Several Forex brokers in Nigeria offer beginners the opportunity to start trading with very low minimum deposits.
To help Nigerian forex traders choose a broker, this article mentions a list of brokers with whom traders can start trading with a minimum deposit of only $5.
The Exness Group was founded in 2008 in Russia and offers access to more than 120 financial instruments to trade. These include Forex, Crypto, Stocks plus Indices. They have licenses from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of Seychelles. An Exness Review for Nigerians shows that the broker also offers tight spreads from 0.1 pips with no hidden commissions or fees.
FXTM is an award-winning broker that offers beginner traders a range of trading platforms including both Metatrader 4 and Metatrader 5 as well as a range of educational resources, materials, and tools, and excellent customer service. FXTM offers to trade in Forex, Cryptocurrencies, CFDs, and Commodities. FXTM is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
OctaFX offers traders MT4, MT5, and cTrader for desktop, web & mobile. OctaFX offers market execution with all their platforms and allows scalping and hedging, Expert Advisors, and custom indicators. OctaFX is only regulated in Cyprus, with another non-regulated offshore entity in Saint Vincent and the Grenadines (SVG), making it a high-risk broker for forex and CFD trading.
The minimum deposit of $5 and leverage of 1:500 make it an attractive option to trade 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices and metals.
The XM Group provides MetaTrader platforms plus over 1300 tradeable instruments and is regulated in several jurisdictions, including Australia (ASIC), Cyprus (CySEC), and the United Kingdom (FCA), making it a safe broker for forex and CFDs trading.
The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs. Commissions and fees depend on the type of account with average spreads on the EUR/USD at 0.1 pips for the Zero account, and not including commission, compared to a commission-free Standard and Micro account, with average spreads of 1.7 pips for the same pairs.
HotForex was established in 2007 and is well regulated by FCA, CySEC, DFSA, FSCA, and SFSA.
Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs and 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading, and 80+ technical indicators plus an in-built economic calendar.
With HotForex, there is a separate Islamic Account available to choose from, but traders can get swap-free conditions with either Micro, Premium, Currenex, VIP, or Fix accounts.
Key features of its accounts include the use of both MT4 and MT5 for desktop, web, and mobile, with a minimum deposit requirement of just $5 and the availability of a maximum leverage ratio of up to 1:1000. Trading Instruments include Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, and metals.
Customer support is available via phone and email.