In order to trade successfully, it is very important to choose the right broker. in Nigeria, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best crypto brokers for swap-free trading in Nigeria 2024. You can compare their features and trading conditions.
1
Exness - Best for swap-free trading in Nigeria
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
👍 Advantages of trading with Exness for traders from Nigeria:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from Nigeria:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
2
TeleTrade - Best for swap-free trading in Nigeria
TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.
👍 Advantages of trading with TeleTrade for traders from Nigeria:
•detailed analytical section;
•informative educational section.
👎 Disadvantages of TeleTrade for traders from Nigeria:
•no PAMM accounts or other money management options;
•a small range of trading instruments;
•few withdrawal options;
•support is available 24/5;
•withdrawals delayed;
•technical support responds slowly;
•sometimes it takes a long time to verify data.
3
FxPro - Best for swap-free trading in Nigeria
FxPro is a well-established broker offering traders access to over 2,100 financial instruments across multiple asset classes, including Forex, stocks, commodities, indices, and cryptocurrencies. It is regulated by reputable authorities – FCA, CySEC and others.
The broker stands out with its focus on technology and offers an average order execution speed of 14-30 ms, setting a market benchmark. FxPro also provides an impressive suite of trading tools and educational resources, such as Trading Central analytics. The minimum deposit of $100, however, is higher than some competitors.
With a company capital exceeding 100 million euro, and a track record of reliability, FxPro stands out as a top-tier choice for traders looking for a secure and dynamic trading environment.
👍 Advantages of trading with FxPro for traders from Nigeria:
•Negative Balance Protection of a client on a real account is a unique broker service. It has an automated transaction monitoring and a risk management system, the capital is guaranteed not to go into a negative balance;
•insurance of client funds at the expense of the broker participation in an investor compensation fund;
•beginner traders will be able to access tested advisors;
•a full package of services is available to the client regardless of the balance of his account;
•VIP account holders are offered a personal manager and get a Free VPS;
•company capital exceeds 100 million euros;
•offers swap-free accounts for customers whose religious beliefs do not permit swapping eg. Islamic traders;
•the reliable trading environment provided by the competent educational and research department.
👎 Disadvantages of FxPro for traders from Nigeria:
•it is not the best choice for beginner traders who are looking for their first broker as the minimum deposit of $100 is considered high;
•difficulties registering in an affiliate program.
4
Admirals - Best for swap-free trading in Nigeria
Admirals was founded in 2001. In more than 20 years of operation, a regional Estonian broker has grown into an international financial group of companies providing access to over-the-counter markets in more than 130 countries, as well as to exchange-traded stock instruments. Following the 2021 rebranding, Admirals became Admirals. The updated platform received new integrated risk management solutions.
The Admirals group of companies comprises:
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Admirals AU Pty Ltd.
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Admirals UK Ltd.
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Admirals Cyprus Ltd.
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Admirals AS Jordan Ltd.
Regulators of the Admirals group of companies include FCA (UK, 595450), CySEC (Cyprus, 201/13), ASIC (Australia, 410681), JSC (Jordan, 57026), and CIPC (South Africa, 2019 / 620981 / 07).
👍 Advantages of trading with Admirals for traders from Nigeria:
•5,000+ trading assets, with stock assets trading on exchange markets available.
•The company’s proprietary social trading platform (copy trading).
•Relatively tight spreads on most assets.
•The company’s own Supreme Edition plug-in for MT4 and MT5, which expands their technical and chart functionality.
•FCA and CySec licenses, which are the most reputable regulators.
•Compensation fund with insurance coverage of up to €20,000 per trader.
•Relatively low initial deposit that provides for opening trades within risk management subject to leverage.
👎 Disadvantages of Admirals for traders from Nigeria:
•Restrictions on leverage for retail traders without the “professional” status as required by regulators.
•Withdrawal fee is charged.
5
AvaTrade - Best for swap-free trading in Nigeria
AvaTrade was founded in 2006 in Dublin, Ireland. The company has offices in 10 countries. It currently has over 300, 000 registered users and processes more than 2 million transactions every month. These factors contribute to AvaTrade being a reliable and trusted broker. They are accredited across five continents and are one of the market leaders. The broker is regulated by the Australian Securities and Investment Commission (ASIC, 406684), the Japanese FSA ( 1662), and the South African FSCA ( 45984). AvaTrade holds accreditation by the Central Irish Bank ( C53877 ), the Abu Dhabi Financial Services Regulatory Authority (190018), and the British Virgin Islands Financial Services Commission ( SIBA/L/13/1049), CySEC ( 347/17). AvaTrade allows traders to trade stocks, securities, indices, cryptocurrencies, and currency pairs. In total, the offer more than 1,200 tools to customers.
👍 Advantages of trading with AvaTrade for traders from Nigeria:
•a wide range of trading instruments;
•there is a license for the provision of services on the territory of 5 continents;
•customer service operates around the clock and provides competent assistance to users in 14 languages;
•a wide choice of convenient trading platforms;
•ability to trade from mobile devices;
•availability of an account for representatives of Islam (swap-free);
•for reliable storage of customer funds, the broker uses a segregated account;
•option for automated trading using trading advisors, indicators, and other analysis tools;
•no restrictions on trade and scalping;
•availability of training materials and conducting webinars for beginners and experienced traders.
👎 Disadvantages of AvaTrade for traders from Nigeria:
•the site interface is not user-friendly;
•customer service efficiency and response time
•trading terminals are prone to occasionally freeze.
TOP 5 Comparison
This table makes it easy to compare the best crypto brokers for swap-free trading in Nigeria for 2024 by placing their information side by side all in one place. The table includes the categories that are most important when deciding on a broker to work with. The data contained in this table is verified and only includes the most reputable brokers.
| Exness | TeleTrade | FxPro | Admirals | AvaTrade | |
|---|---|---|---|---|---|
|
Trading platform |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, Mobile Trading, MT5, cTrader, FxPro Edge |
MT4, MT5, WebTrader, Mobile platforms |
MT4, Mobile Trading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option |
|
Min deposit |
$10 |
$10 |
$100 |
$250 |
$100 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:200 |
|
Trust management |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 1 point |
From 0.8 points |
From 0 points |
From 0.5 points |
From 0.9 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Exchange execution, Market Execution |
Instant Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
No |
No |
No |
Yes |
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
Exness Commissions and Fees
Exness charges only trading fees. These are spreads on Standard and Pro accounts and spreads + fees per lot on Raw Spread and Zero accounts. The company doesn’t withhold non-trading fees.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard Cent |
$0.3 |
No |
|
Standard |
$3 |
No |
|
Standard Plus |
$10 |
No |
|
Raw Spread |
$0 |
No |
|
Zero |
$0 |
No |
|
Pro |
$1 |
No |
TeleTrade Commissions and Fees
Our analysts analyzed the broker’s trading and non-trading fees. The first was the company's spread, the second was additional fees for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard ECN |
$17 |
No |
|
Professional NDD |
$9 |
No |
|
Sharp ECN CENT |
$2 |
No |
|
Cryptocurrency account |
$3 |
No |
FxPro Commissions and Fees
Traders Union professional team has analyzed FxPro trading conditions for commissions. For comparison and reference convenience, the results have been presented in the table.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
FxPro MT4 Instant |
From $10 |
No |
|
FxPro MT4 Fixed |
From $5 |
No |
|
FxPro MT5 |
From $5 |
No |
|
FxPro cTrader |
From $3 |
No |
|
FxPro Platform |
From $1 |
No |
Admirals Commissions and Fees
TU experts have analyzed trading conditions (spreads and fees) of the Admirals group of companies. Results are provided as a list:
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Spreads and fees are not subject to the broker. It means that liquidity providers are the same for the entire group.
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The Zero MT4/MT5 account has a fixed fee per 1 full standard lot. Forex and metals are charged with a fee ranging from $1.8 to $3 per 1 lot. Energies are charged with a $1 fee per lot. The fee is indicated per one transaction, thus it is doubled when closing a trade.
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There is a $0.02 fee per transaction for trading stocks and ETFs.
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There is a withdrawal fee which is subject to the payment system and the broker. Its minimum ranges from $1 to $15. All withdrawal fees are discussed in detail in the following blocks.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Trade MT4/MT5 |
from $5 |
Yes |
|
Zero MT4/MT5 |
from $0 |
Yes |
|
Zero MT4/MT5 |
from $0 |
Yes |
AvaTrade Commissions and Fees
The broker has been checked by our experts for the existence of explicit and hidden commissions, in particular a commission for trading volume and withdrawal of funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From 0 to 20 US dollars, depending on the platform |
No |
Summary
Many brokers are available for traders from Nigeria, but not all of them offer good conditions. In this review, TU experts chose the Best crypto brokers for swap-free trading in Nigeria 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Crypto Brokers For Swap-Free Trading in Nigeria
| Exness | TeleTrade | FxPro | Admirals | AvaTrade | |
|---|---|---|---|---|---|
|
Overall score |
9.57 |
9.34 |
8.8 |
8.32 |
7.4 |
|
Execution of orders |
9.6 |
3.21 |
8.25 |
7.65 |
8.5 |
|
Investment instruments |
9.43 |
9.3 |
8.8 |
7.99 |
6.97 |
|
Withdrawal speed |
8.79 |
7.79 |
6.5 |
8.57 |
7.2 |
|
Customer Support work |
9.29 |
8.41 |
8.9 |
8.2 |
7.9 |
|
Variety of instruments |
8.02 |
8.75 |
9.27 |
8.75 |
10 |
|
Trading platform |
1 |
8.29 |
9.2 |
8.09 |
6.8 |
|
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FAQ
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
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.
Can you earn passive income in the financial markets?
Yes, the best brokers in Nigeria offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
Best Crypto Brokers For Swap-Free Trading by Countries
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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.