4 Best CBN regulated forex brokers

Pulse Mix 09:38 - 27 April 2022

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. 

Third-party risk is increased when trading with an unregulated or unregistered broker, making it less safe for forex and CFD traders.

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

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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

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