Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low.
Among the most respected Financial Services Regulation Coordinating Committee (FSRCC) regulated brokers based in Nigeria, there are several that have low spreads.
The following is a list of the five best low spread Forex brokers in Nigeria:
1. CM Trading
CM Trading is based in South Africa and is regulated as financial institution by the local Financial Services Board (FSB).
CM Trading delivers secured trading through their own SSL security systems while clients funds are held in segregated accounts. A CM Trading review shows that the broker provides the state of the art MT4 trading platform along with Sirix, and a copy trading platform CopyKat that enable traders to trade Forex, Index and Commodities, including Cryptocurrencies.
CM Trading offers five options in live accounts. These are classified as the Bronze Account, Silver Account, Gold Account and Premium Account and Muslim traders also has the option to open an Islamic version on all account types.
AvaTrade, which was founded in 2006, is a beginner-friendly CFD broker that offers trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs.
AvaTrade’s AvaTradeGo mobile app, which won the title for best Forex broker in 2020, provides Nigerian Forex traders with a simple and intuitive mobile trading experience. Avatrade spreads are among the narrowest available for a commission-free account with a minimum deposit of $100 USD – as low as 0.9 pips on the EUR/USD.
AvaTrade allows maximum leverage of 400:1 and provides the MT4 and MT5 trading platforms with a Trading Central dashboard for both platforms.
HotForex was founded in 2009 and is headquartered in Cyprus and is regulated by the FCA, CySEC, and the FSCA. It offers trading on Forex, commodities, indices, shares, bonds, and ETFs. Client transactions are posted directly to the market with No-Dealing Desk STP execution for all trades, and leverage is provided up to 1000:1 on the Micro Account, with a minimum deposit of 5 USD.
HotForex provides low-cost Trading Accounts with narrow spreads starting as 1.00 pips pip on the Micro Account, as well as thorough market information.
Customer service is available 24 hours a day, seven days a week.
Exness was founded in 2008 and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities to over 200,000 clients worldwide. Exness has nine account types on the MT4 and MT5 platforms with the Standard Cent Account aimed at beginners who want low fees and a low minimum deposit of 1 USD, micro-lots, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals.
ECN Accounts for experienced traders has raw spreads and 7 USD commission.
Pepperstone is a leading Australian ECN/STP Forex broker. Its accounts offer market execution with some of the tightest spreads in the industry – a Razor Account offers spreads from 0 pips for the EUR/USD, with 7 USD commission. Pepperstone provides all three major trading platforms – MT4, MT5 and cTrader.