Third-party risk is increased when trading with an unregulated or unregistered broker, making it less safe for forex and CFD traders.
4 Best CBN regulated forex brokers
CFD brokers provide forex trading services in Nigeria in the number of more than two dozen. While some are licensed by international regulators and offshore corporations, others are unlicensed.
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CBN-regulated Forex brokers provide traders in Nigeria with a secure trading environment and due recourse in the case of any client disgruntlement. In this article, we have listed the 4 best CBN-regulated Forex brokers which also offer excellent trading conditions.
- FXTM Nigeria
Overview
There is an FXTM office in Nigeria that provides customer service in the local language. The customer service is great, and the deposit and withdrawal procedures are both free and convenient with local banks in Nigeria, according to this FXTM Nigeria review.
Due to numerous top-tier regulations, FXTM is one of the safest forex brokers in Nigeria. FXTM provides Nigerian clients with specialized services and educational resources.
Pros and Cons
PROS | CONS | |
Superb customer service | Inactivity and withdrawal fees | |
High maximum leverage | Limited product portfolio | |
Great educational tools |
Feature
Feature | Information | |
Regulation | CySEC, FCA, FSCA | |
Minimum deposit from | $100 | |
Average spread from | 0.9 pips | |
Commissions from | No commission | |
Deposit/Withdrawal Fees | $3 | |
Maximum Leverage | 1:500 on average | |
Bonuses | $300 Trading Bonus | |
Customer Support | 24/5 |
2. Exness
Overview
Forex trading with Exness is facilitated by low spreads and a wide selection of currency pairs.
Exness is a low-cost regulated forex broker with a high maximum leverage and a very cheap minimum deposit.
There is a dearth of resources for academic study and instruction. 107 currency pairs and 40+ CFDs of commodities, indices, and cryptocurrencies are available for trading on this platform.
Pros and Cons
PROS | CONS | |
Well-regulated | ||
Tight spreads | ||
Over 130 currency pairs |
Features
Feature | Information | |
Regulation | CySEC, FCA | |
Minimum deposit from | $1 | |
Average spread from | 1.3 pips | |
Commissions from | 3 USD and 10 USD per 1 lot for CFDs | |
Deposit/Withdrawal Fees | None | |
Maximum Leverage | 1:2000 | |
Bonuses | Standard +10% Bonus Programme | |
Customer Support | 24/5 - multilingual |
3. Tickmill
Overview
Tickmill's spreads on commission-free accounts are a little high, however the commission-based Pro and VIP accounts have reduced trading costs.
This account has an average spread of 1.8 pips for EUR/USD and a CFD spread of 21 pips for gold CFD. With the Pro account, the spread is 0 with a 4$ charge on a regular lot round trade.
To get started trading with Tickmill, customers must put up a minimum of $100 into their trading account. Many authorized forex brokers in Nigeria charge more than this.
Pros and Cons
PROS | CONS | |
Competitive pricingWell regulatedHigh leverageAdvanced trading softwareSTP model | ||
Features
Feature | Information | |
Regulation | FSA | |
Minimum deposit from | $100 | |
Average spread from | 0.1 pips | |
Commissions from | 2 per side per 100,000 traded | |
Deposit/Withdrawal Fees | None | |
Maximum Leverage | 1:500 | |
Bonuses | $30 Welcome Bonus | |
Customer Support | 24/5 |
4. XM
Overview
XM has a very low minimum deposit requirement of just $5 for its Micro, standard, as well as, Ultra-Low account. The average typical spread for EUR/USD is 1.6 and 0.8 pips respectively with the Standard and Ultra Low account respectively.
Pros and Cons
ProsLow minimum depositComprehensive educational offeringStreamlined account opening process | ConsInactivity fee charged after 90 days on live accountsLimited product portfolio | |
Features
Feature | Information | |
Regulation | IFSC, ASIC, CySEC, FCA and DFSA | |
Minimum deposit from | $5 | |
Average spread from | 0.1 pips | |
Commissions from | $3.5 commission per $100 000 traded | |
Deposit/Withdrawal Fees | None | |
Maximum Leverage | 1:30 | |
Bonuses | $30 Trading Bonus | |
Customer Support | 24/5 |
Read more: How much do you need to start trading Forex?
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