their interested traders. This is, indeed, a very good strategy to attract traders to open accounts in their firm. This program is also very enticing, especially for the new ones in the forex trading industry in Nigeria.
- Currency Pairs
Their competitive currency pairs like EUR/USD spread is offered up to a minimum of .08 pips which is likely the lowest in forex trading in Nigeria.
- Minimum Deposit:
They also require a minimum deposit of $5 for a start in their account. Aside from their good spread, they are also known for their quick services in account withdrawals, and deposits and their support team is available any time of the day to cater to the needs of their traders.
On the other hand, one of its downfalls is that XM Forex has no office in Nigeria, making it a little bit worrisome and difficult for Nigerian traders to do their deposits and withdrawals. However, since they are regulated by two of the most reputable regulatory authorities, there is nothing to worry about your finances. You are always in good hands with XM Forex.
Exness was established in the year 2008 and is considered as one of the best forex brokers who have the lowest minimum deposits, the largest in volume, and fast deposit and withdrawal transactions. It got an overall rating of 8.6 by Nigerian traders.
- Minimum deposit:
It offers traders in Nigeria a minimum of $1 as their initial deposit. This initial deposit can be increased, depending on the preference of the traders.
Their spread is offered to a minimum of 0.3 pips and has 24/7 chat support to assist you in your needs. Aside from their good spread, Exness does not charge any single centavo to all of its account types.
- Updates and Communication
They keep their traders updated with the forex trends; so, the traders are always informed of the latest news on the forex industry firsthand. They also have their local office in Nigeria, which makes it even more inviting for most Nigerian traders to open their accounts in Exness.
- Quick Execution
This broker is famous for its quick execution in the forex industry in Nigeria. However, Exness does not offer any signup bonuses to its traders. It also has no promotions and educational programs offered most especially to the new ones in the forex trading industry.
Most traders are looking forward to these good spreads, bonuses, and promotions because they can add up to the profile of their accounts. Nonetheless, Exness may not have the promotions offered by other brokers. But that does not make them less competitive than others.
Rated with 8 out of 10 by Nigerian traders, Avatrade is considered as one of the best forex brokers in Nigeria.
- Minimum Deposit:
This forex broker requires a minimum deposit of $100 for a startup. This initial deposit is quite a lot of money, especially for the new trades in the Nigerian forex market, but it’s a good start for those who have been in the forex trading industry for quite some time now. It is duly regulated by ASIC and FSCA, two of the country’s most reputable regulating industries in forex trading.
Their spread is fixed at a minimum of 1.3 pips for the most competitive currency pairs. Although their spread is a bit high, Avatrade is also known for its 20% bonus on new deposits. This is good news for the newbies in forex trading.
- Few downfalls:
On the other hand, aside from its tight and fixed spread, Avatrade was seen with few downfalls. First, the broker has support available only during their office hours. This is bad news, especially for the new ones in the forex trading industry who do not know how to manipulate their trades, deposits, and withdrawals. Also, 1.3 pips for their spread pairs are a bit high spread compared to other brokers. Nonetheless, Avatrade is still considered as one of the best forex brokers in Nigeria for being able to establish a very reputable and trusted name in the forex trading industry in Nigeria.
This forex broker was established in the year 2003 and has established its reputable name in the forex trading industry in Nigeria ever since. With its existence, XTrade is one of the best forex brokers in Nigeria for having one of the most volumes in spread accounts. This forex broker has a local office in Nigeria withdrawals and other forms of transactions.
- Customer Service Support:
Their customer service is also available 24/7, which is always ready to help in resolving any issues in the trading industry.
- Minimum Deposit:
XTrade requires $100 as its initial deposit, and its fixed spread is up to 2 pips. Others, especially the ones, may find this a little bit high in amount. However, being under the regulations of CySec, there is always nothing to worry about where your money goes. It is under the regulation of one of the most reputable regulatory authorities in the forex trading industry in Nigeria.
- Trading platforms:
They also offer trading supports on different platforms on any device. This is very inviting for those traders who are mobile and in constant action. It is always an option to check your trades once in a while wherever you go.
If you are looking for a forex broker who does not only trade foreign currencies but also CFDs, indices and commodities, FXPrimus is one of the best forex brokers for you. It is regulated by CySec and FCA, which are also two of the most reputable regulatory board in the forex industry.
- Minimum Deposit:
Their initial deposit is $100 for start-ups. You can gradually increase this deposit as you gain profits in your account. This forex broker offers promotion on trading bonus as high as 100%. Aside from the good spread, they also have a local office in Nigeria which is good news for all Nigerian traders.
- Customer service support:
They also have very prompt and responsive supports who are never tired of answering questions from any forex traders under their firm.
This forex broker is privately owned by Safecap Investment, Ltd. and is under the regulations of CySec and FSB. Its number of accounts, deposits, withdrawals, and deposits makes it one of the best forex brokers in Nigeria.
- Minimum Deposit:
Its minimum deposit is $100 for initial trading. As a part of their traders, this forex broker allows their members to trade in both demo and real accounts.
- Awards and Promotions:
As part of their promotion, they offer $25 as their trading bonus, and they also offer loyalty awards for their constant and loyal traders. The broker also offers a good spread and different educational promotion packages such as training, seminar, and other library platforms that would help their traders trade better in the forex industry in Nigeria.
Now that we have discussed the top 10 best forex brokers in Nigeria, you may wonder why invest in foreign exchange trading? What benefit do we get in investing in currencies? Is it an assurance of long-term money? Read on for you to know the benefits of investing in currencies:
- Benefits of investing in the forex market
Many people are still doubtful in investing money in the forex trading industry. It is not easy to learn the concept of forex trading. Also, you have to closely update yourself with the exchange and value of each currency and would, therefore, require close attention on your end as a trader. However, there are so many benefits that can be taken from forex trading. A few of them are listed below:
- The largest market in the world.
The forex market is, indeed, the largest market in the world. Every country has its forex traders and brokers and billions of traders participate in the worldwide trading industry. With this, forex trading offers you the highest level of liquidity. Meaning, your assets can easily be traded, bought, or sold. In other words, the forex market offers you the easiest methods of trading, earning, and converting these into hard cash.
- Open hours for Trading times.
The forex market is open 24/5, so you can always trade on most days. There is no need for you to go to an office to earn money. If your forex brokers’ platforms are on different devices such as mobile phones and tablets, then you can easily access and make your trades.
- Competitive and up-to-date Spread.
For first time traders, there are terms that you may not be familiar with, and one of that could be the word ‘spread’. Spread is a term that traders and brokers use in getting the difference between the selling price and buying price of a currency. The spread is, at the most basic way of explanation, the commission that the brokers get from their traders. Choosing one of the best brokers who have good and competitive spread is highly advisable for traders. This would give them better chances of earning higher compared to brokers who lack good standing in their spread.
- Economic growth.
Having full expertise in forex marketing takes a lot of time. It does not happen in an instant. However, as you go on in the forex market, you will eventually have the right skills, and you would see your bank deposits increase continually. You would also have better opportunities for becoming eligible for being a manager in various forex accounts. This means that not only are you growing economically but also professionally.
- Low capital start-up.
For most beginners, you can always start forex trading with low capital. Some brokers allow their traders to loan and invest in their deposits from there. Initially, you start with low income, but it will eventually grow. You would notice your financial deposits getting higher as you go on in the forex trading. You have to choose the right and perfect spread for your preference so that you see the development in your forex account.
- Trading convenience.
This is another advantage of forex – trading at home. Some people love working at home, wearing PJs and no makeup on. Forex trading offers that advantage and most traders have easy access to their forex accounts in just a few clicks on their gadgets. With forex, you can do all your forex transactions such as your deposits and withdrawals in the comforts of your home. There is no need to worry about the traffic jam which stresses you out every time.
- High-profit value.
In forex trading, you start with minimum deposits and low capital, but you will have a high-profit value compared to other online trading industries. Although the chances of earning millions overnight are rare, IT CAN HAPPEN! With high profitability, you are exposed to chances of being an instant millionaire if you win trades.
It may sound so idealistic, but it happens in reality. Once you get to know the business, you will have more edge of winning trades. You started with low deposits, but you will end up with great profits in your bank accounts. It may be a very risky move to have huge amounts of deposits in your accounts, but it will all be worth it once you win your trades.
- Open for anyone.
Forex trading, just like any other online business is open for everyone. However, as they say, it is not for the faint-hearted; it is for the bold. You have to take risks as forex trading is a very risky business.
Top 10 Best Forex Brokers in Nigeria for Online Trading in 2020 Conclusion
For starters, if you still have your doubts, you can open your accounts with minimum deposits as required by your brokers. Make sure that you choose your brokers with a great and excellent spread for you to have more chances of winning trades. As you go on, you can gradually increase your deposits, and you will notice the growth in your accounts. Forex trading is not just for anyone; it is for everyone willing to take risks and is willing to learn how the forex market works.
However, with all the advantages of forex trading come to its disadvantages. One of the major downfalls of forex trading is your high risk of losing your accounts. Your deposit may be minimum, but it might also not be returned to you once you lose the trade. Another danger comes with your spread.
If your spread is not tightly and competitively monitored, you are also at risk of losing your entire deposit and your capital. Lastly, forex trading is, again, a very risky business environment. If you do not know the business, you are at risk of losses rather than profits.
Before jumping into the forex trading business, you have to expose yourself first into the industry. Choose a broker that offers you a demo account before you jump into the real accounts. After learning the basics, you can always start with small and minimum deposits on a regular, yet competitive, spread. You can also expose yourself to various educational materials about forex trading.
Ask for experts’ advice on what is the ideal amount of deposit for a beginner and what spread to trade. These experts are always your guide in exploring the realms of the forex trading industry. Again, it is not easy to join in forex trading. It does not give you full assurance of always winning in every trade. But, it gives you a modest amount in your bank account, which might suffice you in your daily needs. If you want to become even more competitive, gradually and slowly increase your deposits, your leverage, your spread, and your trade. This will surely give you a profitable amount of increase in your initial bank deposit.