HERE IS A LIST OF FOREX BROKERS THAT REQUIRE SUPER LOW MIN. DEPOSITS
As the number of Nigerian forex traders continues to grow, there is a rising demand for brokers that accommodate people with smaller investment capitals. Many traders may find it difficult to invest significant amounts when they are just starting. This makes brokers with low minimum deposits particularly attractive. A lower deposit requirement greatly reduces risk for beginners. It also allows traders to gain confidence and experience before committing to large capitals.
In this article, we will explore some of the best forex brokers with a $10 minimum deposit for Nigerian traders. We will look at the trading instruments they have to offer, their regulations, the trading platforms available, and the spreads involved. Let’s jump straight in.
Forex Brokers With $10 Minimum Deposit
Exness is one of the best options for Nigerian forex traders. This broker stands out by offering Nigerian traders a Naira-based account. Notably, it has regulations from various institutions around the world. It is under the regulation of the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus, among others.
With a minimum deposit of $10, Nigerian traders gain access to a plethora of market instruments. Specifically, this broker allows Nigerian traders to access CFDs on forex, cryptocurrencies, commodities, metals, stocks, and indices. The trading platforms available for traders to use include MetaTrader 4, MetaTrader 5, Exness Terminal, and Exness Trade App. As such, traders can choose the platform that best suits their needs.
They can also choose the trading platform they want to use from five different accounts. There are two standard accounts and three different professional accounts on the Exness broker site. The standard and the standard cent account both feature spreads from as low as 0.3 pips with no commissions paid. The raw spread account has spreads from 0.0 pips with a commission of $3.5 per side per lot. On the other hand, the zero account has zero spreads on the top 30 instruments with a commission of $0.2 and upwards. Finally, the pro account has ultra-low spreads that start from as low as 0.1 pips with no commission required.
IQ Option is one of the largest forex brokers in the market with over 48 million registered users. Fortunately, this broker accepts traders from Nigeria and supports a low minimum deposit of $10. With this small investment, traders can invest in various global markets offered by the broker. Investors can trade CFDs on forex, stock, cryptocurrencies, commodities, indices, and ETFs. Better yet, IQ Option features some of the lowest spreads that start from as low as 0.6 pips for major currency pairs with no commissions paid.
Lastly, IQ Option offers its own proprietary platform for traders to use. It offers advanced functionality packaged in a user-friendly interface. The platform offered by the broker is available on Windows, macOS, Android, and iOS. The trading platform has some of the fastest execution speeds averaging a mere 0.6 seconds per order.
Trading Forex and CFDs entail risk.
Your capital is at risk.
The minimum deposit accepted by the broker starts from as low as $10 which is affordable for most Nigerian traders.
Notably, Libertex allows its traders to diversify their portfolios by investing in a variety of market instruments. On this broker site, traders have access to CFDs on forex, stocks, cryptocurrencies, indices, oil and gas. The spreads when trading with this broker are industry standard starting from as low as 1.0 pips for major currencies with no commissions. Further, the broker offers a variety of trading platforms which include MetaTrader 4, MetaTrader 5, and Libertex Trader.
FXTM is another option for Nigerian traders looking for a broker with a $10 minimum deposit. This broker has regulations in various jurisdictions around the world. Notably, it has regulations from two different organizations in Africa. These include the FSCA in South Africa and the CMA in Kenya. On top of that, it is regulated by the FCA in the UK and the CySEC in Cyprus.
On this broker site, Nigerian traders have access to CFDs on forex, commodities, stocks, indices,, cryptocurrencies, and shares. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and FXTM Trader. These platforms are available on all kinds of devices. Further, this broker features industry-standard spreads when trading.
There are three main trading accounts to choose from on this broker site. These include the Micro, Advantage, and Advantage Plus accounts. The micro and advantage plus accounts both have spreads that start from as low as 1.5 pips for major currencies with no commissions. On the other hand, the Advantage account features spreads from 0.0 pips plus a commission that averages between $0.4 to $2 based on the trading volume.
RoboForex traders are spoilt for choice on the trading accounts they can use. This broker offers several accounts which include the Prime, ECN, Pro, ProCent, and R StocksTrader accounts. These accounts feature different kinds of spreads and commissions depending on which account a trader chooses. The Prime and ECN accounts offer spreads that are as low as 0.0 pips for major currency pairs with a small commission paid. The commission depends on the asset a client is trading. Traders can find the specific commissions they will pay on the contract specifications page. Further, the procent and the pro account have spreads as low as 1.3 pips for major currency pairs with no commissions. Finally, the R StocksTrader account has spreads from $0.01.
RoboForex accepts a minimum deposit of $10 from Nigerian traders. The low amount allows Nigerian traders to invest and spread their risk in a variety of market instruments. With this broker, traders have access to a variety of global markets which include forex, stocks, ETFs, metals, indices, cryptocurrencies, energies, and futures. RoboForex offers various trading platforms to its traders. They can choose between MetaTrader 4, MetaTrader 5, R StocksTrader, R MobileTrader, and R WebTrader.
While RoboForex is not regulated in Nigeria, the broker holds a regulatory license from one reputable organisation in the market. The broker is regulated by the CySEC in Cyprus and follows strict rules and regulations.
Benefits of a Minimum Trading Deposit of $10 for Nigerian Traders
Nigerian traders have a range of options with brokers offering a $10 minimum deposit. However, not too many are reputable. Beyond affordability, factors such as regulatory compliance, diverse trading instruments, and advanced trading platforms contribute to a well-rounded trading experience. Consequently, we only included brokers that have regulations and offer quality services. Nonetheless, each trader has their own specific needs. As such, people should do the research on their own before committing to invest their cash, no matter how small. In any case, it is advisable to prioritize brokers with regulations from reputable organizations to ensure a level of security when trading. Remember regulations alone are not enough, but they are a good place to start.