HERE IS A LIST OF FOREX BROKERS THAT HAVE PRESENCE IN LAGOS NIGERIA
Forex Brokers in Lagos Nigeria
In Africa, Nigeria stands out as one of the largest forex trading hubs in the continent. More particularly, Lagos in Nigeria is a key player in the African forex trading market with a young and tech-savvy population. As the popularity of forex trading in Nigeria continues to grow, Lagos remains a major centre for this growth. Understandably, many forex brokers have established a presence in Lagos, Nigeria to accommodate traders from this region and others. In this review, we are going to look at some of the best forex brokers in Lagos Nigeria.
Understanding Forex Trading in Nigeria
Forex trading has seen significant growth in Nigeria over the past decade. Nigerians are increasingly drawn to Forex trading as an alternative investment option. Notably, the widespread availability of the internet and mobile technology has made online forex trading accessible to many Nigerians. Moreover, Nigeria has a largely young and tech-savvy population. With over 60% of Nigeria’s population under the age of 25, there is a high level of interest in online trading and investment. The youth are attracted to forex trading for its potential high returns and the ability to trade from anywhere. Moreover, the proliferation of online resources, including tutorials, webinars, and trading courses, has made it easier for Nigerians to learn about forex trading.
However, the forex market in Nigeria remains mostly unregulated. Currently, there are two main organisations charged with keeping the markets in check. These include the Central Bank of Nigeria and the Securities and Exchange Commission of Nigeria. Unfortunately, there are not any brokers that are currently licensed by either of these bodies. Most forex brokers serving Nigerian traders are registered with other international regulatory bodies.
With that short overview of the forex market in Nigeria, let’s take a look at some forex brokers in Lagos Nigeria.
Best Forex Brokers with presence in Lagos
Exness
Exness is one of the most prominent forex brokers in Nigeria, especially in Lagos. This broker actively engages with the local trading community through participation in industry expos around the country and in Lagos. Additionally, it hosts Partner Development Program seminars to foster collaboration and build a strong network of traders. As an example, the broker recently participated in the Nigeria Trade Fair 2023 in Lagos. It invited people to the Landmark Hotel to engage and showcase its offering to traders.
Some of the features that Exness offers to its traders include a deep collection of over 250 market products. These include CFDs on forex, indices, energies, metals, stocks, and cryptocurrencies. This means that traders can diversify their portfolios as they see fit. To trade these market products, traders can use a variety of trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and Exness Trade App.
Additionally, this broker provides competitive spreads. Exness offers five different trading accounts tailored to various trading styles. The Standard Account features spreads starting from 0.2 pips, while the Standard Cent Account has spreads beginning at 0.3 pips, with no commission charged for either account. In contrast, the Raw Spread Account offers spreads starting at 0.0 pips, with a commission of up to $3.5 per side per lot. Finally, the Pro Account has spreads starting at 0.1 pips and no commission fees.
Finally, the regulatory status of this broker does not disappoint. It operates under the supervision of the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus.
XM.com
XM is another broker that actively participates in forex-based activities in Lagos. In fact, the broker even has an educational centre in Lagos, Nigeria. This allows the company to engage with local clients in Nigeria to better understand their needs from a brokerage firm. In turn, XM gains by attracting new clients to its broker site.
Positively, traders can access a diverse selection of over 1,000 CFDs across forex, stocks, precious metals, energies, indices, shares, and cryptocurrencies. The broker offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, and the XM Trading App.
Additionally, this broker provides a cost-effective trading environment with low spreads. Both the standard and the micro accounts have spreads from as low as 1.0 pips with no commission charged. The XM Ultra Low account offers even tighter spreads from 0.6 pips without any commission. The shares account charges a small commission that depends on the share and the size of the trade.
Finally, XM has regulations by the FSC in Belize, the FCA in the UK, and the ASIC in Australia, among other regulators. Regulations from multiple organisations are always a good sign to traders.
FP Markets
FP Markets is another broker with a significant presence in Lagos. While FP Markets may not have a physical office in Nigeria, it actively participates in forex workshops and events across different regions. These include Lagos, Calabar, Abuja, Port Harcourt, Enugu, and Ibadan, where it has built a strong customer base.
Notably, FP Markets operates under the strict supervision of a variety of organisations. These include the FSCA in South Africa, the ASIC in Australia, the CySEC in Cyprus, and the FSA in St. Vincent and the Grenadines. This regulatory status is one of the reasons why FP Markets is popular among Nigerian traders.
Additionally, this broker offers a deep collection of market products totalling over 10,000 different market instruments. These include forex currency pairs alongside CFDs on indices, commodities, bonds, cryptocurrencies, shares, metals, and ETFs. The spreads are fairly low starting from 1.0 pips on the standard account. They are even lower on the raw account starting from 0.0 pips plus a commission of $3 per side per lot. The trading platforms available to use include MetaTrader 4, MetaTrader 5, cTrader, Iress, and TradingView.
FXTM
Trading Forex and CFDs entail risk.
Your capital is at risk.
FXTM has probably the biggest presence in Lagos, Nigeria. This broker has a physical office located on the 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria. This enables the broker to better tailor its services to meet the needs of Nigerian traders. The staff’s direct exposure to the country allows them to engage with traders personally, gaining valuable insights into what they seek in a brokerage firm.
This broker offers a diverse range of trading instruments including forex, commodities, metals, indices, forex indices, stocks, stock baskets, and stock CFDs. This allows traders to expand their trading horizons beyond forex within the same FXTM account. Additionally, the broker offers relatively low spreads, starting from just 1.5 pips on the Micro and Advantage Plus accounts. The advantage account, however, has spreads from 0.0 pips plus a commission between $0.4 to $2. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and FXTM Trader. This way, traders can pick the platform that best suits them.
On regulations, this broker has good standing among traders. It operates under the supervision of the FSCA in South Africa, the FCA in the UK, and the CySEC in Cyprus.
Forex trading in Nigeria, particularly in Lagos, has witnessed significant growth. The city's young and tech-savvy population, coupled with increased internet access, has created a favourable environment for online trading. The city attracts numerous forex brokers keen to cater to this vibrant market.
Some of the top brokers in Africa have successfully positioned themselves in Lagos. As the forex market in Nigeria continues to evolve, it's essential for traders to carefully evaluate brokers before investing. It is best to consider factors such as regulation, trading platforms, spreads, collection of assets, and customer support to make informed decisions. As the regulation is lacklustre at best in Nigeria, prioritising brokers with reputable regulations in other jurisdictions is the best bet.