If you’re looking for a forex broker in Nigeria, Pepperstone is your best option. They offer two types of forex accounts: a standard account with no commissions but slightly higher spreads and the Razor account, also known as an ECN account. This account has some of the tightest spreads of any forex broker in Nigeria. Pepperstone also offers MetaTrader 4 and MetaTrader 5 platforms.
AvaTrade is a well-regulated, globally-recognized, and internationally-renowned CFD broker that offers a variety of markets, low-risk trading, and zero-commission trading. The broker has a high trust rating, and has over 300,000 registered clients. The company has been around since 2006 and is regulated by various authorities. Its diverse trading platform is suitable for beginners, intermediate traders, and professionals, and it boasts a local Nigerian customer support team.
OctaFX is another popular forex broker in Nigeria, with competitive trading conditions and zero commissions. They offer over 250 financial instruments and more than 200,000 registered clients. Their monthly trading volume is over PS60 billion and around two million trades are executed each month. AvaTrade’s competition includes OctaFX, which is based in St. Vincent and the Grenaines and regulated by CySEC and the FSA SVG.
Avatrade’s fees are lower than average compared to other Forex brokers in Nigeria. There are no withdrawal fees or deposit fees, but there is an inactivity fee of fifty dollars per quarter if the account is inactive for three months. The fee increases to 100 dollars after 12 consecutive months. The process of opening an account with Avatrade is simple and hassle-free. All Nigerians can open an account, which requires a one-time deposit of 100 USD.
Pepperstone offers desktop, webtrader, and mobile app platforms. You can use their mobile app to trade CFDs, and use a free demo account for 30 days. Pepperstone also offers smart trade tools like MetaTrader 4, Autochartist, and API trading. In addition, Pepperstone offers free demo accounts that let you trade with $50k of virtual funds.
The best Nigeria forex brokers are regulated, offer competitive spreads, and provide adequate client fund security. Alpari is a regulated STP and ECN broker with offices in Mauritius, Russia, and Nigeria. It offers low commissions, wide-ranging market coverage, and powerful trading platforms.