High leverage allows Nigerian traders to open larger positions than they would have been able to with their own investments.
Leverage is essentially a margin tool that is expressed as a ratio of your existing amount, and allows you to increase your available trading funds by that ratio – such as 1:100, 1:500, or even 1:1000.
Exness
Overview
Traders in Nigeria can take advantage of Exness’ 1:1000 leverage ratio.
CFD broker Exness has more than 200,000 customers worldwide and offers trading on more than 100 currency pairs, a few cryptocurrencies and more than 70 stock CFDs, as well as commodities, indices and cryptocurrencies.
Nine account types are available for the MT4 and MT5 platforms from Exness, which is more than other brokers can say the same about.
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 |
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2. CM Trading
Overview
When you use CM Trading, you can rest assured that all of your personal, financial, and transactional data is protected by the industry’s most advanced SSL encryption technology, according to this CM Trading review.
When it comes to online trading, CM Trading is a one-stop shop that offers everything from CFDs on stocks and commodities to indices and foreign currencies, all the way up to a 400:1 leverage ratio.
Pros and Cons
| PROS | CONS |
| Well-regulated Forex broker | Inactivity fees chargeed |
| Low minimum deposit | |
| Islamic accounts offered |
Features
| Feature | Information |
| Regulation | FSCA, FSB |
| Minimum deposit from | $100 |
| Average spread from | 1.1 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 – multilingual |
3. FXTM
Overview
FXTM offers traders in Nigeria a high leverage of 1:2000, which they can use to their advantage. FXTM is an award-winning market maker/ECN that provides trading in a variety of markets, including forex, commodities, metals (including gold and silver), stocks (including the Dow Jones Industrial Average), and indices.
Pros and Cons
| PROS | CONS |
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | Limited product portfolio |
| Great educational tools |
Features
| 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 |
4. HotForex
Overview
Traders in Nigeria wanting a trading account with Naira as the base currency and STP execution often use HotForex because of its excellent leverage ratio of 1:1000 and its regulation by the FSCA since 2016. The minimum to open an NGN account is N2000.
Pros and Cons
| Pros
No deposit or withdrawal fees Competitive spreads |
Cons
High commission charges on the Zero account |
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0,0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
5. XM
Overview
For Nigerian traders, XM offers a leverage level of 1:888. An established name in the forex market, XM is a popular choice for traders. An improved MetaTrader 4 and MetaTrader 5 trading platform provides XM customers with access to more than 1,000 competitively priced assets.
Pros and Cons
| Pros
Low minimum deposit Comprehensive educational offering Streamlined account opening process
|
Cons
Inactivity fee charged after 90 days on live accounts Limited 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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