When trading with an unregulated or unregistered broker, the risk of dealing with a third party increases, making it less safe for forex and CFD traders.
Forex brokers that are authorized by the Central Bank of Nigeria (CBN) offer traders in Nigeria a secure trading environment as well as appropriate redress in the event of client dissatisfaction.
Our selection of the best CBN-regulated forex brokers, which also happen to offer good trading conditions, can be found in this post.
1. AvaTrade
Overview
An international broker, AvaTrade is multi-regulated by the Central Bank of Ireland, the British Virgin Islands Financial Services Commission, the Australian Securities and Investments Commission, the Financial Services Authority of Singapore, and many more.
Throughout the year, customer care is available 24 hours a day, seven days a week by phone, email, or live chat in a number of different languages, according to this AvaTrade review.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
👉Open a Free Trading Account Now
2. XM
Overview
To help new traders, XM has a user-friendly trading app, thorough research, and reasonable fees.
Large customer base and great reputation make XM an excellent alternative for most Nigerian traders Also included are a large range of trading instruments, as well as enticing bonuses and incentives for customers.
Pros and Cons
| Pros Low minimum deposit Comprehensive educational offering Streamlined account opening process | Cons Inactivity fee charged after 90 days on live accounts Limited product portfolio |
Features
| Feature | Information |
| Regulation | IFSC, ASIC, CySEC, FCA and DFSA |
| Minimum deposit from | $5 |
| Average spread from | 0.1 pips |
| Commissions from | $3.5 commission per $100 000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | $30 Trading Bonus |
| Customer Support | 24/5 |
3. FXTM Nigeria
Overview
Excellent customer support is available from FXTM Nigeria. The broker has excellent customer service and simple deposit and withdrawal procedures.
FXTM is one of Nigeria’s safest forex brokers because of several top-tier regulations. Specialized services and educational resources are offered to Nigerian clients by FXTM.
Pros and Cons
| PROS | CONS |
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | Limited product portfolio |
| Great educational tools |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission |
| Deposit/Withdrawal Fees | $3 |
| Maximum Leverage | 1:500 on average |
| Bonuses | $300 Trading Bonus |
| Customer Support | 24/5 |
4. Exness
Overview
Low spreads and a wide variety of currency pairs make forex trading with Exness easy.
Regulated forex broker Exness offers low fees, large leverage, and a low minimum deposit. On this platform, 107 currency pairs and 40+ CFDs of commodities, indices, and cryptocurrencies can be traded.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
Also Read: How to tame Nigeria’s inflation trend
