Best Forex Trading Platforms in Nigeria 2021

Safety

HotForex is regulated by top-tier Financial Regulatory Authorities – FCA (no. 801701), CYSEC (183/12), and FSCA ( FSP No. 46632). You are thus ensured of the safety of your funds & trading.

Fees: The EUR/USD spreads with HF starts with 1.2 pips for Micro and Premium Accounts. It is 0.3 pips for Zero Account. 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 – iPhone, iPad, Android, Windows, macOS, and Web Terminal.

HF Micro Account requires a minimum deposit of $5. The HF Premium Account requires $100 and HF ZERO Spread Account requires $200. Micro and Premium Accounts offer trading commission-free on Forex pairs and the spreads start with 1 pip. Per-trade commissions of 3$ are payable For Zero Account for a single side of the trade.

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 deposits 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.

Safety: Avatrade is considered safe for traders in Nigeria due to multiple top-tier regulations. It is regulated by FSCA (no. 45984), ASIC (406684), and CySEC (no. 347/17).

Fees: There is only one account type available at Avatrade in which no commission is charged and spread is the only trading fees incurred to traders. The spreads are variable and start from 0.8 pips per lot. No commission is charged for executing trade orders and transactions but currency conversion and inactivity can incur additional commission.

Trading Conditions: Avatrade allows traders to choose between multiple trading applications. It offers the complete suite of MT4 and MT5 platforms for web, PC, and mobile. Apart from this, it has its own trading app called as AvatrdeGO app.

There are no multiple options for the account types at Avatrade as all clients are offered the same account.
With a minimum deposit of 100$, traders can choose to trade with USD or EUR as a base account currency. Avatrade gives access to 60+ currency pairs and nearly 200 CFDs on indices, commodities, bonds, stocks, and cryptocurrencies.

Support: Since there is no local office of Avatrade in Nigeria, local phone support is not available. Although the customer support services are helpful through live chat and email.

Safety: XM is regulated by ASIC (no. 443670), CySEC (no. 120/10), and FCA (705428) which makes it safe for traders in Nigeria.

Fees: XM does not charge any trading commission on any of the account types. The spreads start from 0.6 pips with the Ultra-Low account type while for the Micro and Standard account type, it starts from 1 pip.

Trading Conditions: The Micro and Standard account type at XM can be opened with a minimum deposit of 5$ while the Ultra Low account requires 50$ as the minimum deposit. It offers MT4 and MT5 trading platforms for all devices.
XM has rich offerings for research and analysis tools that aim to enhance the trading experience of the clients. The transaction methods are convenient and fast but NGN-based accounts are not available at XM.

Support: The local phone support is not available but traders can resolve their query through live chat and email support.

Safety: FXTM is an FCA (no 777911), CySEC (no 185/12), and FSCA (no 46614) regulated broker that is quite popular among the Asian and African markets. It is considered safe for Nigerian traders due to top-tier regulations and the availability of local office in Nigeria.

Fees: FXTM offers 3 commission-free accounts in which the spreads start from 1.9 pips. A 2$ commission per single side trade is charged with the ECN account where the spreads are as low as 0.1 pips.

Trading conditions: The standard cent account can be opened with a minimum deposit of 10$ which is an MT4 account. All the other accounts can be opened with MT4 or MT5 trading platform with a minimum deposit of 100$.
A total of 59 currency pairs and 200+ CFDs are available with a maximum leverage of 1:2000. FXTM offers an NGN-based trading account apart from USD, EUR, and GBP.

Support: The customer support at FXTM is excellent with 24*5 local phone support, live chat, and email.

Safety: Plus500 is a Cysec (no. 250/14) and FCA (no. 486026) regulated forex and CFD broker. Due to top-tier regulation, it is considered safe for traders in Nigeria.

Fees: The spreads at Plus500 are very attractive and start from 0.6 pips. They only offer a single account type in which no commission is charged for executing trade orders. A currency conversion fee is charged if the deposit currency is different from the base currency.

Trading Conditions: Plus500 provides its own trading application for web, PC, and mobile that is user-friendly and has an excellent user interface. The minimum deposit is 100$ which is higher than many of the peers. Nigerian clients cannot open a Naira-based account at Plus500.

Support: The customer support service through live chat is resourceful but no local phone support is available in Nigeria as no local office is present.