In this article, we will look at some of the best Forex trading companies in Nigeria. By comparing their fees and key features, you will be able to make a satisfactory choice be on forex trading companies to use.
1. Pepperstone ( Limited)
Pepperstone is known to have 3 popular forex trading platforms.
MetaTrading 4 – Popular for forex trading
MetaTrader 5 – Popular for CFDs trading
cTrader – The best automated trading platform
These forex trading platforms are also available as desktop, mobile app and web trader platforms.
It is also interesting that each of the options above comes with a free demo account that allows Nigerian traders test out forex brokers for about 30 days on its platform.
During this duration, a monetary value of about AUD $50k in virtual funds can be traded on CFDs and forex markets.
Some key features of Pepperstone includes:
i Pepperstone makes available 2 forex accounts. One is a standard account, which provides no commissions,instead higher spreads – this will make the forex broker a lot more money.
The second is called the Razor account, also called ECN forex account where spreads are mostly determined by the market and not the broker. Here the broker makes money from commissions.
In total, the Razor account has come of the tightest spreads of many forex brokers around the world.
AvaTrade is one of the best fixed spread trading account. It is a broker that offers fixed spreads – these makes AvaTrade a good choice as spreads are predictable for traders seeking a certain level of protection in a volatile market.
Operating as a multi-regulated broker and as one that offers a tight fixed spread on some range of currency pairs and CFDs, the AvaTrade makes use of internal liquidity pools to execute orders.
Their broker fixed spread is commission-free and does not fluctuate in ever-changing market conditions like variable spreads.
The AvaTrade’s offers a commission free fixed spread across the MetaTrader 4, MetaTrader 5 and other broker’s proprietory trading platform.
Although it charges no fees, there are some trading and account costs customers may carry, this may occur if you hold a forex and CFD position open overnight.
Some key features of the AvaTrade includes:
i Through the AvaTrade Go app, you will gain access to an exclusive risk management tool called AvaProtect which can buy you some time to decide just in case you choose to reverse your trade. The AvaTrade mobile app is also designed for options trading.
3. ForexTime | FXTM ( Local NGN Funding )
Most online broker companies don’t offer local Nigerian Naira funding which increases the exchange costs of currency trading. ForexTime works to offer to NGN account funding methods through bank wire transfer or Neteller.
Individuals make a minimum deposit of $100 for a standard ForexTime account. Now, people can start trading a range of currency markets while lowering the exchange costs converting an NGN currency to a standard currency.
Some key features of ForexTime includes:
1. ForexTime offers many local seminars in cities like PortHarcourt to educate industry experts and Nigerian traders. The FXTM is a reliable broker for they hold some amount of global regulatory licenses.
4. HotForex ( Forex broker with High leverage )
HotForex is a great option if you’d like a broker company which offers a high leverage of 1:100 ( this is higher than most brokers )
Some of the key features of HotForex includes:
i NovaFX has a fixed fee which varies according to movements in the trader’s currency and an account that does not charge swaps or interests for any active positions held overnight.
5. NovaFX ( Islamic swap-free account )
Every Muslim in West Africa can take advantage of this trading broker, compliant with the Sharia law.
Some of its key features includes:
i NovaFX has a fixed fee which varies according to movements in the traders currency and an account that does not charge swaps or interests for any active positions held overnight.
6. Plus500 ( The best forex demo account )
Plus500 is a CFD broker account with the best forex demo account. It is its own forex trading platform and offers:
1. An unlimited free demo account system
2. Web trading, desktop and mobile trading platform
3. A variety of trading options from Stop hunt, Trading stops to Guaranteed steps.
Some of the Plus500 key features includes:
i It is recommended for all beginners or experts looking for a detailed forex trading demo account available on desktop or mobile. Plus500 also offers the best range of cryptocurrency trading with financial instruments such as Bitcoin, Ethereum, Litecoin , NEO, Ripple XRP, IOTA, Stellar, EOS, Cordano, Iron and Monero. You can trade any of these on real money or get a demo account to feel any of these markets.
7. Markets.com ( One of the best Nigerian forex brokers )
Markets.com is an amazing global broker which offers some low spreads, a diverse range of CFDs and the best trading platforms available too. Here, the broker is a market maker and uses a dealing desk when executing orders.
Some of the key features of markets.com includes:
1. It offers 3 trading platform, each with some advanced trading tools ( MetaTrader 4, MetaTrader 5)
2. There is no commission forex spreads as low as 0.6 pips for the EUR/CFD
3. An access to 2,200 different CFD products, mostly derived from 8 asset classes ( Forex, Commodities, Shares, Indices and more )
4. Maximum leverage of 1:300 when trading forex
5. A 24/5 customer service and support through live chat, phone or email
FAQ Best Forex Trading Companies In Nigeria
Which is the best forex broker in Nigeria?
One can say that Pepperstone is the best forex broker because of it’s low brokerage, award winning customer service , low minimum deposit requirements and more.
What is a checklist to choose a forex broker?
This includes brokerage charged, unique tracking features, range of financial markets, reputation of the broker company and more.
Conclusion – Best Forex Trading Companies In Nigeria
Choosing the best forex trade companies in Nigeria has a lot to do with it’s brokerage fees , and general reputation in the world financial market. Before you begin trading forex in Nigeria, you will first need to understand how forex works. This can be done through practice with a demo forex account as you sharpen up your trading skills