Forex trading has become a popular option for Nigerians who are looking for a pandemic-proof business.
Some Nigerians are speculating about and betting on the rise and fall of various foreign currencies. And many others are trying to work out the best forex trading platforms in Nigeria. After all, you can’t trade forex in a vacuum.
However, this doesn’t mean that you should register on any trading platform on the internet. The forex market is so vast and liquid, it’s possible to lose your money to fraudsters.
With the proliferation of forex traders around the country, investors must be careful of dealing only with genuine brokers.
To make your job easier, we have researched and compiled a list of the best forex trading platforms in Nigeria.
Featured on this list are reputable brokers who are operating in Nigeria and have gained the trust of their clients over the years.
1. XM Forex
XM Forex offers forex trading in a wide range of over 50 currency options.
XM Forex has gained a reputation as a trusted forex trader recognized by many regulatory agencies including the Securities and Investment Commission in Australia.
Apart from trading forex on behalf of their clients, XM Forex also trains traders in the art of forex trading.
The minimum deposit for forex traders in XM Forex is $15 and a no-deposit bonus of up to $30.
FXTM offers a wide range of currency choices to its customers to trade including the naira, the local Nigerian currency.
FXTM has been in operation since 2011 and allows its clients to start trading forex with as low as N2,000.
One of the features which have distinguished FXTM as one of the most trusted brokers around is the ability of clients to withdraw their deposits promptly.
Alpari is popular among forex traders in Nigeria for many reasons. First, Alpari is one of the very few brokers that have a physical office in Nigeria.
Nothing gives a customer a sense of security more than being physically close to his/her investment and broker.
Apart from having a physical office in Nigeria, Alpari has been in operation for many years and is regulated by the Securities and Exchange Commission in Cyprus.
Alpari offers different kinds of accounts. It also allows its clients the choice of running a deposit account in the local currency.
Avatrade is another top forex broker that operates in Nigeria. Although they have no physical office in Nigeria, they provide local contact and support for their clients.
Avatrade has an office in South Africa, but is approved by many regulatory agencies including the Australian Securities and Investment Commission.
The minimum deposit in Avatrade is $100, although they operate a fixed spread irrespective of the time and market conditions.
Hotforex is one of the most regulated forex brokers in Nigeria as it is regulated by the FCA (UK) among other top regulators.
HotForex offers its clients in Nigeria the option of depositing and withdrawing their money through their local banks.
One unique feature of Hotforex is the simplicity of their forex trading platforms which allow their clients to easily trade with their smartphones.
The minimum amount to start forex trade in HotForex is $5 and new clients can enjoy up to 100% sign-up bonuses.
Founded in Melbourne Australia, Pepperstone is a forex trading company with a presence in many countries including Nigeria.
With tens of thousands of accounts in over 150 countries, Pepperstone has gained a reputation as one of the most trusted players in the forex industry.
Another reason why Pepperstone is trusted around the world is that it is regulated by top financial regulators like the FCA (UK), and the AFSL, (Australia).
7. CM Trading
CM Trading is one of the leading forex brokers in Nigeria and offers a wide variety of trading options in currency, crude oil, stocks, metals, etc.
Before they came to Nigeria, CM Trading had established itself as one of the best forex brokers, regulated by top financial authorities in the world.
The minimum deposit for trading forex in CM Trading is $250 and traders have an option to deposit in local Nigerian currency.
Plus500 is another renowned world-class forex broker in Nigeria trading in over 2,000 instruments across over 20 markets in the world.
Traders on Plus 500 are given unlimited control over their trading. A trader can put a limit on losses if the market is moving against him.
The minimum deposit in Plus500 is $100 and traders have options of up to 60 currency pairs.
9. Wrap Up
The Forex market is arguably the biggest and most liquid market in the world. Trading is available in all the currencies every hour and every day of the week. It is very lucrative, but it also requires a lot of bloodymindedness.
If you want to thrive as a forex trader, you must learn to be vigilant.Ensure that your forex brokers are genuine. One of the surest ways to know a genuine broker is to find out if the broker is registered locally and internationally.
The aforementioned list of the best forex trading platforms in Nigeria should help you choose a reputable broker.
Do you have other criteria for choosing a forex trading platform? Please let us know in the comments section. We’ll like to learn from you.
Nonyerem Ibiam is a lawyer and legal consultant to small and medium scale businesses. He also writes well-researched contents, centered around law, technology, business, and finance. He is the founder of Law Truly.