Overview
The Forex Market is one of the largest financial markets in the world and on a daily basis it experiences substantial volumes of traders from over the world, and recently more brokers have started offering their services to numerous countries that were previously excluded.
Due to this, African countries such as Nigeria, have more favourable opportunities to start Forex trading through such brokers as they have been welcomed to sign up for a live trading account, allowing them to enter the Forex market.
When comparing reputable and well-regulated Forex Brokers, there are numerous brokers who cater for Nigerian traders through tailored account types along with competitive and comprehensive trading conditions.
The best Forex Brokers which are recommended for Nigerian traders
1. FXTM
Is a well-regulated ECN and STP broker which has been in operation since 2011, with established offices in the UK, Cyprus, South Africa, and Mauritius with respective regulation by CySEC, FCA, FSC, and FSCA.
FXTM offers the trade in over 250 financial instruments spread over numerous asset classes such as Forex, commodities, cryptocurrency, stocks, shares, and more.
The minimum deposit to open a live account is $10 with FXTM offering leverage up to 1:300, variable spreads, commissions from $0 to $2, and the use of MetaTrader 4, MetaTrader 5, and FXTM Trader.
2. AvATrade
AvATrade is a multi-regulated Market Maker and STP broker which has been in operation since 2006, with offices in Australia, Ireland, South Africa, Japan, and BVS with respective regulation in each jurisdiction through ASIC, BVI, CBI, FFAJ, FSA, and FSCA.
AvATrade offers the trade in over 250 financial instruments spread over numerous asset classes such as Forex, stocks, indices, cryptocurrencies, commodities, options, bonds, and more.
The minimum deposit to open an account is $100 with AvATrade offering leverage up to 1:400, fixed spreads, commission-free trading, and the use of MetaTrader4, AvaTradeGo, AvAOptions, DupliTrade, and ZuluTrade.
3. ForexMart
ForexMart is a Cyprus-based NDD broker which has been in operation since 2011, with regulation through CySEC. ForexMart offers the trade in 98 Forex pairs, 53 share CFDs, 3 spot metals, and 5 cryptocurrency CFDs.
The minimum deposit to open an account is $1 with ForexMart offering leverage up to 1:500, variable spreads, commissions of 0.02% to 0.07%, and 0.1% for CFDs on shares, and the use of MetaTrader 4.
4. XM
XM is a well-regulated ECN and STP broker which has been in operation since 2009, which is based in Australia, Cyprus, Belize, and the UK with respective regulation through ASIC, CySEC, and IFSC.
XM offers the trade in financial instruments spread across asset classes including Forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, and CFDs.
To open a live account, there is a minimum deposit of $5 with XM offering leverage up to 1:888, variable spreads, commissions from $0 to $3.5, and use of MetaTrader 4 and MetaTrader 5.
5. FxPro
FxPro is a UK-based NDD broker which has been in operation since 2006, with regulation and authorization through FCA, CySEC, FSCA, DFSA, and SCB. FxPro boasts with a vast portfolio of tradeable assets consisting of over more than 250 financial instruments.
The minimum deposit to open an account is $100 with FxPro offering both fixed and variable spreads, depending on the account type along with leverage up to 1:500, and commissions from $4.5.
FxPro supports the use of MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge.
6. FBS
FBS is a well-regulated STP and ECN broker which has been in operation since 2009, with regulation and authorization through both IFSC and CySEC. FBS offers the trade in 28 Forex pairs, 5 metals, 3 CFDs, and 33 US stocks.
To open an account, there is a minimum deposit of $1 with FBS offering leverage up to 1:3000, both fixed and variable spreads, commissions from $6, and the use of MetaTrader 4 and MetaTrader 5.
7. AxiTrader
AxiTrader is a STP and ECN broker which has been in operation since 2007, with headquarters in Australia and the UK, with respective regulation through ASIC and FCA.
AxiTrader offers the trade in numerous financial instruments spread across Forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, bonds, CFDs, and ETFs.
The minimum deposit to open an account is $200 with AxiTrader offering leverage up to 1:400, variable spreads, commissions from $0 to $3.5, and the use of MetaTrader 4 and MetaTrader 4 NextGen.
Final Thoughts
When considering the wide variety of options in brokers, traders from Nigeria have numerous brokers that cater for a variety of traders despite their level of experience, whether they are beginners or experts.
These brokers offer competitive and comprehensive trading conditions to a multitude of traders despite their trading needs and objectives along with the use of popular and reputable trading platforms through which trading can commence.
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