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Trust Score:



Established in:


Regulated by:

Financial Conduct Authority an...

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Losses can exceed deposits
CFDs are leveraged products and 73% of retail traders lose money when trading CFDs.Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Rankings are influenced by affiliate commissions. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For Nigeria

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:


Part 1

Why Choose ThinkMarkets
For Nigeria?

ThinkMarkets scored best in our review of the top brokers for nigeria, which takes into account 120+ factors across eight categories. Here are some areas where ThinkMarkets scored highly in:

  • 8+ years in business
  • Offers + instruments
  • A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.10pips
  • Used by 0+ traders
  • Allows hedging
  • 2 languages

ThinkMarkets offers two ways to tradeForex, CFDs. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

ThinkMarkets have a B trust score, which is good. This is largely down to them being regulated by Financial Conduct Authority and ASiC, segregating client funds, being segregating client funds, being established for over 8

Trust Score comparison

Trust Score B
Year Established 2010
Regulated by Financial Conduct Authority and ASiC
Uses tier 1 banks
Company Type Private Private Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We’ve compared these in detail in part three of this guide.

Part 2

Who ThinkMarkets is (& Isn’t)
Suitable For

As mentioned, ThinkMarkets allows you to trade in two ways: Forex, CFDs.

Suitable for:

  • CFD Trading
  • Forex Trading

Not Suitable for:

To trade with ThinkMarkets, you’ll need a minimum deposit of $250. ThinkMarkets offers a range of different account types for different traders including a mini account, vip account .

ThinkMarkets is also suitable for traders looking to trade with an ECN broker. ECN trading allows the trader to get access to the actual pricing of instruments as set by the banks and liquidity providers, rather than relying on the broker to set the price. To open an ECN account with ThinkMarkets you will need a minimum deposit of $2,000

Finally, ThinkMarkets isn’t available in the following countries: AF, Yugoslavia, AO, GM, NG, AW, GH, KR, BY, GN, BO, GN, PK, BW, HT, PG, IR, PN Island, Burma MM, IQ, RW, KH, , SN, CF, JP, Sierra, Leone, TD, KG, SO, CI , LB, SZ, CU, LS, SY, of CG, LR, TJ, DJ, LY, Tanzania, EC, Laos, TG, ER, ML, TM, ET, MN, UG, Falkland Islands, NA, US of America, FJ, NI, YE, ZW.

Part 3

A Comparison of ThinkMarkets vs. vs.

Want to see how ThinkMarkets stacks up against and ? We’ve compared their spreads, features, and key information below.

Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.10
GBP/USD Spread 1.2
USD/CAD Spread 0.9
USD/JPY Spread 0.10
DAX Spread
FTSE 100 Spread N/A
S&P500 Spread

Comparison of account & trading features

Platform MT4, Mac, Web Trader, Tablet & Mobile apps
Services Forex, CFDs
Base currency options USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
Funding options Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,
Micro account
ECN account

Part 4


AvaTrade are an award-winning online financial broker with a strong presence and well-established reputation worldwide. They are amongst the top choices for traders based in Nigeria for a number of reasons. The multinational company has regional offices around the globe, including one in Abuja, Nigeria. AVA Trade Ltd. is internationally regulated by BVI Financial Services Commission in the British Virgin Islands. The company’s website provides services in over 15 languages, with a dedicated international website for customers from Nigeria in English. Direct customer helplines are also available for Nigerian traders.

AVA Trade offers facilities for customers with different trading goals, such as Forex trading, options trading and contracts for difference (CFDs) trading. It does so through its different trading platforms. These include MetaTrader4, AvaOptions, AvaTradeAct, MT4 Floating Spreads, and AVAOptions. There are also a range of automated trading solutions for those with less time to devote to trading, including RoboX, Mirror Trader, and ZuluTrade. With more than 250 financial instruments available for clients to trade, across a variety of markets, clients can select the markets and platforms that suit their trading styles. Stocks, shares, bonds, cryptocurrencies, indices, and commodities are just some of the markets that can be accessed.

Furthermore, AvaTrades’s platforms are accessible online via web-based browsers or mobile apps can be downloaded to allow trading to be conducted from a range of different devices. Learner traders can also utilise educational resources including eBooks, webinars, in-depth articles videos and market indicators provided by the company on its website to supplement their trading knowledge.

Additionally, a free demo account can be used for 21 days, risk-free, which allows users to trial the software and practice their skills. AVA Trade accept wire transfers (minimum $500) and debit/credit transfers (minimum $100). Additionally, customers from Nigeria can deposit using e-wallets such as PayPal.


XTB were formed as X-Trade (or X-Trade Brokers) in 2002 in Poland. At the time, they were amongst the pioneers of leveraged trading in the region, and they have continued to be at the forefront of the industry throughout their career. They developed their provision of trading services, and now offer access to over 1500 markets for traders from around the world. They operate from 14 offices, with the international office for XTB International Limited (XTB) registered in Belize. As such, they are licensed to provide their services by the International Financial Services Commission (IFSC). The XTB Group are also authorised and registered with many other important financial supervisory bodies from around the world, demonstrating their commitment to their fair treatment of clients.

One of the reasons clients from Nigeria may choose XTB over other broker is due to their powerful, award-winning platform. xStation 5 boasts some of the fastest execution speeds available on the market, with an average execution time of just 85 milliseconds. Furthermore, clients have access to advanced charting capabilities and technical analysis, including Moving Averages, Fibonacci Retracement, and more. Orders can be executed directly from charts, allowing customers to trade more easily and smoothly. Traders also have access to the latest market news and a trader statistics. A handy trading calculator allows traders to assess their positions, and compute their trading potential. Some clients may prefer to use MetaTrader 4, which is one of the most popular platforms in the industry. XTB also offer this platform, with some enhanced features, including their trademark fast execution speeds and other features.

The international XTB website is available in the English language, which is the official language spoken in Nigeria, and therefore allows Nigerian traders to get a full understanding of the wealth of information they provide. Two different account types are available, a Standard Account and a Pro Account, and the base currency of international accounts is the US dollar. Deposit methods include bank transfers, eWallets such as Neteller and debit or credit cards.


One of eToro’s primary attractions is its social trading technology. They were amongst the first of the platforms to offer this facility, and have attracted up to 6 million users as a result. The technology allows users to interact with each other, sharing their ideas and trading insights. This is a great way for less experienced traders to learn as it allows them to have access to a wealth of user-generated information about trading and about trading strategies. Not only that, but clients can also copy the portfolios and trades of individual traders and trading funds. They can select the trader to copy using eToro’s built-in stats and analyses and then can take a hands-off approach to trading by allowing someone else make the trading decisions.

Traders from Nigeria have access to the full, English language website and eToro trading platform. In addition, a virtual account can be taken advantage of. This has no time limit and allows clients to test their trading skills with $100,000 of virtual currency. This is a useful way to get used to the platform and to test out new trading strategies.

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