Reliable forex brokers in nigeria africa

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Thus, it issues licenses to Nigerian forex brokers, both local and foreign, ensuring that they adhere to strict rules set by the bank. Hence, Nigerian traders should check the license of a broker and be sure that it is approved and regulated by the CBN. Using CNB regulated brokers will make it easier for traders to trade as it ensures that their funds are safe at all times. Trading platforms and software The trading platforms, software, and tools offered by the broker is another thing you have to look for when choosing the best Nigerian forex brokers.

The MetaTrader 4 is the best platform in the industry and is used by a wide range of brokers. However, some brokers like eToro and Plus developed their own unique platforms and offers excellent tools to the users. Furthermore, check the trading tools and software made available by the broker. Some of the features and tools you should look out for include demo accounts, trading tools, robot software, and more. Make sure that the tools are what you need to succeed in the forex trading space.

Commission and spreads Brokers usually make their money from commissions and spreads. As a Nigerian trader, you have to check the spreads offered by a trader before you choose them. If the spreads are high, then you should search for brokers with lower spreads.

Also, go with brokers that charge lower commissions for traders. Account types Before you start trading forex and CFDs with any broker, make sure that you go through the various account types they offer and see if any of them fit you. Loyal initial investment requirements — 10, Nigerian Naira on a micro account is enough to get you started. In addition to classic forex trading, the broker offers traders access to other financial instruments: CFDs on commodities or commodities, precious metals, indices and commodities.

Any instrument can be used to minimize risks and diversify the investment portfolio and is available on any type of account. The company is represented in the cities of Lagos and Abuja. The hour customer support team can communicate in 20 foreign languages, including the most widely spoken languages of the Asian continent. For every account type, traders are offered to try their hand at demo accounts. A wide range of training materials and webinars are available to help novice traders.

About 20 payment instruments are available for deposit and withdrawal, among them: bank transfers in Indonesia or Nigeria , bank card payments, popular payment services Neteller, Perfect Money, WebMoney, Dotpay or Scrill. Transactions are processed within 24 hours maximum. Withdrawals via local banks in Nigeria without any fees.

Low spreads on currency pairs, the ability to trade without paying the spread on an Avantage account. Prompt processing of withdrawal transactions — maximum within 24 hours, usually within a few hours most brokers process withdrawal transactions only during business hours and can withdraw money up to 2 business days. Quick help from customer support, who is available 24 hours a day, 7 days a week. Leverage: up to HotForex is recommended to traders in Nigeria because it is a company of world renown.

Thus, since , the broker is the official sponsor of one of the best French soccer teams — Paris Saint-Germain. The broker is recommended for trading in Nigeria, both for beginners and professionals. Special type of account with zero Spread. Spread varies from market situation and can vary both to decrease and increase.

A more detailed comparison of the account commission is placed on the official website of the company and analyzed in comparison with other popular Forex brokers: Forex. This further confirms that the company values honesty and transparency in its dealings with clients. Traders can choose between mobile applications, and work on the online version of the terminal.

HotForex offers Nigerian traders to fund their accounts in the local currency through bank branches. More than 10 deposit such as Scrill or Neteller and withdrawal channels are also available. Transactions are processed instantly for both deposits and withdrawals maximum time to process withdrawals is up to 2 days.

A wide range of trading instruments including not only currency pairs, but also CFDs on commodities, indices, precious metals and cryptocurrencies, bonds and ETFs. The broker has set some of the lowest spreads in the market, trading on the account with zero spread is available. Wide choice of purses and channels for deposits and withdrawals, fast processing of applications for withdrawal of profit. No commission for deposit and withdrawal of money from the account.

All other accounts have no such commission. Leverage: The company regularly receives awards as the best broker in Asia or Europe. The broker offers several types of accounts with fixed or variable spreads, a variety of deposit and withdrawal options, including through local banks in Nigeria.

Access to the market is through the classical terminals — MT4 and MT5, in addition, the company promotes the trading application cTrader. OctaFX appeared in the Forex market in An MT4 account with floating spread from 0. For all accounts trades are executed on the market in less than 0. The trading instruments offered by the broker is inferior to other companies, with up to 32 currency pairs for trading many brokers offer up to 50 pairs and more. CFD trading on popular assets is also available: commodities, indices and commodities, cryptocurrency.

The privileges program is developed: from bronze to platinum. Multilingual support service is always in touch. Deposit and withdrawal options for Nigerian traders are varied. Instant deposits via Scrill, Neteller, bank transfer or cash from local banks are available, all depositing operations the broker performs without any commissions.

Additionally, deposits and withdrawals in BTC are available. The company has been repeatedly recognized as the best broker in Asia, Europe and Nigeria, according to reputable rating agencies. The broker offers competitive terms for commissions and spreads: from 0.

Wide choice of channels for deposit and withdrawal of funds from accounts in Nigeria, which are executed by the broker without any charges. Responsive customer service, tiered bonus system, the higher the deposit, the more privileges are offered to the trader. Cons of OctaFX Compared with other forex brokers in Nigeria, the company offers a smaller number of currency pairs — only 32, also available CFD on two metals gold and silver , 10 most popular indices and 5 cryptocurrencies.

Leverage: set depending on the account balance. XM is another world-class forex broker that meets the highest standards of forex trading and is recommended for Forex traders in Nigeria. The only significant drawback of the broker can be considered the lack of representation in Nigeria. XM Forex, as part of the Trading Point Group holding, has been in the foreign exchange market since Free trading training, regular analytics and reviews — all conditions have been created for Nigerian traders to learn the basics of successful trading.

XM offers trading on all types of devices using an advanced MT4 or MT5 platform, protection against negative balances and free daily market analysis, which makes it easier for new traders to open trades in the market. The broker offers one of the lowest spreads on the market: from 0.

Fast withdrawal of funds, no commissions. Instant execution of orders at market price. Available support service, 24 hours a day, every day without holidays and weekends. Cons of XM The broker does not have a local office in Nigeria, no ability to fund the account with local banks. The spread on Micro and Standard accounts from 1 point is quite high, so to reduce costs it is recommended to open an XM Ultra Low account.

Exness is a broker with low commissions, with deposits and withdrawals from banks in Nigeria. Overall rating: 8. The forex broker is part of the Exness Group. The company has been working in the financial services market since Forex broker offers competitive and interesting working conditions in the foreign exchange market. Traders are offered to trade with more than currency pairs, which significantly differs from the standard offer of the majority of brokers; spreads on currency pairs start from 0 pips.

The broker divides the trading accounts into 2 categories: standard 2 account types and professional 3 account types with one of the highest leverage on the market — The first group fits beginners traders. The second one is for professionals with big experience and large capitals. Spreads on professional accounts from 0 points. The processing of deposit or withdrawal transactions is made automatically. The broker does not withhold any commissions for the transactions. The pros of Exness Exness is a professional forex broker of international standard regulated by prestigious regulatory agencies.

Minimum spreads on standard accounts from 0. Wide range of funding channels, including local online banks available in Nigeria. Huge selection of trading instruments: currency pairs, 13 cryptocurrencies, 81 stocks, indices. Withdrawals are automatic and commission-free. Cons of Exness The broker would be more in demand if it developed a bonus program or promotions. Minimum deposit: USD Leverage: The Forex broker offers a wide range of trading opportunities for traders: round-the-clock support in 17 foreign languages, trading in more than 50 currency pairs, CFDs on commodities and raw materials, indices and cryptocurrencies.

For those customers who are not planning to delve into the intricacies of the foreign exchange market, there are programs for automated trading through two platforms to choose from: ZuluTrade, which collects signals to open transactions or DupliTrade. Wide range of trading instruments — over 1, Fixed spread that does not change depending on market conditions.

No deposit or withdrawal fees. Disadvantages of Avatrade. The broker does not have a British FCA license. Some currency pairs minor and exotic have higher spreads. Alpari is a good ECN broker with minimum deposit.

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