Making money online is now the new craze and everyone wants a piece of that juicy cake. There are a lot of ways to make money online and trading the foreign exchange market is one worth considering. If you want to trade the foreign exchange market for profit, you need to open an account with a forex brokerage platform.
In this article, you will discover the top forex brokerage companies operating in Nigeria and their minimum deposit, so you can kick off your forex trading career.
- ForexTime (FXTM)
FXTM is regarded as the best broker in Nigeria by many forex traders and they’ve earned that position with low trading fees, swift withdrawal and prompt customer support. Their minimum deposit is approximately $10 and you can choose to deposit in Naira. ForexTime is one of the few brokers that have a local office in Nigeria – one located in Lagos and Abuja. FXTM helps you build your trading skill with educational materials and a demo account for practice. FXTM is regulated by Financial Conduct Authority (FCA).
HotForex is a FCA regulated broker with one of the lowest minimum deposits in Nigeria with as low as $5. It is recommended as a low cost broker for Nigerians. They have low spreads for major currency pairs such as EUR/USD, GBP/USD. HotForex has an office in Nigeria with top notch phone customer support. Just like FXTM, HotForex allows people to deposit and trade in Naira at no extra fees. About 53 currency pairs are available for trading on their platform and a wide array of financial trading instruments. They have a %100 signup deposit bonus for new customers and a good loyalty program for existing customers.
OctaFX is a forex broker with competitive spreads and good trading conditions for scalpers and hedgers. Their minimum deposit is not as low as FXTM and HotForex starting at $50. OctaFX accepts Naira and Dollar as deposits with a 50% bonus for new customers. OctaFX provides swift withdrawals with fantastic online support. They currently don’t have a local phone number but their live chat and WhatsApp support is available 24/7. They have limited currency pairs on their trading with only 35 pairs trading.
- XM Forex
XM Forex is a regulated broker with one of the lowest spreads accepting Nigerian customers. XM offers up to 57 currency pairs and also supports trading of cryptocurrency on their platform. XM Forex is still one of the best brokers when it comes to offering educational resources with live webinars, free training and educational materials to help you become a successful trader. XM Forex doesn’t charge any commission during withdrawals or deposits. They have a user friendly platform scalable on both PCs and mobile devices.
Exness is a FCA regulated forex broker with a minimum deposit as low as $1 – one of the lowest in the industry. Exness has a huge range of currency pairs with over 100 major and minor pairs on their platform. Exness allows Nigerian traders to deposit or withdraw using local bank transfers with instant reflection. They don’t offer Naira as their base currency so they convert currencies back and forth upon withdrawal and deposit. The minimum deposit for online bank transfer is $10 at no extra cost. Exness offers financial news and trading charts to help traders make good trading decisions. Their support is not the best, as their email support has a very low response rate.
Alpari is one of the oldest forex brokers in the world founded in 1998. They accept a minimum deposit as low as $0 with their nano account type. They have one of the lowest spreads on major currency pairs such as EUR/USD & GBP/USD. Alpari offers withdrawals at no cost and a 30% deposit bonus for new customers. Alpari also allows traders to trade cryptocurrencies such as Bitcoin, Ethereum. They have an office in Abuja with good local 24/7 customer support.
AvaTrade is our least favorite forex broker though they are well regulated with a generally low spread at 0.9 pips. Their minimum deposit is $100 and they don’t have a wide variety of currency pairs. They don’t have a local office in Nigeria but they have a Nigerian phone number for support – which is only available during business hours, week days.
In terms of broker’s compliance with top-tier regulations, broker reviews, fees charged, minimum deposit, customer support and user-friendly interface, FXTM is the best forex broker for Nigerians.