In recent years, the forex market has grown exponentially in Nigeria. The increased participation from retail clients in Nigeria has attracted a lot of international forex brokers to accept clients from Nigeria.
There are more than 30 forex trading platforms available in Nigeria. It can be perplexing for Nigerians to select the best trading platform as each platform has different pros and cons.
We have selected the 6 best forex trading platforms in Nigeria after a comprehensive analysis and comparison of 25+ forex brokers in Nigeria. More than 12 factors have been considered while selecting the best forex trading platforms in Nigeria.
List of Best Forex Trading Platforms in Nigeria
#1 HotForex – Best Forex Trading Platform in Nigeria
Regulations: FCA, FSCA, CySEC
Minimum Deposit: $5
Trading Platform MT4 & MT5
Fees: Average spread from 1.3 pips for forex with Micro Account
HotForex is one of the best forex trading platforms in Nigeria as it is well regulated and the trading cost is low. HotForex offers distinct features specifically for Nigerian clients like NGN-based accounts, local phone support, and local bank deposits and withdrawals.
HotForex is regulated by the Financial Conduct Authority of the UK (801701), the Financial Sector Conduct Authority of South Africa (46632), and a few more financial regulatory authorities. The Nigerian clients are registered under SV regulation of St Vincent and the Grenadines with the entity name HF Markets (SV) Ltd.
HotForex offers 6 different account types with different trading conditions and pricing structures to suit the trading needs of different types of traders. The Micro account is the basic account that requires a minimum deposit of $5 or N1800 and allows a max leverage o 1:1000. Other account types have higher Minimum deposit requirements.
The Micro, Premium, and Zero Spread account can be opened with NGN as the base currency. The Zero Spread account is a commission-based account where spreads are as low as 0 pips with a fixed commission. The trading commission is $6 and $8 for a round turn trade of a standard lot for major and minor pairs respectively.
The average typical spread for EUR/USD with the Micro account is 1.3 pips. The same with the Zero Spread account is 0.1 pip with an added commission of $6 for a round trade of standard lot.
The Copy Trading and Auto Trading account types are specifically designed for copy trading and automated trading through the MT4 trading platform.
MetaTrader 4 and MetaTrader 5 trading platforms are supported by HotForex for all types of devices. The MT4 is ideal for beginners while the advanced traders prefer the MT5 platform.
Deposits and withdrawals can be done without any commission through a local bank transfer in NGN. The deposits in NGN to an NGN-based account at HotForex will not require any currency conversion.
HotForex offers multiple bonus offerings for promotion. Nigerian clients can claim multiple welcome and deposit bonuses at HotForex.
#2 Exness – Low-Cost Forex Trading Platform in Nigeria
Regulations: FCA, FSCA, CySEC
Minimum Deposit: $10
Trading Platform MT4 & MT5
Fees: Average spread from 1 pips for forex with Micro Account
Exness is a low-cost forex trading platform that is regulated by multiple top-tier regulatory authorities. It is also a good choice for Nigerian clients as they offer NGN-based accounts and local bank deposits and withdrawals in Nigeria. The minimum deposit is as low as $10.
Exness is regulated by the Financial Conduct Authority of the UK (730729), Financial Sector Conduct Authority of South Africa (51024), Cyprus Securities and Exchange Commission (178/12), and other offshore regulations. Nigerian clients at Exness are registered under the FSA regulation of Seychelles.
The standard account at Exness is the spread-only account type which can be opened with NGN and several other currencies. The spreads start from 0.3 pips.
Exness offers 3 professional accounts with different pricing structures. The Raw Spread account has spreads from 0 pips and a fixed commission of $7 for a round trade of a standard lot. The Zero spread account also has negligible spread but the commission with this account is variable and depends on market conditions and trading volume.
The Pro account can be the best choice as there is no commission involved and the spreads are as low as 0.1 pip.
Exness offers MT4 and MT5 as trading platforms for all types of devices. They also support a separate android and iOS app which is called Exness Trader App. This app is based on the MT5 trading platform.
Exness allows deposits and withdrawals through local banks in Nigeria with no additional commission. Exness can be a good choice for Nigerian clients. However, the research and education tools at Exness are limited and lesser than many other forex trading platforms in Nigeria.
#3 AvaTrade – Proprietary Forex Trading Platform in Nigeria
Regulations: ASIC, FSCA, CySEC
Minimum Deposit: $100
Trading Platform MT4, MT5, AvaTradeGo
Fees: Average spread from 0.9 pips for forex with Micro Account
AvaTrade is an Australia-based forex trading platform that holds regulatory licenses in various jurisdictions. It offers a proprietary trading platform called AvaTradeGo apart from the MT4 and MT5 platforms.
AvaTrade is regulated by the Australian Securities and Exchange Commission (406684), Financial Sector Conduct Authority (45984), Cyprus Securities and Exchange Commission (347/17), and several other financial regulatory authorities.
There are no choices for account types with different trading conditions or pricing structures. The Only account type has spread as the only trading fee. No trading commission is charged for trading forex at AvaTrade.
The spread for EUR/USD as a benchmark is 0.9 pips on average. AvaTrade offers multiple tools for research and education.
Clients cannot open trading accounts with NGN as the base currency at AvaTrade. They also do not accept local bank deposits and withdrawals in Nigeria. Transactions can be done through Credit Cards, E-wallets, and wire transfers. The minimum deposit amount at AvaTrade is $100.
How to Choose the Best Trading Platform?
Forex and CFD trading can be done through various trading platforms. Among many, the most common trading platforms are MetaTrader 4, MetaTrader 5, and cTrader platform. Each trading platform has its pros and cons and is suitable for different types of traders. A trader must check the trading platform by opening a demo account on each platform before opening a live account.
MetaTrader 4 is the most widely used trading platform globally as it offers a simple interface with fast processing and easy compatibility with all types of devices.
MetaTrader 5 is the upgraded version of MT4 developed by the same parent company. MT5 offers more features, time frames, indicators, and charting tools that MT4.
Many brokers offer their proprietary trading platform developed by the broker itself for example eToro, Plus500, etc. Such platforms may offer a more user-friendly interface.
Traders must note that the safety of funds, fees, available instruments and trading conditions depend on the chosen broker and not the trading platform. The trading platform connects the clients to brokers which further processes the trading order. Hence, traders must check and compare the features and limitations of the broker they are choosing.
Frequently asked questions: Best Forex Trading Platforms in Nigeria
What is trading platform in forex?
The trading platform is the application that is used to execute trade orders through various devices. The forex trading platforms are provided by the forex brokers with different trading conditions. Each trading platform can have different features and specifications.
What are the best platform for forex trading?
Each trading platform is ideal for different types of traders in Nigeria. According to us, the MT4 and MT5 trading platforms offered by HotForex, Exness, and AvaTrade are ideal for multiple types of traders in Nigeria.
How do I start forex trading for beginners?
The forex market is risky and may not be ideal for all types of traders. Clients must learn about the market and price movement before they start trading. It is always better to start forex trading with a demo account.
Once you are familiar with the market, you can open an account with any of the forex brokers regulated by top-tier regulatory authorities. After opening the account, clients can deposit funds and execute trade orders through any of the trading platforms.