We found 11 online brokers that are appropriate for Trading Nigeria Forex Investment Platforms.
Over the past decade, Forex trading in Nigeria has improved due to strong economic growth and the disposable incomes of many jumping high, despite the economic problems witnessed after 2014.
In this article titled Forex Nigeria, we will discuss the correct approach and guidelines on how to get started with Forex trading in Nigeria. We will discuss how to trade foreign currency in the country and which brokers are the best.
Nigeria has more than 186 million inhabitants and is the most populated country in Africa. It is assumed the population may exceed 250 million by the year 2050. However, Nigeria is the 12th largest economy globally, and a major percentage of the population is youth.
Between 2001 and 2014, the country's GDP jumped from $352 to $3,222, increasing about 900 per cent. The figure dropped sharply after that.
Starting with Forex trade here is similar to other countries. Forex traders require a laptop, computer or smartphone, a stable internet connection, and trading capital. A trading account needs to be opened with a Forex broker. In recent years Nigerians have experienced continuous electricity supplies and reliable internet connection. However, it is still suggested to use a stop loss while executing a trade to prevent any catastrophic loss due to failed connection or power cut.
Forex trading in Nigeria is legal, and trades should be executed only through a regulated broker. Moreover, it is always advised to trade with your own money instead of managing the money of others.
Some of the Forex brokers require no minimum deposit. It means you can start trading with very low capital, even as low as $1. Nigerians can also trade through CFDs, which means only a tiny portion of the entire trade volume is invested.
CFDs are leveraged products, and traders can enjoy increased profits or losses, even more than the invested capital.
Traders in Nigeria witnessed a cycle of boom-and-bust from 2004 to 2010. During the same period, a wave of Ponzi schemes impacted adversely. However, a calmer economic environment emerged after 2010, and prosperity started to prevail.
Several national and international brokers are offering Forex trading to Nigerians. A few to name here are FXTM, AvaTrade, IC Markets and Pepperstone.
Most of the Forex brokers in the country offer MetaTrader 4, one of the world's best trading platforms. The other platforms being offered include MetaTrader 5 and cTrader.
Several institutions in the country offer qualitative Forex training to aspiring traders and make them understand the success and profit against a nominal fee. However, many recommend not to pay a fee for Forex training as educational resources are easily available on the internet for free.
It is suggested to spend time reading online materials. The habit is more fruitful than undergoing a training program.
London is the centre of Forex markets globally, and Nigeria is just one hour ahead of it. Moreover, the overlap of it with the New York session is most liquid and high volume. It means the best time to trade is during the overlap period, which is between 2 p.m. and 10 p.m. in the country.
This is a convenient time as most of it is after the regular working hours. People with day jobs can easily trade Forex in Nigeria.
In this article titled Forex Nigeria, we explained the country's economic structure and why it is currently one of the best markets for Forex trading. We also discussed the financial situations of Nigeria, the legality of Forex, the brokers and the best time to trade.
A suggestion for beginners and novice traders before wrapping up the article. It is better to start with a demo account instead of a live account. A demo account or practise account comes with a virtual fund and offers real exposure to the market. It means there is no risk of losing money for learning how to trade Forex in Nigeria.
We have conducted extensive research and analysis on over multiple data points on Forex Nigeria to present you with a comprehensive guide that can help you find the most suitable Forex Nigeria. Below we shortlist what we think are the best Nigeria Forex Investment Platforms after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Forex Nigeria.
Selecting a reliable and reputable online Nigeria Forex Investment Platforms trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade Nigeria Forex Investment Platforms more confidently.
Selecting the right online Nigeria Forex Investment Platforms trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
When choosing a broker for Nigeria Forex Investment Platforms trading, it's essential to compare the different options available to you. Our Nigeria Forex Investment Platforms brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.
By comparing these essential features, you can choose a Nigeria Forex Investment Platforms broker that best suits your needs and preferences for Nigeria Forex Investment Platforms. Our Nigeria Forex Investment Platforms broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top Nigeria Forex Investment Platforms.
Compare Nigeria Forex Investment Platforms brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a Nigeria Forex Investment Platforms broker, it's crucial to compare several factors to choose the right one for your Nigeria Forex Investment Platforms needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are Nigeria Forex Investment Platforms. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Nigeria Forex Investment Platforms that accept Nigeria Forex Investment Platforms clients.
Broker | IC Markets | Roboforex | eToro | XTB | XM | Pepperstone | AvaTrade | FP Markets | NordFX | EasyMarkets | SpreadEx |
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund | FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926), Capital Markets Authority (CMA), Securities Commission of the Bahamas (SCB) | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA) |
Min Deposit | 200 | 10 | 100 | No minimum deposit | 5 | 200 | 100 | 100 | 1 | 100 | 1 |
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Used By | 180,000+ | 1,000,000+ | 30,000,000+ | 1,000,000+ | 10,000,000+ | 400,000+ | 300,000+ | 10,000+ | 10,000+ | 142,500+ | 10,000+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, cTrader, IRESS, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, MT5, Web Trader, TradingView, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with icmarkets |
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Up with xm |
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Up with pepperstone |
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Up with avatrade |
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Up with fpmarkets |
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Up with nordfx |
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Up with easymarkets |
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Up with spreadex |
Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 76% of retail investor accounts lose money when trading CFDs with this provider. | 76-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 75-95 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Losses can exceed deposits | Your capital is at risk | Losses can exceed deposits |
Demo |
IC Markets Demo |
Roboforex Demo |
eToro Demo |
XTB Demo |
XM Demo |
Pepperstone Demo |
AvaTrade Demo |
FP Markets Demo |
NordFX Demo |
easyMarkets Demo |
SpreadEx Demo |
Excluded Countries | US, IR, CA, NZ, JP | AU, BE, BQ, BR, CA, CW, CZ, DE, ES, EE, EU, FM, FR, FI, GW, ID, IR, JP, LR, MP, NL, PF, PL, RU, SE, SJ, SS, SL, SI, TL, TR, DO, US, IT, AT, PT, BG, HR, CY, DK, FL, GR, IE, LV, LT, MT, RO, SK, CH | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, MG, MK, KZ, GD, FJ, PT, BB, BM, BS, AG, AI, AW, AX, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, MO, UA, JO, KR, | US, IN, PK, BD, NG , ID, BE, AU | US, CA, IL, IR | AF, AS, AQ, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, VU, VG, EH, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, CA, EU, RU, SY, KP, CU | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR |
You can compare Nigeria Forex Investment Platforms ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Nigeria Forex Investment Platforms for 2024 article further below. You can see it now by clicking here
We have listed top Nigeria Forex Investment Platforms below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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