Which Forex Broker Has 1:3000 Leverage & Naira Account in Nigeria?

Hi Obinna,

Forex brokers like Just Markets offer 1:3000 leverage and Naira Accounts to retail forex traders in Nigeria.

Just Markets are a regulated forex broker with an international presence and $10 minimum deposit.

However, you must also be aware of the dangers of high leverage and utilize proper risk management such as Trailing Stop Loss Orders.

With leverage as high as 1:3000, any losses will eat into your account balance really quickly & your account balance could be wiped off in a few minutes.

However, ensure to use proper risk management.

Forex brokers with Naira Accounts that I know of are:

1. HFM Forex

2. FxPro

3. Just Markets

4. Exness

Infact I wonder why so many good forex brokers in Nigeria do not offer Naira Account. Is it because they want to be making money from currency conversion fees?

I mean look at some of the best forex brokers like Tickmill, XM, Pepperstone; yet they do not offer Naira account.

For those who have never traded with a naira account, it is more convenient my brother. You see your profit/loss displayed in the naira currency which you can relate to.

The trading looks more real because the figures are displayed in a currency you use everyday and are familiar with.

I never heard of Just Markets but I'm gonna check them out.

I don't know why do you want to trade using 1:3000 leverage. The brokers who offer such high leverage are generally scammers.

Avoid any broker that offers you such high leverage. Otherwise you will definitely lose all your equity.

By this measure, with $100 capital, the broker is offering you ability to trade $300,000. Assuming that you are trading EUR/USD or any other major, that's 3 standard lots. If your broker's spread is 1 pip, you will lose all your capital ($100) in just 2.3 pips.

You are guaranteed to get stopped out if you trade like this, and lose of your equity. My strong advice is to think of trading as a series of trades. You will lose some & you will win some.

Start by taking 20 trades with the same set of rules. By same set of rules, I mean the exact same trade, every day. You will then find out if your strategy has an edge or not, then tweak from there. You can then scale to higher lot size if you have an edge.

Don't use leverage for the sake of it. Don't even use more than 1:30, or 1:100 at max. That's also a lot.

I agree with Karbin because most renowned brokers tend to offer lower leverage. Look at FxPro, Tickmill, AvaTrade, none of them offer above 1:1000 leverage to retail traders and yet these are big forex brokers by market cap.

Honestly, I don't think brokers really care for it.

1:500 leverage or 1:3000, it's all the same (not theoretically I mean), you are going to blow up either way, one sooner than the other. Just because the broker says 1:200 leverage, I don't think that's any better.

The large reputed CFD brokers generally only signup traders with high volume & longer lifecycle. For that those traders have to be profitable. So, the broker's revenue model in that case, my guess is, it would be spreads & commissions, it cannot be market making.

But there are also very large market maker CFD brokers (one of the largest in terms of monthly trading volume I would add) who are make their money from losing traders. But it is not always linear.

For example, this attached image is from the website of a regulated broker, in the last 2 years, they made about 13% & 20% of their income from market making. But in another year, it was a loss, meaning they lost money from market making.

So, it is not that straightforward. Even the worst of market maker brokers have to manage their risk, in order to not lose money.

But I think the main problem is from the trader's side. I know of traders who use high leverage when they want to (still not more than 1:100), but they do it well.

I think it comes down to thinking of trading not as a single make or break trade, but as a series of trades. You want to be profitable net-net.

Trying to compensate for low funding with high leverage is very risky. I have not seen traders get lucky with leverage all the time. So, it is a big risk.

The broker FBS also offers 1:3000 leverage but they do not have Naira Accounts sorry !!

I hear Exness has unlimited leverage but I think its just a marketing gimmick. What Exness allows is 1:2000 maximum.

FBS Broker has 1:3000 leverage and they accept Nigerian traders but they dont have Naira account. However, they accept Naira deposits from any Nigerian bank and their withdrawal fee is 2.5% plus N200

The broker called "Traders Trust " has 1:3000 leverage. I think they are regulated by the FSA Seychelles but you can confirm for yourself.

Also check out FirewoodFX, their standard account offers up to 3000x dynamic leverage but they are not tightly regulated. Although I have not traded with them, a friend of mine has been saying they are an okay broker but do your own research.

"Patrinova just said my mind, Firewoodfx is one of the 1:3000 leverage brokers and they also give $20 no deposit bonus which you can trade with the 1:3000 leverage.

FxPro now has 1:10,000 leverage and also has naira account.