Best Forex Brokers in Nigeria

Are forex brokers available to Nigerian traders regulated?

No forex brokers are regulated in Nigeria.

Some brokers serving Nigerians are regulated in other jurisdictions, so the key issue is whether they hold a credible license, not offshore and publish transparent trading terms. You should verify the regulation directly from the Regulator's website before opening an account.

What is the minimum deposit for forex trading in Nigeria?

Some brokers allow you deposit less than N10,000 into your account at any given time. FxPro has a minimum deposit of N5,000, HeadWay has a minimum deposit of N2,000 and FXTM has a minimum deposit of N7,000.

Are there Forex Brokers With No Minimum Withdrawal limits?

FxPro does not have any minimum withdrawal restriction so you can withdraw any amount from your trading account, even as low as N100.

Can I deposit and withdraw in Naira?

If your trading account currency is in naira, it means all your transactions will be displayed in Naira. It also means when you make a naira deposit into your account, you won't be charged a fee to convert it into another currency.

Forex brokers like FXTM, HeadWay, FxPro, Just Markets, Hantec Markets, HFM and Exness; all offer naira as one of the available account currencies.

Forex Brokers With Swap-Free Trading

Swap-free trading means you are not charged any overnight fee when you leave your trade open till the next day.

Forex brokers like Exness, Octafx, Just Markets and HFM do not charge overnight fees in Nigeria.

Forex Brokers That Don't Charge Inactivity Fees

An inactivity fee is usually charged to trading accounts that have not been used in a while. Inactivity fees range from as low as $5 to as high as $50 with some brokers

However, forex brokers like Tickmill, Trade Nation, Exness & Octafx do not charge inactivity fees.

Forex Brokers With No-Deposit Bonus

A no-deposit bonus means the broker gives you a bonus to trade with even without you depositing money into your account. Forex brokers like HeadWay give no-deposit bonus to Nigerian traders.

Forex Brokers With Lowest Spread

Spread is a trading fee that cannot be avoided and you must pay it whether your trade ends in a profit or loss. Spread also affects where you can place your stop loss.

When a brokers spread is too high, you must set your stop loss at a distance higher than the spread. For example if your brokers spread is 1.4 pips on EUR/USD, you must set a stop loss higher than 1.4 pips when trading.

The forex broker with the lowest spread in Nigeria is Trade Nation with their spread starting as low as 0.3 pips.

Forex Brokers With Non-Document Verification

Non-document verification means you do not need to snap and upload your means of identification when opening an account. All you need to do is supply your NIN or BVN number to the broker and you are good to go.

Forex brokers like FxPro, Exness and FXTM have non-document veriication in place.

Which Forex Brokers offer TradingView platform?

TradingView is a type of trading software which is very popular because it has many useful features and it is easy to understand even for a beginner.

Forex brokers like Trade Nation, Tickmill, FxPro have TradingView as a trading software for their customers to use.