Forex Trading in Nigeria

Forex trading in Nigeria is a currency hot spot for enthusiasts, growing in popularity! Nigerians are seeking trustworthy Forex brokers.

Are you one of them?

ng.tradefx.co.za Specialises in guiding Nigerians to finding the ideal Forex & CFD broker that suits the needs of Forex traders in Nigeria.

Our company’s mission is to provide fair and transparent broker reviews, focusing on fair trading conditions, safety and security of funds, and regulation. We only review and then verify (Broker Verified ) the top leading brokers for Nigerian traders!

Don’t get scammed out of your hard-earned (NGN) Nigerian Naira due to the LACK OF DUE DILIGENCE!

Experience the journey with us!

Forex-Trading-in-Nigeria

Trading successfully does not happen overnight. Nor is it a matter of luck. Our review process for brokers accepting Nigerian traders is done to help beginners make the right choice when it comes to selecting their first forex broker.

“broker hopping” – Traders’ lingo for changing brokers on a frequent basis, avoiding it is something we strive to do, and so should you!

More than just a review site

In addition to the 100s of articles on TradeFX Nigeria, on a monthly basis, we add over 80,000 words of fresh content to the site.

We are all about educating traders just like you, from beginners who are just getting started to profitable traders who are looking to improve their skills. We have beginner guides, forex courses, general information, strategies, and of course, broker reviews.

Are you looking for more information or are you thinking about signing up with a broker for the first time? Get information on becoming a profitable trader and maximizing your returns!

WARNING: Forex scams are common. Don’t become a victim. Read our reviews before opening a trading account!

TIP 1: As a Nigerian looking to choose a broker, it is important to read the forex broker reviews before making your decision.

TIP 2: We showcase and feature our top 3 brokers, a good starting point to see what the marketplace has to offer!

1.
4.7 stars from 374 ratings

Broker Verified

Markets.com is known to be the most reputable forex & CFD and online forex broker. So let's dive into the review and see if that is true.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
4.6 stars from 139 ratings

Broker Verified

Do you want to know more about Exness broker? Then, let's just not waste a single second and dive into the discussion of the Exness review.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
4.4 stars from 189 ratings

Broker Verified

Hotforex is a well-known and reputable broker in the Forex trading market. Let's see how reliable this platform is for your trading journey.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

List of Forex Brokers in Nigeria

Explore our in-depth reviews before you start trading forex in Nigeria.

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Markets.com Broker Review
4.7 stars from 374 ratings

Broker Verified

FCA, ASIC, CySEC, FSCA, BVIFSC

up to 50%

USD 100

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
Exness Broker Review
4.6 stars from 139 ratings

Broker Verified

SFSA, FSC (BVI), CBCS, FSCA, FSC (Mauritius)

up to 10%

USD 10

1:2000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
HotForex Broker Review
4.4 stars from 189 ratings

Broker Verified

FSCA, FCA, CySEC, FSC, DFSA

up to 100%

USD 10

1:1000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

Forex traders in Nigeria should always trade with a regulated entity.

OUR GUARANTEE: All of our listed verified brokers are regulated, some by multiple regulatory entities globally!

I don’t see the broker I am looking for

TIP 3: Use our site search to pull real-time broker reviews as you search!

We strive to provide all Nigerian traders with a broker where you can trade Indices, Equities, Commodities or Forex safely and successfully.

Top Forex Brokers List 2021

Forex Trading Nigeria – Nigerian Naira (NGN)

With the right broker and local presence, forex trading in Nigeria can be both profitable and financially exciting.

A trader-designed platform, TradeFX Nigeria is created by successful traders. It was designed with new traders in mind.

By answering these questions, we’re helping you choose the right forex broker.

Forex-Trading-Nigeria

Forex Trading NG

The forex market in Nigeria is booming! Average citizens are looking for market opportunities to increase their financial situations with the hope of succeeding at a better lifestyle.

Search volumes show monthly searches above 24,000 for the term “forex trading“. This puts them 4th on the list of countries for the exact term.

With a huge demand for the search for a reputable broker accepting Nigerian clients, brokers are expanding into the Nigerian market. With no official regulator, this is a fairly easy task.

Despite the lack of brokers who offer their home currency, NGN (if at all), as an alternative, brokers offer the United States Dollar (USD), Great British Pound (GBP) or EURO (EUR). Very popular trading account currencies for Nigerian traders.

Nigerian Naira (NGN) – History

In the Federal Republic of Nigeria, only the Central Bank of Nigeria (CBN) is authorized to issue legal tender money.

The Nigerian Naira (₦ official symbol) was first officially introduced on 1 January 1973 by Obafemi Awolowo.

The current inflation rate is sitting at 12.26%, which is an alarming rate.

How to Trade Forex for Beginners Guide

Every trader needs a helping hand, especially when starting out as a beginner.

With an influx of brokers, mentors, signals, EAs (trading robots) and charting software, where exactly do you start?

The answer is quite simple! It all starts with a quality education from reliable sources. 

We have put together a starter guide, just for traders like you.

Broker Regulation in Nigeria

Regulatory entities have proven to be one of the deciding factors when choosing a broker.

Nigerians mostly depend on the Central Bank of Nigeria (CBN) for a “legal” framework and support for forex and CFD trading within Nigeria.

The 4 most common and trustworthy regulatory bodies to consider are the FSCA (South Africa), FCA (United Kingdom), ASIC (Australia) and CySEC (Cyprus).

Since Nigeria has no official regulatory entity for forex and CFDs (contract for difference) the above mentioned are good options. They are ethical and protect their clients by taking action when needed against fraudulent companies.

 Broker Types – How do they operate?

Most traders place a lot of importance on the method of operation, though some place more emphasis on it than is really necessary. Most brokers can be placed into 3 main categories of ways they handle liquidity, and ultimately client funds when (if) it “goes to market.”

Below are the abbreviations for each:

  • ECN (Electronic Communication Network)
  • STP (Straight Through Processing)
  • MM (Market Maker)

To elaborate, a broker has a dealing desk or a non-dealing desk. People refer to this as A-book and B-book brokers. What is the difference?

Although each has its pros and cons, all three can still provide fair trading conditions, which is what traders should be most concerned about!

Due to the stigma of being a market maker brokers will not openly admit that they are such.

ECN – Electronic Communication Network

ECN stands for Electronic Communications Network. Brokers are individuals who help clients gain direct access to market participants through electronic channels. Forex financial experts are also known as ECN brokers.

By consolidating quotes from multiple participants, ECN brokers can offer tighter bids and asks. Most of the time, an ECN broker’s clients are either market traders, banks, or individual investors.

STP – Straight Through Processing

Straight Through Processing is a Forex brokerage model in which orders are sent directly to the market by clients without having to be dealt with by a deal desk. Typically, STP accounts are considered to be a hybrid between markets makers (dealing desks) and exchanges.

MM – Market Makers

Both bid and ask prices are set by market makers on their systems and are publicly displayed as quote screens. Their customers, ranging from banks to retail forex traders, are prepared to make transactions at these prices. By doing so, they help the market by providing liquidity.

Trading Platform

Brokers offer a variety of trading platforms. Brokers who do not offer the industry standard MetaTrader 4 (MT4) are rare. Other popular platforms include MetaTrader 5 (MT5), cTrader, and broker-designed proprietary platforms.

MT4 – MetaTrader 4

Trading platforms are mainly designed for Forex trading, including MT4 (MetaTrader 4). This system provides huge flexibility and can be used by EAs, robots, and custom indicators.

The adoption of MetaQuotes’ MT5 hasn’t gone as well as planned, and it’s not as popular as everyone expected.

MT5  – MetaTrader 5

The MetaTrader 5 (MT5) platform is a MetaQuotes multi-asset trading platform that lets you trade forex, commodities, and futures.

In MT5, traders can view charts, stream live markets, and place orders with their broker, just like most other online trading platforms.

Expert Advisors, or EAs, are the most popular feature of MT5.

cTrader

cTrader provides the convenience of quick entry and execution, coding customization, and easy trading features.

With Spotware’s cTrader, novice, as well as experienced traders, are able to use its features.

Direct access to the interbank market is offered through this platform, along with various pre-sets, algorithmic trading systems, and portable charts.

In volatile markets, you are able to manage your positions more efficiently with improved charting capabilities and order management systems.

Trader Trading Conditions

Trading costs can be reduced by factors such as leverage, spreads, and account types. These factors directly affect profit and loss. Trading costs are therefore the main factor a trader should consider.

What is leverage?

Trading forex over other asset classes has the advantage of leverage, one of its most powerful features. How does leverage work in forex trading? How is it used?

By using leverage, traders gain access to a larger position than what they would normally be able to control.

The advantage to leverage trading is that you are able to trade much bigger volumes with less money than you’d use if you invested all your own money instead.

What is spread?

In Forex, the spread is the difference between the Bid and Ask prices for a given currency pair.

You will see two prices in your trading platform; a bid price (buy) and an ask price (sell price). The asking price will never be lower than the bid.

How do account types impact trading costs?

In addition to different leverages, lot sizes (standard, mini, micro and nano), and spreads, there are different account types available. Minimum deposits are also based on the type of account a trader has with their chosen broker.

Swap-free accounts, low spreads without commissions, or even zero spread accounts can help you save money and boost profits.

Trading style and approach highly influence the size of your ideal account.

Best Overall Spreads Award South Africa 2021