Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best MT4 Brokers in Nigeria for 2024. Five companies that enjoy huge popularity in Nigeria were selected and compared between each other.
In the ever-evolving world of online trading, access to the right platform and broker can make all the difference in your financial success. If you're in Nigeria and looking to trade using the popular MetaTrader 4 (MT4) platform, you're in the right place.
This piece will explore the top 5 MT4 brokers in Nigeria, equipping you with valuable insights to help you make an informed decision. These brokers offer the tools, security, and opportunities to navigate the dynamic world of Forex and CFD trading. Let's delve into the specifics and uncover the best brokers to use in Nigeria in 2024.
1
RoboForex - Best in Nigeria for 2024
RoboForex bonus programs are the company's strong points. Every trader gets a $30 Welcome Bonus, if they deposit $10 or more to their account. Additional bonuses include 5%-15% cash back on the fees depending on the trading volume, as well as additional 10% extra funds for more than 1,000 traded.
The minimum deposit on all accounts except R StockTrader is $10. The minimum deposit for trading stocks on the R StocksTrader and copying trades on the CopyFx platform is $100. The spread on Prime and ECN accounts is floating, from 0 pips, on Pro and ProCent accounts – floating from 1.3 pips. You can trade 36 currency pairs, metals and CFDs on this type of account.
For trading, RoboForex has available the following applications: MetaTrader 4, MetaTrader 5, and R StocksTrader, as well as its web terminal, on which you can work on real and demo accounts.
Leverage is up to 1:300-1:500 depending on the account type, as required by the regulatory authorities. The leverage on the cent account is up to 1:2000. On standard accounts, manual increase of leverage to 1:2000 is possible during registration, but this option is subject to certain rules. This parameter is appreciated by experienced traders and amateurs of aggressive trading. With RoboForex, you can earn not only on trading but also on the affiliate program, making a profit from users you have referred to a broker. Multilingual support helps market participants solve their pressing problems 24/7.
2
Exness - Best in Nigeria for 2024
Due to an expanded range of trading accounts, Exness is suitable for both professionals and novice traders with little or no experience. The former trade on Pro accounts, and the latter trade on standard and cent accounts. Occasionally, Exness pays bonuses to its new and existing clients.
Not every broker can compete with the range of trading instruments offered by Exness. The company provides 5 classes of CFDs. Commodities can be split into two more groups — metals and energies. The choice of currency pairs is one of the widest on the market. There are over 100 pairs, including majors, minors, and exotics. Leverage is up to 1:2,000 on all account types. Further, active traders can use unlimited leverage subject to requirements for the number of traded lots. The requirements for standard and professional account types are 5 lots, for the cent account, it is 500 lots. The swap-free option is available for all account types.
Market execution is available for trades with currency pairs, indices, stocks, and commodities. Trades on the Pro account are executed instantly. This rule doesn’t apply to cryptocurrencies. Only market execution is available when trading those. Trading conditions on one account type on different platforms are similar. That is, swaps and spreads for Standard account types on MT4, MT5, or Exness in-house platforms are the same.
3
FBS - Best in Nigeria for 2024
The FBS brokerage company offers very attractive trading conditions for traders living all over the world. The minimum trade volume is 0.01 lot for all trading accounts. The minimum deposit is EUR 10 and the spread is 1 pip. Traders can connect an Islamic account option to all live accounts, allowing them to trade according to Sharia law. Popular and exotic currency pairs, indices, futures, and metals are offered as trading instruments.
4
TeleTrade - Best in Nigeria for 2024
TeleTrade offers its clients rather enticing trading conditions. The minimum trade volume is 0.01 lots for all trading accounts, and the minimum spread is 0.2 pips. The minimum deposit is $10. The company's clients can trade on three types of real accounts, as well as copy trades of experienced traders. The broker offers wide range of financial instruments: in addition to currency pairs, you can trade indices and cryptocurrencies.
5
Vantage Markets - Best in Nigeria for 2024
Vantage Markets broker offers clients 1000+ CFD instruments, including 57 currency pairs. The company provides standard platforms MetaTrader 4 and MetaTrader 5 for trading. There is also a proprietary trading terminal: Vantage Markets App, which is compatible with iOS and Android devices.
Clients have access to a standard STP account and two types of ECN accounts (including RAW ECN). Traders are offered margin trading, with leverage ratio going up to 1:500. Vantage Markets supports swap-free trading for Muslim clients. Beginners can practice on a free demo account, which is provided without restrictions.
TOP 5 Comparison
In order to choose the Best MT4 Brokers in Nigeria in 2024, TU analysts chose 5 best brokers in this country. In the table below, you can see a basic comparison of these companies. Experts selected only the most reliable brokers that are popular among traders in Nigeria.
| RoboForex | Exness | FBS | TeleTrade | Vantage Markets | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, Mobile Trading, MT5 |
MT4, MT5 |
MT4, MT5, WebTrader, Mobile Apps |
|
Min deposit |
$10 |
$10 |
$10 |
$1 |
$50 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 1 point |
From 0.8 points |
From 0 points |
|
Level of margin call / stop out |
60% / 40% |
No |
40% / 20% |
70% / 20% |
100% / 50% |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
|
Cent accounts |
Yes |
No |
Yes |
No |
No |
How to choose МТ4 broker in Nigeria
Choosing the right MT4 broker in Nigeria is crucial, especially if you're just starting out. The right broker will likely determine your success, as they'll be your partner in navigating the complex world of trading. Here are some key factors to consider when selecting an MT4 broker in Nigeria:
Regulation and security: Look for brokers that are regulated by reputable bodies such as the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN). This ensures that your funds are safe and you have a channel to recourse in case of any issues.
Transaction costs and fees: Examine the broker's fee structure and try to understand their spreads, commissions, and any hidden fees that might impact your trading profitability. Remember, lower transaction costs can maximize your returns, while high fees can eat into your profits.
Trading conditions: Pay close attention to the trading conditions offered by the broker. This includes spreads (the difference between the buying and selling price of a currency pair), leverage, and minimum deposit requirements. For beginners, it's often advisable to start with a broker offering competitive spreads, reasonable leverage, and a low minimum deposit.
Customer support and education: A good broker should provide excellent customer support and educational resources. As a beginner, you may have questions or need guidance, so responsive customer support is essential. Look for brokers that offer educational materials like webinars, tutorials, market analysis, and demo accounts to help you learn and make informed decisions.
Deposit and withdrawal methods: The best broker for you will offer convenient and secure deposit and withdrawal methods in Nigeria. Consider the payment options available, processing times, and any associated fees when choosing a broker. The last thing you need is difficulty accessing your funds when you need it the most.
Are MT4 brokers legal in Nigeria?
Yes, trading with MT4 brokers is permissible under Nigerian law, as the country doesn't have specific laws prohibiting online Forex trading. While it's legal to trade with these brokers, it's crucial that Nigerian traders make sure to choose a broker that is regulated by a recognized financial regulatory body. This ensures the broker operates under stringent guidelines for the safety and protection of traders' funds. It also means that in case of any disputes, there is a regulatory body to turn to for assistance.
Can Nigerians use international MT4 brokers
Absolutely, Nigerians can use international MT4 brokers. In fact, it is a common practice, and it opens up a plethora of opportunities for Nigerian forex traders. By using international MT4 brokers, Nigerian traders get access to a wider global market with a variety of trading assets. They can trade in major, minor, and exotic currency pairs, as well as commodities, indices, and cryptocurrencies.
Moreover, international brokers often offer more sophisticated trading tools, advanced charting capabilities, and superior trading platforms like MT4 and MT5. They also provide comprehensive educational materials and research tools that can help traders in Nigeria enhance their trading skills and market knowledge.
Pros and cons of MT4 trading
While MT4 is the world's most popular trading platform, it's essential to understand its features and limitations. With this knowledge, you can make an informed decision that best suits your trading needs and style. So, what are the benefits and drawbacks of the MT4 trading platform? Let's find out below:
Pros of MT4 trading
User-friendly interface: MT4 is known for its intuitive and user-friendly interface. The platform allows users to see all their account information from the user interface. You can easily check your account balance, set up a new profile for different markets, and access your trading history. As such, traders of all experience levels can quickly adapt to its layout and features.
Comprehensive charting tools: MT4 provides various technical analysis tools, indicators, and customizable charting options. These include Fibonacci and Gann-based tools, RSI, Moving Averages, and MACD. As a trader, you can use these tools to perform in-depth analysis of the markets and make informed trading decisions.
Algorithmic trading support: Thanks to the Expert Advisor (EA) programs in MT4, traders can develop and use automated trading strategies. These EAs can analyze the markets, execute trades, and manage risk factors without any human intervention. This feature is highly beneficial for traders who want to execute trades based on pre-defined criteria or algorithms. It also offers a great way to eliminate emotions from your trading, which can often cloud judgment.
Backtesting capabilities: Traders can backtest their trading strategies using historical data to assess their performance. This is a valuable tool for refining and optimizing trading strategies, ensuring better performance in the future.
Multi-asset support: While MT4 was explicitly built for Forex trading today, the platform supports trading across various asset classes, including indices, stocks, commodities via CFDs, and cryptocurrencies. This versatility allows traders to diversify their portfolios and make the most out of different market opportunities.
Mobile trading: MT4 offers mobile apps for both iOS and Android, allowing traders to monitor and execute trades on the go. These apps provide the same features as the desktop version, making it convenient for traders to stay connected to the markets at all times.
Cons of MT4 trading
Limited technical advancements: MT4 is considered somewhat outdated compared to its successor, MetaTrader 5 (MT5). MT4's lack of modern features, such as a built-in economic calendar, may be considered a disadvantage for some traders.
Scalability issues: When it comes to handling a large number of assets or running complex strategies, MT4 can face performance issues. Traders engaged in high-frequency trading or managing extensive portfolios may find these limitations problematic.
Lack of direct customer support: While the MT4 platform is widely used, there is a lack of direct customer support for technical issues or inquiries. Traders must rely on online forums and resources for assistance, which may not always provide timely and accurate solutions.
Limited timeframes: MT4 has restricted timeframes available for charting, which may not suit all trading strategies. Traders who prefer unconventional timeframes may be constrained by this limitation, leaving them unable to fully customize their trading experience.
How do I get started with MT4 in Nigeria?
Getting started with MetaTrader 4 (MT4) in Nigeria involves a series of steps, including setting up an account with a reputable broker and installing the MT4 platform. Here's a step-by-step guide to help you begin trading on MT4 in Nigeria:
Step 1: Choose a reputable broker
Research and choose a Forex or CFD broker that's registered and regulated by the Nigerian financial authorities, such as the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Ensure you choose a broker that offers the MT4 trading platform for its clients. Remember to evaluate the broker's trading conditions, including spreads, commissions, available instruments, and customer support.
Step 2: Open an account
Visit the broker's official website and locate the "Open an Account" or "Sign Up" option. Complete the registration form with accurate personal information such as your name, email address, phone number, and other identification details. Verify your identity by providing the required documents, such as a valid government-issued ID, proof of address, and possibly bank account information. Once your identity is verified, your account will be approved, and you'll receive login credentials.
Step 3: Download and install MT4
Log in to your broker's client portal or platform and locate the option to download the MetaTrader 4 (MT4) trading platform. This may be available for Windows, macOS, or mobile devices. Choose the appropriate version for your operating system and start the download. Install the MT4 platform by following the on-screen instructions. Once the installation is complete, launch the platform, and you'll be prompted to enter your login credentials provided by your broker.
Step 4: Fund your account
Before you start trading, you must deposit funds into your trading account. Most brokers offer various deposit methods, including bank transfers, credit/debit cards, and e-wallets. Select your preferred deposit method and follow the instructions to fund your account.
Step 5: Start trading
With funds in your trading account, you're ready to start trading. Explore the various trading instruments available through your broker and access real-time market data. You can place orders, set stop-loss and take-profit levels, and analyze charts to make informed trading decisions. It's advisable to start with a demo account if you're new to trading to practice your strategies without risking real money.
Step 6: Manage your account
Regularly monitor your trades and account balance and adjust your trading strategy as needed. Keep an eye on any news or events that may affect the markets, and be prepared to make necessary adjustments to your positions. It's also crucial to implement risk management strategies, such as setting stop-loss orders to limit potential losses.
TU Expert Review for the best MT4 Brokers in Nigeria
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best MT4 Brokers in Nigeria is posted below.
RoboForex - TU Expert Review
Over the years, this broker has shown itself to be a reliable and trusted partner. RoboForex provides clients with the best conditions: tight spreads from 0 pips, the highest execution speed, and micro-accounts with a lot of 0.01. The positive feedback from real traders about RoboForex, instant withdrawal of funds, and operational support are what impress me about this broker. The brokerage company offers quality services to both beginners and seasoned traders. Over the years of cooperation with RoboForex, the broker has not received any significant claims against it. Therefore RoboForex is quite popular among Traders Union clients. All financial issues and claims on the broker's work are resolved by the company's representatives as quickly as possible and within minimum time. RoboForex always meets its clients and partners halfway. Following the mass of positive reviews about the work of roboforex.com, Traders Union recommends this company as a trusted broker with a high trust rating.
Exness - TU Expert Review
Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use. Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor. Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.
FBS - TU Expert Review
The FBS broker fulfills its obligations as a partner to Traders Union and is recognized by the members of the Union as a company that offers clients optimal trading conditions. The FBS brokerage company provides traders with several trading accounts to choose from: a free demo account and several types of real accounts with different conditions. This allows its clients to choose the best option based on the trading strategy and financial instrument, as well as individual requirements. The broker provides all traders with negative balance protection. Considering all this, we can say that the FBS broker is suitable for both novice traders and professionals of foreign exchange trading. It should be noted that the company's support service works around the clock, 7 days a week, and you don't have to wait long for an answer. The broker's website is simple, you can understand it intuitively.
TeleTrade - TU Expert Review
Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.
Vantage Markets - TU Expert Review
Vantage Markets is the broker best suited for traders who prefer ECN trading. This gives users direct access to liquidity providers and can save on trading fees. The company offers two types of ECN accounts at once, one of which is for professional traders with a large deposit. Vantage Markets will be the optimal choice for clients who are primarily interested in trading. However, there are few options for passive investing. The company offers a vast array of currency pairs and does not impose restrictions on trading strategies. The company is also suitable for clients who prefer automated trading. Trading robots can be used without restrictions. Traders can choose an attractive type of commission for themselves: spread or fixed fee. To do this, you need to select the appropriate type of account. The size of the initial deposit can be considered quite low. The broker focuses on the safety of clients' funds, so traders will have to go through additional checks to withdraw funds. The company's technical support service is efficient and responds quickly.
Summary
Many brokers operate in Nigeria, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best MT4 Brokers in Nigeria 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best MT4 Brokers in Nigeria
| RoboForex | Exness | FBS | TeleTrade | Vantage Markets | |
|---|---|---|---|---|---|
|
Overall score |
8.61 |
7.58 |
8.28 |
7.19 |
7.32 |
|
Execution of orders |
8.95 |
9.6 |
9.5 |
3.21 |
8.2 |
|
Investment instruments |
8.2 |
8.79 |
6.96 |
6.7 |
9.19 |
|
Withdrawal speed |
9.71 |
8.79 |
9.57 |
7.79 |
8.2 |
|
Customer Support work |
9.17 |
9.29 |
7.58 |
8.41 |
6.64 |
|
Variety of instruments |
8.75 |
8.02 |
7.02 |
8.75 |
7.37 |
|
Trading platform |
6.86 |
1 |
9.03 |
8.29 |
4.31 |
|
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FAQ
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
What is a demo account and why is it important?
On a demo account, you trade by using virtual funds. It is important to choose a broker offering a demo account both for beginners, who are only learning, and for experienced traders, who can use this account type to test new strategies or EAs risk-free.
Can you earn passive income in the financial markets?
Yes, the best brokers of Nigeria offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
Best MT4 Brokers by Countries
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).