Forex Brokers in Nigeria and How To Choose the Best in 2021

Forex trading has become a very serious investment in almost all parts of the world, and Nigeria is not left out of the game. Hence, there are many Forex brokers in Nigeria and I tried my best to compile a complete list of them, which you will find in this post. Despite its wide acceptance, there are also many things you have to take into consideration before choosing a Forex broker to trade with. The most important of them all is that you need to know how reliable and trustworthy such brokers are.

Not all Forex brokers are reliable. Yes! this will might amaze you, but it is an actual fact. To make things worse, some are outright frauds. So, you have to deal with caution.

The Forex brokers in Nigeria and Forex trading platforms you will find in this post are all available to use for free. All you need to do is to make a deposit and start trading, no extra fees or charges are required. Another important thing you should know is that these Forex brokers listed on this page are available for both beginner Forex traders as well as Pro Forex traders. There is no distinction, and you can start trading with any minimum deposits.

How To Choose a Forex Broker: Important Things You Must Note

If you will observe properly, you will notice there is an overwhelming number of adverts on the internet, commercials on TV, magazines, and so on. All these offer investors insight on varying options when it comes down to choosing a Forex broker. Below are some factors you should take into consideration before choosing Forex brokers in Nigeria to trade with.

Also read: Western Union Exchange Rate Today: Euros, Pounds and Dollar to Naira

1. Regulatory Background

Having a well-designed and professional looking website does not guarantee that the broker is regulated. Different countries in the world have different regulatory bodies, as well as different requirements in view of registering any financial firm. This means that as a trader, you should ensure you choose a Forex broker that is licensed by a regulatory body in countries with dedicated regulatory agencies. If you fall short of this, then you should have your self to blame. All the best Forex brokers in Nigeria have a good regulatory background.

2. Funds Safety

As a trader, the safety of the funds you deposit into the hands of a broker is of paramount importance. This is why the market capitalization of the Forex brokers should be of utmost concern to you. The minimum capitalization requirements for brokers in the United States currently stands at $10,000,000, and it is an indication of the company’s strength. Forex brokers who refuse to publish their information on capitalization or regulation could be sending a wring signal. So you can simply avoid such.

3. Account Types

Most Forex brokers offer different account types, but they commonly include standard, micro, and demo or practice accounts. These different account settings entail varying trade size, which differs between brokers. Some brokers do not offer a free demo account, which means you have to fund your live trading account with them directly. This practice does not really matter if you are an experienced trader, but if you are a new trader, the use of a demo account is recommended.

Also read: Nigerian Banks Exchange Rate Today January 2018 (Dollars, Pounds, Euro, Naira)

4. Brokers Fees

Brokers’ fees come in the form of commission and spread. Usually, the fee structures are divided into three; variable spread, fixed spread, and commission charge in relation to a percentage of the spread, which is the difference between the bid and asks price for a Forex pair.

5. Trading Platform

The trading platform of the Forex broker you choose can make or mar your Forex trading experience. Most of them will offer a downloadable platform, and some will offer a web-based version. If both of the trading platforms are available, you should examine them and put them to the test before deciding on which one to choose.

Also read: Pound to Naira Exchange Rate Today (Black Market and CBN) January 2018

In summary, due diligence is important before investing your funds with any Forex brokers in Nigeria. If you check to take note of funds safety, account types, fees, and platforms, you will be doing yourself a lot of good and make your trading experience more safe and void of pitfalls. These are the major attributes of the best Forex brokers in Nigeria.

Forex Brokers in Nigeria You Can Invest With

Below is the list of the best Forex brokers in Nigeria, or the best global, online Forex brokers that accept traders in Nigeria for Forex trading. You should conduct a proper check to find the one that suits your needs.

• iq Option
• XM
• FX Open
• Plus 500
• instaforex
• FBS
• IC Markets
• alpari
• com
• FXTM
• com Trade
• Dukascopy
• exness
• xtb
• Pepperstone
• FxPro
• 24 Option
• ee
• Forex4you
• BDSWISS
• Admiral Markets
• Avatrade
• Trade
• SimpleFX
• LiteForex
• Trader’s Way
• FX Choice
• easy Markets
• TFC Markets
• Nord FX
• For Trade
• Grand Capital
• Think Markets
• ETX Capital
• Fort Financial Services
• Just Forex
• OCTA FX
• ForexMart
• My LCG
• Orbex
• Super Forex
• GKFX
• Iron FX
• HYCM
• FX Glory
• LMFX
• Gainsy
• Weltrade
• Turbo Forex
• Fresh Forex
• PaxForex
• FBO Group
• NSFX
• FX Giants
• Adamant Finance
• FXCL
• AGEA
• LiDER
• Corsa Capital
• TeleTrade
• Larson & Holz

That is all the information you need to know concerning the best Forex brokers in Nigeria, and how to make a perfect choice. Remember, safety is the watch-ward. Do your necessary research and evaluations before making your choice so as to avoid any pitfalls.