Foreign Exchange is one of the best ways to make money and new traders are getting in every day but what happens when you get confused about the forex broker platform to trade with? There are numerous fraudulent practices in forex trading which is why I did this thorough research on the best broker platforms on which you can trade.
These brokers are being regulated by top-tier regulators and are licensed to offer forex trading services. They also offer demo accounts for new traders to practice as it will help you get familiar with the broker before the actual trading.
A critical factor that would determine your success or failure as a trader is the forex broker you are trading with. Once you have been equipped with good forex skills and knowledge, choosing the right broker to trade with would be an easy decision to take. An important criteria to consider before choosing any forex broker are the trading conditions offered by that particular broker.
Some other crucial factors to consider before trading with any broker are:
- The broker spread (fixed or variable
- The leverage offered
- Account types
- Trade execution
- Broker regulation & license: ASIC, CySEC, FSA, FCA, SEC, NFA, CRFIN, etc.
- Trading platform: MT4, MT5, web trader, copy trading, etc.
- Trading instruments
- Deposit and withdrawal methods
So at this junction, I will be doing a quick review of some of the popular brokers you can trade with in Nigeria.
This is a Forex broker which was established in 2011, it is a popular ECN broker which provides Forex trading for experienced and new traders. OctaFX provides MetaTrader 4, MetaTrader 5, cTrader ECN accounts, demo accounts,s and micro accounts to their customers. The demo account is to enable new traders to get used to the platform and also to help them test different trading strategies.
The MetaTrader 4 and MetaTrader 5 have floating spreads that start from 0.6 pips. You can choose either of the two platforms and the two accounts have good trading conditions which also support Scalping and Hedging.
They also have a mobile app for Android and IOS users, which will help them in mobile trading. Their customer service is also very responsive and live chat support is always available. The same goes for WhatsApp text support.
The tradable assets of OctaFX include; Currency pairs, Cryptocurrencies, CFDs, Stocks, and Commodities. This broker platform is licensed and well-regulated by the FCA (Financial Conduct Authority of the UK). A minimum of $25 is required in order to start trading on this broker platform.
OctaFX is best for a Wide Range of Assets with Technical Charting Tools. The method of deposit and withdrawal is quite easy and fast. This broker platform offers instant funding via Neteller and Skrill. The platform offers BTC funding and withdrawal. They also offer quick zero fees funding via cash, ATM, or bank transfer in GTbank
- Availability of MetaTrader 4 and MetaTrader 5
- Deposit bonus of up to 50%
- Availability of live support
- No extra charges per lot
- Easy account opening process
- Limited currency and Forex pairs unlike other broker platforms
This broker platform was founded in 2010, it is known as the best for extra tools and minimal deposit fees. The minimum deposit fee is as low as $5. They are trusted as they are being regulated by FCA, CySec, and Financial Sector Conduct Authority.
They offer a highly competitive spread of 0.3 pips. It also has a high rating with commissions, charting, trading account types, financial instruments, etc. It has MT4 and MT5 for both mobile and desktop.
There are no extra charges for Naira-based trading accounts. The broker platform has over 100 CFDs on Metals, Commodities, Energies, Indices, ETFs, Shares, Cryptos, and Bonds. There is an availability of over 53 currencies for the purpose of trading.
The minimum amount of deposits is dependent on the type of account. For a micro account, the minimum deposit fee is $5, for a Premium account, the minimum deposit is $100, and $200 for a zero spread account. The maximum leverage for a micro account is 1:1000, this is relatively higher than most broker platforms.
They have a 100% sign-up bonus for all new traders who register on the platform. In the case of deposits and withdrawals, there are no extra charges applied. However, they have currency conversion fees. As a Nigerian, if you hold a Naira-based trading account, this fee is not applicable to you as all your transactions will be in your local currency.
- Wide Range of CFD trading instruments
- Has a very low deposit fee of $5.
- They have a moderate Swap fee for currency pairs
- Has a 100% sign-up bonus for new traders
- They are regulated by three regulatory bodies which prove they are trustworthy
- Has good live support which is always responsive to users
- There is a 100% deposit bonus which is available for a deposit above $250
- Their commission per lot for minors and majors with zero accounts is quite higher than other broker platforms.
- There is no proprietary trading platform
- Unavailability of this broker platform in some countries
Forex Time is short-formed FXTM and was launched in 2011. They specialize in sectors that offer a forex trading platform, forex trading tools, and forex pairs. These forex pairs include; majors like EUR/USD pairs, minor exotic pairs, etc.
They are regulated by FCA, IFSC, CYSEC, etc. They have three accounts and can be funded with Naira or USD. The spread for micro accounts is 1.9 pips which are relatively higher than most broker platforms. You can choose an Advantage account for a lower spread. This account comes with a commission of $4.88, this reduces as the trading volume increases.
For practice and familiarization with the account, new traders can use the Demo free account. In addition to the demo account, they have educational materials which help new traders understand how the broker platform works. This means the platform is beginners friendly. They are open for trading 24 hours daily and five days a week.
The Swap fees are moderate and it is dependent on positions (long or short positions. FXTM has responsive customer support which works via phone calls, live chat or email. They have a prompt response to withdrawal as the process is fast and easy. There is no difficulty in deposits as you can do so with your local currency.
- Fast withdrawal process
- 30% bonus for each deposit
- Quick responsive customer support that works even during the weekends
- Regulated by three top-tier regulators
- The platform is beginners friendly
- Has a higher spread than most brokers in micro account
- Does not provide sign-up bonuses
It was founded in 2006 and is known for provision of CFD trading, social trading, spread betting trading, etc. They also cater for all types of trade. They are regulated by the Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Central Bank of Ireland, etc.
The minimum deposit fee is $100 for this broker platform. They don’t support local online bank transfer for account funding and withdrawals in Nigeria and they have no Naira base currency accounts. They have trading platforms like MetaTrader 4, MetaTrader 5, and AvaTradeGo.
Their customer support is not for 24 hours rather it works within business hours, they also have numbers for traders in Nigeria and also available on WhatsApp. Assets like cryptocurrencies, forex, bonds, commodities, etc can be traded on the platform and offer a leverage of 400:1.
They offer a Swap-free account, commission free, and don’t charge trading fees for deposits or withdrawals. It has Avaprotect which is a risk management tool for the platform.
- Has a demo account for practice
- Has variety of tradable assets with trading account support
- It has multilingual support
- Has no charges for deposit and withdrawals
- Has local number for Nigerians
- Has a higher spread than some brokers
- Live support is not open 24 hours
- Fund transfer takes time
Exness is one of the best broker platforms, it was launched in 2008 and is a part of a well-known security dealer known as Nymstaf. Based on monthly trading volume, this is one of the largest brokers and they are regulated by Financial Conduct Authority (FCA) UK, CySec, and FSCA.
Compared to other brokers, Exness is wide as advanced MetaTrader 5 can be traded on the platform. They also have a variety of trading instruments which traders can trade from. This broker platform also has a minimum spread of 0.1 pips for a forex start.
It allows trading MetaTrader 4 and MetaTrader 5 on both mobile devices and desktops. The platform has 24 hours customer support five days a week daily and the customer support is also multilingual. Although available for 24 hours, the support has a slow response to queries.
The minimum deposit fee for this platform is $1.There are also instant withdrawals and deposits which can be done from the local online banks.
- Has instant deposits and withdrawals
- Regulated by FCA and CySec
- Minimum deposit is as low as $1
- Has a low spread for even the pro account
- No sign-up bonuses
- Customer support is slow and unresponsive
A good broker platform must have fast withdrawal processes, a reasonable minimum deposit fee, be regulated by a top-tier regulator, etc. The above-listed platforms have been carefully selected and tested to be the best brokers you can trade on.
Trading Forex using leverage carries a significant amount of risk and can result in the loss of your capital. Only trade with money you can afford to lose. Please ensure that you fully understand the risks involved with forex trading. In forex, past performances is not a guarantee of future results. Before you start trading, please consider your level of skills and experience, also seek independent financial advice where necessary.