Deposit Rate Comparison Between Forex Brokers in Nigeria

The journey of forex trading begins when the trader deposits funds into his or her trading account and starts buying and selling currencies. Some forex brokers offer a forex no deposit bonus, which allows traders to switch from demo to live trading without risk. For those who do not have access to a no deposit bonus, forex brokers with low deposit exchange rates may fill the hole. This article explains the various exchange rates given by Nigerian forex brokers.

Here is a list of the top 7 popular forex brokers that offer relatively good deposit exchange rates and trading platforms to Nigerian traders. 

1. FXTM

FXTM was founded in 2011 to provide forex and CFDs and is regulated by the FSC of Mauritius, the FCA of the United Kingdom, CySEC, and the FSCA of South Africa.

FXTM accepts local banking and card payments in Nigeria. The minimum deposit is 100 NGN and the maximum amount is 5000000NGN required by the local banking operations. For local card payments, the minimum deposit is 100NGN per transaction, with a maximum deposit of 1000000NGN.

2. HotForex

HotForex was founded in 2007 and is governed by the FCA, CySEC, DFSA, FSCA, and SFSA.The HotForex MT5 terminal features 21 different periods, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading, 80+ technical indicators, and an in-built economic calendar, as well as trading across HotForex asset classes.

When depositing, the exchange rate for a dollar to NGN is 550 with different varieties of depositing method they include:

· Direct online banking

· Local bank transfer

· Wire transfer

3. Exness

Exness was established in 2008 and is regulated by the Seychelles Financial Services Authority (FSA). Traders can use the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android, and iOS, as well as the Exness Web Terminal, to trade forex and CFDs on Crypto, Metals, Energies, Stocks,and Indices.

Exness accepts a variety of deposit options, including cryptocurrency (Bitcoin or USDT), Neteller, Perfect Money, Skrill, bank card, and online bank transfer. All deposit methods need a minimum deposit of ten dollars($10), and the conversion rate to Nigerian naira is 4,168NGN, implying that one dollar equals 418NGN, unlike other brokers with high conversion rates.

4. FBS

FBS is a forex and CFD broker regulated by the Belize International Financial Services Commission (IFSC) and the Cyprus Securities and Exchange Commission (CySEC). Traders can trade Forex, Indices, Stocks, Metals, and Energies on the MetaTrader 4, MetaTrader 5, and FBS Trader trading platforms for PC, Mac, Web, Android, and iOS with a maximum leverage of 1:3000, copy trading services, and a variety of bonus incentives.

FBS offers a variety of deposit options, but I'll focus on the ones that are currently available to Nigerians. Net banking, also known as Local bank of Nigeria, is the recommended and current deposit method. This method allows for a minimum deposit of 1,300NGN, which is equivalent to 3.25 USD, implying that 1 USD is equivalent to 400NGN. You have the option of depositing up to 1.5 million Naira.

5. Octafx

OctaFX is a CySEC-registered forex ECN broker based in St.Vincent and the Grenadines that offers CFD trading on Forex, Indices, Metals, and Cryptocurrencies on the MetaTrader and cTrader trading platforms, as well as their proprietary OctaFX Trading App.

OctaFX goes to tremendous measures to make sure its customers obtain the best deposit rates possible. While depositing 417NGN is the exchange rate to 1USD, with a variety of deposit alternatives including crypto currency, local bank, Neteller and Skrill.

6. Freshforex 

Freshforex was founded in 2004 and registered in Saint Vincent and the Grenadines, which offers forex and CFDs for Nigeria traders on MT4, MT5 and web teminal.

Regarding to the deposit method, Freshforex provides a variety of deposit options, including Cryptocurrency, Neteller, Skrill, local bank, and online bank.  The minimum deposit requires xxx, where a 585NGN exchange $1 USD.

7. IC Market

As a ECN broker, IC Markets was established in 2007 and is regulated by Australian ASIC, CySEC, Seychelles FSA and Bahamas SCB. It offers forex, commodities, indices, bonds, digital currencies, stocks and futures for trader in Nigeria.

Segregated Client Trust Accounts are where IC Markets keeps client money. All payments are processed using SSL (Secure Socket Layer) technology and are encrypted to ensure security when funding your trading account over the internet.The currency rate for 1 USD to NGN at the time of deposit is 560 NGN. It rather high compared to other forex broker providing financial derivatives service in Nigeria. Furthermore, all payment information is kept private and is only used to finance your IC Markets trading account.

In Conclusion

When it comes to choosing a forex broker, there are numerous variables to consider. The first and most important is regulation then the trading conditions the broker provides. This article is from the deposit cost to analyze which broker is more beneficial to the Nigerian traders. Hope it helps for choosing forex broker in Nigeria.