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Best Forex Brokers allowed to trade in Nigeria. Rating with real reviews

1
JustMarkets
JustMarkets is a broker who helps people make money in the financial markets by offering them the best conditions. Our international brokerage allows us to work with clients all over the globe. This allows us to recognize that everyone has their own values. When developing our services, we take into account the different cultures, countries and trading experiences of our clients. JustMarkets offers a range of trading accounts that offer many trading tools so that every trader can find the right one. We keep an eye on current trends to improve the services we offer traders as well as partners. We want them to be able to do the things they love without being distracted by other things.
JustMarkets Pros
Easy-to-use trading platforms for desktop, mobile, and web.
There are many forex currency pairs that can be traded.
Spreads starting from 0.0 pip with fast execution speeds
Copy trading and managed accounts
To test your trading online, demo accounts are available.
There are many options for quick and simple payments.
Islamic accounts for Muslim traders
MAM accounts
Social trading supported
Support team available 24/7
Bank accounts are kept separate from client funds
JustMarkets Cons
US clients are not accepted
Spreads High
Absence of top-tier regulations
The number of trading instruments is limited
Clients from other countries won't be accepted
After several days of inactivity you could be subject to Inactivity fees
Withdrawals charged
No FIX API connectivity
2
VT Markets
VT Markets is part of the Vantage Group, which gives it access to the MetaTrader suite and its own VT Pro trading apps. Despite offering a variety of third-party features, VT Markets is unable to compete with top forex brokers because of its limited research materials, lack of educational content and small number of markets.
VT Markets Pros
VT Markets is a regulatory body in one tier-3 jurisdiction. It is also part of Vantage Group which has licenses in two tier-1 countries.
VT Markets provides the complete MetaTrader suite and premium trading tools from Trading Central.
Trading costs at VT Markets vary from an average rate (when you use the VT Markets ECN Account) to a high price (if you choose the Standard account option).
VT Pro - The broker's mobile app - is simple to use and provides news headlines as well as research.
VT Markets has indemnity insurance as an addition to its regulatory protection.
Third-party support such as ZuluTrade copy trading and trading signals via Acceage
VT Markets Cons
VT Markets has fewer than 200 symbols, compared with the wide range of markets available at Saxo Bank and IG.
VT Markets has a limited number of educational content. This puts it in a competitive position with its peers.
Access to Trading Central Tools requires a minimum of $1,000 deposit
3
Firm Fountain Multi Investment Ltd
FirmFountain Multi Investment Ltd, a rapidly growing company, is passionate about forex trading, education and information technology "ICT". We offer consultation in all areas of our services and products.
Firm Fountain Multi Investment Ltd Pros
Ease of use
Superb customer service
Firm Fountain Multi Investment Ltd Cons
Design customization could use more work
Occasional glitches
4
Pepperstone
Pepperstone provides a growing number of tradeable markets, high-quality research and support for multiple social trading platforms. It supports MetaTrader and cTrader, and it has a wide variety of third-party plugins and tools that enhance its already impressive range of platforms.
Pepperstone Pros
Pepperstone was founded in 2010 and is licensed in two tier-1 jurisdictions. This makes it a safe broker (low risk) to trade forex and CFDs.
Pepperstone's dual MetaTrader/cTrader offering is a great fit to copy traders.
Pepperstone offers multiple platform add-ons to enhance your MetaTrader experience.
Pepperstone's research is superior to the industry average, but it still trails leaders like IG and Saxo Bank.
Pepperstone has a growing number of markets that can be traded.
While pricing is competitive for active traders using Pepperstone's Razor accounts and retail traders, trading costs are average.
There are many social copy trading platforms.
Pepperstone Cons
Pepperstone's educational material range is comparable to industry average, but not as great as the category leaders.
Interactive courses, progress tracking or educational quizzes are not offered.
5
Trade360
Trade360's innovative mobile and web app offers more than a thousand symbols. It supports MetaTrader 5 (MT5) which makes it an excellent platform for CFD and forex trading. Trade360's educational content and market research are very limited. Spreads can also be quite expensive when compared to other platforms.
Trade360 Pros
CrowdTrading offers trading signals that are guided by sentiment data from clients.
Six account types are available (minimum deposit ranges from $250 to $100,000).
Useful thematic indices are provided with Industry Stock and Smart Collects.
With the Self-Select feature, traders can adjust their leverage per trade.
The Economic Calendar Event Detail usefully displays affected symbols.
Trade360's mobile app closely matches the web platform experience.
ASIC in Australia and CySEC Cyprus regulate them.
Trade360 Cons
Access to Trading Central Tools requires a minimum of 1,000 Euros deposit
Spreads can be expensive. They range from 1.8 to 4 pip on EUR/USD depending on the account type.
Videos of financial market news are no longer available.
Daily Market Report focuses on technical analysis of just two key symbols.
There is a limited selection of educational content. Here are a few videos and articles.
There are only 10 educational articles available.
Executions of trades sent to Belize's IFSC-regulated entity PX Exchange.
6
HotForex
HotForex (HF Markets Europe) has an enhanced MetaTrader offering, quality research and a copy trading platform. HFcopy offers a decent selection, over 1,000 CFDs, and 47 forex pairs. HotForex's trading costs are still slightly higher than the industry average. The HF mobile app doesn't yet support trading.
HotForex Pros
FX Blue Labs has developed Premium Trader Tools that enhance the default MetaTrader suite.
HotForex is able to balance in-house market analysis with third-party research content and news.
Special research reports are produced by an in-house team, including quarterly, annual, and monthly outlooks.
HotForex's Traders Board module offers sentiment and correlation data.
HotForex Cons
HotForex's educational content is lacking in quality, despite a good selection of videos.
All account types have trading costs slightly higher than the industry average.
HotForex's copy trading platform HFcopy requires 300 EUR to copy existing strategies. It is less mature than eToro’s offering.
Although the HF app has been improved, trading is not allowed. HotForex traders can only use MetaTrader.
7
Alpari Limited
Our mission is to help our clients succeed and expand the financial services industry in every country where we work. We are constantly innovating and making sure that our services remain relevant. One step is enough to travel 1,000 miles according to a Chinese proverb. This is the story behind Alpari. The company was established in 1998 and has been an international broker for more than 20 years. Alpari Limited is a registered company under the Registrar of International Business Companies number 20389 IBC2012. Alpari is a member of the Financial Commission which helps in resolving Forex markets disputes.
Alpari Limited Pros
Platform compatible for trading
All types of traders can benefit from the services of caterers
Seamless technology
Transparent
Alpari Limited Cons
We do not accept clients from Russia, Japan, the USA, or other countries.
8
AvaTrade
AvaTrade, a trusted global brand, is well-known for its extensive range of trading platforms for forex traders and CFD traders. It also offers exceptional educational content, which helped it earn a Best in Class rating from Beginners for 2022. AvaTrade was tested and found to be excellent for copy trading, competitive on mobile and in line with industry standards for pricing and research.
AvaTrade Pros
AvaTrade was founded in 2006 and is licensed in three tier-1 and three tier-2 jurisdictions. This makes it a safe broker (low risk) to trade forex and CFDs.
AvaTrade also offers MetaTrader and AvaTradeGO platforms, along with AvaProtect.
Sentry Derivatives' AvaOptions app provides AvaTrade clients excellent mobile forex trading options via the AvaOptions app.
AvaTrade offers 44 forex options and more than 1,200 CFDs.
AvaTrade, which offers AvaSocial along with ZuluTrade, DupliTrade, for social trading and was awarded Best in Class for 2022.
AvaTrade is ranked Best in Class for Professional Traders for 2022.
AvaTrade Cons
Retail accounts are priced in line with industry averages, but trail industry leaders.
AvaOptions' desktop platform is slow to load and doesn't have the same responsive design as its mobile counterpart.
There are at least 351 symbols available out of the 1,260 available. These are for both MetaTrader and WebTrader platforms at AvaTrade.
Trading Central modules are the only areas of research. There are only a few daily articles and videos.
9
Vantage
Vantage completes its MetaTrader platform offering by adding support for multiple social trading platforms and content powered via Trading Central. Vantage is behind the industry leaders in key areas like research and education.
Vantage Pros
Vantage is regulated in two tier-1 and one tier-3 jurisdictions, making it a safe broker (average chance) to trade forex and CFDs.
Indemnity insurance is held to provide additional protection beyond what is required by regulations.
Vantage has done a great job integrating TradingView into the MetaTrader suite.
Smart Trader add-ons available for MetaTrader and multiple social-copy-trading platforms (not offered in Australia).
Vantage ranks again among the Top MetaTrader Brokers and Best Copy Trading Brokers in 2022.
Vantage Cons
Pro ECN accounts require a minimum deposit $20,000 which makes them unsuitable for budget investors.
A $1,000 deposit is required to gain access to the Pro Trader Tools powered By Trading Central.
The spreads on the Standard account are not impressive unless you deposit at minimum $10,000 to be eligible for active trader rebates.
10
XTB Online Trading
XTB has more than 15 years of experience and is the largest stock exchange-listed FX & CFD broker in the world. There are offices in 13 countries, including the UK, France, Germany, France, Chile, and Poland. XTB is committed to providing the best trading experience for its clients. Our core values align closely with this vision. Our goal is to help clients become better investors. Our customer service team is available 24 hours a days, 5 days a semaine. We also have a large library of educational materials that includes videos, webinars, and courses for beginners as well as experienced investors.
XTB Online Trading Pros
Opening an account is easy and quick
Fast and free withdrawals
Some ETFs/stocks/ETFs have low forex CFD fees and commission-free.
XTB Online Trading Cons
Inactivity fee charged
We have limited fundamental data
CFDs limit product portfolio

How to Choose a Reliable Forex Broker

The selection of the right broker is dependent on many important factors that will impact the future growth of your funds. The funds will grow if the broker is trustworthy, to your benefit and delight. If they are not reliable, then the funds will fail. We wish you success the next time. It is important to be able to identify what you are looking for and ask the right questions.

It is easy to choose trusted Forex brokers Nigerians. Let’s go over the key indicators and discuss specificities before you invest your money.

Legal protection and regulation. While Nigeria has regulations for financial and banking services, it does not require special registration of forex brokers. Brokers do not require a license from the CBN or SEC. However, they can operate within the financial sector. You want to ensure that your money is handled by the best Forex brokers in Nigeria, with good reputations and a strict compliance policy. These institutions include AISC in Australia, CFTD of USA, FCA for UK and Europe, FCA for Japan, MAS in Singapore, and IIROC (Canada). You can trust any endorsement on this platform.

Instruments is a trading platform. Trading can be complex enough without making it more complicated. You should check what tools of analysis are available, if it is possible to buy and sell quickly, if automation options are available, and if the IU is generally convenient for you.

Accounts with fees attached. Brokers may offer you a variety of accounts to start. Fixed spread, commission and no-commission accounts are all possible. There are many options for account types, including different leverages and margins. You can also choose the amount and conditions of your initial deposit. The costs of withdrawing and depositing are also available. These fees are all subject to your consideration.

Traded currencies. Find the brokers that offer the pairs you’re interested in, whether they are the most sought-after or the rarest.

Helpdesk support and assistance. It is crucial to have access to help at all times of the day and night. You can chat with someone who can quickly resolve your issues. To test the service, call them and make a call.

User reviews. A mandatory point. If no one can verify the platform’s performance, what’s the point of advertising and offers? Positive user reviews (or at the very least, neutral ones) indicate that the platform is popular and delivers on its promises.

We’re not trying to be pathetic or inept, but we have sifted through thousands of traders in Nigeria and compiled a list of licensed Forex brokers in Nigeria. All of them meet the criteria we have listed and have a proven track record of providing trading services that are successful to thousands of customers. Reviews definitely support our conclusions. You can now choose the forex broker that suits your needs and begin your journey to success.

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