Increased competition amongst brokers has resulted in reduced spreads and more competitive trading conditions as a way to attract more customers to Forex trading. In this article we have listed the best low spreads and excellent trading conditions.
1. Forex.com
Overview
A five-tiered Active Trader program is offered by FOREX.com for traders who trade frequently and is one of the best low spread Forex Brokers in Nigeria.
This means that during certain times of day, it is feasible to get spreads on the EUR/USD pair as low as 0.84 pips. The average spread for MetaTrader users on the EUR/USD was 1.3 pips, according to the most current data from the firm.
Pros and Cons
| PROS | CONS |
| Low Forex fees | Limited asset portfolio |
| High number of currency pairs Well-regulated | High stock CFD fees |
Features
| Feature | Information |
| Regulation | FCA, CIMA |
| Minimum deposit from | $50 |
| Average spread from | 1 pips |
| Commissions from | Commissions on the commission account only |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | Variable dependent on instrument traded |
| Bonuses | 20% Welcome Bonus |
| Customer Support | 24/5 |
2. FXCM
Overview
In terms of currency pairs and CFDs, FXCM has a good spread and is another one of the leading low spread Forex Brokers in Nigeria. Spreads for active traders can be significantly reduced due to the enormous number of trades they make on an ongoing basis.
For example, EUR/USD and GBP/USD, which both have modest spreads of only 1.3 pip, are two of the most popular currency pairs traded on FXCM.
Pros and Cons
| PROS | CONS |
| Excellent trading platforms | 1.Limited product portfolio in terms of asset classes |
| Low minimum deposit High maximum leverage |
Features
| Feature | Information |
| Regulation | FCA, ASIC, ACPR, FSP |
| Minimum deposit from | $50 |
| Average spread from | 1.3 pips |
| Commissions from | £4 per standard round-turn lot (£2 per side) |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | $20 Welcome Bonus |
| Customer Support | 24/5 |
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3. Plus500
Overview
Plus500 is a unique trading platform since it offers low spreads and no commissions on a wide range of financial markets.
Plus500 is considered an advanced broker since it provides a wide range of trading options while adhering to regulatory standards and delivering excellent customer service.
Pros and Cons
| PROS | CONS |
| Wide range of market instruments Competitive pricing Well regulated | Relatively limited research tools |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | $100 |
| Average spread from | 0.5 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | Deposit Bonus |
| Customer Support | 24/5 |
4. City Index
Overview
The City Index platform offers tight spreads starting at just 0.5 points on the most popular currency pairs.
Based on fair and transparent pricing as well as full support for the broker’s clientele, the broker aims to be the market leader in terms of customer service.
Pros and Cons
| PROS | CONS |
| Low trading fees No fees for deposit and withdrawal Comprehensive research tools | Limited product portfolio |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | $100 |
| Average spread from | 1.5 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | Deposit Bonus |
| Customer Support | 24/6 |
5. Pepperstone
Overview
The Pepperstone brokerage platform includes low costs for forex and equities index trading, as well as fast response times and polite customer support. There are no costs associated with either deposits or withdrawals.
Pros and Cons
| Pros
No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits
| Cons
Limited number of instruments No additional research tools
|
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | AUD200 |
| Average spread from | 0.4 pips |
| Commissions from | $3.76 commission per lot per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
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