In Nigeria, currency trading is increasingly popular. The country has around 300,000 traders, and its FX volumes are the second on the continent. However, the local market is still unregulated, so choosing a forex broker is not easy. Here are ten brands worth considering.
Markets.com
This broker is classified as a market maker, which means that it sets its own pricing. Costs of trading are included in spreads. Clients may use four platforms: MT4, MT5 and two proprietary systems. The broker focuses on CFDs and offers over 2,200 types of this instrument. There are CFDs on currencies, cryptocurrencies, commodities, stocks, ETFs, bonds, and more. Leverage for forex is up to 1:300.
Pepperstone
This forex and CFD broker is authorized by the FCA and the ASIC. It offers both ECN and market-maker accounts. Clients may use demo accounts free of charge for 30 days. Proprietary tools may be added to the MetaTrader environment. In addition to MT4 and MT5, clients may use the cTrader system for automated trading.
ForexTime (FXTM)
This global broker allows Nigerians to open accounts in the naira, so they save on conversion fees. At the moment, this is a unique offer. Moreover, entry is extremely affordable, as cent accounts may be opened with just $10. This trading broker gives access to over 250 instruments through MT4, MT5 and its own app FXTM Trader.
Currency pairs, spot metals, and CFDs on commodities, stocks, indices, and cryptocurrencies are offered. Clients may sign up for copy trading services, use demos as long as they like, and enjoy the highest FX leverage of 1:2,000. The company is licensed by the FCA, the FSCA, and the CySEC.
FP Markets
This ECN broker offers the straight-through processing model. Clients have access to narrow spreads and quick execution. There are two account types for MT4 and MT5, each requiring at least 100 Australian dollars to open. The range of instruments includes 60 FX pairs and assorted CFDs. FP Markets is authorized by the ASIC, the CySEC, and the FSA.
HotForex
Users may choose between 5 account types, and leverage reaches 1:1,000. Both market-maker and ECN models are offered. Automated and copy trading is included. Bonus offers include cash rebates for those who deposit at least $250 and a leverage boost.
OctaFX
OctaFX is ideal for Muslim traders, as it offers swap-free accounts. Both fixed and floating spreads are offered. Fees vary depending on account type and financial instruments. For example, on the MT4 Micro account, trading of a standard lot of EUR/USD costs 1.9 USD and 2.1 for selling and buying, respectively.
Three accounts and platforms are offered: MT4, MT5, and cTrader. The latter is particularly popular among scalpers and ECN traders, as it enables fast market entry, trade execution, and DoM transparency. Users may also connect to more experienced peers and copy their decisions.
AvaTrade
This broker does not offer ECN trading, so all the spreads are fixed. For example, it is 0.9 pips for EUR/USD and 1.6 pips for USD/CHF. As all costs are included in spreads, no commissions apply. Still, clients need to pay general trading and account fees, such as overnight charges. In addition to MT4 and MT5, clients may use the broker’s proprietary app called AvaTradeGO.
OANDA
This broker has licenses from the vastest number of jurisdictions from Japan to the USA. The brand prides itself on the quality of its support, and it has won several awards for customer service. The company offers a plethora of free educational resources and free tools. On the downside, its leverage conditions are less impressive, and spreads are broader than with competitors. Finally, cryptocurrencies are not offered.
Plus500
This CFD broker offers unlimited demo trading. Desktop, web-based and mobile trading are available. The company has the widest range of crypto trading. Aside from Bitcoin and Ethereum, one may trade less known currencies like Stelar, Cardano, and Tron. Unlike its mentioned competitors, the provider is officially listed on the London Stock Exchange.
The Bottom Line: Brokers in Nigeria
This CFD broker offers unlimited demo trading. Desktop, web-based and mobile trading are available. The company has the widest range of crypto trading. Aside from Bitcoin and Ethereum, one may trade less known currencies like Stelar, Cardano, and Tron. Unlike its mentioned competitors, the provider is officially listed on the London Stock Exchange.
