Trading Forex is not what you should just jump into. You need a good and reliable Forex broker to start with. In this article, I’ll show you list of top 10 Forex brokers in Nigeria you can trade with. Just keep reading!!!
If you are into Forex trading in Nigeria and you are looking for a good Forex brokerage (or broker) to trade with, then this article is for you.
When looking for a Forex broker, identify your needs and be conscious it. If you have any broker in mind, make sure they can satisfy your needs before you open a Forex trading account with them.
Majority of the forex brokers in Nigeria that carry out their operations online are not being supervised directly by Central Bank of Nigeria (CBN) or other observatory agencies. Therefore undergoing any trading transaction with them is unwise. The right thing to do is to seek an international forex broker that has supervisory agency (or agencies) that monitors every activities carried out by the broker.
Nigeria has a national currency know as the Nigerian Naira(NGN) and this naira can be split up into 100 smaller fragments called Kobo.
According to the Bank of International Settlement (BIS), the Nigerian currency or Naira is not considered as one of the highest currency been traded.
The Central Bank of Nigeria in accordance with the Nigerian Financial Sector Regulations has put in place set of rules to be followed by the Forex brokers and the Nigerian stock exchange market which is clearly stated in the Banks and Other Financial Institutions ACT (BOFIA) 2017.
These rules are in line with the rules set by the SEC of the United States. The BOFIA clearly states that the Forex broker undergoing business in Nigeria should keep their customer’s funds in a separated and isolated account so that if the broker at some point becomes bankrupt or there is a legal action brought against the broker, then the customer’s account will be protected and safe in such circumstance.
Just before I show you the list of top 10 forex Broker in Nigeria, let me first show you the features of a good Forex broker; I mean the major things you should be looking out for when seeking for a Forex broker in Nigeria or anywhere in the world.
Features Of A Good Forex Broker
1. A good Forex brokerage should have option for deposit and withdrawal that should be in line with your needs.
2. Should be able to keep customers deposit in a separated and secured place away from the broker’s fund.
3. Should have a supervisory agency that monitors every activities that the broker embarks on.
4. Should be respected in the mist of forex traders.
5. Gives its customers the liberty to open any kind of account they wish to open and trade in.
6. Should demand only for the minimum trading amount the customer can afford.
7. Gives its customers the freedom to have access to trade in any forex currency and to trade in any other asset.
8. A good broker should have the greatest possible degree of leverage ratio (the highest amount of borrowed money which the customer can use to trade).
9. A good and reliable broker should be able to keep it’s customers account safe from any negative balances (prevent it’s customer from losing the amount deposited).
10. A good broker should have a good trading platform such as MetaTrade 4, MetaTrade 5, cTrader and NinjaTrader.
Top 10 Forex brokers in Nigeria
Below are the list of the top respected and trusted online Forex brokers in Nigeria.
One of the most famous and respected Forex brokers in Nigeria is EasyMarket. It is formerly referred as Easy-Forex. It was founded in the year 2003 and has a domain in Cyprus.The observatory agencies that monitors the activities of this broker are the CySEC and ASIC in Australia.
EasyMarket operates in more than 160 countries and trade in 175 variety of products such as Crypto (Bitcoin and metals), stock indexes, and CFDs commodities.
EasyMarket gives its customers the privilege to cancel any losing deal carried out within an hour of undergoing a trade (though, it attracts small charge). They also protect the customer’s fund by making sure the customer does not loss more than the amount deposited.
Login into their website to open an account with them and deposit amount as low as $100, with a minimum trade size of 0.05 and a leverage ratio of 400:1 at minimum. There is also a commission attached with EasyMarket.
EasyMarket broker is suitable for new traders, multi-asset and option traders, managing trading risk and those who are already into Forex trade.
EasyMarket also offers trading platforms to its customers include MetaTrade 4 and MetaTrade 5 which are available in mobile trading platform and web trading platform.
This is another Forex broker in Nigeria that makes it possible for customers to have access to a Large degree of leverage (400:1) on trade which is slightly higher than the ones provided by FXCM in U.K.
Customers can start a trading account with only $50. For those using amount less than $50, micro lots trading is accept by the broker. Customers funds are kept in a separated and secured place.
FXCM has its domain in Australia, U.K. and South Africa. It was founded in the year 1999 and the supervisory agencies which monitors the activities of FXCM are the FCA in the U.K, the Financial Sector Conduct Authority (FSCA), and the Australian Security and Investment Commission (ASIC).
FXCM allows customers to trade via these trading platforms; Ninja Trader, Trading Station, and Meta Trader 4.
The third Forex broker on the list is FOREX.com. This broker offers Meta Quotes (Meta Trader 4, and Meta Trader 5) and Ninja trade platforms for its customers to trade. These trading platforms are available in different avenues such as Web Based, Desktop and Mobile Trading version. Those using the Desktop and Web trading platforms have access to the company’s Patent Advanced Trading Platform.
Forex.com has high regard to customers asset, and it is graded as the first U.S forex broker. The supervisory agencies which monitors the financial affairs of this broker in the U.S. are the National Futures Association (NFA) and the Commodity Future Trading Commission (CFTC). Other supervisory agencies are in Singapore, Cayman Island, U.K. Hong Kong, Canada and Japan.
Customers can open an account with $250 USD and also they have the privilege to trade with smaller amount.
Forex.com always maintain a separate account for its customers and also provide Islamic account for those who wish to open one.
However, there are few limitations put in place by the U.S; that is offering customers who want to trade currency a maximum leverage ratio of 50:1.
Another reliable Forex broker you can count on is eToro. For over 10 years, eToro has been rendering services on forex product to customers. eToro gives their customers the privilege to carry out trading activities on the platform by providing various means to trade.
Having an account with eToro, however, depends on the location of the trader and there is a commission attached to it.
There are over 10 million people in the world that have an account with eToro.
eToro provides the liberty in which customers can be a partners of the firm. Copy Trader, Copy Portfolio and Social News Feed are among the privileges given by eToro to its customers. You can search for a trader without much stress. Through Copy Trader and Copy Portfolio, you can view and duplicate the plan of action of up to 100 traders. Installation of this platform is very easy and not difficult to access.
Being a social trading platform, it has a News Feed which allows the update of traders to be viewed in the form of twitter format. From this news feed traders share their views about the market and their next plan of action, and allows traders to get notifications about new deals. One can register with etoro by Login into the website.
5. Hot Forex
The fifth forex broker on the list is HotForex. This trader offers its customers a leverage of 1000:1 which is of great value but unsafe. Hot forex support Meta Trader 4 and Meta Trader 5 trading platforms available in mobile and web version. The supervisory agencies of Hot forex is the FCA in U.K, CySEC in Cyprus, FSCA in South Africa, and Dubai Financial Services Authority (DFSA) in UAE. Hot forex support trading of CFDs on shares, indices and commodities, Alphabet such as GOOGLE, Apple Inc (APPLE), Facebook (FB) and spot metals.
6. FXTM (ForexTime)
ForexTime is another broker you can trust. It is customer orientated. They provide educational aid or support for the upcoming traders. This broker has a reputable customer care service which made them one of the best brokers.
FXTM offers leverage as high as 1000.1 with a speculative fund of about $200,000, and support trading services in 240 tradable instrument such as CFDs, crypto currency. Customers can open a micro account with $ 5USD. FXTM operates with the desktop, web-based and mobile version of Meta Trader 4 and 5.
In Nigeria, ForexTime is among the well know forex broker due to the fact that they receive and attend to customers in the country. The supervisory agencies that monitors the affairs of FXTM have a domain in Cyprus (CySEC), South Africa(FSCDA) and the U.K. (FCA). In 2018. FXTM received an award from Word Financial Magazine for Best Trading Condition and was also named the Best Forex Broker in Asia.
This is another top reliable broker in Nigeria that has been around since 1998. It allows you to trade currencies, CFDs, stocks and spot metals. It allows trade on Meta Trader 4 & 5 trading platforms.
Another remarkable thing about Alpari is that it offers very low spread major currencies pair like EUR/USD, and it doesn’t charge any extra commission aside spread.
Avatrade is a regulated broker with ASIC & FSCA regulator. One great thing about Avatrade is that it has fixed spread, meaning that their spread will remain thesame regardless the market conditions. It charges no fee on deposit or withdrawal.
9. XM Forex
Generally, a good Forex brokers should have the following qualities:
- Must be regulated by regulating agency
- Must have good reputation among Forex traders
- Allow you to open and trade in the type of account you want
- Offer affordable minimum deposit.
- Allow you to trade all Forex pairs and other assets as you wish
- Offer maximum leverage ratio that is high enough for your trading strategy
- Offer protection against negative balances
- Separated client funds from your own money
- Have withdrawal and deposit options that suit you
- Anther vital thing to put into consideration as you choose a Forex broker is the trading software it supports. Don’t choose a broker that offer only their own proprietary trading platform to customers. But choose those that also allow trade platforms from third parties such as MetaTrader4&5 from MetaQuotes, cTrader or NinjaTrader.
Top 10 forex brokers in Nigeria are; Easymarket, FXCM, Forex.com, eToro, Hot Forex, FXTM, Alpari, Avatrade, XM Forex and Exness.
Before you start a Forex trade, it is very important to carry out a thorough research on the broker you wish to commence trading with. Some have a supervisory agency that monitors its activities and they keep a separate account for its customers, while others do not. Knowing the right forex broker will protect and keep your trade away from the wrong ones.