Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Nigeria in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Nigeria to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers Nigeria by TU include the following:
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.
The trading conditions provided by the company are not suitable for beginners and are more focused on professional traders.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
Best forex brokers for beginners in Nigeria in 2024
| RoboForex | Exness | TeleTrade | Gerchik&Co | XM Group | |
|---|---|---|---|---|---|
Trading platform |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader |
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
MT4, МТ5 |
MetaTrader 4, MetaTrader 5, Mobile Platforms |
МТ4, МТ5 (desktop, web, and mobile versions), and XM App for smartphones and tablets |
Min deposit |
$10 |
$10 |
$1 |
$100 |
$5 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
Yes |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.0 points |
From 1.0 points |
From 0.8 points |
From 0.0 points |
From 0.6 points |
Level of margin call / stop out |
60% / 40% |
0% / 60% |
70% / 20% |
100% / 50% |
100% / 50% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
Cent accounts |
Yes |
No |
No |
No |
Yes |
There are certain specifics in trading, which novice traders residing in the territory of Nigeria need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in Nigeria - RoboForex
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 Advantages of trading with RoboForex for traders from Nigeria:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from Nigeria:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
RoboForex Commissions & Fees for traders from Nigeria
RoboForex charges trading fees. The fees are charged as the spread. In the fees review for traders from Nigeria, you can learn about their rates depending on the account type.
RoboForex Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Pro |
$13 |
No |
Pro-Cent |
$13 |
No |
ECN |
$3 |
No |
Prime |
$1 |
No |
2
Best Forex broker for beginners in Nigeria - Exness
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 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.
Exness Commissions & Fees for traders from Nigeria
Exness charges trading fees. The fees are charged as the spread. In the fees review for traders from Nigeria, you can learn about their rates depending on the account type.
Exness Commissions and Fees in Nigeria
| 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 |
3
Best Forex broker for beginners in Nigeria - TeleTrade
TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.
👍 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.
TeleTrade Commissions & Fees for traders from Nigeria
TeleTrade charges trading fees. The fees are charged as the spread. In the fees review for traders from Nigeria, you can learn about their rates depending on the account type.
TeleTrade Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard ECN |
$17 |
No |
Professional NDD |
$9 |
No |
Sharp ECN CENT |
$2 |
No |
Cryptocurrency account |
$3 |
|
4
Best Forex broker for beginners in Nigeria - Gerchik&Co
Gerchik&Co was founded in 2015 by Ukrainian traders Oleksandr Gerchik and Ivan Kroshny and began operations in July of that year. Initially, it focused on the Commonwealth of Independent States (CIS, a Post-Soviet Union regional intergovernmental organization consisting of 9 countries in Eurasia) before expanding to the European level.
In November 2015, Gerchik&Co was recognized as the "Fastest Growing Broker" by the Mena 15th Forex Show. Based on the results of an independent vote by Russian Trading Day Money, the company received the "Breakthrough of the Year" award in December 2015, and Oleksandr Gerchik obtained the title of "Best Speaker" in the same month. To protect its clients' interests, the company also cooperates with the Traders Union and the International Financial Commission.
👍 Advantages of trading with Gerchik&Co for traders from Nigeria:
•more than 360 trading instruments;
•permission to use expert advisors and other tools for technical analysis and trade automation;
•high order execution and market operation speed, achieved through collaboration with 15 liquidity providers.
👎 Disadvantages of Gerchik&Co for traders from Nigeria:
•a high minimum deposit of $100, which is inaccessible to beginners.
•MetaTrader 4 and MetaTrader 5 trading platforms;
•no apps for mobile trading, only the mobile version of the website is available.
•small leverage — 1:100;
•many quotes provided by the broker are inaccurate;
•strict user conditions in the Terms of Agreement;
•trading on weekends is not possible.
Gerchik&Co Commissions & Fees for traders from Nigeria
Gerchik&Co charges trading fees. The fees are charged as the spread. In the fees review for traders from Nigeria, you can learn about their rates depending on the account type.
Gerchik&Co Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Zero |
from $10 |
No |
Mini |
from $10 |
No |
Simple |
from $10 |
No |
Silver |
from $9 |
No |
Gold |
from $8 |
No |
Platinum |
from $7 |
No |
5
Best Forex broker for beginners in Nigeria - XM Group
XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth, has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted more than 5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.
👍 Advantages of trading with XM Group for traders from Nigeria:
•XM Broker guarantees 100% execution of orders, 99,35% of orders delivered nearly instantly. No requotes guaranteed;
•no “markup” on narrow market spreads (broker's margins over the spread);
•over 1,000 trading instruments. Available for trading are: more than 55 currency pairs, including CFDs on cross rates, metals (including palladium and platinum), commodities (cocoa, cotton, grain), stocks;
•no commission for replenishment and withdrawal of money. XM Broker incurs all commission costs of payment systems;
•around the clock support for 5 days a week in more than 30 languages.
👎 Disadvantages of XM Group for traders from Nigeria:
•passive investment services (social trading platform, PAMM accounts);
•expanding their limited choice of trading platforms. Despite the fact that the broker offers 16 terminals, all of them are modifications of MT4 and MT5 for desktop, browser and mobile trading.
XM Group Commissions & Fees for traders from Nigeria
XM Group charges trading fees. The fees are charged as the spread. In the fees review for traders from Nigeria, you can learn about their rates depending on the account type.
XM Group Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
XM Ultra Low Micro |
From 6 USD |
No |
XM Ultra Low Standard |
From 6 USD |
No |
XM Zero |
From 0 USD |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
How to choose a Forex broker for beginners in Nigeria
As a beginner in Forex trading, selecting the right forex broker is pivotal to your success in Foreign exchange trading. Let's look at some tips to get you moving in the right direction.
1. Regulatory compliance
Look for a forex broker in Nigeria that is registered with the Securities and Exchange Commission (SEC). This isn't just a formality; it's your safeguard against potential pitfalls and your guarantee of industry standards.
2. Account types and minimum deposits
Forex brokers offer various account types, each demanding a different threshold of minimum deposit. For beginners, consider the "micro" or "mini" accounts, which ask for a modest minimum deposit.
3. Currency pairs and trading platforms
Find out the currency pairs available and the trading platform on offer. Ensure your broker has major pairs, like EUR/USD or GBP/USD on the menu, and the trading platform is user-friendly and comes equipped with essential analytical tools.
4. Customer support and educational resources
Look for brokers with responsive and knowledgeable support teams, accessible through various channels like phone, email, and live chat. Furthermore, a broker offering educational resources, such as webinars, tutorials, and market analysis, can be your guiding light on the learning journey.
In essence, you should take your time, conduct thorough research, and above all, trust your instincts. Forex trading can indeed be a rewarding adventure, but it all begins with the smart choice of a broker.
Is Forex trading legal in Nigeria in 2024?
As of 2024, Forex trading remains well within the bounds of legality in Nigeria. To engage in forex trading in Nigeria, it's imperative to select a broker registered with the SEC and ensure strict compliance with their requirements. This way, you can navigate the forex landscape within the confines of the law and without venturing into any legal gray areas.
It's essential to stay up-to-date with the current regulatory landscape to ensure your activities remain within the legal framework. Please note that the legal situation can change, so consulting with financial experts and legal advisors can be a prudent step in your forex trading journey.
Is Forex trading taxable in Nigeria in 2024?
Yes. In Nigeria, forex trading comes under the taxman's scrutiny. The tax implications can vary depending on the size of your earnings, and your overall financial profile. Here's a concise breakdown.
1. Capital gains tax
The profits you make from Forex trading are seen as capital gains. Now, the tax rate for these capital gains depends on how long you've been holding onto your assets. If you've had your Forex investments for over a year, you might enjoy a lower capital gains tax rate compared with short-term trading.
2. Personal income tax
If you're raking in substantial income from your Forex dealings, it might be classified as personal income which is taxable. The exact tax rate depends on which income bracket you find yourself in.
3. Business income tax
Now, if you're running your Forex trading as a full-fledged business, you could be in for some business income tax. It's another layer of tax obligation you'll want to keep in mind.
Your exact tax responsibilities will be as unique as your trading journey, influenced by your specific circumstances and the kind of trading you engage in. Staying in the know and meeting your tax duties is a wise stride on your forex trading path.
Pros and cons of Forex trading for beginners
Now let's take a look at the world of forex trading and unravel the pros and cons for beginners.
Pros
Accessibility
Forex trading is incredibly accessible. With the market operating 24/5, you can engage in trading from practically anywhere with an internet connection.
Liquidity
The Forex market is renowned for its liquidity. It means you can buy and sell currencies swiftly, reducing the chances of getting trapped in a trade.
Diverse currency pairs
The Forex market serves up a smorgasbord of currency pairs to trade. This diversity lets you align your trading strategy with your insights into specific economies and global events.
Educational resources
A wealth of educational resources awaits beginners, including online courses, webinars, and demo accounts. These tools are your allies, helping you learn and practice without putting real money on the line.
Cons
High risk
Forex trading is a high-risk venture, and beginners are often most vulnerable to impulsive decisions.
Complexity
The forex market can be intricate. Grasping the factors influencing currency movements takes time. The learning curve can be steep for beginners.
Emotional stress
Trading can take an emotional toll, especially when real money is at stake. Anxiety, impatience, and fear can cloud judgment and lead to suboptimal decisions.
Scams and unregulated brokers
The Forex arena has its fair share of bad actors and unregulated brokers. Beginners must exercise caution and choose brokers with solid reputations and proper regulation.
In a nutshell, Forex trading for beginners offers both the promise of profit and the specter of risk. The path to success involves diligent learning, prudent risk management, and unwavering discipline.
How to start Forex trading in Nigeria
If you want to get into Forex trading in Nigeria, here is a guide to what you need to do.
1. Learn
Before you even think about making your first trade, invest some time in your own education. Understand the fundamentals of Forex trading, the various currency pairs, and how the Forex market operates.
2. Find a reliable Forex broker
Your choice of a Forex broker can make or break your trading experience. Ensure they offer a user-friendly trading platform, competitive spreads, and good customer support. Don't rush this step; research and read reviews to find the right fit.
3. Open a trading account
Once you've zeroed in on a broker, open a trading account with them. Follow the broker's guidelines, and you'll have your account set up in no time.
4. Practice with a demo account
These are like practice arenas where you can make mock trades with virtual money. It's an excellent way to get comfortable with the platform and understand how trading works without risking your hard-earned cash.
5. Develop a trading plan
Trading without a plan is like sailing without a destination. Define your goals, risk tolerance, and strategy. Decide how much you're willing to invest, when you'll enter and exit trades, and what indicators you'll rely on for decision-making.
6. Start small and stay informed
As a beginner, start small. Don't bet the farm on your first trade. Dip your toes in and gradually increase your investments as you gain experience. Keep yourself informed by following forex news, analyzing market trends, and learning from other traders.
7. Monitor and adapt
Forex trading is not a set-it-and-forget-it deal. Regularly review your trades, assess your performance, and adapt your strategy as needed. The market is dynamic, and your approach should be, too.
There you have it – a roadmap to kickstart your forex trading journey in Nigeria. Remember, it's not a sprint; it's a marathon. Take your time, stay informed, and stay the course.
Can I start Forex trading in Nigeria without investment?
Absolutely! When it comes to Forex trading, you don't always have to take a plunge into the deep end of your wallet right from the start. There are some smart options available to you.
Firstly, use demo accounts. Reputable brokers offer demo accounts that enable you to trade with virtual money under real market conditions. Consider it a safe environment to hone your abilities before trading with real capital. It's the perfect starting point for beginners to build confidence without the fear of losing real money.
Secondly, use proprietary trading firms. Proprietary trading firms provide you with a trading account, and if you can meet their predefined trading objectives, you earn a share of the profits. This offers you the opportunity to trade with someone else's capital. However, keep in mind that these opportunities come with specific rules and performance targets that you must achieve to claim your share of the profits.
So, the succinct answer is yes, you can kickstart your forex trading journey in Nigeria without an initial investment.
What are alternatives to active Forex trading in Nigeria?
While active Forex trading is a thrilling endeavor, it's not the only path you can take. There are alternative routes to explore, each with its own unique charms.
1. Copy trading software
Copy trading software allows you to mimic the trades of experienced traders, often referred to as signal providers. It's a great option for beginners or those who prefer a more hands-off approach to trading.
2. PAMM (Percentage Allocation Management Module)
With PAMM, you invest your funds into an account managed by a professional trader. The profits or losses are then distributed based on the percentage of your investment. It's a way to benefit from the expertise of skilled traders while you sit back and enjoy the voyage.
3. Forex position trading
This strategy involves holding positions for more extended periods, ranging from weeks to months. It's less demanding in terms of monitoring and allows you to make decisions with a more extensive perspective on market trends.
These alternatives offer different flavors of forex engagement. Each alternative has its own merits, and the one you choose depends on your trading style and preferences.
Summary
Choosing the right broker is not a simple task for new traders in Nigeria, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Nigeria, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from Nigeria
| RoboForex | Exness | TeleTrade | Gerchik&Co | XM Group | |
|---|---|---|---|---|---|
Overall score |
8.61 |
7.58 |
7.19 |
6.49 |
8.28 |
Execution of orders |
8.95 |
9.6 |
3.21 |
2.79 |
9.35 |
Investment instruments |
8.2 |
8.79 |
6.7 |
5.97 |
8.7 |
Withdrawal speed |
9.71 |
8.79 |
7.79 |
7.43 |
7.9 |
Customer Support work |
9.17 |
9.29 |
8.41 |
8.85 |
8.5 |
Variety of instruments |
8.75 |
8.02 |
8.75 |
8.75 |
8.02 |
Trading platform |
6.86 |
1 |
8.29 |
5.14 |
7.2 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker Nigeria?
According to the requirements of country Nigeria, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Nigeria.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Nigeria.
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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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.