Best Forex Brokers in Nigeria for 2023
Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task.To get more news about best forex brokers in nigeria, you can visit wikifx.com official website.
In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. So it is really important to only choose trusted & regulated Nigerian forex brokers and avoid the bad ones.There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple Top-tier regulations, broker reviews, the amount of fees charged (spreads, commissions & even the hidden charges), leverage offered, minimum deposit, funding & withdrawal methods and time taken etc.
Our below vetted list is created especially for Nigerian traders; it will quickly allow you to compare the key features including spread, leverage, regulation & other factors that you must look for in any reputed forex broker.
Here’s our updated list of the 8 best performing forex brokers in Nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):
FXTM’s was founded in 2011 & they are a FCA regulated forex broker, which is a Top Tier regulation, so we consider them to be a safe broker. They offer 3 account types, all of them can be funded in USD or Naira & have very low minimum deposit requirements starting from ₦10,000 with the Micro Account. This makes FXTM a very good choice for Nigerian traders.
The typical fees depends on your trading account. On average the typical spread for major like EURUSD with the Micro Account is 1.9 pips. This is higher than many other brokers. For lower spread you should choose Advantage account which has a typical spread from 0 pips for major like EURUSD, plus a commission of $4.88 which becomes lower as your trading volume increases.
Their Swap fees are moderate. For major currency pair like EURUSD, the Swap fees is 5.27 for Short & -10.42 for Long positions (as of Jan. 2023). If you have a Swap Free account, then the daily fees is -7.5 per lot for EURUSD with all their account types. This makes their overall trading fees moderate.
Apart from forex trading, FXTM also offer other instruments such as CFDs on Commodity Futures and CFDs on spot metals making them a very attractive choice for traders looking to diversify their trades. They have also recently upgraded its range of currencies & now offer 57 Major & Minor currency pairs. FXTM also has NAS100 instrument available to traders in Nigeria.
Another important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area. ForexTime has local deposit & withdrawal option available in Nigeria, and you can deposit & withdraw in Naira at zero fees.
FXTM broker has local offices in Lagos & Abuja. They offer English language customer support via Phone, Live Chat & email. FXTM has 19 deposit & withdrawal options which includes many methods for Nigerian traders including Bank Transfer in NGN & Card payment. FXTM allows users to create a demo account in order to build their confidence and learn the art of trading. Plus the also offers a wide range of educational material to its clients, including trading webinars.
HotForex was established in the year 2010. They are regulated with FCA (UK), CySec & even Financial Sector Conduct Authority (South Africa), so we find them to be a trusted broker for Nigerians.
They have very low minimum deposit, as low as $5. Also, they offer extremely competitive spread of 0.3 pips for EUR/USD with Zero Account (1.3 pips with Premium, Micro Accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations). Their typical spread for forex pairs is lower than most other brokers.
The Swap fees at HotForex is not that low for most currency pairs. For example, for a major currency pair like GBP/USD, the Swap Fees is -1.1 for Short positions & -4.9 for long positions. This is higher than many other CFD brokers like Exness. So, the overall fees would be higher for positional traders, but it is low if you are an intraday trader.