The CBN or other regulatory agencies has little or no control of online forex brokers based in Nigeria.
One of the benefits of choosing an international forex broker that welcomes clients from Nigeria and which is overseen by one or more of the main forex regulators is that you don’t have to deal with scams and manipulation as frequently.
Before opening a live forex trading account, carefully analyze your trading needs. Continue reading to find out everything you need to know about the best forex brokers in Nigeria.
Trading Forex in Nigeria
The Nigerian national currency is the Naira (one naira is equal to one thousand Nigerian nairas) (NGN). A myriad of denominations is broken into smaller pieces termed as kobo. The Bank does not include nigerian currency for International Settlements as one of the most traded currencies (BIS).
Regulation of the Nigerian financial sector was governed by the Bank and Other Financial Institutions Act (BOFIA) of 2007, which established criteria for the stock market and forex brokers for the CBN.
It serves the same purpose as the SEC in the US.
BOFIA requires foreign currency brokers in Nigeria to maintain separate accounts for their clients’ funds. As a result, clients’ deposits must be stored in separate accounts so as to avoid liability and risk if the brokerage or its operators face legal issues.
What to Look for in a Nigerian Forex Broker
A good online forex broker should generally have these 11 aspects covered:
- Maintenance from a reliable regulatory body.
- Many forex traders have a positive impression of your reputation
- Make it easy for you to open and trade accounts of your choosing.
- Prohibit minimum deposits that exceed the amount you can afford.
- Gives you the ability to trade all Forex currency pairings and other assets that you may be interested in trading.
- For your trading approach, the maximum leverage ratio is big enough.
- Competitive dealing continues to expand.
- You will be protected from charges that appear on your account as negative balances.
- Minimize re-quotes and unnecessary slippage on orders.
- Make sure that your clients’ finances are not mingled with your own.
- Options to fit your specific demands.
Additionally, a crucial aspect is the broker’s trading software assistance. Many traders prefer to use other traders’ platforms, such as MetaTrader 4 and 5 from MetaQuotes and cTrader and NinjaTrader.
The Best Forex Brokers in Nigeria
Nigerian brokers are not headquartered in Nigeria but have a branch in the country and welcome Nigerian clients.
FXTM, FXCM, HotForex, and easyMarkets are some of the key UK and Cyprus-based brokers we have chosen. South Africa is where most of these companies have their regional headquarters.
FOREX.com is also included on the list.
Your particular criteria will dictate who the best forex broker is for you.
You can open an account from Nigeria with these major forex brokerages.
Apart from being a very beautiful brokerage company, FXTM also offers investors a useful service: it teaches them how to make the most of their assets. Teaching yourself or reviewing videos with regard to forex trading can be done with copy trading and webinars; eBooks provide you with the ability to teach yourself, and webinars or videos can be used to look over old webinars and explain forex speculating.
FXTM gives you the option of using MT4 and MT5. The ease of usage and scalability of robo-advisors and trading bots make it simple to utilize them. Download the MT4 or MT5 platforms so that you may start trading effortlessly on your PC or mobile device.
Also, you may simply communicate live via phone, email, or chat with FXTM to help you resolve any issues with your account. It’s more personal when the platform is involved since it allows you to feel a connection to it that you don’t feel with “hands-off” brokers.
FXTM gives you the ability to focus on the most profitable currency pairs. For those who want to dig into it, CFDs that specialize in commodities, equities, or indices are a good option. By utilizing the site, you can diversify your portfolio by trading spot gold or silver. Introducing FXTM to your investing improves your net worth by steadily increasing your worth.
At OctaFX, you can trade FX on whichever platform you like. There are three MetaTrader versions (4, 5, and cTrader), along with several versions for desktop, web, Android, and iOS. OctaFX also includes a chart so you can compare the various trading platforms side-by-side.
OctaFX’s offer goes above and above with numerous account tiers, making use of negative balance protection and money security. Additionally, OctaFX has an Islamic financial account that features no interest and fixed costs.
By using OctaFX’s unique referral network, sweepstakes, and generous referral reward scheme, you may earn more simply by using OctaFX. You can also join CopyTrading’s CopyTrader program, where you follow the trading strategies of other professional traders and therefore increase your net worth.
The U.S. currency broker FOREX.com is ranked No. 1. Both the National Futures Association (NFA) and the Commodities Futures Trading Commission oversee the company (CFTC).
Regulators from the U.K., Australia, Japan, Canada, Hong Kong, Singapore, and the Cayman Islands are also on hand to keep an eye on everything.
Opening an account at FOREX.com only requires $250 USD. If you wish to start trading with lower sums, the broker offers you the option to trade micro-lots. In addition, it now offers an Islamic accounting alternative for clients who wish to separate their money from the firm’s.
In addition to the MetaTrader platforms from MetaQuotes, FOREX.com also offers MetaTrader 4 and 5 web-based, desktop, and mobile trading platforms.
If you’d rather trade via a web browser, clients have access to the company’s proprietary Advanced Trading Platform, as well as the Web Trading platform.
Clients of FOREX.com are only allowed to use leverage ratios of 50:1 in trading currencies due to restrictions imposed by the U.S.
Over 10 million account holders use eToro as a social trading platform. It’s been serving retail clients and providing forex products to them for over a decade.
The Etoro exchange has several amazing features. Social news feed, CopyTrader, and CopyPortfolios are among the most popular offerings.
Trader and portfolio copy features CopyTrader and CopyPortfolio, which make it possible to discover a successful trader and duplicate their technique. This function allows you to mimic as many traders as you’d like.
News related to your contacts can be aggregated in a Twitter-like feed in the Social News Feed. A trader can receive updates based on market conditions and can have conversations about the market and his trading tactics.
AvaTrade is a long-standing online trading company that started operations in 2006. The company operates worldwide from offices located in more than 25 countries.
You can effortlessly traverse the complex investment world with the company’s intuitive and easy interface and the competent customer care team. The app includes educational content for beginners, including a trading tutorial for beginners.
Trading platforms such as the in-house Avatrade platform are available.
These two options are available: MetaTrader 4 and AvaTradeGO. In addition, traders can imitate the trades of experienced traders with ZuluTrade, DupliTrade, and MQL5, which offer automated trading systems.
Use a credit card or wire transfer to open your account with a minimum deposit of $100.
Trade Forex in Nigeria Now
If you live in Nigeria, it is vital that you put your funds’ security at the top of your list when selecting a forex broker. You should be sure your trade winnings can be quickly withdrawn.
Seek out a reputable brokerage that maintains customer funds separated in different accounts and keeps those accounts on deposit with a top-tier financial institution.
If an issue emerges with the broker, a rigorous authority may save you time and money.
Choose a forex broker in Nigeria today with our list of top brokers.