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Best Forex Trading Platforms in Nigeria 2020

We have ranked the best forex trading platforms for traders in Nigeria after comparing 20+ brokers. See comparison of spread, platforms, leverage & 6 other factors.

ForexNigeria Editor

If you are an active trader in Nigeria seeking to try your luck at beating the forex market, you should be aware of the importance of choosing the right trading platform. A good forex broker will offer you a comprehensive platform for trading multiple assets on the device of your choice.

Brokers offer Trading platforms as an interface to traders for placing orders & managing their trades. Every platform is distinct and comes with its pros and cons. So, as a trader, you must first understand your own requirements. Only then you must sign up with the broker that best suits you.

You should select the broker that offers an exceptional platform for trading. Typically, most forex brokers offer a Web-based trading platform, a Mobile app, and a downloadable Desktop app inclusive of MT5 and MT4.

The best platform for trading will provide you custom charting tools, support for lots of indicators, real time news & price data. It will also have a quick order execution capacity for opening or closing your trades within milliseconds.

We have compared the top brokers in Nigeria & reviewed their trading platforms for trading Forex or speculating on Cryptos, Indices or Stocks CFDs.

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Comparison Table of Best Forex Trading platforms in Nigeria

Forex Trading platform Minimum Deposit Lowest EUR/USD Spread Regulation(s) Max. Leverage Available Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 1.2 pips
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:
1:1000
Available instruments: 49 currency pairs, and 200+ CFDs
Visit Broker
Minimum Deposit: $100
Lowest EUR/USD spread*: 0.9 pips
Regulation(s): FSCA, ASIC, CySEC
Max. Leverage:
1:400
Available instruments: 55 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Max. Leverage:
1:888
Available instruments: 57+ currency pairs, 1000+ CFDs
Visit Broker

#1 HotForex – Overall Best Forex Trading platform

Hotforex Nigeria

Rating: 9.0/10

Regulations: FCA, FSCA

Minimum Deposit: $5

Available Platforms: MT4, MT5 and Mobile trading for Android & iOS

HotForex is regulated by top-tier Financial Regulatory Authorities – FCA (UK), CYSEC and FSCA (South Africa, FSP No. 46632). You are thus ensured of the safety of your funds & trading.

Fees: The EUR/USD benchmark with HF starts with 1.2 pips for Micro and Premium Accounts. It is 0.3 pips for Zero Account. The size of 1 Lot for all the 3 accounts is 100,000 Euros. The leverage offered is up to 1:500 for Premium and Zero Accounts and 1:1000 for Micro Account.

Trading Conditions: HotForex is a broker offering only MetaTrader trading platforms. Its MT5 platform is designed for suiting any device – MT5 Terminal, iPhone, iPad, Android, and Web Terminal.
The multiple advantages that you are offered through the HF MT5 platforms include: 21 diverse timeframes, Advanced analysis tools, Trading all the HotForex asset classes, viewing up to 100 charts concurrently, hedging is allowed, trading with One-click, 80+ technical indicators & built-in economic calendar.

HF Micro Account requires a minimum deposit of $5. The HF Premium Account requires $100 and HF ZERO Spread Account requires $200. Micro and Premium Accounts offer trading commission-free on Forex pairs and the spreads start with 1 pip. Per-trade commissions are payable For Zero Account.

You are offered 49 pairs of currency including majors, exotics, and minors. Its trading instruments include 4 Cryptos, 8 commodities, 3 Bonds, globally leading 11 Indices, 56 shares, Spot Metals – Silver and Gold, Energies such as Crude, Brent Oil, and US Natural Gas.

HotForex offers support for NGN/Naira Trading accounts as well. It also provides traders in Nigeria the option for local bank transfer deposit and withdrawals.

Support: You are offered excellent Customer Support through 3 channels by HF. Live Chat offers instant support to your queries 24X5. Our Email queries were reverted within a few minutes on weekdays. HF also assists through the local phone in Nigeria.

Hotforex Pros

  • Support of all devices including Mobile trading.
  • Latest MT4 & MT5 both are available. And trading fees is competitive.
  • No Deposit or withdrawal fees.
  • Local phone support is available in Nigeia.
  • Also offers option for Naira accounts i.e. NGN base currency accounts.

Hotforex Cons

  • Does not offer a Proprietary Platform or CTrader
  • Mobile trading platform has limited features.

How to choose the best Forex Trading platform?

Here are some of the basic aspects you must consider while choosing the best Forex Trading platform as a trader:

1. Is Mobile trading supported: The Trading platform of the broker must support trading on multiple devices – Desktop, Mobile, and Web. Some brokers like Etoro that have proprietary platforms do not support desktop. You can opt for MetaTrader brokers like Hotforex & Avatrade if you are looking for a fesktop version.

2. Order Types: When it comes to types of orders, there are normally many order types that you would need to use depending on your trading style. The most used types of orders are: Market Orders, Limit Orders & Stop-Loss Orders.

Check if your broker allows you to easily set Limit & stop loss orders with 1 click.

3. Is the platform fast: Some platforms can freeze even during normal trading. You must check the reviews of the broker to ensure that the platform has been properly functional as per experiences of other traders with that broker.

4. Technical Tools & asset classes: You must check if the platform of the broker supports Charting Tools and Expert Advisors. The number of CFDs and Financial instruments offered is also a factor.

5. News & Educational updates in the platform: The broker must offer several research tools ranging from News flow to Analysis-based ideas for trading. It could also be Daily Market Fundamental and Technical Analysis and Forex Trading Webinars.

6. Is the Spread & Trading fees low? This is very important as you want to obtain the best deal while placing trades. The spread charged by the broker will decide your actual final profit.

Also check if the broker charges any fees on deposits & withdrawals. Some brokers like ForexTime, Etoro may charge a percentage on withdrawals or during funding, and this adds up against you. Some even charge inactivity charges. So always ask your broker about these charges too.

Frequently asked questions: Forex Trading Platforms in Nigeria

Which are the best Forex Trading platforms for beginners in Nigeria?

Based on our comparison of fees, platforms & support of the top brokers operating in Nigeria, here are our top ranked forex trading platforms:

  1. Hotforex – Best for Beginners
  2. Avatrade – Best for Fixed spread
  3. XM Broker – Best for Low fees

Overall, we recommend traders in Nigeria to choose Hotforex as they have very competitive fees, no charges on funding or withdrawing of profits & low deposit requirements. Their customer support is excellent too.

What are the minimum deposit requirements for trading forex?

Some brokers like Exness have as low as $1 deposit requirements. But this depends on your trading style & your overall requirements.

Let’s say that you are an active trader that trades 10+ lots daily then you should choose a NDD broker with lower fees per lot rather than checking the deposit required.

Which Forex Trading platforms have the lowest fees?

As per our research, XM, Avatrade & Hotforex have the lowest trading fees. All 3 brokers offer free funding & withdrawals. Here is a benchmark of comprison of EURUSD trading fees for you:

  1. Avatrade – Fixed spread of 0.9 pips for EURUSD
  2. XM Forex – On average 0.8 pips with Ultra Low account
  3. Hotforex – 1.2 pips on average with Standard account
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