Alpari – Best Nigerian-based Forex Broker; FXTM (Forextime) – Best Nigerian Naira Account; JustForex – Lowest Niara Minimum Deposit in USD; XM – Lowest Spreads in the Trading 02/07/ · Pepperstone – Best Overall Forex Broker in Nigeria; FXTM – Best Forex Trading Platform Nigeria; IC Markets – Best Forex Broker for Beginners in Nigeria; XM Forex – Best Unfortunately, the best forex brokers in the world don't have offices in Nigeria, but this is not a reason to worry. It is much better to use one of the best forex brokers in the world which 01/08/ · These are the best Forex brokers and best trading platforms in Nigeria in AvaTrade - Best Forex Broker in Nigeria HFM (HotForex) - Highest Leverage for Market 21/08/ · HotForex was founded in Hotforex is very popular online broker in Nigeria with offices and customer support located in Lagos. This broker has entered Nigerian forex ... read more
Home » Broker » Forex Brokers by Country » 10 Best Forex Brokers in Nigeria. This is a complete listing of The 10 Best Forex Brokers in Nigeria for August In this in-depth write-up you will learn:. FXTM can be summarised as a trustworthy broker that provides Contracts for Difference CFDs and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market. Rated 32 of Recommended FX Brokers. Overall, Exness can be summarised as a trustworthy and worthwhile broker that is very competitive in terms of its trading fees against major currency pairs.
The spread is also very low and offers a sign-up bonus for 1st-time traders. Overall Rating. Rated 2 of Recommended FX Brokers. Minimum Deposit. Islamic Account. Trading Fees. It is regulated by one tier-1 regulator highest trust and three tier-2 regulators. Rated 6 out of 66 Recommended FX Brokers. Khwezi Trade can be summarised as a trustworthy, proudly South African broker with a good reputation that provides user-friendly trading conditions to its clients.
A Khwezi Trade Live trading account can be opened with a minimum deposit amount of R ZAR. Rated of Recommended FX Brokers. IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders. Rated 38 of Recommended FX Brokers. IG Group. Overall, FXCM is considered a low-risk and can be summarised as trustworthy and reliable.
In terms of trading conditions, FXCM offers a user-friendly trading environment with low spreads and high leverage. The company has an overall trust score of 92 out of Rated 26 of Recommended FX Brokers. Overall, Tickmill is very competitive in terms of its trading fees and spreads. Tickmill can be summarised as a safe and credible regulated broker with a trust score of 97 out of 99 High Trust. Rated 3 of Recommended FX Brokers.
Trade Nation is considered a low-to-medium risk broker with an overall trust score of 79 out of Trade Nation can be summarised as trustworthy and reliable being regulated and licensed by the FCA, ASIC, FSCA, and SCB high trust.
Rated 79 of Recommended FX Brokers. Plus is a tier 1 regulated forex and CFD broker that offers low trading and commission fees. Rated 55 of Recommended FX Brokers. Yes Availability subject to regulations. Overall, Avatrade is considered a low-risk and can be summarised as a trustworthy forex broker. Regarding spread and security, Avatrade guarantees fast trading speeds and secure trading conditions.
Overall, Exness is a credible and trustworthy MetaTrader 5 forex broker with a local office in Nigeria. Exness Nigeria offers an easy-to-use MT5 interface and has a high trust score of 93 out of Overall, Hotforex is a trustworthy low minimum deposit forex broker with a local office in Nigeria. Overall, Hotforex is the preferred ECN forex broker with a local office in Nigeria. Hotforex offers easy-to-use trading material and guides and has a high trust score of 93 out of Avatrade has no overnight charges on trades and has a high trust score of 97 out of Overall, Exness offers a world-class forex and CFD trading app in Nigeria.
Overall, Exness offers competitive spreads and no commission on their Niara trading account. Exness has a local office in Lagos, Nigeria, and has a high trust score of 93 out of Overall, Exness offers the lowest spreads for Nigerian Traders.
Overall, Alpari offers the best trading conditions on the Nasdaq Index for Nigerian Traders. Overall, Pepperstone offers the trading conditions on the volatility 75 index for Nigerian Traders.
Pepperstone has a high trust score of 93 out of Overall, XM offers the best forex no deposit bonus for Nigerian Traders. Overall, Etoro offers the best option for social and copy trading for Nigerian Traders. You might also like: Best Forex Brokers in South Africa. You might also like: Best Forex Brokers in Kenya. You might also like: Best Forex Brokers in Namibia. You might also like: Best Forex Brokers in the Central African Republic. Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.
Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.
Our review of the best forex brokers in Nigeria has revealed that FXTM is the most selected Broker option by Nigerian Traders as it makes Naira Accounts and Payment options available. Yes, Forex Trading is legal in Nigeria and multiple well-regulated Forex Brokers accept Nigerian Traders.
Overall, GO Markets can be summarised as a safe broker that provides competitive spreads on Contracts for Difference CFDs. GO Markets does not offer a Sign Up Bonus. GO Markets also does not offer a welcome bonus or deposit bonus or the advantage.
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Trading Platforms by Deposit. Index Trading Platforms. Trading Platforms. Brokers by Account Type. Brokers by License. Brokers Types. Let's consider that Samuel buys , euros with US dollars. Samuel decides to sell his euros to obtain his profit. He will receive , US dollars when selling his euros. Now you're going to think that " I do not have a hundred thousand dollars ", and that only the rich can earn so much money this way. It is natural to think like this, since we all know that most investments and opportunities are available only to the rich, but in the case of forex, this is not true.
In order to allow any trader to be able to transact large amounts of money, forex brokers offer leverage. This instrument consists of a virtual credit that the broker offers to its client in order to use larger sums of money. The broker knows very well that the forex market has small daily movements. For this reason, a trader needs to transact a lot of money to generate significant profits.
If Mr. Samuel from our previous example would have bought only one thousand euros, his profit would have been only 10 dollars. The broker is aware of that, and also knows that if the market had moved against Samuel, his loss would have been the same. To increase the potential for the profits and losses of its clients, the broker offers leverage this is why forex trading is done through Contracts For Difference, also known as CFDs, which are derivative financial instruments.
If Samuel has a thousand dollars in his account, he needs a leverage of to be able to use one hundred thousand dollars. Fortunately, the best forex brokers offer greater leverage. A good forex broker will offer at least of leverage, since there are brokers that offer leverage up to Using leverage offers any investor the possibility to trade with appropriate amounts for the interbank market and to earn a lot of money in the forex market.
But leverage also comes with greater risk. Using a lot of leverage can result in higher losses. That is why it is not recommended to use too much leverage.
With that said, since the CBN regulates other exchange trading activities, there is an annual limit of 50, NGN that you can send to overseas investments.
This means that if your broker of choice keeps your funds overseas, you will have to follow this regulation with the amount your transfer outside the country. As a Nigerian trader getting into forex trading, as with every other trader, there are a few things to be mindful of when searching for a new forex broker. These tips can help ensure the best experience for you:.
As mentioned, the Nigerian forex market is not directly regulated. This means you should exercise some caution when choosing your broker. To avoid a fraudulent situation, you should always choose a well-regulated broker with oversight from some of the top bodies like CySEC , ASIC , FCA , and others as listed above.
If you want to stay within African regulation, the FSCA of South Africa is also a much-respected regulatory body of choice. For your convenience, you should try to choose brokers who allow for NGN accounts and deposit methods. When you open an account and deposit in another base currency, you will typically be faced with conversion fees. These fees can be avoided if your broker accepts NGN deposits and base currencies, though these are tough to find although we have featured some. If you are an Islamic trader then you will need a fully compliant Islamic trading account.
This account will help you avoid interest in the form of overnight fees which is considered Haram under Sharia law. These accounts are generally available free on request from all the brokers we featured and where some may charge an admin fee, most provide for the exact same trading conditions.
You can read our guide if you want to know more about swap free forex brokers. Since the CBN only regulates exchange trading and not the online forex market in Nigeria, your broker will not be regulated by them. This does not mean it is a scam. In fact, you can easily check your broker regulations around the world depending on the regulatory body , through some of the following links. With regard to ESMA, you will first need to know which exact regulatory body covers your broker, though if that body is a European regulator like CySEC, then your broker will automatically be ESMA compliant.
Unlike some other countries, if you do lose money in forex trading, there will be no tax deduction and you will have to file annual income tax as Nigerian residents do. Your email address will not be published. Check our help guide for more info.
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MINIMUM DEPOSIT. Best Forex Brokers in Nigeria Filippo Ucchino Last Updated: June 12 Min Read. If the broker is regulated The minimum deposit of the broker for Nigerian traders If NGN base currency is available for Nigerians If Nigerian local deposits are available for Nigerian traders The spreads charged from the broker for Nigerians The leverage provided from the broker for Nigerian traders If bonuses or promotions were in store for Nigerians Table of Content.
Is forex trading legal in Nigeria? Forex trading in Nigeria is legal, however, there are no regulations in place. How to trade forex in Nigeria Since forex trading and online forex brokers in Nigeria do not come under any form of regulation, Nigerian traders are free to open accounts with their international fx trading platforms of choice and follow the regulations that this broker has put in place from their own regulatory body.
Nigerian trader? These tips can help ensure the best experience for you: 1. Look for top-tier regulatory bodies: As mentioned, the Nigerian forex market is not directly regulated. Look for Naira Accounts or NGN deposit methods: For your convenience, you should try to choose brokers who allow for NGN accounts and deposit methods.
Need to be Sharia compliant? Look for Islamic accounts: If you are an Islamic trader then you will need a fully compliant Islamic trading account. How to verify if a forex broker is regulated in Nigeria Since the CBN only regulates exchange trading and not the online forex market in Nigeria, your broker will not be regulated by them. FCA ASIC ESMA FSCA With regard to ESMA, you will first need to know which exact regulatory body covers your broker, though if that body is a European regulator like CySEC, then your broker will automatically be ESMA compliant.
Is forex trading taxable in Nigeria? Return To Top. About The Author Filippo Ucchino Co-Founder - CEO - Broker Expert. Filippo is the co-founder and CEO of InvestinGoal.
Last Updated on January 3, by Patrick Mahinge. HotForex is one of the forex brokers with offices in Nigeria, which means they are serious about catering for Nigerian clients.
Also, they support deposits and withdrawals using Naira, which is an added advantage since you skip paying currencies conversion commissions when depositing and withdrawing money into your trading account. With that in mind, we set out to review HotForex Nigeria, and like we always do, we opened both demo and live accounts, funded the account, and started trading with HotForex. This review is totally unbiased and has been put up to help you make the right decision if you decide to start trading with HotForex.
Some factors weigh in more than others when choosing a forex broker. We critically analyzed all these factors when reviewing forex brokers in Nigeria.
Every trader wants to know whether their money is secure with HotForex. Do they process withdrawals and how long does it take to process the withdrawals? With regards to security of funds, HotForex has very good reviews. HotForex is one of the best regulated forex brokers in Nigeria. A broker who offers different account types to cater for different group of traders is a good broker. HotForex does exactly this, and goes way beyond to make sure that traders of every level are well catered for.
Yes, HotForex has the Zero Spread account, which is an ECN account with spreads as low as 0. Click here to read more about the HotForex bonus offerings. Also known as US Tech or USA, the Nasdaq is available on HotForex. The NAS tracks prices of the top US stocks listed on the NASDAQ.
It consists of the top US companies, ranked by market capitalization. You can trade Nasdaq on 4 out of the 6 account types at HotForex, excluding the HFCopy and PAMM accounts. MT5 is one of the trading platforms offered by HotForex. Using MT5 on HotForex, you can easily analyze chart patterns for currency pairs as well as mange your trades.
The platform is available for Windows, Mac, Android, Android as well as iOS. HotForex is a bit limited when it comes to offering additional trading tools. However, HotForex does offer the MYFX trading console. HotForex offers two main types of forex bonuses that traders can choose from. The bonus one selected cannot be changed and in order to claim or switch to a different bonus a new HotForex account needs to be created.
Under this bonus policy the bonus cannot be lost and cannot be used for trading before the Volume requirements are met. We highly recommend HotForex for traders in Nigeria. They have local support, are highly regulated, and trading costs are relatively low. Tags: hotforex review.
Patrick Mahinge is a self-made Forex trader and mentor. He started his trading career in , and in just a few years, he has become one of the most successful traders in the industry. Patrick is passionate about teaching others how to trade Forex successfully, and he frequently mentors new traders.
He also works as an Introducing broker, helping other traders to get started in the Forex market. So, if you're looking to get into trading, feel free to reach out to him for advice.
He's always happy to help new traders get started in this exciting industry. Related Articles Pepperstone Review — 1 Forex Broker in Nigeria Best Forex Trading App in Nigeria FXTM Nigeria Review Best Forex Brokers in Nigeria We will be happy to hear your thoughts Leave a reply Cancel reply Save my name, email, and website in this browser for the next time I comment.
There has never been a better time to trade forex than now. And NG is there to make sure that your journey to becoming a successful forex trader in Nigeria is as flawless as possible. We review the best forex brokers in Nigeria , expose scammers, and share our insights on the forex market. You are Here: Home » Blog- Nigeria Forex Blog » Forex Broker Reviews » HotForex Review: Should You Trade Forex With Hotforex in Nigeria? Patrick Mahinge January 3, Last Updated on January 3, by Patrick Mahinge HotForex is one of the forex brokers with offices in Nigeria, which means they are serious about catering for Nigerian clients.
All this is good, but is HotForex a good forex broker for Nigerians? Does having an office in the country and support for Naira accounts make them better than say, an ECN broker who does not have a local presence. HotForex Official Website www. For traders in Nigeria, we recommend Bank Transfer as the best option to fund and withdraw money from your HotForex account.
Does HotForex Have ECN Account? Does HotForex Have Bonus? Does HotForex Have Nasdaq ? Does HotForex Use MT5? HotForex Nigeria Review. Summary We highly recommend HotForex for traders in Nigeria.
Contents HotForex Review Overview What Makes HotForex a Good Broker? Patrick Mahinge. Related Articles. Pepperstone Review — 1 Forex Broker in Nigeria. Best Forex Trading App in Nigeria. FXTM Nigeria Review. Best Forex Brokers in Nigeria. We will be happy to hear your thoughts. Leave a reply Cancel reply. Financial Conduct Authority UK , Dubai Financial Services Authority, Financial Sector Conduct Authority South Africa , and Financial Services Authority Seychelles.
01/08/ · These are the best Forex brokers and best trading platforms in Nigeria in AvaTrade - Best Forex Broker in Nigeria HFM (HotForex) - Highest Leverage for Market Unfortunately, the best forex brokers in the world don't have offices in Nigeria, but this is not a reason to worry. It is much better to use one of the best forex brokers in the world which Alpari – Best Nigerian-based Forex Broker; FXTM (Forextime) – Best Nigerian Naira Account; JustForex – Lowest Niara Minimum Deposit in USD; XM – Lowest Spreads in the Trading 21/08/ · HotForex was founded in Hotforex is very popular online broker in Nigeria with offices and customer support located in Lagos. This broker has entered Nigerian forex The spreads charged from the broker for Nigerians The leverage provided from the broker for Nigerian traders If bonuses or promotions were in store for Nigerians Table of Content Round 21/07/ · 6 Best Naira Forex Trading Accounts in Nigeria () FXTM – Best Regulated Broker with NGN Accounts 7B Forex – Best Educational Materials and Naira Trading Tools ... read more
The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Overall, Tickmill is very competitive in terms of its trading fees and spreads. It is really important that you carefully consider the various fees a broker might charge you before signing up. Each of these accounts can be summarised as: Micro — Good for traders with low trading experience. The general advice is to never trade with money you cannot afford to lose. This makes it not only a difficult proposition but also a lengthy process.Nigerian traders' primary goal is to maximize their profit while minimizing their exposure to market risk. The disadvantages include the fact that if you use an offshore broker, it will be subject to the regulations of that country and it may not be as well supervised at all. Help us continue to provide the best free broker reviews by opening your account with our links. Check our help guide for more info. com — All rights reserved. Lot — Currencies are traded in lots and it refers to the batches of currencies that are used to standardize forex brokers with offices in nigeria trades. You also have the option to opt-out of these cookies.