It’s 2022 and forex trading (foreign exchange trading) remains one of the biggest markets in the world. The global market of exchanging national currencies boasts of over $6.6 trillion transactions daily; for emphasis, that’s more than N2.7 quadrillion.
If you want to invest in forex trading this year, you should know that the market is very volatile. The value of currencies changes in minutes which is why it’s advisable to only invest what you can afford to lose.
When it comes to investing in foreign exchange, you either learn how to trade yourself – using online trading tools – or you invest with a forex broker. Trading yourself is the safest option as forex brokering companies in Nigeria have many-a-time made the news for the wrong reason.
Nevertheless, there are still some good forex broker companies in Nigeria. In this article, I’ll be listing out the best forex brokers in Nigeria. Check them out below:
1. FXTM
FXTM is one of the first global forex brokers to establish in Nigeria. To many forex investors, they are the best forex broker company in Nigeria. Notably, the company was awarded the best forex broker in Nigeria title in 2020 by forextrading.ng.
FXTM has offices in Lagos, Port Harcourt, and Abuja so they are not only present online but also physically in the country. As a global forex trader, FXTM boasts of more than 2 million forex trading customers. They have resources to help you if you’re a beginner trader including eBooks, articles, webinars, and more; all for free.
In addition, there’s 24/7 customer support that’s always ready to assist you if you run into any problems. You can become an even better forex trader by joining their training centers in Abuja, Lagos, and Port Harcourt. They support low deposits and instant withdrawals.
2. OctaFX
You must have seen one or two of your favorite Nigerian Instagram and Twitter influencers promoting the OctaFX trading platform. Well, OctaFX is a good forex broker company operating in Nigeria. Before you start investing with OctaFX, you can use the demo to practice and understand how the market works.
The broker doesn’t charge customers any commissions on deposits and withdrawals and there are no hidden fees. You can easily use OctaFX on any device type as it features apps for Desktop, Android, iOS, and web.
Interestingly, OctaFX also features a copy trading app; hence, all you have to do is to follow the footsteps of established forex traders and you can make your own wins. If you use GT Bank, you’ll find OctaFX very convenient as the platform partners directly with the bank. As a CySEC regulated Forex broker, they are safe to invest with.
3. Markets.com
Also known as Marketsx or Global Markets, this is another globally renowned forex broker. From experiences by many Nigerian forex traders, the broker is a reliable one to use in Nigeria. Notably, Marketsx has some of the most powerful forex trading tools you can find on the web. The platform is tailored for quick trade execution. In addition, they offer low-cost trading with low spreads and there’s the VIP live chat option for every customer. As a Marketsx customer, you have a team of expert forex traders with live and real-time trading analysis to help you make wins. There are many resources to teach you too if you’re a beginner. Marketsx may not have a physical presence in Nigeria but they are duly authorized and regulated by the B.V.I Financial Services Commission (“FSC”) under the Securities and Investment Business Act, 2010.
4. Avatrade
Avatrade is a globally regulated forex broker with regulatory licenses in five continents – Africa included. The broker is famous for their safe trading using AvaProtect; this supposedly allows you to keep your money back even if you lose a trade.
This forex broker company has been operating since 2006 so they are well experienced; they boast of more than 300 thousand customers worldwide. Avatrade is also a multi-award-winning forex broker company.
You can start forex trading on Avatrade with as little as $100 (about N40,000) by opening a mini-trading account. With Avatrade, you get access to some of the best trading platforms including MT4, MT5, and the exclusive AvaSocail and AvatradeGO. You can use the risk-free demo before investing real money and you have the professional support to help you in case of any problems.
5. Alpari
Last on this list is Alpari, an international forex broker company with a physical presence in Abuja. Alpari has more than 20 years of experience in the forex industry and boasts of more than two million forex trader customers. With Alpari, you have many trade options as there are more than 250 trading instruments. You get specialized help if you have any difficulties trading with the platform and there are flexible trading options to suit your needs. In addition, you can open a live trading account right away with Alpari or first try the demo trading account. Alpari is a subsidiary of Exinity Limited which is licensed by the FSC in the Republic of Mauritius.
Bottom Line
Investing in forex should be an individual decision. This article isn’t to promote forex investing or to entice you into investing. However, if you have made up your mind to invest in Forex; the forex brokers listed in this article are some of the best options in Nigeria. Don’t forget to invest only as much as you can afford to lose as you alone are responsible for your investment.