HERE IS A LIST OF FOREX BROKERS THAT BEGINNER NIGERIAN TRADERS SHOULD KNOW ABOUT
Best Forex Brokers for Beginners in Nigeria
The forex market is always attracting new traders due to its allure for the potential of high returns. But for beginners, the complexity of the forex market can be very daunting. There are many factors that affect the movement of markets, requiring traders to employ complex analysis strategies. Moreover, the trading platforms themselves can be challenging for some traders to figure out. A crucial first step is selecting a forex broker that caters to the needs of beginner traders. In this review, we will look at some of the best forex brokers for beginners in Nigeria. But before we list them, let’s look at the factors we will consider to make our picks.
Our Criteria For Selecting the Best Forex Brokers for Beginners
To make our selections for this list, we will look at six key things. Here are the things we will consider while making our picks.
- Regulatory Status of The Broker - Above everything, we will only feature brokers that are well-regulated. This is important to consider for all kinds of traders, regardless of their level of experience.
- Educational Material - The availability of educational material on a broker site is very important for beginner traders. Such material helps new traders understand the complexities of financial markets. Moreover, they help new traders learn how to use trading platforms that may be complex for traders who are just starting out.
- Spreads and fees - The spreads that brokers offer to their traders should be low, giving traders the best trading experience. This is crucial for both beginners and experienced traders alike.
- The Trading Platform Available - The trading platform offered to beginner traders should be intuitive enough to allow them to use it with no trouble. It should also provide features that can help beginner traders in their activities.
- Trading Assets Available - This is another feature that is crucial to both beginner and experienced traders. Traders of all kinds are always looking to diversify their portfolios and spread their risk across various market products.
- Customer Support - Customer support is another crucial feature for traders, especially beginners. With an efficient customer support system, traders can reach out to the company whenever they face challenges.
Now that you know the criteria we will be using to make our selections, let’s take a look at some of the best forex brokers for beginners in Nigeria.
Best Forex Brokers for Beginners in Nigeria
Exness
Exness is one of the best forex brokers for beginners around the world, including Nigeria. For starters, this broker has a low minimum deposit of just $10, bringing affordability to the masses. Additionally, this broker has regulations from various regulatory organisations from around the world. This broker operates under the watchful eyes of institutions such as the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus. This regulatory oversight is one of the reasons why Exness is very popular among traders.
Further, this broker avails a deep collection of educational material. There are various lessons that can be found in the broker’s Help Center which include videos and written guides. These lessons range from basics of how trading on Exness works to more complex topics such as leverage margin trading, the use of EAs, and more. Notably, this broker also participates in trading expos and various community activities. Customer support is available to traders 24 hours a day 7 days a week in multiple languages.
In terms of market products, there are over 200 different instruments to trade on this broker site. These include CFDs on forex, commodities, indices, energies, stocks, and cryptocurrencies. The trading platforms available include MetaTrader 4, MetaTrader 5, and Exness Terminal. These platforms come with easy-to-use interfaces that are suitable for beginner traders who are just learning to trade. Better yet, Exness supports copy trading through the Exness Trade App.
Finally, the spreads are competitively low on this broker site starting from 0.2 pips for major currency pairs with no commission on the standard account. They can go lower on the professional accounts starting from 0.0 pips plus a commission.
XM.com
XM is another quality broker with a deep collection of educational material. On XM.com’s Research and Education section, traders gain access to a plethora of resources. These include Educational Videos, Webinars, Platform Tutorials, Trade Ideas, XM Research, and a ton of other materials. These resources help beginner traders get equipped with the necessary knowledge they need to tackle the complexities of the financial markets.
The trading platforms available to use include MetaTrader 4 and MetaTrader 5. These are two of the best trading platforms with intuitive interfaces and a ton of trading tools. The XM Trading Point App is also available for mobile traders to use on the go. Among the features that these trading platforms provide is the ability for traders to copy the moves of better-performing investors on the broker site. These various trading software allow investors to invest in over 1,000 different market instruments from a variety of asset classes.
In particular, traders gain access to CFDs on forex, equity indices, commodities, stocks, and energies. The spreads for trading these market products are fairly low from 0.6 pips for major currencies on the XM Ultra Low account. Additionally, affordability is further encouraged by the broker supporting a low minimum deposit of just $5.
Finally, let’s look at the regulatory compliance of this broker. XM.com operates with regulatory oversight by the FSC in Belize, the ASIC in Australia, and the CySEC in Cyprus.
FXGT
FXGT is another great choice for beginner traders in Nigeria. Just like XM.com, this broker features a low minimum deposit requirement of just $5. Additionally, this broker has a rich research and education section available to its traders. This section contains ebooks on various trading topics. The topics cover areas ranging from basic lessons all the way to more complex market analysis concepts. The research and insights provided by the broker further help both beginner and advanced traders in their decision-making process.
Interestingly, FXGT features two trading platforms that are also available on Exness and XM.com. The two trading platforms available on this broker site include MetaTrader 4 and MetaTrader 5. These are two of the best trading platforms in the world. They allow traders to access a wide selection of market products. The market products available to trade include CFDs on forex, equity indices, stocks, synthetic cryptocurrencies, energies, precious metals, and cryptocurrencies.
The costs are also manageably cheap for all kinds of traders. The standard+ and the mini account on this broker site offer spreads from 1.0 pips with no commission required. They are even lower on the pro and the ECN accounts.
On regulations, this broker holds licenses from multiple organisations. These include the FSCA in South Africa, the FSA in Seychelles, and the VFSC in Vanuatu.
Pepperstone
Pepperstone emerges as another attractive option for beginner traders in Nigeria. They offer a smooth start to your trading experience with no minimum deposit requirement. This allows traders to test the waters of forex trading without a large initial investment. Additionally, Pepperstone understands the importance of education for new traders. They provide a comprehensive collection of educational resources designed to equip traders with the knowledge they need to succeed. This includes articles, webinars, and video tutorials that cover the fundamentals of forex trading.
Beyond education, Pepperstone offers access to multiple platforms. These include the industry-standard MT4, MT5, TradingView, cTrader, and its own platform, Pepperstone Trading Platform. This variety allows traders to choose the platform that they are most comfortable with. Furthermore, the broker provides MetaTrader Signals, DupliTrade, and Signal Start which can help beginner traders copy the trades of more experienced investors.
Pepperstone offers a wide range of tradable assets, including forex, commodities, indices, shares, and cryptocurrencies. This diversification gives traders the freedom to explore different markets and find opportunities that align with their risk tolerance.
When it comes to costs, Pepperstone is known for its competitive spreads. They offer an account with spreads starting from as low as 1.0 pips and another starting from 0.0 pips with a commission. Further, safety is a priority for Pepperstone. They are regulated by reputable financial authorities including the CMA in Kenya, the FCA, the ASIC, and the DFSA in the DIFC, among others.
FP Markets
FP Markets prioritises security with regulatory oversight from several financial institutions. These include two tier-one organisations in the ASIC and the CySEC. It also includes other organisations such as the FSCA in South Africa and the FSA in St Vincent and the Grenadines.
For beginner traders, the education section on FP Markets is a perfect match. The broker provides a comprehensive education section with a variety of learning materials. This includes video courses, webinars, eBooks, trading glossaries, and more. Whether you're completely new to financial markets or just getting comfortable with a specific platform, these resources can equip you with the knowledge you need to make informed decisions.
Further, FP Markets offers the industry-standard MetaTrader 4 and MetaTrader 5 platforms. These user-friendly platforms are popular for a reason. Their familiarity and intuitive design make them a comfortable environment for beginners to learn the ropes of online trading. Additionally, traders can use MT4 and MT5 built-in copy trading features to follow the moves of other traders. Other than these two, traders can also choose other world-class trading platforms which include cTrader, Iress, and TradingView.
Beyond the platform itself, FP Markets allows you to trade a wide range of instruments totalling over 10,000 assets. These include forex plus CFDs on metals, shares, cryptocurrencies, bonds, ETFs, commodities, and indices. This diversification gives traders the flexibility to explore different trading styles and find what suits their risk tolerance. Additionally, FP Markets offers competitive costs with spreads starting from 1.0 pips on major currency pairs on the standard account.
AvaTrade
Trading Forex and CFDs entail risk.
Your capital is at risk.
AvaTrade is another broker that positions itself as a beginner-friendly option for Nigerian forex traders. This broker provides a comprehensive collection of educational resources. This includes articles and video tutorials on a variety of topics. They cover the fundamentals of forex trading, helping traders build a strong foundation before they start making real trades.
On another note, AvaTrade provides several trading platforms including MetaTrader 4 and MetaTrader 5, along with their platform, AvaTradeGO. These platforms are easy to use and have advanced capabilities. On top of that, it supplies its traders with three different platforms they can use to replicate the market moves of other investors. These include the AvaSocial trading app, DupliTrade, and ZuluTrade.
Further, AvaTrade offers a wide range of tradable assets. These include CFDs on forex, stocks, indices, commodities, cryptocurrencies, ETFs, and bonds. In terms of spreads, AvaTrade does not disappoint. The spreads on this broker site start from as low as 0.9 pips for major currency pairs with no commission required.
Safety is a priority for AvaTrade. They are regulated by several reputable financial authorities. These include the Central Bank of Ireland, the AISC, and the CySEC, among others.
Choosing a forex broker can be a daunting task, especially for beginners. Luckily, there are many reputable brokers in the Nigerian market that provide environments that allow new traders to thrive. The brokers we covered here offer features that are beginner-friendly such as educational materials, low minimum deposits, and user-friendly trading platforms. They are also well-regulated to ensure the safety of traders' funds and all of them offer free practice demo accounts where you can test your skills before taking them onto the real markets.
Nonetheless, we understand that this is not a complete list. Additionally, each individual trader has their own trading preferences and needs. As such, we leave the ultimate decision to the traders. Each trader should do their research and pick a broker that best suits their needs.