HERE IS A LIST OF FOREX BROKERS THAT OFFER CRYPTO TRADING IN NIGERIA
Best Crypto Brokers in Nigeria
In recent years, Nigeria has become a breeding ground for cryptocurrency adoption. The young and tech-savvy generation in this country is at the forefront of cryptocurrency trading and usage. This surge in interest in cryptocurrencies has paved the way for crypto brokers to penetrate the Nigerian market to facilitate trading. While there are many options available, the broker that a trader chooses is paramount to their trading journey. In this comprehensive article, we will look at some of the best crypto brokers in Nigeria. But before we look at the individual brokers, let’s take a look at the factors we will consider while making our picks.
Our Criteria For Selecting The Best Crypto Brokers in Nigeria
To make our selections for this article, we will consider four key areas. These include:
- The crypto assets available - Traders are always looking for brokers with enough crypto assets to allow them to diversify their portfolios. As such, we will evaluate the variety of cryptocurrencies offered by the different brokers.
- The spreads and fees - The spreads that traders enjoy while trading play a crucial role in shaping their trading experience. The lower the spreads, the better the trading experience by an investor.
- The regulatory status - Regulation and security are of utmost importance. We will evaluate the regulatory landscape of the brokers that we list here.
- The trading platform - The platform that a broker provides is also important to consider. It should be swift, fitting the fast-paced crypto market.
With that, let’s now look at our pickings of some of the best crypto brokers in Nigeria. Please note that the spreads at each broker often change as they are dynamic in relation to the market’s current conditions. Overnight fees at most crypto brokers might occur. For that reason, we recommend checking your broker for the most up-to-date information.
Best Crypto Brokers in Nigeria
Exness
Exness is a globally recognised forex and CFDs broker that has built a solid reputation in Nigeria. It supplies investors in Nigeria with 9 different crypto pairs that are available to trade 24/7. Clients can trade these assets with relatively high spreads compared to some other brokers. As an example, let’s use the BTCUSD pair to see the spreads on the various accounts. On the standard account, this crypto pair has an average spread as low as $39.99. In contrast, the pro account avails this pair with an average spread of $24.98. Both of these accounts do not require a commission.
Further, the zero account has an average spread of 0.0 on the BTCUSD pair plus a commission of $8 per side per lot. Finally, the raw spread account features an average spread of $18.97 with a commission of $2 per side per lot. Unlike other brokers on this list, Exness does not charge swaps charged on crypto assets meaning that traders can hold positions overnight without worries. This is perfect for long-term traders who hold positions for days or months before closing them.
Positively, cryptocurrencies are not the only assets that investors have access to on the Exness trading platform. Clients of Exness can access over 250 different market products. These include CFDs on forex, indices, commodities, and stocks. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and Exness Terminal. These platforms feature easy-to-use interfaces with a lot of functionalities.
Finally, let’s check the regulatory status of this company. Positively, Exness has regulations from a variety of organisations including the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the FSC in Mauritius among others.
XM.com
XM is yet another reputable forex broker that offers Nigerian traders access to cryptocurrencies for trading. On this broker site, traders have access to 31 different crypto pairs to trade (CFDs). Like Exness, this broker allows its clients to trade cryptocurrencies throughout the week, including on weekends. The spreads on this broker site when trading cryptocurrencies are competitively low with the BTCUSD pair having a minimum spread as low as $9.400. Other crypto pairs have similarly low spreads on this broker site. The ADAUSD pair has a minimum spread that sits as low as $0.00330.
The trading platforms available for traders to use on this broker site include MetaTrader 4, MetaTrader 5, and the XM Trading Point App. These are market-leading trading platforms that clients have access to. Moreover, the platforms also allow traders to invest in other global market products other than cryptocurrencies. These include CFDs on forex, stocks, indices, shares, energies, and precious metals. In total, traders have access to over 1,000 different trading instruments.
As always, we always look at the regulation of a broker. Well, XM does not disappoint in this regard. It holds regulatory licenses from the FSC in Belize, the ASIC in Australia, the CySEC in Cyprus, and the DFSA in the DIFC.
Pepperstone
Next up is Pepperstone. Pepperstone allows its traders to access 21 different cryptocurrency assets for trading. These include CFDs on 17 different cryptocurrencies and four crypto indices. The cryptocurrencies are traded against the US Dollar with the minimum spread on the BTCUSD pair at $17.0. The average spread is not much higher sitting at $25.0. Evidently, these are competitively low spreads that most Nigerian traders can afford.
Positively, this broker has regulations from a variety of financial institutions. These include the CMA, the FCA, the DFSA, and the ASIC, among others. This regulatory framework is one of the reasons why Pepperstone is popular among traders in Nigeria. Furthermore, it offers traders a deep collection of market products to invest in alongside cryptos.
In total, there are over 1,200 different trading instruments on Pepperstone. These include assets in the forex, indices, ETFs, currency indices, shares, and commodities. Pepperstone boasts some of the fastest order execution times in the market, thanks to its lineup of industry-leading trading platforms. These include MT4, MT5, cTrader, TradingView, and Pepperstone Trading Platform.
FP Markets
FP Markets is a prominent forex and CFD broker in Nigeria known for its comprehensive collection of market products. This broker allows its traders to invest in over 10,000 different market products including 12 different popular cryptocurrencies. These cryptocurrencies are available to trade against the US dollar, and they have some of the lowest spreads in the market. Understandably, the spreads on this broker site depend on the asset that an investor is trading. For example, the BTCUSD pair has an average spread that is as low as $20.45 while the ADAUSD pair has an average spread of $0.0033.
As mentioned, this broker also allows investors to diversify their portfolios widely. Alongside cryptocurrencies, trades also have access to forex currency pairs, shares, metals, commodities, indices, bonds, and ETFs. To trade these markets, investors can pick from five different trading platforms. These include MT4, MT5, cTrader, TradingView, and Iress.
On regulations, FP Markets operates under the supervision of the FSCA, the ASIC, the CySEC, and the FSA in St. Vincent and the Grenadines.
FXGT
FXGT operates under the regulation of the FSCA in South Africa, the FSA in Seychelles, and the VFSC in Vanuatu. Of course, regulations alone are never enough. However, this broker has been operating in the market without much complaints from clients. Moreover, it offers Nigerian traders over 150 different market products, including CFDs on cryptocurrencies, forex, equity indices, stocks, synthetic cryptocurrencies, energies, and precious metals. The trading platforms available to use include MetaTrader 4 and MetaTrader 5.
On the FXGT broker site, traders can access over 30 different crypto pairs with market-standard spreads. On top of that, this broker supplies traders with a unique crypto asset class. The synthetic cryptocurrency class allows FXGT clients to speculate on the interaction between cryptocurrency prices and other markets.
The spreads involved when trading crypto assets on the FXGT broker site depend on the account that a trader uses. As an example, the BTCUSD pair has a minimum spread of $165.2 with no commission on the standard+ account. On the mini account, the spreads on this pair are as low as $174.5 with no commission. Meanwhile, the ECN account avails this pair with spreads as low as $31.5 plus a 0.1% commission. Finally, the pro account has a spread of $91.4 on the BTCUSD pair with no commission.
OctaFX
Trading Forex and CFDs entail risk.
Your capital is at risk.
OctaFX allows Nigerian traders to invest in 34 different cryptocurrencies through CFDs including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and more. These assets are available to trade 24 hours a day, including on weekends. Typical spreads on this broker site for crypto assets are positively low with the BTCUSD pair having a spread as low as $21 at the time of writing this.
Further, OctaFX allows its traders to access products in other asset categories, just like the other brokers in this article. Specifically, traders can invest in currency pairs, stock CFDs, indices and commodities alongside cryptocurrencies. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and OctaTrader.
On another note, this broker is a regulated entity. It holds regulatory licenses from the FSCA in South Africa and the CySEC in Cyprus. While regulations alone are not enough, it is better to invest with brokers with regulations from well-known organisations.
Evidently, Nigerian traders have a lot of solid options when it comes to the best crypto brokers. In this review, we only featured a few reputable brokers that allow Nigerian traders to trade in cryptocurrencies. However, there are many others in the market that did not make it on our list. The choice of the best crypto broker in Nigeria comes down to an individual’s preference and choice.
Selecting the right platform requires careful consideration of both trading needs and broker features. The safest bet is to select a broker with regulations, low spreads, a deep collection of market products, and an advanced trading platform. From there, a trader can then consider factors such as minimum deposits and deposit bonuses.