When it comes to trading, Nigeria has a lot of potential. However, not all brokers are created equal. If you're looking for the best CFD brokers in Nigeria, you need to do your research first. In this blog post, we will discuss the top CFD brokers in Nigeria and why you should choose them. We'll also give you some tips on how to find the right broker for you.
How to Choose CFD Brokers in Nigeria?
One of the most important aspects to take into consideration when looking for the most reliable CFD broker Nigeria is what are your goals for trading. Are you looking to trade to earn income or speculate on the prices of investments? There are brokers catering to both kinds of traders. It is essential to determine the goals you have before you make the decision. Once you've got an understanding of your goals in trading then you can begin looking at your choices. Consider the following factors while choosing CFD Brokers in Nigeria.
Regulation: The first thing to take into consideration is the broker's regulations. In Nigeria it is essential to locate an CFD broker that is licensed by reliable regulators and is willing to recognize Nigerian traders.
Cost: Another aspect to take into consideration are the fees that brokers charge. Some brokers charge commissions per trade, while others simply have a flat rate. Be sure to check the costs charged by different brokers before making a final decision. Also, be aware of other aspects like customer service or the features of the platform when selecting an agent.
Trade Platforms: You should think about trading platforms when selecting the right broker. Some brokers provide their own platforms that are proprietary to them, and others utilize third-party platforms like MetaTrader. It is important to look at the capabilities and features of the various trading platforms before making a final decision.
Products: Products provided through brokers also are important to think about. Certain brokers provide a broad variety of options, whereas others offer a narrow range. Check out the products provided by the broker you're looking at prior to making a choice.
Customer Support: Finally take into consideration the support provided by the broker. You should select one that provides exceptional customer support should you encounter any issues or have any issues. Check the support options provided by the broker you're looking at before making a choice.
Once you've figured out what to look out for when selecting the right CFD broker from Kenya is the time to look for the best broker. Be sure to evaluate various brokers prior to making a choice. If you have questions make sure you contact customer service for assistance.
Best CFD Brokers in Nigeria
Finding a trustworthy CFD broker isn't easy. It requires a lot of investigation. But don't worry, we'll assist you in finding the top CFD brokers that accept Nigerian traders. We've done the investigation to help you find the best brokers so you can focus on earning profit through your trades. Here are the top CFD Brokers in Nigeria.
- FP Markets
- VT Markets
Capital.com is a regulated broker available for Nigeria traders. Capital.com was established in 2016 with the headquarters in Cyprus.
Capital.com is a multi licensed global CFD broker. The broker is regulated by the following Authorities:
UK: Capital Com (UK) Limited is licensed and regulated by the Financial Conduct Authority (FCA).
Belarus: Capital.com is licensed by NBRB (National Bank of The Republic of Belarus)
Cyprus: Capital.com is also regulated by Cyprus Securities and Exchange Commission (CySEC).
Australia: Capital.com is also regulated in Australia by the Australian Securities and Investments Commission (ASIC).
Seychelles: Capital.com is also regulated by the Financial Service Authority (FSA).
Capital.com is one of the most trusted brokers in the forex market. It has over 6,000+ different assets including 138+ currency CFDs, 3600+ shares CFDs, 22 Indices and 22 commodities.
Capital.com Trading Platform
They have a proprietary Platform (World's only AI powered trading platform that provides personalised trading information) and a trading platform for the Web, TradingView, MT4, and mobile applications.
There aren't any commissions charged for forex trading with Capital.com. The minimum deposit required is $20. However, for bank transfers they require a minimum of $200.
There isn't a minimum withdrawal amount , however for bank transfers, it's $50. There are no fees for withdrawals or deposits in Capital.com
Capital.com's spreads change constantly so you are able to find the best price anytime.
Capital.com Customer support is excellent. You can contact via chat on the web, WhatsApp, Viber, Messenger, Telegram, phone or email.
Read Full Review of Capital.com
Pros and Cons of Capital.com
√ Wide range of trading instruments.
√ Award-winning trading platform
√ Exclusive learning tools.
√ Built-in economic calendar, exclusive webinars and market analysis.
√ 0% commission & no hidden fees
√ Market-leading spreads and Fast order execution
√ High privacy & security standards
√ Well regulated
- MetaTrader 5 is not available.
- Respectable range of tradable symbols
– but still fewer than industry leaders.
If you want to trade with Capital.com, click the link below to open an account with them:
FP Markets is a group of companies that include First Prudential Markets Pty Ltd and FP Markets LLC. It is a global Forex and CFD broker from Australia.
FP Markets Regulations
FP Markets is multi licensed and regulated by 3 reputable regulatory bodies, namely:
Australia: FP Markets is regulated by the Australian Securities and Investments Commission (ASIC).
Cyprus: FP Markets is also authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC)
St.Vincent & the Grenadines: FP Markets LLC is also a registered company of St. Vincent and the Grenadines.
FP Markets Trading Platforms
The selection of trading platforms is wide; you can choose MT4, MT5 and web Trader. They also have apps for Android and iOS.
FP Markets Products
This Forex broker offers over 10,000+ trading instruments, that is really a lot!
Most brokers offer less, so this is definitely a lot of assets. Now, before looking at the types of trading pairs, let’s check FP Markets’s trading platforms.
The available Account Types at FP Markets are Standard account, Raw Account and Demo accounts.
Getting back to the available trading pairs, FP Markets offers 60+ FX pairs, this includes major, minor, and exotic currency pairs.
For trading shares you get access to over 10,000+ CFD shares from all around the world.
The trading of shares are on CFDs. This means that you don’t really own the shares, but trade it on CFDs, which stands for contract for differences.
Besides the regular finance markets, you can also trade Gold, Silver, Bonds, Commodities, Indices and Crypto CFDs on FP Markets. FP Markets offers 1:500 leverage for Forex trading.
FP Markets Cost
FP Markets doesn't have any deposit fee. It's free, but the minimum deposit with FP Markets is $100. With most methods deposit is instant except for bank transfers, which takes up to 3 days.
As for withdrawals it is also free, but for wire transfer, your bank may charge fees.
The Commission for Standard Account is Zero. But for the Raw Account, Commission is 3$ per side per standard lot. FP Markets spreads on Standard account start from 1.0 pips and for Raw Account, Spreads start from Zero pip.
FP Markets Customer Support
FP Markets’s customer support is 24/7. And you can contact FP Markets customer support through many methods, namely; phone, live chat, Telegram, or via email. The quickest way is to contact them via the live chat or phone.
Read Full Review of FP Markets
Pros and Cons of FP Markets
√ They have ECN execution
√ The broker offers over 10,000 trading instruments to choose from.
√ Low spreads on forex currency pairs.
√ Deposit and withdrawal processes are quickly executed
- At FP Markets, Stock CFD fees are high
- Web and desktop platform is somewhat outdated
If you want to trade with FP Markets, you can use the link below:
Multibank is one of the largest CFD brokers in the world and is based in London. The company offers a wide range of currency pairs and CFDs for Nigerian clients to trade.
MultiBank Group consists of several companies that are heavily controlled across five continents by ten financial regulators across a variety of areas, ensuring protection for investors.
Australia: MEX Australia is governed through the Australian Securities & Investments Commission.
Germany: The broker is regulated by The Federal Financial Supervisory Authority (BAFIN).
Austria: MEX Asset Management GmbH -Austria branch is licensed and regulated under the Financial Markets Authority (FMA).
Cayman Islands: MEX Atlantic Corporation is licensed and controlled through CIMA. Cayman Islands Monetary Authority (CIMA).
British Virgin Islands: Multibank FX International Corporation is licensed and regulated by the Financial Services Commission of the British Virgin Islands (FSC).
Hong Kong: Red Rock Pay Ltd is licensed and is regulated under the supervision of Hong Kong Customs and Excise (HKCE).
Singapore: MEX Global Markets PTE. LTD. is authorized and controlled through Singapore's Monetary Authority of Singapore (MAS).
Pacific Region: MEX Pacific Ltd is licensed and regulated by Vanuatu Financial Service Commission (VFSC).
Multibank Trading Platforms
Traders can choose a platform among a list of trading platforms of MultiBank Group. They offer the following trading platforms.
If we see the investment options, MultiBank offers Forex, Metals, Shares, Indices, Commodities and Cryptocurrencies.
MultiBank provides 55+ major, cross, and exotic currency pairs, and gives the tightest spreads. Their EUR/USD spreads start from 0.0 pip in an ECN account. If you are a mental lover, MultiBank has Gold, Silver with 7 CENTS Tightest spreads on Gold, 3 CENTS Tightest spreads on Silver. MultiBank offers CFDs on stocks. They have 20,000 equities of the largest multinational companies listed on the top stock exchanges in the world.
MultiBank has major indices from all over the world. You can trade major indices like US30, SP500, DE30, UT100, UK100, AUS200 and more. They provide 16 major commodities by CFDs. Spreads start with zero pip and have lower margin. Multibank offers Crypto-Fiat pairs for trading. For example, they have BTC/USD (Bitcoin), ETH/USD(Etherium), LTC/USD (LiteCoin), RPL/USD (Ripple) and more.
MultiBank offers three types of accounts. Standard, Pro, ECN accounts and Demo accounts. All account types support Social Trading.
They have Islamic accounts for Shares, Crypto, Indices and Commodities. Swap Free account is only available with Standard account.
They also have a Mex Sports account exclusively for the MT5 platform.
For Forex, spreads start from zero in an ECN account and vary according to your account type.
MultiBank provides 1.500 leverage on forex and metals. For shares 1:20, For Indices 1:100, for crypto 1:20
They do not have any commission for Standard and Pro accounts but for ECN accounts they charge $3 per lot.
They have a wide range of deposit methods including bank transfers and cards.
Minimum withdrawal amount is $50 for card and online and for bank transfer it's $100. They do not have any deposit or withdrawal fees.
Deposit and Withdrawal time vary depending on the payment methods as they have so many methods.
MultiBank Customer Support
Trading requires a lot of customer support from brokers. They provide 24/7 support which is really amazing. Their customer support is available via Whatsapp, form filling, live web chat and 24/7 phone call. We found their web chat very responsive.
Pros and Cons of Multibank
√ They offer 20,000+ assets
√ Low spreads from 0 pips and maximum leverage of 1:500
√ They have MAM/PAMM accounts and proprietary copy trading platform
√ Multibank provides ECN trading with deep liquidity and no requotes
- Scalping is not allowed on Multibank
- They have limited education resources
Want to try Multibank? You can do so by clicking the following link:
Our second CFD broker in Nigeria is Vantage. In 2009, Vantage started its journey as Vantage FX. In January 2022, they rebranded Vantage FX as Vantage.
Vantage has four entities.
- Vantage Global Prime LLP in London
- Vantage Global Prime Pty Ltd in Australia
- Vantage International Group Limited in Cayman Islands
- Vantage Global Limited in Vanuatu.
Yes, Vantage is a licensed and regulated broker. All its Four entities are licensed and regulated by different regulatory authorities.
UK: Vantage Global Prime LLP is authorised and regulated by the Financial Conduct Authority in London.
Australia: Vantage Global Prime Pty Ltd is registered in Australia and regulated by ASIC.
Cayman Islands: Vantage International Group Limited iz regulated by the Cayman Islands Monetary Authority (CIMA).
Vanuatu: Vantage Global Limited is authorized and regulated by the Vanuatu Financial Services Commission (VFSC).
Vantage Trading Platforms
They have Proprietary Web based Platform named ProTrader. They also have the industry standard MT4 and MT5 trading platform for mobile, desktop and web browser. They also have Proprietary mobile app named Vantage App.
Vantage offers Forex, Indices, Precious Metals, Soft-Commodities, Energy and Share CFDs.
Vantage offers 44+ FX pairs, this includes major, minor, and exotic currency pairs.
As Precious, they offer Gold, Silver and Copper.
Vantage offers 5 soft commodities that include Cocoa, Coffee, Cotton, Orange Juice and Sugar Raw.
Vantage offers 5 Energy products that include Oil, Natural Gas, Gasoline, Gasoil and Oil Cash.
Vantage also offers its clients access to some of the largest listed companies in the US, UK, Europe and Australia through its share CFDs. On MT4, you can trade US listed companies and on MT5, you can trade UK, Europe and Australia listed companies.
They have different types of Accounts. Standard STP, Raw ECN, Pro ENC, Swap Free and Demo Account.
They offer leverage from 1:20 to 1:500.
Vantage doesn't have any deposit and withdrawal fee. Minimum deposit is $200 for standard STP accounts, $500 for Raw ECN accounts and $10,000 for Pro ECN accounts. Subsequent minimum deposit is $50.
Commissions of Vantage:
For trading with Standard STP accounts, there is no commission. For Raw ECN accounts, the commission is $3 per lot per side. For Pro ECN accounts, commission is $1.75 per lot per side.
Vantage Customer Support
Vantage has a team of skilled support personnel that can be reached via live chat, email as well as by phone calling. In the live chat, you can get info from the chat bot. If the chat bot is not enough, it will connect you with a live agent. I have checked their live chat. They are quick to respond.
Vantage Pros & Cons
√ World-class MT4 and MT5 trading platform.
√ Social trading through ZuluTrade, DupliTrade, and MyFXBook auto trade.
√ Spreads from 0.0 pips.
√ Built-in economic calendar and forex sentiment indicator
√ The award-winning broker provides a RAW ECN and PRO ECN account.
- The minimum deposit is $200.
If you want to give it a try with Vantage, you can use the link below:
VT Markets is an Australian-based Forex broker. VT Markets is a brand name of Vantage International Group Limited, VT Markets LLC, And Vantage Global Prime Pty Ltd. VT Markets is a regulated Forex broker founded in 2016 and provides traders with access to the world Forex market by using top-of-the-line FX liquidators.
VT Markets Regulations
VT Markets is regulated by the following organisations:
CIMA: VT Markets is a brand name of Vantage International Group Limited, authorised and regulated by the Cayman Islands Monetary Authority (CIMA) in Cayman Islands.
SVGFSA: VT Markets is a brand name of VT Markets LLC, authorised by Financial Services Authority – St. Vincent & the Grenadines (SVGFSA).
ASIC: VT Markets is a brand name of Vantage Global Prime Pty Ltd, regulated by the Australian Securities and Investments Commission (ASIC) in Sydney, Australia.
These regulations are the reasons why VT Markets is a safe and secure choice for your trading needs.
VT Markets Trading Platforms
VT Markets has both MetaTrader 4 and MetaTrader 5 available for traders. MetaTrader 4 and 5 are the most popular trading platforms in the world and offer a range of features and tools that can help you to get the most out of your trading.
Both MetaTrader 4 and MetaTrader 5 are available for desktop, web and mobile, so you can trade from anywhere in the world.
TV Markets Products
VT Markets offer currency pairs, commodities, share CFDs, Energies and Metals.
The broker offers 40+ Currency CFDs, 15+ Indices, energies, metal, soft commodities and 100+ US and HK CFD Shares.
VT Markets has 3 types of accounts. STP Account, Raw ECN Account and Swap Free STP Account.
VT Markets Cost
VT Markets' spreads on the RAW ECN account begin at 0.0 pip on EUR/USD.
The cost of trading varies based on the type of asset and type of account established. Standard STP Account offers commission-free trading that is based on spreads and swaps that are payable.
The Raw ECN Account has commissions of $6 per lot, for each round turn, and includes swaps and spreads. VT Markets does not charge any fees for deposits or withdrawal charges.
However, based on the bank used, transfer fees can be applicable. This is the sole responsibility of the user.
VT Markets Customer Support
VT Markets offers support 24/5 to help you with any enquiries you may have. They are available every Sunday 9.00AM-6.00PM (GMT+8) to Friday.
They offer customer support through Live chat, email and phone call request. We have tried their live chat support and found it very helpful and responsive.
Read Full Review of VT Markets
VT Markets Pros & Cons
√ Multi licensed and regulated
√ Low trading costs
√ Responsive live chat support
√Support copy trading through ZuluTrade.
- Minimum Deposit is $200
- Trading Instruments is only 200+
If you want to trade with Capital.com, click the link below to open an account with them:
That’s it for our list of the top CFD brokers in Nigeria. We hope you found this information helpful. Now it’s time to decide which broker you want to work with. Do some research, read reviews, and ask around to see which one is the best fit for you.