List Of Forex Brokers in Nigeria and How To Choose One in 2018

Forex trading have 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 broker 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 deposit and start trading, no extra fee 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 the Pro Forex traders. There is no distinction, and you can start trading with any minimum deposits.

List Of  Forex Brokers in Nigeria and How To Choose One in 2018

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 offers investors an insight on varying options when it comes down to choosing a Forex broker. Below are some factors you should take into consideration before choosing a 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 has 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 you self to blame.

  1. 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 capitalisation of the Forex brokers should be of utmost concern to you. The minimum capitalisation 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 refuses to publish their information on capitalisation or regulation, could be sending a wring signal. So you can simply aboid such.

  1. Account Types

Most Forex brokers offer different account types, but they commonly include that of standard, micro, and demo or practice accounts. These different account settings entails 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)

  1. Brokers Fees

Brokers fees come in the form of commission and spreads. 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 ask price for a Forex pair.

  1. 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 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 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.

Forex Brokers in Nigeria You Can Invest With

Below is the list of the best global, online Forex brokers that accepts 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 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.

About Chibuzor Aguwa 186 Articles
Chibuzor Aguwa is an Article Writer, ICT Specialist and an Online Entrepreneur. Like the saying does "All work and no play makes Jack a dull boy", some of my hobbies are listening to inspirational songs and watching football. A big fan of Manchester United Football Club.

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