They are authorised by the Financial Services Authority FSA Seychelles. Traders in Nigeria are under this offshore regulation. Exness is also regulated by FCA as Exness UK Ltd, CySEC Cyprus Securities and Exchange Commission as Exness Cy Ltd, and FSCA as Vlerizo Pty Ltd.

Exness Trading Fees: Spreads on Exness are relatively low, starting from 0. Swap fees on Exness depend on the trading instrument and the swap rate is determined based on your order, whether sell swap short or buy swap long.

Exness Non-Trading Fees: There are no deposits or withdrawal fees on Exness, no matter the payment method used. Exness does not charge dormant account fees. Exness Account Types: Exness has 5 trading account types for clients. Exness has swap-free options on all account types for Muslim traders.

The maximum leverage on Exness is , Exness Account Currency: There are many base account currencies on Exness including USD, NGN, EUR, AED, GBP, and others. Negative Balance Protection: Exness offers negative balance protection for traders if their trade order is not successful, traders cannot lose more than the money in their account.

Exness Copy Trading: Exness has copy trading features, called social or mirror trading, and new traders can copy the trades of professionals through the Exness Social Trading App. Exness Order Execution: Exness is a market maker with a dealing desk and offers Market Execution for all account types except the Pro Account, for which they offer the Instant Execution type.

Exness Deposits: Exness accepts many payment methods for deposits. Deposits via Nigerian online bank transfer and e-wallets Skrill, Neteller, etc. are credited within 5 hours, deposits via bank cards are credited within business days, and bitcoin deposits are credited within 72 hours.

Withdrawals to Nigerian local bank accounts from Exness are processed within 24 hours, e-wallets are also processed in business days, while bitcoin and card withdrawals take 72 hours to be processed, card withdrawals take about 10 business days. XM is a Forex and CFD broker that was founded in and accept traders from Nigeria. XM offers CFD trading services on shares, indices, oil and natural gas, precious metals like gold and silver and more. Traders from Nigeria are under this registration.

XM Trading Fees: Spreads on XM are variable for all account types starting from 0. All accounts on XM are commission-free except the Shares Account, on which dividends can be added or deducted from the account. Swap fees are charged on all account types on XM. Swap fees are charged once a day when a trade position is rolled over.

The charge is made 3 times on Wednesday to cover for rollovers that happen during weekends. The swap-free option is available for Islamic accounts.

XM Non-Trading Fees: XM does not charge clients any fees for deposits or withdrawals via any method of payment. XM Account Types: XM offers 4 account types to clients, Standard Account, Micro Account, XM Ultra-Low Account, and Shares Account.

Traders of the Islamic faith can choose to operate an Islamic Account with zero swap fees. The maximum leverage on XM is , and is adjusted based on equity. Negative Balance Protection: XM offers negative balance protection for all clients on all account types. Copy Trading: XM does not offer any copy trading, which means beginners cannot copy trades on XM. XM Trading Instruments: XM offers Forex trading on 55 currency pairs, 1, stocks CFDs, 8 commodities CFDs, 24 Equity Indices CFDs, 4 metals CFDs, 5 energies CFDs, 31 cryptocurrencies and shares CFDs.

Some payment methods may have higher minimum payments. While e-wallet deposits are credited instantly, card and online bank deposits take days to be credited. The withdrawal and deposit options can be viewed on your account. XM Customer Support: XM offers customer service support 24 hours 7 days via live chat on their website, email, and an international phone number. FXTM is an online forex broker that launched in and offers trading services to all Nigerians. FXTM is the trading name of ForexTime Ltd and Exinity.

Nigerian Traders are under this regulation. The FXTM brand is also licenced by FCA as Exinity UK Limited and authorised by CySEC as ForexTime Ltd. FXTM Trading Fees: FXTM spreads charges depending on the account type and is on a floating spreads basis.

Micro and Advantage Plus Accounts have spreads starting from 1. Swap fees on FXTM are based on the trade positions opened, although no swap fees are charged on the Islamic Account. FXTM Non-Trading Fees: Deposits on FXTM are free of charge and withdrawals to Nigerian bank accounts are free as well. FXTM Account Types: There are 3 trading account types on FXTM, Micro Account, Advantage Account, and Advantage Plus Account.

There is also a provision for Islamic accounts which is swap-free, but holders of this account are not allowed to trade exotic Forex Pairs. The maximum leverage on FXTM can be up to , floating. FXTM Account Currency: FXTM trading account currencies are NGN, EUR, GBP, and USD. Traders can access the platform via the web, or download it on desktop and from Google Play Store and Apple App Store.

FXTM Copy Trading: FXTM offers a social trading program called FXTM INVEST. They have no special app for copy trading, clients simply need to create an investment account. FXTM Trading Instruments: There are about tradable instruments on FXTM, including Forex 60 currency pairs and CFDs on 5 metals gold and silver pairs , 3 spot commodities, 17 spot indices, 6 FX indices, 5 stock baskets, US stocks, and 50 European stocks. FXTM Order Execution: FXTM offers Instant Execution for Micro Account and Market Execution for Advantage Account and Advantage Plus.

FXTM accepts deposits from many deposit methods, including local instant bank transfers, debit or credit cards and e-wallets which are credited instantly while wire transfers are credited in business days. Supported banks by FXTM in Nigeria are Access Diamond Bank, First Bank Plc, Guaranty Trust Bank, Keystone Bank, and Zenith Bank. OctaFX is a Forex broker that officially launched in offering brokerage in Forex and CFDs trading and accepts traders from Nigeria.

Vincent and the Grenadines with licence number , which is an offshore-based regulator. Nigerian traders are under this regulation.

OctaFX is also licensed by the Cyprus Securities and Exchange Commission CySEC , a Tier-2 regulator, as Octa Markets Cyprus Ltd, European clients are under this license for trading. OctaFX Trading Fees: The trading fees on OctaFX is often dependent on the account type. OctaFX operates a floating spreads system and their spreads begin from o.

OctaFX charges zero commission for MT4 and MT5 trading accounts. OctaFX Non-Trading Fees: For any payment methods used, OctaFX makes no charges on either deposit or withdrawal fees.

No charge is also made on dormant accounts. OctaFX Account Types: OctaFX offers two types of trading accounts — OctaFX MT4 Account and OctaFX MT5 Account. All accounts are considered to be Islamic as no Swap fees are charged. OctaFX Trading Platforms: OctaFX Trading app is available on the web, desktop, and Android devices for both MetaTrader 4 and MetaTrader 5 trading applications.

OctaFX Copy Trading: OctaFX offers social trading for clients via its dedicated OctaFX CopyTrading App on which beginners can copy the trades of experienced Forex traders. The copy trading app is only available on Android. OctaFX Trading Instruments: OctaFX offers trading instruments such as; Forex on 35 currency pairs, CFDs on 10 indices, 30 cryptos, 2 metals, and 3 energies. OctaFX Order Execution: OctaFX offers Market Execution for trade orders on its platform. OctaFX Deposits: Nigerian Traders can deposit to their OctaFX accounts via several methods.

Deposits can be made online using debit or credit cards, cash deposits at a bank branch or an online transfer. Crypto deposits are credited within 30 minutes. OctaFX has partnered with Guarantee Trust Bank GTB directly, so deposits and withdrawals are made faster, and more secure, with no currency conversion fees and no intermediaries. Their email address and live chat are available on their website. Today, a broker is just a click away. This situation has led to the proliferation of Forex brokers consisting of the good, the bad and the outright scam brokers.

it is important to deal with a broker that is regulated by at least one Tier-1 regulator like FCA or ASIC and Tier-2 regulators like FSCA, CySEC, CMA, and DFSA. Our choice of broker was also influenced by customer support. A helpful, accessible and responsive broker customer care service made a difference in our decision. A good customer support system will help you to make complaints and enquiries and get a resolution in a timely manner.

You need to choose a broker whose trading platform is compatible with the trading platforms of multiple applications, and that is available both on your computer, tablet, and smartphone. You will also want to consider the ease of use of their website and trading app. It should be easy to navigate, and placing trades should be straightforward.

The trading instruments offered by a broker, as well as the ease of use of its software, were taken into consideration when selecting the best forex brokers. You will want to make sure that your broker offers the instruments you would like to trade in addition to available currency pairs. Brokers who offer many options for deposits and withdrawals on their platforms tend to be the best.

It is best that you use an online broker that allows you to fund your account from your local bank account in Nigeria and withdraw funds to it. When choosing a forex broker, look for one that processes all deposit and withdrawal requests quickly.

Finding the right forex broker in Nigeria is not an easy task as you can see, but it is worth it if you want to make profitable forex trades. Forex trading platforms should be beginner friendly. It is kept this low for easy conversion and allows traders to take advantage of the smallest price movement. Leverage — Leverage is a facility provided by brokers and liquidity providers while trading forex using financial instruments.

Here an investor can purchase or sell instruments in multiples of money initially invested. However, leverage varies from broker to broker, so it is better to know the leverage ratio beforehand. The bid price is usually less than the ask price which is usually higher.

The psychology of the market is to buy as low as possible and sell as high as possible. Therefore, forces of bidders and askers in the market to drive market trends. Spread — The difference between the bid and ask price of a financial instrument is known as the spread.

If the bid price is 1. Higher the spread, lesser is the liquidity of an instrument. If a market has 0 spread as there is always a difference between the bid and ask prices. Lot Sizes — Lot size is usually the number of underlying assets comprising the Nominal and the FX rate. The minimum units are defined in the contract. Usually, it is units but can also start with 10, units in case of forward contracts.

Trading Forex in Nigeria is like trading in other major financial markets but with few exceptions. We will discuss the same and the alternative options available accordingly.

All we need is close to USD or close to N, for a mini trading account. Explained below is a step-by-step guide:. Open a Forex Account — Procedures like KYC, Bank account verification, and customer data filing is important and leads to the broker opening the account in usually hours for trading.

Account Type — There are many account types for trading forex such as micro, Mini, Standard, VIP, etc. Each account type comes with an initial investment amount to be deposited and as per the names start small at micro and go higher until the VIP accounts.

New Investors can start anywhere between micro and mini accounts and can move ahead with the experience. Demo Trade — Before starting to trade, many brokers provide demo accounts which provide the entire feature of trading platform.

One can also start with paper trading. trading without real money to gauge their trading skills. Trade — Once all the above is completed, trades can be made with low levels of risk for beginners and recommendable instruments to start would be a normal currency pair and later moving on to derivative instruments. Chapter 6. In this section, we will discuss the various aspects of forex trading platforms in detail, which will provide you a deep insight into features affecting the daily trading in the forex market.

Forex markets as we spoke earlier have high frequency and liquidity across major and minor currencies, therefore traders often end up paying high fees or maintenance charges eating up their profits.

It is very important to understand the advantages and disadvantages of selecting a particular broker before trading. Let us look into 6 of such factors which is crucial:. AvaTrade also has a Nigerian phone number listed on their website. Chapter 7. There are multiple forex trading strategies with different risks and rewards associated with them.

Each strategy requires a different set of analysis, experience, and knowledge. All the trading strategies followed by traders worldwide can be broadly grouped into two categories. The trading strategy can be based on fundamental analysis, technical analysis, or a mix of both. The fundamental analysis involves analysis of the price movements through financial statements, economic data, and price movements of other markets. Following are the common forex trading strategies based on fundamental analysis:.

If one can predict the correct range of an FX currency post the results are announced using the publically available information, they sure can take in handsome profits. Many beginners as well as experienced traders trade on the basis of economic data through fundamental analysis. Oil Prices — When OPEC announces current barrel rates, the markets usually plump or dump in that situation.

Middle eastern countries are heavily impacted by the same. Oil prices affect each good in a country. Therefore, rising oil prices depending on the oil dependence of a country impacts the forex reserves as well as the FX exchange rates. Geopolitical Activity — When Brexit was first announced, the strength of GBP started decreasing against every other currency.

Therefore, geopolitical or government stability create havoc opportunities for traders in the forex market. Technical analysis is based on charts and patterns of price movements.

A trader who prioritizes technical analysis for forex trading may or may not focus on fundamental analysis.

Following are the forex trading strategies based on Technical anlayis. Swing Trading — The most popular type of technical analysis trading strategy used in forex markets using the swing trading approach. If either one of the technical indicators is met, they usually buy or sell for a very short period usually hours to days depending on the trading horizon. This strategy is based on the perception that current and future price trends follow the trends of the past.

Given the time frame, this takes place multiple times in a day increasing the transaction cost. Here data looked at is tick by tick data, which can be even second by second data, candle charts are adjusted to the lowest possible time frames, to anticipate the move and execute a scalping strategy. Scalpers generally trade with high volume with high leverage to take the advantage of small price movement.

Carry Trade Strategy — Carry trade involves borrowing one currency at a lower rate, however, the other currency is invested at a higher return rate. This usually depends on when the interest rates are volatile and only when currencies can be carried forward for weeks or even months. Technical as well as fundamental analysis can greatly affect the trading strategies of a trader.

Understanding and improvising these strategies can However, forex market is uncertain and involves high risk. Many traders can still go wrong despite every correct analysis. Many traders use a blend of technical and fundamental analysis to predict the price trends of the market while some only rely on one.

No particular trading strategy can be considered best as each trader can have different trading strategies. It is better to test the strategies on a demo account before using it on real account. As discussed previously, FX markets are one of the most volatile as well as liquid markets.

It is not driven by market participants but by countries globally. Risks in this market is very different than other asset classes. Let us discuss few risks in detail:. Now that we know the kind of risks that can occur in forex markets, below are some techniques on mitigation of such risks:. Different forex brokers have different minimum deposit requirements.

Forex trading in nigeria is not regulated by the Central Bank of Nigeria CBN or any other financial regulatory authority in Nigeria. However, Forex trading is not illegal in Nigeria. Many CFD brokers regulated in offshore jurisdiction accept Nigerian clients for leveraged CFD trading in forex and other capital markets. Forex trading involves risk. The money made by any forex trader depends on the quality of analysis, experience, and discipline.

Those who can take more risk can earn better profits but can also lose higher amount. No, forex trading involves buying and selling of currencies in return of another. Knowledge, experience, analysis, and research can greatly increase the chances of earning profits in forex trading. A large number of forex traders professionally trade forex. Gambling on the other hand is entirely based on luck and fortune. The probability of winning and losing are almost equal in Gambling.

You can trade Forex online by opening an account with a forex broker that accepts Nigerian traders. Online FX Trading in Nigeria is still unregulated with no local regulation in place currently; hence we recommend you sign up with the brokers regulated by foreign top tier market regulators such as FCA, FSCA or ASIC.

Forex Trading in Nigeria The Complete Guide for Beginners. Download PDF Guide. Featured Forex Brokers Here are our best-rated forex brokers for Nigerian traders. Visit Hotforex Read Review. XM Trading.

Visit XM Read Review. Spread from 1 pips with Standard account. Visit Exness Read Review. ForexTime FXTM. Visit FXTM Read Review. Benjamin — Last Updated March 29, Chapter 2 How International Currency Markets work?

History of Forex and its importance: The forex market can be termed as one of the oldest existing markets, at least its existence is supposed to date back years ago. Chapter 3 How are Currencies traded? Spot Transactions Spot basically means immediately.

Forward Transactions As the word indicates, Forward transactions involve the trading of currency pairs using forward rates that are deliverable at a future date. Swap Transactions If Party A requires AUD currency while residing in Europe and Party B requires EUR currency residing in Australia, they would want to indulge in a currency swap transaction.

Option Transactions Similar to futures contracts, option contracts are traded on exchanges with the underlying of an FX currency pair. Chapter 4 What is an exchange rate?

How do Prices of Currency Pairs Move? Important terminology of Forex: Now that we have understood the main factors affecting forex markets and the types of transactions taking place, we will move on to understanding the basic terminologies of the market in a minimalistic way. Chapter 5 How can you trade forex in Nigeria? If CFDs are traded, what are the risks to be taken, and what are the impacts of leverage on trade positions.

Basic market concepts like Stop loss, take profit, and trade size positioning should be understood. The economics related to the currency pair must be well understood too in addition to market psychology. Comparing Brokers — Each broker has its own sets of criteria and commission charts, but the standard market prices are similar across brokers. Say for example: HotForex allows customers to start trading with USD 5, whereas FXTM have USD 50 minimum deposit.

So, to open your first forex account, a comparative analysis of accounts at each broker is the key. The below Comparison Table shows the accounts at HotForex. After you have selected the broker, you must also take time to select the account type that you want to open because there will be differences in their fees. Chapter 6 Forex Trading Platforms. Minimum Deposit and Fees — First and foremost, it is very important the commission or fees rate a broker has as discount brokers provide very cheap when compared to institutional brokers.

Other fees like maintenance and minimum fund limit should also be checked before selecting a particular broker. All the forex brokers that offer their service in Nigeria are foreign brokers regulated with Offshore regulations.

For example, popular brokers in Nigeria like FXTM, HotForex, OctaFX, etc. register traders based in Nigeria under Offshore regulations. But these brokers are also regulated in Europe, which makes them less risky as compared to forex brokers that are only licensed under Offshore regulations, and not with any Top-tier regulation like FCA, ASIC, CySEC, etc.

Brokers have in the past provided heavy leverage across clients and regulators have had to intervene and decrease leverage ratios to curb high-risk transactions. A proper check if the broker has been historically fined or was subject to scrutiny by Financial authorities must be verified by the clients.

It usually is the case with the increase in liquidity, spreads start shrinking and trading becomes more slippage free for traders. Therefore, before selecting a broker, their liquidity history must be statistically checked. Range of Products — To the core of any brokerage business is the range of instruments including futures, options, CFDs, swaps, etc. Usually, for retail investors, it becomes very important to be provided with all kinds of products as that helps them diversify or hedge their risks.

For example, a huge leveraged CFD bet can be hedged with an exotic FX option.

NG is an unbiased Forex Broker monitoring site. As FOREX trading has become increasingly popular in Nigeria, illegal and illegitimate FX schemes are on the rise as well. We are here to spot them! At we believe that successful currency trading requires knowledge, experience and a disciplined approach to the market. Every page of this website is dedicated to these three factors in some fashion.

The popularity of forex trading in Nigeria has grown dramatically in the last five years, as globalization swept the planet, raising online forex trading to higher levels of sophistication, complexity and specialization. Time optimization is now extremely critical and professional support must make every second count!

Among other things, we can help you find out how to trade , where to trade , when to trade, and make you aware of the many pitfalls that many have fallen into before you. We also evaluate all of the top forex brokers in Nigeria , to help you make an informed decision before you deposit so much as a penny into a live trading account.

And not only do we strive to be the best educational resource for everything forex trading in Nigeria, we are also one of the fastest growing forex trader communities on the web today. Our community offers a unique discussion platform, where members chat about the developments for specific currency pairs, and everybody gets their own profiles on which they can publish their trades.

Success in foreign exchange trading now depends, more than ever before, on wisely guided execution. ng has experienced online forex professionals in your corner providing expert advice, educational tools, forex market commentary, and best practices guidance to ensure more time for your active trading. Having made the necessary sacrifices and effort to gather the initial capital to invest, it is quite natural that you wish to invest in an intelligent manner, maximizing your potential profits while, at the same time, keeping your risk levels as low as possible.

You have most probably taken the time to learn the workings of the trading system and garner as much information about the financial markets as possible before investing your money. You have experienced the pain of losses and also the joys of success and by now should have a better idea of exactly what you should be doing and how to go about doing that. Now, you are finally ready to begin trading properly. You wish to start trading forex for real and generating a second source of income, no matter whether it is your primary or secondary income source.

It is time for you to watch you initial investment pay off and your profits begin to grow. The only thing you need to do now is to choose a broker and a trading programme to work with. Unfortunately, there is such a multitude of brokers, traders, trading platforms, and choices being offered.

Each one of these also offers its own free gifts, options, and unique features. The realization that trading does not involve simply understanding the system of trading comes suddenly and you begin to experience doubts.

And if you stumble and make the wrong decision, you might find yourself losing a great deal of potential profit or even suffering from losses due to certain important factors you might have forgotten to include in your decision-making process.

We completely understand your feelings and the worries that you must be experiencing at the moment. Rest assured that you are hardly the only trader to feel this way. Our aim, therefore, is to aid you in making the right choices. We can help you make sense of information that seems chaotic and without order, and also reduce the chances that you will commit any errors.

We have taken the time to review every active forex broker in Nigeria in detail, and analyzed their various trading platforms, conditions, and other features that each one offers clients. Our standards are exacting and our main focus is on the efficiency and profitability offered by a broker.

Using the information that we have gathered, we present you with a summarized report of what we feel are the best forex brokers in Nigeria , and who will offer you the best terms and potential profits currently available. Emphasis has been placed on the main factors that you should consider when making your decision. With the extensive information we place at your disposal, you will be able to choose the broker, trading platform, and trading conditions that suit your needs and trading style best.

Besides saving valuable time and money, more importantly, you will be more assured that your decisions are the right ones. This will allow you the greatest potential for success.

December 30, January 6, December 3, December 15, December 28, Futures, CFDs, and Forex are leveraged products with a high degree of risk to your capital. Such products may not be suitable for all investors and therefore you need fully understand the risks associated with them and seek independent advice if necessary. The information in this site does not contain and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for a transaction in any financial instrument.

How We Can Help You with Forex Trading in Nigeria Among other things, we can help you find out how to trade , where to trade , when to trade, and make you aware of the many pitfalls that many have fallen into before you. Read More. Latest news. Best Forex Trading Sessions in Nigeria Time December 30, FXTM Nigeria Review January 6, Most Successful Forex Traders in Nigeria December 3, How Much Do Forex Traders Make a Day in Nigeria? Best Forex Brokers in Nigeria December 28, FXTM Nigeria Review HotForex Review.

Risk warning Futures, CFDs, and Forex are leveraged products with a high degree of risk to your capital. Style guide. Privacy policy.

Each bar on the chart represents a single trading day and includes the starting price, the highest price, the lowest price, and the closing price of a deal. What you need to do to protect yourself in the forex market. AvaTrade also has a Nigerian phone number listed on their website. This is because they think that since you are taking sides with the price of a currency pair to go up or down, you are essentially gambling. The short position can be taken when you believe the price of the currency will fall in the upcoming period. Are you interested in the economics of a country? Some of the more popular Forex trading tutorial schools in Nigeria include the following:.

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