Trading has become a lucrative venture but not without its pitfalls. The uncertainty of the Forex trading environment makes it exciting, but it’s essential to be equipped with the best tools to succeed.
Although it can be difficult to decide which platform is right for you with so many platforms to choose from, we have written this article to help you explore the best Forex trading platforms in Nigeria for 2022 and explain why these brokers have become so popular with Nigerian traders. You can learn about top forex news platforms in Nigeria
What is Forex?
Forex is an abbreviation for foreign exchange, and it is one of the most popular forms of traded finance. This type of buy-and-trade process (known as the spot market) allows people and businesses to exchange multiple currencies in a brief period easily.
This process helps people transfer their currency holdings from one country to another or helps organizations make capital investments across international borders. read more about forex trading for beginners in our article
Best Forex Trading platform in Nigeria.
There are many Forex platforms in Nigeria, each having its unique features and a history of profitability. Below are the top 10 foreign exchange brokers in Nigeria with high reliability.
OctaFX is a leading forex trading platform and broker that offers users a wide range of services. This includes charting solutions, automated trading solutions in robotic trading, various types of research tools, and automated market data feed.
Its broad range of industry-leading products has gained a foothold in the world’s largest financial markets.
Some of the basic Features and Benefits include;
- Built-in tools for serious investors. OctaFX has a great range of trading instruments starting from highly liquid currencies like EURUSD to exotic options such as the South African Rand, which makes it possible to trade anything from micro-lots up to 1000 lots or more.
- A variety of options for deposit and withdrawal, including Credit Cards, Bank Transfers, Money Transfer Services, E-Wallets, and Deposit by Phone.
- trading can be done on any device, e.g., Android, iPhone, and iPad
- Minimum deposit amount is $50.
Pepperstone is a forex broker established in Australia that focuses on Forex and CFDs. Being one of Nigeria’s top 10 trading platforms, they offer a secure trading platform, competitive spreads, one-click trading, account management tools, and live chat services.
Pepperstone is noted for its low commissions and quick execution times, which allow traders to trade more accurately when combined with its investor education materials and a smooth user experience.
One of the best aspects of this platform is that your first deposit is rewarded with a 100 percent bonus. However, depending on the size of your deposit, the bonus value ranges from $200 to $500. Their spreads on EUR/USD and GBP/USD start at 0 pips, although some instruments are more expensive than others.
FXTM is a broker that offers customers the most competitive prices on spreads. Being one of the top CFDs brokers in Europe, they offer various trading options in Forex, metals, and equity indices. The company has more than 100 instruments on its MT4 platform while also providing its clients with access to trading 24/7.
They provide services to their customers looking to trade in the financial markets by offering them a wide range of different trading commodities, including Spot Metals, Indices, Commodities, Currencies, and a wide range of educational materials.
Their online resources, including price charts and opinions on what the market might do next from market experts in currency trading, help beginners trade around the clock at any hour of day or night.
This trading platform is known for excellence in online trading solutions and services. With hotforex, you can trade CFDs, bitcoin, and eth (other cryptocurrencies) on its website and its app. Their trading platform is also very intuitive and easy to navigate, and their support team quickly responds to queries.
Providing a wide variety of CFD products, including stocks, options, commodities, and cryptocurrencies, HotForex also has different payment methods(Credit Cards, Bank Transfers, Money Transfer Services, E-Wallets) to make it possible for anyone to join their Forex Trading community without causing liquidity problems on the exchange rates they offer.
The minimum deposit for beginners is $5, while a premium account is $100, making it possible for traders to trade anything from micro-lots to 1500 lots.
IQ Option is an online trading platform for Forex and Cryptocurrencies that provides access to over 120 assets in more than 200 markets worldwide. They offer a variety of competitive commissions, low spreads, no withdrawal fee, 24-hour customer service, and one-on-one consultation with a professional trader.
IQ Option also has personalized demo accounts to allow newbie traders to test their skills risk-free before starting to invest real money. However, with over 350 000 clients worldwide, they are still looking forward to improving not just on these numbers but also on their customer service and satisfaction levels.
AvaTrade is a renowned digital trading company that was established in 2006. It is a branch of E-Trade Financial Corp based on the vision of connecting markets worldwide through technological innovation, global data, and exchange that meets its clients’ wholesale needs.
Many prominent organizations throughout the world have placed their trust in AvaTrade, including CNBC TV18 (CNBC-TV), Bloomberg (BBRTV), Euromoney Magazine, and MarketWatch (MW), due to their commitment to customers and high commission structure.
However, its mission statement also asserts they look beyond the industry boundaries to create long-term value for all its stakeholders by contributing to society in various ways. This makes it easy for first-time traders and seasoned investors to trade Forex easily and confidently on one platform as they do not have to move between different sites as often.
Exness is an online platform that provides traders with the tools required to manage and trade their accounts by themselves. With a focus on fast execution, low spreads, and no hidden fees, this platform aims to give international traders access to the global markets at competitive prices.
Exness provides different payment methods to allow anyone to join their Forex Trading community without causing liquidity problems on the exchange rates they offer. The minimum deposit with Exness is $50, while the maximum amount you can deposit is $1,000,000. In addition, users can trade anything from micro-lots up to 2000 lots or more.
If you consider being a forex trader or just starting in Forex, this would be one of the best platforms for you because of its competitive offers and great platform diversity.
IC Market is an online platform that provides online trading opportunities for Forex traders looking to take advantage of the benefits of the fast-growing financial markets. It offers users a wide range of research tools, and the customized news feed ensures you always stay up-to-date with what’s happening in the forex market.
In their quest to make your trading experience easy, effective and profitable, they provide you with Fast trade execution, Trading contract types (such as spot trades, spread trades, and binary trades), trading platforms, and a first-class communication system.
With IC Market, you can deposit as little as £50 and as much as £1,000, allowing you to trade anything from micro-lots to 1000 lots or more without running into liquidity issues on the exchange rates they offer.
XM is a leading online financial trading broker that was established in 2008. They provide services to their clients looking for the most professional and efficient way to trade the forex market by providing them with a wide range of trading instruments such as Spot Metals, Currencies, Indices, and Commodities. They have more than 9 million clients worldwide, proving that they provide professional and trusted services to each of their clients.
The company conducts its business in accordance with market requirements and regulations, which are based on principles of fairness, accuracy, and transparency, and being one of the few brokers that have successfully been able to pass Nigerian regulators; they focus on delivering profitable trading opportunities to the Nigerian traders
CM Trading is a leading online financial trading broker established in 2012. The main goal of this broker is to provide their clients with the highest level of protection and international financial privacy, which gives the traders the guarantee of being able to trade within the UK’s regulatory framework.
CM Trading has more than 4 million clients around the world, and they are still looking forward to improving not just their client satisfaction levels but also their profitability levels. They also provide different payment methods to make it possible for anyone to join their platform with a minimum deposit of $100.
That being said, I believe the most important thing for any trader is that forex brokers should offer a good platform for trading their chosen instrument at hand – an online platform can be potentially more powerful than having anything physical since it can be accessed anywhere as long as there’s an internet connection. You can read about forex scams in Nigeria