What is Forex Trading? Chapter 2. Understanding Currency Pairs. Chapter 3. How to start Forex Trading? Chapter 4. Forex Trading Strategies. Chapter 5. Forex Trading Platforms. Chapter 6. Traders can place their trades in the forex market, which is an over-the-counter market that allows investors to trade currencies. This is a platform for investors, institutions, banks, and retail traders.

This is larger than all the stock markets in the world combined together. Have you traveled overseas? If you have then the chances are that you have already traded currencies before.

This is because you need to acquire the currency of the country you are visiting by exchange the currency of your home country. In this example you are physically buying USD by exchanging your Nairas. When you change your Naira into a different currency to spend money on your trip, you are actually making a forex transaction. The rate that you get from your exchanger is decided on the basis of the real time exchange rates plus the profit margin of the money changer.

In theory, this is what online forex trading on the internet is all about, but still a bit more than exchanging currencies through a Money Changer. All transactions in the forex market are based on the purchase of one currency for the sale of another currency.

It is really important to understand what currency pairs, and how they work before you can start trading Forex. The opportunities to make profits are higher. These include EUR Euro , GBP Pound , JPY Japanese Yen etc. As you may have noticed that these are the crosses of all the major currencies excluding US Dollar. As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements. While trading forex, you would come across these common terms.

We will be explaining all the important terms here. This price is the quote by the broker. It is the last decimal in the price. For Example: In the quote 1.

At this price, you can sell base currency in the pair. This price is shown on the left side in the quote ticker by the Broker.

At this price, you can buy the base currency mentioned in the pair. It is shown on the right side of the quote ticker by the Broker. Spread is the fees charged by forex brokers, so it is essential to choose a forex broker that has lower spread you should also check the overall fees.

Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. You need to signup with a Forex broker. We will tell you exactly who to choose. In order to trade forex, you need to find a CFD broker. There are numerous forex brokers available for local traders such as Hotforex , Exness , XM Forex , FXTM , Forex.

com, FxPro, Oanda etc. We have compiled the list of best forex brokers for Nigerian traders based on 9 factors.

Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner becaue your real money will be at risk. Once you have found the Forex Broker of your choice, you can then open an account with that broker to start trading or demo account to learn. This account will enable you to place your trades in the interbank market at the live currency prices.

Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices. The long position implies that you are buying a currency pair and are betting on it to rise in value in the future. For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit. The short position can be taken when you believe the price of the currency will fall in the upcoming period.

You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit.

Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade. You will make a loss in this case. To understand it more, let's use an example again. If you place a 'Short' trade for EURUSD at 1. But if in this same example, the price of EURUSD goes to 1.

Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'.

While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment data, balance of trade, capital outflows etc. Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade. Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis.

Only based on your strategy, you can make actually get the best returns in the future. We call the high the resistance. There can be resistance levels on lower time frames as well, but we will use a higher time frame to find important levels for positional trends. Once the price crosses the previous high to achieve a higher high price crosses 1. The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading on one of these pairs. This is because these pairs are very liquid, have low spreads and have stable volatility.

Since these currencies are stable in their movements, they will help you in managing your risk initially by reducing volatility against your direction.

It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD. Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss. You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital.

This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. Another strategy is known as scalping.

This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker or app should you choose to trade online.

Forex Trading, like any other market investment has many benefits but also carries significant risks. On the positive side , forex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks. You don't need very high capital to start. It is really important to understand all the risks. How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading.

Overall Rating. Min Deposit. Trading Desk. MetaTrader 4 and MetaTrader 5. Total Pairs. Islamic Account. Trading Fees. Account Activation Time. Read Review. No Regulation. MetaTrader 4. on 7Bforex Website. CySEC, FSC, FSCA. What to look for when choosing a forex broker in Nigeria Regulation 👉 Brokers who are regulated are frequently overseen and controlled.

Trading Platform 👉 The trading platform is an important factor that traders must consider before engaging in Forex trading with Nigerian brokers. Commissions and Spreads 👉 When you trade-in financial markets, brokers charge a fee for facilitating the trade. Additional features and services 👉 This includes educational material that covers educational videos, articles, eBooks, Forex courses, and others. Quality of Customer Service 👉 Customer support is another important component, especially when traders run into issues or problems.

Deposits and Withdrawals 👉 The ease with which traders can withdraw and deposit funds is another key component to evaluate. Frequently Asked Questions What are the advantages of an NGN account? Why are NGN forex Accounts rare? How do I choose the best NGN Account? Should I use an NGN Account? How can I open an account for forex trading in Nigeria? Which is the best forex broker in Nigeria?

FXTM and Alpari are currently the best forex brokers in Nigeria. What is the best trading platform in Nigeria? MetaTrader 4 is currently the best trading platform in Nigeria, especially among mobile users. Table of Contents.

Download our FREE Forex Guide Ebook. Get Your Free Ebook. Most Popular. About Us. Contact Us. Facebook Twitter Linkedin Pinterest Youtube. All Rights Reserved. Be the first to rate us on Trustpilot — click below! Best MT4 Broker with the Lowest Fees.

FREE Video Trading Tutorials. Accepts Nigerian Traders. com Review Roboforex Review IC Markets Review Forex. com Review Axi Review GT. io Review Etoro Review Plus Review Instaforex Review Naga Review Top 12 Rated Brokers 🥇Exness Review IG Review TD Ameritrade Review Admiral Markets Review FXCM Review Liteforex Review Fidelity Review Capital. com Review ACY Review NinjaTrader Review OspreyFX Review Liteforex Review Crypto Best Crypto Trading Platforms Best apps for Cryptocurrency trading Best Bitcoin Trading Platforms How to trade Crypto Ethereum Trading Platforms Crypto brokers for Beginners Crypto Trading Robots 10 Best Cryptocurrency Stocks to Buy in Nigeria Crypto Farming Pairs What Cryptocurrency Staking is in Nigeria Best Cryptocurrency Brokers How to buy Bitcoin with PayPal in Nigeria What are NFTs in Nigeria What are Decentralized Applications dApps in Nigeria  What Cross-Chain Bridges are in Nigeria How to Invest in NFTs in Nigeria 10 Best NFT Trading Platforms in Nigeria What is DeFi Lending in Nigeria 7 Best DeFi Trading Platforms in Nigeria What is DeFi Yield Farming in Nigeria Guides Step by Step Guides How to Trade forex How much money do you need to trade forex in Nigeria.

How to trade Crypto Best Time to Trade How to succeed as a trader Is forex trading legal in Nigeria? Best Currencies Pairs to Trade in Nigeria What is Web3? How to invest in Web3 Web3 Stocks to buy Terminology What is Forex Leveraging What is a Pip? What is a Spread?

What is Day Trading? What is Scalping? What is Swing Trading? Webinars 🔒 OPEN AN ACCOUNT. Fund your trading account in Nigerian Naira. Get Started. Economic Calendar, Forex and Financial News Timeline, Market Analysis Videos, Podcasts, FXTM Invest, Guide to Copy Trading, Video Guides. Beginners Guides to Forex Trading, What is Forex, Forex Trading Strategies , eBooks, CFD Trading Articles, Forex Glossary, Educational Videos, Articles and Tutorials. Well-regulated and reputable international broker for beginners and experienced traders.

There are several account funding methods offered including a bank transfer option. What is Forex, Why Trade Forex, What are CFDs, FAQs, Understanding 7BForex Account Types, Understanding 7BForex Commissions.

MetaTrader 4 mobile trading apps, desktop platform, and web-based platform provided. There is a choice between three retail investor accounts denominated in Nigerian Naira. Competitive trading conditions are offered across accounts including competitive spreads, some of the lowest commissions per trade, instant withdrawal, and low conversion fees.

Forex Standard Account MetaTrader 4 , Forex Micro Account MetaTrader 4 , Forex ECN Account MetaTrader 4 and MetaTrader 5 , Forex Pro Account MetaTrader 4. Managed Accounts PAMM , Trading Signals, Currency Converter, Market Reviews, Forex Economic Calendar, FxWirePro Newsfeed, Alpari CopyTrade, AutoChartist. Learn to trade, Forex Trading Webinars , Beginners Guide to Trading, Forex Trading Strategies, Commodity Trading Guide, Precious Metals Trading Guide.

Offers popular forex trading platforms including proprietary trading platforms and trading apps. Trading Signals are offered through AutoChartist, one of the best third-party providers in the trading industry. The broker does not have regulation or authorization through the Financial Conduct Authority. Offers competitive trading conditions across trading accounts including some of the lowest spreads on leveraged trading.

Trading Strategies, Trading Indicators, Educational Videos, Trading Glossary, Video Courses, Forex eBook. There is no regulation through the Financial Conduct Authority or any other popular, strict regulatory authority. Micro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account. Educational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos.

AED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR.

Home » Forex Brokers » 6 Best Forex Brokers with Naira Trading Accounts. We tested them side by side and verified their regulation status with the Central Bank of Nigeria CBN. This is a complete guide to forex brokers that are licensed naira trading operators in Nigeria.

Nigerian traders can trade on the global financial markets, but there are just a few brokers that allow NGN as the base account currency because of the shortage in liquidity. In addition to this, the Financial Sector Conduct Authority FSCA normally regulates and licenses brokers that provide services to Nigerian traders as the main regulator for Africa. However, Nigerian traders must thoroughly research these foreign exchange brokers before they put their money into them.

Because NGN accounts are only available to Nigerian traders, anybody wishing to open an actual trading account must provide evidence of their Nigerian citizenship during account application. CySec , FSCA. With FXTM, traders have access to NGN-denominated retail investor accounts where they can trade a range of financial markets including:. There are several payment alternatives and traders can deposit funds in their local currency, exempting them from costly fees related to currency conversions.

They use the STP execution approach, which enables them to access interbank markets. They provide traders with the ability to trade a wide variety of financial products, including Forex major, minor, and exotic currency pairs, gold, silver, commodities, stocks, digital currencies, and indexes. Alpari is well-known for providing a diverse range of financial products across several asset classes, which are transacted using sophisticated trading technologies.

Since its beginning, Alpari has received several industry accolades for its superior service. Additionally, traders who fulfil certain trading volume criteria are eligible for a free VPS.

With its competitive trading conditions, variety of trading services, and innovative solutions, HFM is the ideal choice for Nigerian traders who want an NGN-denominated trading account. Both novice and experienced traders may benefit from the retail investor accounts offered by hfm.

com, which cater to both novice and experienced traders. CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA. Nymstar Limited, Tortelo Limited, and Vlerizo Pty Limited are some of the companies that Exness partners with to provide its services.

After locating a licensed broker, ensure that the site is user-friendly and equipped with all the tools you want. Traders must consider the following when they evaluate account types:. The account allows for a lower minimum deposit requirement and smaller positions sizes, which subsequently means a lower degree of risk. This allows Nigerian traders to trade larger positions sizes and invest more capital.

This is the typical account type offered by forex brokers. With this account, Nigerian traders must understand that profit comes with some degree of risk when trading complex instruments. Numerous brokers provide high leverage at a low margin, while others in some countries offer low leverage at a high profit. MetaTrader 4 is the most popular trading platform in the forex market. While stock trading typically involves a fixed fee for their services, forex trading works differently.

Nigerian traders must evaluate the fees that brokers offer to ensure that they gain access to competitive spreads according to their trading plan.

In addition, brokers also offer advanced trading tools that help traders refine their trading and improve their trading decisions. Additional features can also include bonuses and promotions where new and existing traders can benefit from their broker. Traders should be able to contact customer support and get the help they need promptly and effectively. If the broker only relies on automated responses such as chat robots or if customer support is slow and uninformative, this could be a red flag.

The broker should offer reliable deposit options and withdrawal methods. The fees charged should be transparent and the broker must be able to indicate what the processing times are on withdrawal requests.

If a broker makes excuses not to pay money owed to the trader, it is a red flag. The greatest advantage for Nigerian traders is that an NGN account will exempt them from currency conversion fees when they fund their trading account. Brokers who offer NGN accounts must have the support of large commercial Nigerian banks because there are only a few NGN liquidity providers. To offer these accounts, forex brokers must have large amounts of Naira or Naira liquidity pools that can cover the trades of clients.

Unfortunately, there are only a few banks in Nigeria that can provide this funding. Nigerian traders can evaluate the brokers that offer these accounts to find the one that is aligned with their trading plan, financial restrictions, and trading objectives. If you are a Nigerian trader who is concerned about currency conversion fees and the processing times on deposits and withdrawals, the answer is yes.

You must find a broker that accepts Nigerian traders that meets the criteria, register a demo account to test their trading conditions, trading platform, and customer support, and proceed to register an account. This article has guided more than new traders in Nigeria in making informed trading decisions.

The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support. For your convenience, we have provided the information in a scannable format.

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Windsor Brokers Review. FXChoice Review. Scope Markets Review. FXPesa Review. Weltrade Review.

How to Invest in Bitcoin in Nigeria. How to Invest in Crypto in Nigeria. Take advantage of low trading costs with no transaction fees or currency exchange rates. Best Trading Platform. Forex Trading Platforms. Broker Reviews. OPEN AN ACCOUNT. Who are the brokers that accept Naira trading options? How to compare the brokers offering Naira accounts? How to sign up with your ideal broker? Which brokers offer a signup bonus? Which brokers have offices in Nigeria e. Best NGN apps on IOS and Android for traders on the go?

Can I trade with or Naira? Louis Schoeman. Updated : September 5, Overview 👉 The official currency of Nigeria is the Nigerian Naira NGN , which is issued by the Central Bank of Nigeria CBN and distributed across the country.

Overall Rating. Min Deposit. Trading Desk. MetaTrader 4 and MetaTrader 5. Total Pairs. Islamic Account. Trading Fees. Account Activation Time. Read Review. No Regulation. MetaTrader 4. on 7Bforex Website. CySEC, FSC, FSCA. What to look for when choosing a forex broker in Nigeria Regulation 👉 Brokers who are regulated are frequently overseen and controlled. Trading Platform 👉 The trading platform is an important factor that traders must consider before engaging in Forex trading with Nigerian brokers.

Commissions and Spreads 👉 When you trade-in financial markets, brokers charge a fee for facilitating the trade. Additional features and services 👉 This includes educational material that covers educational videos, articles, eBooks, Forex courses, and others.

Quality of Customer Service 👉 Customer support is another important component, especially when traders run into issues or problems. Deposits and Withdrawals 👉 The ease with which traders can withdraw and deposit funds is another key component to evaluate. Frequently Asked Questions What are the advantages of an NGN account? Why are NGN forex Accounts rare? How do I choose the best NGN Account?

Should I use an NGN Account? How can I open an account for forex trading in Nigeria? Which is the best forex broker in Nigeria? FXTM and Alpari are currently the best forex brokers in Nigeria. What is the best trading platform in Nigeria? MetaTrader 4 is currently the best trading platform in Nigeria, especially among mobile users. Table of Contents.

In this scenario, the traveller must convert their euros to the Egyptian pound to pay for their tour. How much do you need to start trading forex in Nigeria? Founded in , OctaFX is a popular international ECN broker that is providing Forex trading for experienced and new traders with a minimum deposit of 5 USD. Bar charts are known to be more informative than line charts, albeit being a little more complex. Nigerian stock investors gain N billion in one week amid upsides in top banks The stocks at the Nigerian Stock Exchange ended the week on a positive note after gaining 0. OctaFX Pros Supports auto trading with robots EAs, cBot. XM Trading Instruments: XM offers Forex trading on 55 currency pairs, 1, stocks CFDs, 8 commodities CFDs, 24 Equity Indices CFDs, 4 metals CFDs, 5 energies CFDs, 31 cryptocurrencies and shares CFDs.

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