PAMM accounts are a way to earn passive income, which both beginners and professional investors can use. Traders Union have conducted a detailed analysis of the brokers offering this option. The experts compared the companies, their trading conditions for PAMM accounts and general trading conditions. The rating features the most reliable companies in Nigeria that offer passive income under good conditions.
The Most reliable brokers of Nigeria by TU include the following:
AvaTrade is a brokerage company that provides optimal working conditions for all traders with any skill level. The broker provides customers with security by protecting their data and finances, and they are constantly working to improve the service.
The HFM broker focuses on traders from Europe. The company offers a variety of investment options and is suitable for both novice and professional traders.
Pepperstone is particularly suitable for novice market participants as well as more seasoned trading professionals. In general, the Pepperstone platform offers everything novice traders need for comfortable trading such as favorable conditions, reliability, a wide selection of trading options, along with an assortment of first rate educational materials.
ForexTime is a progressive broker that actively uses innovative technologies to provide the best trading terms for traders, regardless of their trading experience. ForexTime fits both novice and experienced traders. The company provides its services in 150 countries and ensures full safety and security of its clients' funds because they are kept in segregated accounts.
Forex.ee specializes in currency pairs, thus the choice of CFDs is limited. Also, the broker is suitable for copy trading, investing in PAMM accounts, and margin and algorithmic trading.
Best PAMM brokers in Nigeria in 2024
| AvaTrade | HFM | Pepperstone | FXTM | Forex.ee | |
|---|---|---|---|---|---|
Trading platform |
MetaTrader 4, MetaTrader 5, Mirror Trader, ZuluTrade, AvaTrader, mobile and web versions of МТ |
MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading and HFM Platform |
cTrader, TradingView, MetaTrader 4 and MetaTrader 5 |
MetaTrader 4, MetaTrader 5, FXTM Trader |
МetaТrader 4 (desktop and mobile versions) and TickTrader (desktop, mobile, and web versions) |
Min deposit |
$100 |
$0 |
$1 |
$10 |
$50 |
Leverage |
From 1:200 |
From 1:400 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.9 points |
From 0.0 points |
From 0.0 points |
From 0.0 points |
From 0.0 points |
Level of margin call / stop out |
25% / 10% |
50% / 20% |
90% / 20% |
50% / 80% |
50% / 30% |
Execution of orders |
Instant Execution |
Market Execution |
Instant Execution |
Market Execution, Instant Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
Cent accounts |
Yes |
Yes |
No |
Yes |
No |
A PAMM account provides passive income for traders regardless of their experience. The income is ensured by a professional manager. Only one person can manage the account, while an unlimited number of investors can invest in such an account. The manager can invest in any assets, for example Forex, cryptocurrencies, etc.
It is important to know that the manager does not interact with the investor money directly and does not have access to it. He opens a position with his own funds, while the money of the clients is added by the system. The manager is not restricted in his choice of the trading strategy. The profit is distributed proportionally to the investments. Each PAMM account has a profitability rate, which investors are guided by when starting to work.
1
Best PAMM broker in Nigeria - AvaTrade
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.
AvaTrade Commissions & Fees for traders from Nigeria
It is important to know the commissions and fees brokers charge if you plan to invest not only in PAMM accounts, but also to trade.The number of the managers offering their services on the platform directly depends on the level of the broker’s fees.
AvaTrade Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From 0 to 20 US dollars, depending on the platform |
No |
2
Best PAMM broker in Nigeria - HFM
HFM is a broker owned by the HF Markets Group, offers a wide variety of account types, and has the widest selection of trading assets and high-quality software. HFM also has favorable trading conditions and instant execution of orders. Plus, a solid list of tools and services allow everyone to choose the best option. The broker's reliability is confirmed by the license of several regulators. The company's work experience in the financial, brokerage and other services market is over 10 years. Within that time, HFM has received 35 prestigious awards. For trading, MetaTrader 4 and MetaTrader 5 trading terminals are used.
👍 Advantages of trading with HFM for traders from Nigeria:
•favorable trading conditions and low spreads - from 0 pips;
•controlled by several regulators;
•no commissions for account replenishment and bank transfers.
👎 Disadvantages of HFM for traders from Nigeria:
•Withdrawal terms do not always correspond to those indicated;
•Few account currencies, which is why some clients have to pay for double conversion;
•The choice of electronic payment systems for replenishment/ and withdrawal is rather modest;
•Registration is quite easy, but while it is in progress, you cannot learn the conditions on other types of accounts;
•Customer support is closed on weekends.
HFM Commissions & Fees for traders from Nigeria
It is important to know the commissions and fees brokers charge if you plan to invest not only in PAMM accounts, but also to trade.The number of the managers offering their services on the platform directly depends on the level of the broker’s fees.
HFM Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Zero spread |
From $0 |
No |
Cent |
From $12 |
No |
Premium |
From $12 |
No |
PRO |
From $5 |
No |
3
Best PAMM broker in Nigeria - Pepperstone
Pepperstone (Pepperstone.com) was founded in 2010 in Melbourne, Australia,
by professional traders who were not satisfied with the quality of services provided by most brokers. The founders
decided to avoid many of the disadvantages of competitors, including high commissions, delayed execution of orders,
etc. The founders therefore focused on improving the technical component. The company has set itself the goal of
changing the “rules of the game” and setting the bar high for online trading.
Today, Pepperstone offers clients all over the world some of the best technological solutions and favorable trading
conditions. The company also provides professional tools that help traders not only master the fine art of trading,
but also significantly increase trading efficiencies. In addition, Pepperstone’s platform is scrutinized by seven
regulatory authorities, including ASIC (Australian Securities and
Investments Commission, AFSL No.414530), FCA (UK Financial
Conduct Authority, 684312), DFSA
(F004356), BaFin (151148), CMA (128), SCB
(SIA-F217), and CySec (388/20). Moreover,
with Pepperstone, clients' assets are maintained in aggregated accounts with several major, global banking
institutions. These facts confirm the reliability of the company and guarantee the safety of the client's capital.
👍 Advantages of trading with Pepperstone for traders from Nigeria:
•Attractive trading conditions;
•Fast order execution - 30 ms on average;
•1,200+ trading instruments;
•Low fees; and
•No inactivity fee.
👎 Disadvantages of Pepperstone for traders from Nigeria:
•Support service works only 24/5;
•No cent account;
•Not available to US clients;
•Limited passive trading opportunities;
•Limited analytical materials available on the site. The only way to resolve this issue is to connect to trading signals;
•No news section; and
•Demo accounts can only trade for free for one month only.
Pepperstone Commissions & Fees for traders from Nigeria
It is important to know the commissions and fees brokers charge if you plan to invest not only in PAMM accounts, but also to trade.The number of the managers offering their services on the platform directly depends on the level of the broker’s fees.
Pepperstone Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Razor |
From $0 |
No |
Standard |
From $1 |
No |
4
Best PAMM broker in Nigeria - FXTM
Broker FXTM (pronounced "ForexTime") started in 2011. It provides an opportunity to make a profit through active trading or investment programs. The company is regulated by CySEC (Cyprus Securities and Exchange Commission, 185/12), South African FSCA (Financial Sector Supervision Authority, 46614), UK FCA (Financial Conduct Authority, 777911), and FSC (Mauritius Financial Supervisory Commission, C113012295). The broker has received many awards, including "Best Trading Conditions" (2018, 2019) and "Most Innovative Broker" (2018).
Over 2 million traders worldwide cooperate with ForexTime (FXTM). The minimum deposit on the Micro account is $10, which allows novice traders to master the basics of trading and study the operational principles of the Forex market with comfort and without large investments.
👍 Advantages of trading with FXTM for traders from Nigeria:
•a wide range of trading accounts;
•a large number of training materials;
•the ability to use automated programs in trading.
•the minimum deposit is $10;
•the most popular trading platforms are MT4 and MT5;
•proprietary application for mobile trading is the FXTM Trader;
•the ultra-low spreads are from 0.0 pips;
•a huge choice of trading instruments is present;
•supervision of the broker’s activities is by major financial regulators in four jurisdictions;
•professional support.
👎 Disadvantages of FXTM for traders from Nigeria:
•for investment, only copy trading is offered;
•the broker is closed on Saturday and Sunday.
FXTM Commissions & Fees for traders from Nigeria
It is important to know the commissions and fees brokers charge if you plan to invest not only in PAMM accounts, but also to trade.The number of the managers offering their services on the platform directly depends on the level of the broker’s fees.
FXTM Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Micro |
From $15 |
Depends on the payment system |
Advantage |
From $0,4 |
Depends on the payment system |
Advantage Plus |
From $15 |
Depends on the payment system |
5
Best PAMM broker in Nigeria - Forex.ee
Forex.ee is a Forex broker that has been operating since 2004. Since 2013, it has been using STP (Straight-Through Processing) and ECN (Electronic Communication Network) models, which allow its clients to trade in comfortable conditions without the participation of dealers, at the best prices from liquidity providers, and with a high processing speed. Forex.ee is focused on trades with currency pairs, but it also offers access to markets of stocks, cryptocurrencies, and commodities. This broker offers bonus programs, trading with leverage, and rewards for partners.
👍 Advantages of trading with Forex.ee for traders from Nigeria:
•Minimum deposit is $10 for cryptocurrencies, $50 for STP, and $200 for ECN accounts;
•Scalping, high-speed trading, and algorithmic trading are allowed;
•Tight market spreads on all account types;
•Possibility to trade with a $1 fee on ECN accounts;
•Leverage is up to 1:500 for currency pairs and metals;
•PAMM accounts are available;
•Access to signals from MQL4.community with compensation for the first month’s subscription.
👎 Disadvantages of Forex.ee for traders from Nigeria:
•No license from a reputable financial supervisory commission;
•Small choice of payment systems, especially e-wallets;
•The range of trading assets is not as rich as that of other Forex brokers.
Forex.ee Commissions & Fees for traders from Nigeria
It is important to know the commissions and fees brokers charge if you plan to invest not only in PAMM accounts, but also to trade.The number of the managers offering their services on the platform directly depends on the level of the broker’s fees.
Forex.ee Commissions and Fees in Nigeria
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
STP |
$5 |
Charged by payment systems |
Basic ECN |
$0 |
Charged by payment systems |
Advanced ECN |
$0 |
Charged by payment systems |
Premium ECN |
$0 |
Charged by payment systems |
Crypto |
$1 |
Charged by payment systems |
How to Choose The Best PAMM Brokers?
When choosing a PAMM broker, you need to take into consideration several important aspects, including the following:
Reliability and security. A broker should hold the financial license and disclose information about the company.
Number of PAMM accounts. A high number of managers offering their services also testifies to the reliability of the broker and good trading conditions.
Profitability. Each PAMM account has a certain profitability rate. However, you need to keep in mind that high profit is accompanied by corresponding risks.
Minimum deposit. It is important for testing the PAMM account and Forex trading in general.
Deposit and withdrawal. It is important to take notice of the number of supported deposit/withdrawal options and the conditions - limits, fees, etc.
Conclusions
PAMM accounts are a way to earn passive income to beginners and experienced investors as a way to diversify investment portfolios. However, before starting to invest, you need to choose the right broker in Nigeria. The broker should be reliable, offer good trading conditions and offer a wide choice of account types for investors.
Before opening a PAMM account, it is important to remember that this option is not a 100% profit guarantee. There are also the risks of losing your money. Therefore, the best option for beginners is to start with a test run with a minimum deposit. In this case, the trader can see whether the manager is as successful as he expects.
Top PAMM brokers in 2024 for Nigeria traders
| AvaTrade | HFM | Pepperstone | FXTM | Forex.ee | |
|---|---|---|---|---|---|
Overall score |
8.32 |
8.09 |
8.29 |
8.17 |
2.77 |
Execution of orders |
8.5 |
9 |
9.15 |
8 |
1.35 |
Investment instruments |
9.5 |
8.91 |
9.58 |
8.94 |
1.06 |
Withdrawal speed |
7.2 |
8.86 |
8 |
7.14 |
4.71 |
Customer Support work |
7.9 |
5.42 |
6.98 |
8.91 |
2.87 |
Variety of instruments |
10 |
7.37 |
8.75 |
7.02 |
4.02 |
Trading platform |
6.8 |
8.95 |
7.29 |
8.98 |
2.6 |
FAQs
How much can you earn on PAMM accounts?
The amount you can earn on PAMM accounts is actually unlimited. Everything depends on the level of your deposit and the manager, as well as the interest rate he provides. However, do not forget about the risks as you chase the profit.
How are PAMM accounts different from copy trading?
When investing in a PAMM account, the trades of the manager are not copied to the subscriber’s account; the transactions cannot be controlled or canceled.
Can I subscribe to several PAMM accounts?
As a rule, it is possible. However, broker may limit the number of such accounts. Nonetheless, the restrictions are rare.
Should I split my funds among several PAMM accounts?
Yes. Diversification is important for protection of your funds. In this case if you have a loss on one account, it will be covered by the profit on the other accounts.
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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.