4 Best CBN regulated forex brokers

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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.

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

CONS

Superb customer service

Inactivity and withdrawal fees

High maximum leverage

Limited product portfolio

Great educational tools

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 

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

CONS

Well-regulated

Tight spreads

Over 130 currency pairs

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

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

CONS

Competitive pricingWell regulatedHigh leverageAdvanced trading softwareSTP model

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 

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.

ProsLow minimum depositComprehensive educational offeringStreamlined account opening process

ConsInactivity fee charged after 90 days on live accountsLimited product portfolio

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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