Brokers

The best forex brokers in Nigeria


Finding the best forex brokers to trade in Nigeria 🇳🇬 can sometimes be a difficult process. So, how to know which forex broker is affordable and reliable? What are the best forex brokers in Nigeria? In this article, we will help you to find the right answers. 

💡 It is important to note that although forex trading is not yet regulated by Nigerian regulators, Nigerian citizens can invest with foreign brokers. Knowing this, we’ve listed the best trading sites that would let you trade as a Nigerian trader, taking into account a variety of aspects such as regulation, pricing, technology, liquidity, leverage, and the quality of the services. 

Here is a breakdown of some of the best forex brokers in Nigeria. 

  • FXCM: best offering and excellent support 🏆
  • Pepperstone: various copy trading platforms
  • XM: great offer and full MetaTrader suite
  • FXTM: accepts Nigerian currency 

FXCM

best forex brokers

Founded in 1999, FXCM is regulated by the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). FXCM is part of Leucadia Investments, a publicly-traded company and it is considered one of the best forex brokers overall.

⚙️ 📌 FXCM provides two types of accounts available: standard and premium (Active Trader) for high volume investors.

💹 For Nigerian investors, the broker’s minimum initial deposit is $150. To deposit funds into your account, FXCM offers several options: debit and credit cards,  bank wire,  Skrill, Union Pay, and  Neteller. You can check these options and the cost of operation here.

The Active Trader Rebate Program provides benefits such as rebate pricing (for a minimum of USD 10  million monthly), dedicated support, API trading, among others.

Even on the standard account, FXCM provides low commission rates and average tight spreads. We searched average spreads of major Forex pairs for standard accounts, listed below:

  • EURUSD: 1.1 pips
  • GBPUSD: 1.7 pips
  • USDJPY: 1.2 pips
  • USDCAD: 1.6 pips
  • USDCHF: 1.6 pips
  • AUDUSD: 1.2 pips
  • NZDUSD: 1.6 pips

Customers depositing a minimum of $25,000 can have an Active Trader account (premium fx trading account). This type of account comes with a lower commission rate of $25 per million and access to premium searches.

It is important to note that an Active Trader accounts are charged a commission per trade, in addition to the reduced spreads,  in contrast to standard accounts, which are charged only the spreads.

FXCM has its platform called Trading Station, which includes various types of orders, advanced charting applications and indicator presets. In addition to this platform, other trading platforms are also available: MT4, ZuluTrade e Tradingview.

You can trade forex automated with an AI trading system in FXCM!

By using the AI trading system, artificial intelligence will automatically invest in your FXCM account. You can monitor the AI trading performance in real-time directly on our Wiseinvest’s dashboard or FXCM trading station.

You can also trade manually with the AI forex signals at your own pace. In this case, it is just to copy each forex signal and paste it into the trading room.

Open a trading account with the forex broker FXCM clicking here.

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Pepperstone

best forex brokers

The Australian one of the list, Pepperstone was founded in 2010 and quickly became one of the largest forex brokers in the world. It is licensed by the Australian Securities and Investment Commission (ASIC) and authorized and regulated by the UK Financial Conduct Authority (FCA). Pepperstone is not a publicly-traded company. Pepperstone holds all client funds in segregated accounts held with a tier-one Australian bank.

With two types of account, Razor and Standard, Pepperstone offers variety in its pricing plan. The Razor account is commission-based and offers a minimum spread of 0. The average spreads of this type of account for the EUR / USD pair is 0.16pips. The standard account is based on commission incorporated into the prevailing spreads. This type of account has average spreads for EUR / USD of 1.13 pips.

The minimum initial deposit when opening a Pepperstone account is $200.00. The deposit methods are Visa and MasterCard, POLi, bank transfer, BPAY, PayPal, Neteller, Skrill, and Union Pay.

Despite not having its platform, Pepperstone offers the MetaTrader 4, MetaTrader 5, and cTrader platforms. Also, they offer platforms for copy trading, such as MirrorTrader, RoboX, ZuluTrade, and MyFxbook. You can access the comparison of these platforms here.

You can use Wiseinvest AI forex signals on Pepperstone. The forex signals are sent by e-mail and Telegram, requiring only copy and paste into the brokerage account.

Open a trading account with the forex broker Pepperstone clicking here.

XM 

XM is a brokerage founded in 2009. It is regulated by two tier-1 regulators: the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). Thus, it treats the protection of Client Money in strict accordance with the FCA’s rules and regulations. All retail Client Money is held in separate bank accounts at top-tier financial institutions

There are three primary accounts available from XM. The Micro account has an average spread of 1 pip, minimum trade volume of 0.01 lots, lot restriction per ticket of 100 lots, and has no commission for forex. 

The standard account has an average spread of 1 pip, minimum trade volume of 0.01 lots, lot restriction per ticket of 50 lots, and has no commission for forex. 

The XM Ultra-Low account has an average spread of 0.6 pips, the minimum trade volume of 0.01 lots (Standard Ultra) and 0.1 lots (Micro Ultra), lot restriction per ticket of 50 lots (Standard Ultra) or 100 lots (Micro Ultra), and has no commission for forex. 

 The leverage of XM’s accounts is:

  • 1:1 to 1:888 ($5 – $20,000)
  • 1:1 to 1:200 ($20,001 – $100,000)
  • 1:1 to 1:100 ($100,001 +)

The minimum initial deposit to trade forex in XM is $5 for Micro and Standard Accounts, and $50 for the Ultra Low Account. Funds can be deposited into your account via Neteller, Moneybookers, and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro, and China UnionPay).

Despite not having its trading platform, XM offers the full MetaTrader (MT4, MT5) suite including multiple proprietary indicators. It is available on the web, mobile, and tablet. 

You can invest using Wiseinvest AI forex signals on XM. The signals are sent by e-mail and Telegram, requiring only copy and paste into the brokerage account.

Open a trading account with the forex broker XM clicking here.

FXTM

Established in 2011, the FXTM brand is a global leader in online trading. It is regulated by the Cyprus Securities and Exchange Commission, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa. The company is also registered with the Financial Conduct Authority(FCA) of the UK. Thus, all funds for retail clients have full segregation from the assets of the firm.

You can check its security procedures here.

FXTM’s differential is to offer deposits in Nigerian currency. It also offers various deposit methods. You can check all clicking here

There are four types of accounts offered by FXTM: Standard, Cent, ECN, and ECN Zero. You can check the main details of each account below:

Standard

  • Minimum Deposit: ₦40,000
  • Spread: From 1.3 pips
  • Leverage: Floating from 1:2000
  • Minimum Volume per Trade: 0.01 lots
  • Trading Platforms: MT4/MT5

Cent

  • Minimum Deposit: ₦2,000
  • Spread: From 1.5 pips
  • Leverage: Fixed from 1:1000 – 1:25
  • Minimum Volume per Trade: 0.01
  • Trading Platforms: MetaTrader 4

ECN

  • Minimum Deposit: ₦80,000
  • Spread: From 0.1 pips
  • Leverage: Floating from 1:2000
  • Minimum Volume per Trade: 0.01 lots
  • Trading Platforms: MT4/MT5
  • Commision: $2 per lot

ECN Zero

  • Minimum Deposit: ₦80,000
  • Spread: From 1.5 pips
  • Leverage: Floating from 1:2000
  • Minimum Volume per Trade: 0.01 lots
  • Trading Platforms: MT4/MT5

You can invest using Wiseinvest AI forex signals on FXTM. The signals are sent by e-mail and Telegram, requiring only to copy and paste into the brokerage account.

Open a trading account with the forex broker FXTM clicking here.

How to invest in forex with AI trading

Want to invest in forex from Nigeria🇳🇬? You can diversify your investments through Automated with AI trading in forex. Check out the 3 simple steps to get started.

automated trading with ai bot

By trading forex automated with AI, you will save time and improve your performance without monitoring the market and managing trading platforms.

With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account every time that our AI system identifies a new worthy trading opportunity. You can monitor the AI trading performance in real-time directly on our dashboard.

Automated AI trading benefits

  • Setup in 3 minutes.
  • Totally hands-off, from anywhere.
  • Invest from just $1.
  • APY of 43% over the past 10 years*.
  • Capital under the broker.
  • Lightning-fast execution & no slippage.
  • No commissions, no management fees.
  • Portfolio with 40 different automatic strategies.
  • No MT4/MT5 or other platforms required.
  • Test with a risk-free practice account.
  • Trading results directly on our dashboard.

Don’t you have a broker account yet? Our AI is integrated to trade automated with the brokers Oanda and FXCM. Click here to open an account with FXCM or here to open with Oanda. Those are some of the best forex brokers in the world.

Why trust Wiseinvest instead of other trading solutions

These are the key reasons why forex traders at all levels trust us, rather than other trading solutions.

  • Our automated AI trading is efficient, simple, safe, and affordable. You do not need MT4 or other complicated platforms to trade forex.
  • We are a legitimate and reliable company with extensive experience in finance. We combine 19 years of trading experience and extensive academic research in the financial markets.
  • Our AI outperformed the investment market with an average annual return of 43% over the past 10 years (2011-2020).
  • The automated AI trading works with some of the best forex brokers.
  • When using our AI solutions, all your money is protected by brokerage firms.
  • We do not have access to withdrawals from our customers’ accounts.
  • All of your data is encrypted and will never be shared.

How long should I hold my investments?

The great famous investor Warren Buffett says if you don’t feel comfortable owning a stock for 10 years, you shouldn’t own it for 10 minutes. Even during the period, he called the “Financial Pearl Harbor,” Buffett loyally held on to the bulk of his portfolio. This reinforces the importance of being patient when using our AI trading solution. 😉

Takeaways 🎓

  • Due to a wide variety of existing Forex brokers, starting to trade Forex has become increasingly affordable.
  • The best forex brokers in Nigeria are FXCM, Pepperstone, XM, and FXTM.
  • Wiseinvest provides the best AI trading solutions for forex. You can trade automated from just $1 through FXCM with AI trading or manually with AI forex signals in the forex broker of your choice.
  • You can invest in forex with automated AI trading or AI forex signals for free.
We are engaged in democratizing the retail forex trading market through AI solutions. We work hard to provide financial education, allow anyone in the world to invest easily with Automated AI trading and free AI forex signals. Our AI platform is integrated with AWS, IBM Watson, and Google AI.
Besides the analysis of the best forex brokers in Nigeria, you can also check the best forex brokers for other regions clicking here.

Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.

The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. FXCM warns that 74.74% of retail forex traders lose money trading CFDs.

The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.