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Top 5 Best Forex Broker In Nigeria

One of the best ways to make money online in Nigeria today is to trade FOREX and as a trader, you should know everything about Forex. You can get enough info about Forex exchanger here

In this article, we will be giving you the Top 5 Best Forex Brokers in Nigeria and give you enough insight into them..

1. DERIV: Best Forex Broker in Nigeria Overal

Deriv is one of the most popular brokers in the World and it’s making our number one of the best forex brokers in the united state.

Derive broker is owned by Binary.com and it offers a range of quality services from FOREX to CMD e.t.c. We are only interested in Forex trading for now.

Company overview

Deriv.com has been in existence for the past 20 years, formally known as Binary.com.

Trading platfroms

As a client on Deriv, you have the opportunity to trade on 3 different Platforms

  • DTrader: Official trading platform of deriv wifh the best interface ever and 50+ trading assets. Chart tailoring on Dtrader is also as easy as ABC
  • DMT5 Trader: Intergartion of MT5 with Deriv to form one of the best trading olatforms in the world! Feutures including setting up chart and trades as you wishes, opening one or more trades at a time. (This is the recommended platform fir begginer as you can maintain a little lot size as you trade.)
DMT5 Deriv.com Platform
DMT5 Trading platform source
  • DBOT: This is an automated trading platfrom you can use on deriv (is taht not impressive)? The DBot platform offers a straightforward path to getting set-up using algorithmic investing. Trading bots are free to develop, can be built in five steps, and can be used on over 50 assets.

Ready to start trading on Deriv? Register by clicking this link and get an exclusive offer from the trading. the only problem Nigerian traders may encounter is deposit and withdrawer but Deriv provides many Agents to help you do that.

2. FXTM : Best Forex Broker in Nigeria For Easy withdrawl and deposit

FXTM was founded in 2011 and had run its business fairly for the past 10 years regulated with the FCA. They are one of the safest Brokers for all Nigerian traders.

FXTM offers CFDs on spot metals and commodity futures the is one of the attractive features FXTM operates.

Another aspect they are good at is the withdrawal and deposit feature, they have up to 19 options for deposit and withdrawal making it easy for Nigeria Trader to deposit and trade on FXTM.

Money Transfer, Mobile Banking, Business

Pros

  • Safety : They are regulated by high officials in Nigeria and international officials i.e. FCA(UK), FSCA & CySEC.
  • You can trade with at least 5,000 naira 10$ making it a good option for beginer but its adviced to trade on demo before deposit
  • Local bank withdrawal. completed in hours!!!
  • Customer support available 24/5 and some hours during weekend

Cons

  • High spread for micro account

You can register for FXTM here

3. OctaFX

Octa Fx is unarguable one of the best forex brokers in Nigeria established in 2011 and kept a very good record and safety. Many Nigerian celebrities are currently influencing and promoting them.

They have 3 types of accounts from MT4 micro account to MT5 and Ctrader account.

The mt4 is for beginners and with 0.4 pips while mt5 with 0.2 pips and the Ctrader is for professionals with the lowest spread pips.

They have a mobile app that gives access to trading.

You can deposit and withdraw through Skrill, Neteller, and a zero-fee transaction from local banks

Pros

  • Safety and security . Octafx is regulated by CYSEC
  • Competative spread for major currency pair
  • Instant Local bank deposit and withdrawal fo Nigerians
  • 50% deposit bonus
  • Customer support 24/7 email supprt and 24/5 live chat support

Cons

  • OctaFX has lesser CFD trading instruments on their platform as compared to other forex brokers. They have 28 currency pairs, CFDs on 4 metals, 10 indices & 3 cryptos (Bitcoin, Litecoin, Ethereum).

4. Avatrade – Fixed Spread Forex Broker in Nigeria

Avatrade is a well-regulated fixed spread European Forex broker. They offer 0.9 pips spread for EUR/USD, and their spread is generally quite low for most instruments. But Avatrade does not have a local office in Nigeria. They have a Nigerian phone number for support, but the phone & English language chat support are not available 24/5 and are only available during their

business hours.

Pros

  • Avatrade is regulated with FSCA & ASIC regulators.
  • They are a fixed spread broker, so their spread will remain the same regardless of the market conditions or time of the day you are trading.
  • Avatrade Charges zero fees on deposits & withdrawals
  • Local phone number for support is available to Nigerian traders

Cons

  • Avatrade is not regulated with top-tier FCA (UK) regulatory authority.
  • Phone support & Live Chat Support is available only during company’s business hours.
  • A bit higher spread for some minor & exotic currency pairs.

5. Alphari : Good ECN broker & Low minimum deposit

Alpari is one of the oldest brokers in the world & also one of the largest in terms of the monthly trading volume. We like the fact that they have a local office in Abuja, which offers a good trading environment that includes a very competitive spread, good promotions, local deposit options, 24/7 support, and multi-platform support, thus making it a good choice for Nigerian traders. Investors will also like their very low minimum deposit, even with their very low fees ECN account.

Pros

  • Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They also have a local office & phone number in Abuja.
  • Wide range of deposit & withdrawal options for Nigerian traders. They even offer local bank deposit options.
  • Very low Minimum deposit starting from just ₦0.
  • Has local office in Nigeria & is Regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • They offer ECN accounts that have very competitive spread & low minimum deposit.
  • They offer PAMM accounts for investors.

Cons

  • Limited currency pairs & CFDs with Nano & Standard account. But they offer 48 currency pairs, 2 metals & 18 CFDs with ECN accounts.

Disclaimer: This top 5 best forex brokers in Nigeria is a record we got from personal use and research online. Always trade with money management because Forex trading carries high risk.

Also Read: Some of the Most successful Forex Traders in Nigeria

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Written by Cryptopidia

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