Best Forex Brokers in Nigeria

Pepperstone Has The Best Forex Trading Platform

Pepperstone has the three top forex trading platforms based on popularity:

1. MetaTrader 4 – Most Popular For Forex Trading
2. MetaTrader 5 – Most Popular CFDs Trading Platform
3. cTrader – Best Automated Trading Trading Platform

All fx trading platforms come with a free demo account with allow Nigerian traders to test out forex broker and platform for 30 days. A maximum of AUD $50k in virtual funds can be traded over this duration on CFDs and forex markets. There are also platform enhancements available for Pepperstone traders including MetaTrader 4 smart trader tools, cTrader Automate, Autochartist and API trading. These third-party tools give traders the edge on the most popular forex trading platforms.

Other Key Features Of Pepperstone

1) Spreads And Commissions

Pepperstone is the best forex broker in Nigeria not just for their platforms but also their fees. There are two forex accounts available. The first is the standard account which has no commissions but higher spreads which is how the forex broker makes its money. The second is the Razor account (often called an ECN forex account) where the spreads are primarily determined by the market (not the fx broker). Instead, the forex broker makes its money from commissions. Overall the Razor account has some of the tightest spreads of any forex broker worldwide.

The second way a forex broker makes its money is from commissions which apply to the Razor account. Below shows how the Razor account commission is very low at USD $3.50 for MetaTrader 4 and  5.

If you choose cTrader the commission is 7 unit charges per lot based on the base currency. Meaning, if you are trading 100,000 units of EUR/USD you will pay a commission fee equal to 0.0035% of the base currency, in this case, €3.50 per side. All commissions can be reduced for high volume traders through Pepperstone’s Active Trader’s program.

The final way forex brokers make money is through deposit and withdrawal fees. There are no such fees for Pepperstone. The minimum deposit of Pepperstone is $200 although the forex broker is open that they will accept a lower initial deposit from traders. Below shows the overall costs for different brokers with our exclusive forex brokerage calculator.

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2) Customer Support

Pepperstone is the most awarded CFD provider when it comes to customer service. This includes investment trends which survey, actual forex traders, to gauge their performance. Pepperstone customer support ranges from global call centres, live chat and e-mail.

3) Regulation

To avoid forex scams it’s important to choose a broker that is regulated. Pepperstone is regulated by the two most credible regulators:

• FCA – UK’s Financial Conduct Authority
• ASIC – The Australian Securities and Investments Commission

Pepperstone is also in the process of receiving regulatory approval from the Financial Services Conduct Authority of South Africa.

View Pepperstone Review >>Visit Pepperstone >>

IC Markets Has The Lowest Fees

IC Markets is based in Australia (ASIC regulated) and offers the lowest brokerage fees including:

1. Low spreads on major currency pairs and exotic pairings
2. Low commissions for MT4, MT5 or cTrader forex traders
3. No Deposit Or Withdrawal Fees

Spreads Offered By IC Markets

The table below compares IC Markets to other major forex brokers in Nigeria when it comes to average spreads. Across many currency pairs, IC Markets has the lowest spreads.

Commissions Offered By IC Markets

Forex traders in Nigeria can receive some o the lowest commissions from IC Markets including:

• USD $3.5 (per lot per side) for MetaTrader 4
• USD $3.5 (per lot per side) for MetaTrader 5
• USD $3.0 (per USD 100k) for cTrader

There is no commission for the standard account (commission-free account) but this isn’t recommended for this CFD provider as the overall fees are higher. They also were awarded in 2020 with the best forex Islamic account.

Deposit/Withdrawal Fees

IC Markets has no charges on any account deposits or withdrawals to any forex account. Any fees that may be charged will be from the local bank if an international bank transfer is chosen. Below shows the funding methods available with IC Markets.

The minimum amount needed to fund an account (minimum deposit) is USD $200 or the equivalent in another base currency.

ForexTime (FXTM) Offers Local NGN Funding

Most online brokers don’t offer local Nigerian Naira ₦ (NGN) funding increasing exchange costs of currency trading. ForexTime offers two NGN account funding methods through bank wire transfer or Neteller. The minimum deposit is $100 for a standard forex account for ForexTime. This allows individuals to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency like the GBP, USD or EUR.

Other Key Features Of FXTM (ForexTime)

ForexTime offer social trading (copy trading) which means a trader:

1. Selects a Strategy Manager
2. Makes a deposit (minimum deposit of $100)
3. Mirror the Strategy Manager’s trade
4. Watch as you share a percentage of wins/losses
5. Cash-out or add deposits when required

ForexTime also offers local seminars in Nigeria locations such as Port Harcourt. This is run by industry experts and complements the forex trading (eg webinars) offered on the website.

Why Choose ForexTime (FXTM)?

ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile. With the highest leverage of any Nigeria fx broker of 1,000:1, detailed training and social trading options, they are ideal for time-poor traders want to test CFDs financial markets.

View FXTM Review >>Visit FXTM>>

• HotForex – FCA Regulated Broker For Beginners

Visit HotForex

• OctaFX – Lowest $0 Minimum Deposit

AvaTrade – Best Fixed Spread Trading Account

Hugosway Offers An ECN Trading Account

Hugosway is an ECN forex broker offering ECN trading that:

• Has liquidity from 50+ banks and dark pool liquidity providers
• Offers straight-through processing reducing latency times
• Achieve low spreads with no dealer interference

While in theory trading with an ECN forex broker like Hugo’s Way may sound promising the forex broker is not regulated with any well-known regulator. With limited positive reviews, Compare Forex Brokers doesn’t recommend this forex broker. Also, our head to head Hugosway vs Pepperstone comparison found Pepperstone has low trading costs and other features on-top of their regulation.

View Hugo’s Way Review >>Visit Hugo’s Way >>

OANDA Is The Most Regulated Forex Broker

OANDA operate across the six most credible authorities including:

1. Australia AISC (Australian Securities and Investments Commission)
2. United States CFTD (Commodity Futures Trading Commission)
3. Europe and UK FCA – (Financial Conduct Authority)
4. Japan IFFA (Institute Financial Futures Association)
5. Singapore MAS (Monetary Authority Of Singapore)
6. Canada IIROC (Investment Industry Regulatory Organization of Canada)

OANDA Focuses On Transparency

Along with regulation, OANDA has focused on pricing transparency and customer satisfaction. When it comes to pricing they offer real-time data from liquidity providers and finds mid-points across instruments. This is communicated to traders to be transparent about spreads. When it comes to customer support, OANDA has won several customer service awards for 24 hours/6 days a week support. It’s offered via live chat, emails and through phone support. Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education and a plethora of free tools and resources.

Why Choose OANDA?

If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs. The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available.

View Oanda Review >>Visit Oanda >>

Plus500 Have The Best Forex Demo Account

Plus500 are trading specialists with their own forex trading platform offering:

• A free unlimited demo account
• A number of trading options form Stop Limit, Trailing Stops to Guaranteed Stops
• Web trading, Mobile trading and a desktop trading platform

They offer the best range of Cryptocurrency trading with instruments including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero. This can be traded on their real money or demo account to get a feel for these markets.

Plus500 is listed on the London Stock Exchange’s and all Nigerian traders client money is segregated for there protection.

Why Choose Plus500

Overall, Plus500 is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers a large list of tradable instruments from currency to crypto.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’