Best Forex Brokers in Nigeria

What to consider when choosing a forex broker

1. Minimum Deposit should be affordable

Minimum deposit means the lowest amount of money the broker will allow you deposit into your account. Always ensure this is an amount you can afford without borrowing.

2. Spread should not be too wide

Spread means the difference between how much you buy an instrument (such as a currency pair) vs the true market price of that instrument.

Forex brokers in Nigeria always increase their asking price thus causing you to pay higher and this is how brokers make their money when you trade.

Check that the spread is not too high, because spread affects the distance at which you can place your stop loss.

3. The broker should not be a scam

To spot a scam forex broker, check the bottom of their website or check their client agreement document, for details of the license that authorizes them to operate in Nigeria.

if you cannot find the brokers regulatory license information on their website or client agreement document, then you may be dealing with a scam forex broker.

However, if you check and see that the broker is claiming to be regulated by a certain authority, then go to the website of the regulatory authority and carry out a confirmation check.

Usually the regulatory authorities maintain a register on their website, where you can see the names & license information of all forex brokers they have issued icenses to.

For example one of our best forex brokers in Nigeria, Trade Nation; claimed to be regulated by the Financial Services Authority (FSA) in Seychelles. We were able to confirm this claim by going to the FSA website and checking their register of regulated entities.

We found Trade Nation was in that register and their contact information was alwso published in the register.

The cost of falling victim to a scam broker include loss of funds, reversal of profits, manipulation of stop loss etc. It is cheaper to avoid scam brokers by following the above suggestions.

FAQs on Forex Brokers in Nigeria

What is the difference between a stock broker & forex broker?

A stockbroker is a licensed person/company through whom you must pass to buy real shares of companies. A forex broker is a licensed company through whom you must pass to buy/sell currency contracts.

With a stockbroker you must take delivery of the shares you buy but with a forex broker, you do not take delivery of the currency, you only speculate on if the exchange rate will rise or fall using contracts.

Which broker gives free bonus without deposit?

Forex brokers like HeadWay give you a free bonus to trade with even when you have not deposited any money into your trading account.

Which broker can I deposit $1 ?

Brokers like Trade Nation allow you deposit as little as $1 into your trading account.

Which forex broker is the best for beginners?

Brokers like HFM & Exness are best for beginners because they allows you open mini-accounts for trading small volumes of currency and this allows you learn live forex trading without risking much money.

Which forex brokers will allow me withdraw all my money?

Forex brokers like FxPro & FXTM will let you withdraw all the money in your account but you must leave N100 behind.

Which forex brokers have naira account?

Forex brokers like FXTM, FxPro, HeadWay, Exness & HFM all have naira as an account currency.