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List of registered forex brokers in nigeria

Best Forex Brokers in Nigeria 2022,10 Best CBN Regulated Forex Brokers Revealed (2022):

HotForex is the main low-cost broker that you will come across in this list of forex brokers in Nigeria. It also has local support and offices in the country making it an ideal fit for local 05/08/ · Best Forex Brokers in Nigeria. Our 10 best-registered & regulated forex brokers in Nigeria are: Tickmill: Best Broker for Beginners & Experienced Traders. FBS: The 10 Best CBN regulated Forex Brokers in Nigeria IC Markets. IC Markets is a regulated Forex ECN and CFD broker which offers more than + financial instruments across rows · This analysis and list of forex trading companies in Nigeria were made using Google Trends and 04/04/ · Here is a growing list of the best registered and licensed forex brokers in Nigeria in List of the best forex brokers in Nigeria in hide 1 Exness Forex Broker Review 2 ... read more

The broker name and the license number can be used to search for the details of regulation. As forex trading is currently not regulated in Nigeria, clients are at their own risk if there is a dispute between broker and clients. Hence, Nigerian clients must double check the regulation and safety of their funds with the broker before opening their account.

Clients residing in Nigeria must check the regulatory licenses held by the broker and the regulation under which they are getting registered with the chosen broker.

Trading fees: Brokers mainly charge spread on a trade, commissions per lot if any , and other hidden charges in some cases. Brokers also charge overnight charges in the form of rolling fees if the position is held open overnight. There may also be deposit and withdrawal charges every time you make a transaction. Make sure the overall fee is as low as possible, and look into the withdrawal fees, and inactivity charges as they might add up to a lot in the longer run.

Spread in CFD trading is the difference between the bid and ask price of the CFD instrument. Wider spreads mean lesser gain for the traders and higher revenues for the broker and liquidity providers. Spreads are mostly floating or variable but some brokers can also offer fixed spreads on a few instruments. Swap fee is only applicable when a leveraged position is kept open overnight.

If you prefer trades of more than a day, you must check the swap rates on instruments. Each CFD instrument has different swap rates for long and short positions. Each instrument can have different spreads at different times of the day. Clients must get familiar with the timings when the spreads are lowest and trade accordingly.

Most forex brokers have a list of trading instruments on their website where they compare the spread for each instrument for different account types. You can use their search in the table to check the spread for any desired instrument. Similarly, all other forex brokers also have such lists on their websites where you can compare the spread.

Any regulated CFD broker will always provide you with this information before as well as after opening the account. Platforms: Trading platform is meant to make trading comfortable. MetaTrader trading platform MT4 and MT5 is often a good start for serious beginners. It is even better if the platform offered supports mobile trading. Below is a picture of how MetaTrader 4 trading platform will look like on PC.

There are plenty of features and tools on each trading platform that can enhance trading experience. It is important to spend time and effort learning about the features and use of a platform before trading real money. Practicing demo trading with a broker that you are about to choose can help with the decision, but remember that live trading conditions would vary. Order Execution: Order Execution must be quick, without any re-quotes or slippage.

Some brokers provide instant execution of orders mostly with market maker brokers while others provide Market Execution price is generated while execution, hence a possibility of slippages.

and provide quick responses to emails within hours. If there is a Nigerian phone number for support, then it is even better. In our review of various Forex platforms, we found that HotForex and FXTM offer local phone numbers for support. Almost every regulated broker has live chat support. the quality of the support service can be different for each broker.

Traders can raise a random query to check the quality of support service on their own. Ease of Deposit and Withdrawal: The convenience of deposit and withdrawal can have a major impact on the trading experience with any of the forex and CFD broker. You may not want to trade with a broker that has limitations, restrictions, or penalties on your preferred mode of transaction. Traders must check all the conditions for the preferred method of transaction.

You can also inquire the customer support executives about deposit and withdrawals methods and conditions. Most Nigerian traders prefer to transact with Naira NGN from local banks but many offshore regulated brokers do not support deposits and withdrawals in Naira. The minimum amount, transaction fees, and currency conversion fees if any should be checked for every method of deposit and withdrawal separately. There are a few common mistakes the new traders do while searching for the best forex brokers in Nigeria.

Do not rely completely on suggestions of friends or family. You must do your own research. Checking reviews and gathering data can greatly assist but your selection should be based on your preference. A suitable broker for one trader may not be ideal for the other trader. You must not fall for the prey.

Many fake or unlicensed brokers offer lucrative bonuses to attract new traders. The bonus offers must be utilized but only after choosing a broker based on the above-mentioned factors. Do not make a decision only due to low fees. Brokers with low fees are always preferred by beginners but fake brokers take advantage of this preference. They may offer very low and unrealistic fees to get your deposits.

Regulations must be checked thoroughly. Leverage is a two-edged sword. Involving leverage in trades allows traders to open large positions with a smaller account balance. Profits can be increased with leverage but the losses will also be high with high leverage. Many countries have certain limits on leverage but no such limits are there in Nigeria.

Beginners must not choose brokers only because they offer the high leverage. Instead, leverage usage should be kept low in the initial phase. CFD trading is not suitable for everyone. Forex or CFD trading should not be done because someone you know is doing it or someone has made too much money. It is a risky financial market and may not be ideal for you. Identify your trading objectives, do some research and analysis combined with disciplined planning and strategy. Currently, there are no forex brokers registered with regulators in Nigeria.

All the forex brokers that accept traders from Nigeria are foreign CFD brokers. You can choose any forex broker that is regulated by major regulators like ASIC, FCA or CySEC. There are some brokers like Plus that offer their own proprietary platforms, but you should choose Metatrader brokers instead as you will get more customization options including support for EA, custom indicators, etc.

Currently only 3 forex brokers i. Hotforex, OctaFX , ForexTime have local offices in Nigeria, although they are not regulated by Nigerian regulators. Most other forex brokers are operating from foreign countries. These brokers also accept local bank transfers as a deposit option in Nigeria, and also offer a Naira withdrawal option, so you can withdraw your trading balance locally. Cent NDD.

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Our strong numbers. Protecting our clients funds. News Promotions Seminars Partnerships. Education Articles List of Registered Forex Brokers in Nigeria. List of Registered Forex Brokers in Nigeria Reading time: 8 minutes. What is a registered forex broker? Forex4you — Best All-Around Option If you are looking for the forex broker on the list of forex brokers in Nigeria that is going to be the best all-around option, then it is likely going to be Forex4you.

FXTM — Local presence This broker is one of the few options on the list of forex brokers in Nigeria that actually has an office in the country, as well as a local phone number. AvaTrade — Competitive Fees AvaTrade is a company that is based in Ireland but caters to traders all across the world, including Nigeria. HotForex — Low Spreads HotForex is the main low-cost broker that you will come across in this list of forex brokers in Nigeria.

XM Forex — Ultra-Fast Execution XM Forex has some of the fast execution speeds that you will come across with the best forex brokers in Nigeria. Conclusion As you can see from this list of regulated forex brokers in Nigeria, there are some very strong options available for you.

In other news…. Useful Forex Fundamental Analysis Tools. Although the platform features a fixed spread broker, their spread can be higher for minor and exotic currency pairs. VISIT AVATRADE. com is one of the youngest brokers but has rapidly growing new customers. They have the most significant number of crypto coins for CFD trading and an excellent design of the trading dashboard.

VISIT CAPITAL. This forex trading platform is also quite popular among Nigerian traders. It was founded in , and since its inception, the platform has rapidly gained many active forex brokers. This is also a trusted and regulated platform with approvals from two well-known regulatory authorities, CySEC and FCA. Exness allows you to choose from more than primary and minor currency pairs. Their deposit requirement is also relatively low. Coming to the deposit options, the platform allows you to place a deposit via local banks applicable only to Nigerian traders.

The customer support option for Exness is very prompt, helpful, and well-responsive. Instant withdrawal options are too general, which are applicable for e-wallets. XM Forex. This forex broker platform is recommended to Nigerian traders. The platform has been operating since the year of As of today, XM forex supports around fifty-five different currencies. Another unique part of this website is that it arranges and organizes free training, live web seminars, and educational videos frequently so that you can learn the art of successful forex trading.

COM is popular among starter and intermediate segments in traders. ASIC of Australia regulates the broker. com is the best option. The transparent policy, coupled with low spreads 0. There are no requotes; it also does not have a slippage policy. The maximum permission leverage is XM Forex has three different accounts, all of which have an exact deposit requirement. The fees associated with this platform are also relatively low. For example, for Ultra-Low accounts, their fee is around 0.

Whereas, for Standard and Micro accounts, their fee is approximately 1. Another unique and exciting feature of this platform is that it supports an instant order execution guarantee. Other features of this platform include negative balance protection, fast withdrawals, and quick execution of orders. VISIT XM.

This forex broker platform was founded and established in the year of The platform supports many different account types. On top of that, the platform also invests in trade in cryptocurrencies. For example, you can trade with this platform with cryptocurrencies like Bitcoin and Ethereum. Additionally, this platform accepts a wide variety of deposit and withdrawal options. Being a trusted and regulated platform, Alpari is certified by CySEC or Cyprus Securities and Exchange Commission.

However, the platform is no longer approved by FCA or NFA. You can quickly and conveniently reach out to this team whenever you need help. VISIT ALPARI. IC Markets is a regulated forex broker ASIC license and a famous Forex CFD provider. It is favored in Nigeria by high-volume traders, scalpers, and robots. IC Markets offers an average spread of 0. This broker provides ECN accounts as well. VISIT IC MARKETS. ECN brokers use electronic communications networks ECNs to give clients direct access to other participants in currency markets because their platform is electronically connected to the network of international banks or liquidity providers.

To start trading forex, you need to have an internet connection and be above 18 years old; then, you must pick a forex broker, register, and verify documents. Then, open a demo account and start to practice.

Would you please read trading books and watch trading lessons on youtube?

One of the largest trading markets is a foreign exchange market, with the most significant daily turnover of 6. Which is considered a considerable amount when compared with integrated stock markets worldwide.

Trading activities carried over by the interbank market allow the users to execute trades 24 hours, 5 days a week, starting from Monday to Friday. Forex trading is purchasing and selling foreign currencies to make a profit speculated in the forex market worldwide. Users can execute their trades in the forex market, which allows them to trade Forex currencies; the FX market is preferred by institutions, investors, retail traders, and banks. The Best forex brokers in Nigeria are quite porous.

Before you decide to trade for the Forex trading market, each trader should assess the risk due to the weak laws and regulations of the regulatory authorities. However, the best forex brokers in Nigeria are legalized and are regulated by the Central Bank of Nigeria CBN or Securities and Exchange Commission, Nigeria SEC. The central bank of Nigeria provides no exclusive trading broker list. Trading best forex brokers in this country can be easily accessed, and one of the most accessible markets to open and register an account and proceed with trading.

Registering in an online Forex trading account is very easy. One of the best ways for a Nigerian investors is to speculate on the increase and decrease in the currency price fluctuations.

Nigeria has become one of the most popular countries where the investors daily estimated trading volume is to million Naira. This country is rich in oil reserves, and it is the gateway to the African continent. This country is also known for its history of different types of financial scams, and a Nigerian trader should find the best forex and trustworthy trading broker to trade with them.

Finding the best, trustworthy, reliable, and regulated Nigerian forex broker is a bit of a complex process. Here are the top 10 trading brokers to consider in Nigeria based on your strategy:.

So below are the best brokers for forex in Nigeria discussed Tickmill is the best forex trading broker with a top brokerage company that provides a platform with technology combined with functionality for its users.

Tickmill is a good platform best suited for forex traders who would like to trade by using a range of technical indicators; They also allow a Nigerian forex traders to use advisors where the users can automatically use the copy trading function to carry out trading functions which provide great help to Nigerian.

It also provides demo accounts, where users can learn and then switch to the live account, and has types of accounts suited as per need. Traders much prefer this best forex brokers platform for day trading and scalping. It is best suited for both advanced and new traders; this broker firm is suitable for short-term trading strategies and provides robotic trading to give algorithmic trading-based signals.

Tickmill is a regulated fx broker with a license by the Financial Conduct Authority FCA the UK based and the Seychelles Financial Services Authority. It is also a broker that is regulated by the Cyprus Securities and exchange commission CySEC. That means that the users are guaranteed the safety and reliability of their funds. It is best suited for beginners and experienced traders in Nigeria, along with MetaTrader 4 support, an Islamic account, and a range of trading tools.

Tickmill was founded in August in Seychelles. T rading instruments offered by the Tickmill platform are stock, forex, indices, metals, bonds, oils, and buy and sell of cryptocurrencies. However, check our honest Tickmill review and learn more about this fx trading platform in Nigeria.

Tickmill few best forex brokers Nigeria with a low fee structure that could be used by all various Nigerian traders.

This trading platform charges low Forex fees, and CFD broker fees are average. The users can trade forex and CFDs depending on the different available major currency pairs, and these are EUR, USD, stocks, indices, precious metals, buy and sell of cryptocurrencies, and bonds. You can get the pro account spreads starting from as low as 0.

When compared with other Nigeria forex brokers with Tickmill, Tickmill provides a standard commission which is considered to be the lowest around the world, to give an opportunity to Nigerian traders. Sign Up Now. FBS is one of the best online brokers in the list of registered forex brokers in Nigeria and that has gained popularity within a short time; this broker has the highest overall rating and has an excellent reputation among the traders.

A broker has more active users, and currently, it has more than 17 million traders that offer its membership. It provides trading options with trading instruments like stocks, cryptocurrencies, forex and CFD trading to its clients in Nigeria. These best forex brokers with international clients, and it is a broker that is regulated by FCSA and IFSC regulations. This broker platform is regulated by the Cyprus Securities and exchange commission Cysec for the United Kingdom and EU clients, thereby offering leverage of when you decide to trade.

For clients in Australia, it is regulated by ASIC Securities and Investments Commission and provides leverage FBS is a regulated forex broker licensed by the Australian Securities and investment commission ASIC , the Cyprus securities and exchange commission CySEC , the International financial services commission IFCA, Belize , and Authorized financial services providers FSCA of South Africa.

It is one of the best forex brokers with many features which is best suited for advanced traders in Nigeria. So start trading forex and sign up for an account with a broker that is regulated.

A broker that is best for beginners and helps to choose different kinds of trading tools offered by the platform along with MetaTrader 4 Support. Learn more about the best forex brokers in this region, in our FBS reviews and the list of features suitable for you.

FBS was founded in , and the minimum deposit of 1 USD is required to start trading. Although the maximum leverage offered is , and trading instruments offered by the platform are one of the largest, they are currencies, stocks, indices, metals, energies, cryptocurrencies, Forex and CFD trading.

The commissions begin from as low as 20 USD; this platform also charges fees such as deposit and withdrawal fees from its users. and offers fixed spreads. This company is registered in Seychelles and is regulated by the authority — the FSA Financial Services Authority of Seychelles, and Vlerizo Pty Ltd, as a well-known financial service provider, an fx broker with fast execution, a broker that is regulated and authorized by the FSCA Financial Sector Conduct Authority of S outh Africa.

The Exness has some of the highest overall ratings and over tradable assets on Forex, Shares, energies, cryptocurrencies, metals, Forex, and CFDs, making it a top broker list. You should also know that the broker also provides services on MT4 and MT5 Metatrader 4 and Metatrader 5 trading account for windows, the web, and Mac along with an Islamic account and micro account.

A Nigerian forex brokers regulate Exness; the Financial Conduct Authority licenses it in the UK and the Cyprus securities and exchange commission CySEC. Exness has been preferred by advanced traders who would not like to deposit huge capital or will not be trading often with no commission commission-free trading.

It offers up-to-date financial news, trading instruments, analysis tools, and technical analysis charts. Although, read our honest Exness reviews and explore the platform well. Regarding commissions and fees, Exness offers a flexible structure if a trader chooses a classic account.

This account requires the minimum deposit of USD, starting spreads from 0. FXTM is a short form of Forex time and is a known trading platform and that focuses on foreign exchange. The platform is an international forex broker with specializing in several sectors that offer trading platforms and a lot of forex trading tools, including risk management.

FXTM is open 24 hours and operates 5 days a week; this broker firm is functional in Cyprus and is licensed by IFSC international financial service commission , the Cyprus securities and exchange commission CYSEC , and other top tier regulators from the EU. That is one of the best forex brokers have offices in Nigeria. The best forex brokers provide a demo-free account, and a swap-free Islamic account type is provided to users to practice and familiarize themselves with different tools to stay up to date, which are available with the broker.

Which is a great way to begin your trading journey. Being the top brokers, FXTM is regulated and overseen by Cyprus Securities and Exchange Commission CySEC , International Financial Services Commission IFSC , FCA of the UK Financial Conduct Authority , and several other top-tier regulators around the EU.

It is the best forex broker Nigeria suited for traders who are well versed in using the MetaTrader 4 MetaTrader 5, and more trading platforms. FXTM was founded in FXTM has trading platforms that offer leverage of , and one of the largest collections of financial instruments such as CFDs on commodity futures, Forex, commodities, and Cryptocurrencies you can trade.

It takes charge of a local bank transfer or Neteller. FXTM offers a variable spread, and it does not charge a commission to users. The trading platform offers no charge or fees for NGN Nigeria Local Bank Transfer. It offers 0. Founded in , Pepperstone is a known reputed forex brokers Nigeria that has a global online presence when dealing with foreign exchange.

Being the most prominent broker, it provides CFDs with margin, tight spreads , and social trading around the world. Pepperstone is supervised and is well-regulated by reputable regulatory authorities, and it is headquartered in Australia. The traders can add a low minimum deposit of USD when they sign up on the platform to trade on this platform. You can sign up with your email address and your account is ready. Pepperstone also offers a demo account to learn before you invest real money in a live account and an Islamic account for Nigerian traders to familiarize themselves with the Pepperstone platform and try out various trading strategies.

The leading and award-winning broker platform is helpful for traders; whether they are new or experienced, it is the best suit for any trader willing to trade the forex market. Pepperstone is well-regulated by the ASIC Australian Securities and Investments Commission , FCA of the UK Financial Conduct Authority , and DFSA Dubai Financial Services Authority.

The recommended minimum deposit to fund the account with Pepperstone is USD for a Nigerian Traders. It offers maximum leverage of , and there are many tradable assets offered by the Pepperstone platform, such as shares, equity, energy, forex, commodities, cryptocurrencies, indices, and metals that you can trade.

But, it charges CFD broker financing rates, that is, the charges for holding CFD positions overnight, which are high for certain asset classes. IC Markets is a most well-known online best forex broker in Nigeria, which provides foreign exchange for CFDs, spread betting, forex, share trading, financial instruments, and digital currency trading for traders with raw spread. One of the best forex brokers in this region was founded in and provides both MT4 and MT5 Metatrader 4 and Metatrader 5 and cTrader trading platforms for its users, along with a swap-free account type.

IC Markets headquarters are located in Australia. The minimum account deposit required for opening a trading account is USD for Nigerian traders. It provides a demo account where you can sign up for practice before you trade real money. This award-winning platform also provides an Islamic account for users who would like to get acquainted with the IC markets platform and test different strategies.

IC Markets is authorized and well-regulated by the Australian Securities and investment commission. This trading platform IC Markets has been rated the highest overall with smooth trading conditions , and it is best suited for all kinds of traders who are willing to take benefit of the lowest spreads along with several trading tools whether they are new or experienced traders.

The initial deposit required to begin trading for your account with IC Markets is USD for Nigerian traders. Note: Your capital is at risk as CFDs are complex financial instruments and may not be suitable for all traders, and you should be aware of the high risk of losing any of your money when trading CFDs with real money and how much you strategize to invest.

So always make sure to choose a broker with a good repo. Free deposits and withdrawals with low spread. Hot Forex was founded in and is the top brokers known. This trading platform has the highest overall rating, with competitive spreads and commissions, enhanced charting, different trading account types, financial instruments , educational offerings, and value-added functionality for its users.

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10 Best CBN regulated Forex Brokers in Nigeria IC Markets. IC Markets is a regulated Forex ECN and CFD broker which offers more than + financial instruments across HotForex is the main low-cost broker that you will come across in this list of forex brokers in Nigeria. It also has local support and offices in the country making it an ideal fit for local 29/03/ · 7 Best Forex Brokers in Nigeria. These are the best registered forex brokers for traders in Nigeria: Hotforex – Best Forex Broker in Nigeria. XM Forex – Best Low spread 05/08/ · Best Forex Brokers in Nigeria. Our 10 best-registered & regulated forex brokers in Nigeria are: Tickmill: Best Broker for Beginners & Experienced Traders. FBS: The If you want to trade forex in Nigeria, you should choose a well-regulated broker and also authorized by CBN(Central Bank of Nigeria). There is a plus point if they have offices in 04/04/ · Here is a growing list of the best registered and licensed forex brokers in Nigeria in List of the best forex brokers in Nigeria in hide 1 Exness Forex Broker Review 2 ... read more

There is also access to a huge range of different analyses. cookielawinfo-checkbox-others 11 months This cookie is set by GDPR Cookie Consent plugin. Regarding spread and security, Avatrade guarantees fast trading speeds and secure trading conditions. Overall, Alpari offers the best trading conditions on the Nasdaq Index for Nigerian Traders. With STP order execution, the broker can offer ultra-tight ECN spreads via its raw account, or low no commission spreads through its standard account. Ultimate Guide to Cryptocurrency Cryptocurrency Pairs Cryptocurrency Brokers Cryptocurrency Exchange Platforms Cryptocurrency Blockchains.

To start trading forex, you need to have an internet connection and be above 18 years old; then, you must pick a forex broker, register, and verify documents. Four tips to be a successful forex trader. Exness does not offer Naira base currency account at the moment. This is also a trusted and regulated platform with list of registered forex brokers in nigeria from two well-known regulatory authorities, CySEC and FCA. All the five brokers above qualify for beginning traders. Top 10 US Brokers. Pepperstone is the best forex broker in Nigeria, not just for their platforms but also their fees.

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