5 Best Forex Brokers with Minimum $1 Deposit in Nigeria

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Forex trading in Nigeria has become immensely popular due to its ease of access to one of the most liquid and volatile financial markets.

Forex brokers that offer a low minimum deposit allow for new traders to enter the Forex trading arena without having to invest a high initial amount of capital. In this article, we explore the 5 Best Forex Brokers that offer a low minimum deposit of just $1.

 

1.     Exness

Overview

If you are looking for the best trading costs and spreads available, Exness is a great choice, and is one of the best Forex Brokers with a Minimum $1 Deposit in Nigeria.

When compared to other licensed brokers, the spread is very low, and there are no hidden trading fees or commissions with the Pro account. Their Standard and Raw accounts have tight spreads as well.

 

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

👉Open a Free Trading Account Now

2.     FBS

Overview

Forex, metals, energy, indices, equities, and more than 35 cryptocurrencies are all available for trading at FBS, an internationally regulated CFD broker and of the best Forex Brokers with a Minimum $1 Deposit in Nigeria.

Trading fees at FBS are lower than those of other STP/ECN brokers because the company offers a wide range of accounts to suit all skill levels.

 

Pros and Cons

PROS CONS
High leverage

Ultra-fast trade execution

Low spreads and commissions

Deposit and withdrawal fees

 

 

Features

Feature Information
Regulation CySEC
Minimum deposit from $1
Average spread from 0.0
Commissions from ‎$6
Deposit/Withdrawal Fees Variable depending on method
Maximum Leverage 1:3000
Bonuses 100% Deposit Bonus
Customer Support 24/5

 

 

3.     XTB

Overview

In addition to providing an extensive selection of tradable instruments, excellent teaching materials, and quality market analysis, XTB is a broker that is subject to stringent regulatory oversight.

Traders, on the other hand, need to keep in mind that the sole platform that is supported is xStation5, which is XTB’s own proprietary software.

 

Pros and Cons

PROS CONS
Award-winning trading platform

Negative Balance Protection

Well regulated

Limited product portfolio

 

 

Features

Feature Information
Regulation KNF, FCA, CySEC and IFSC
Minimum deposit from $1
Average spread from 1.02 pips
Commissions from 0.08% of trade value with $8 minimum
Deposit/Withdrawal Fees $30 on withdrawals of less than $50
Maximum Leverage 1:500
Bonuses $40 No Deposit Bonus
Customer Support 24/5

Read more: Best Forex Brokers in Nigeria

 

4.     IG Group

Overview

IG is a great alternative for traders of all experience levels because it provides cheap spreads, a large selection of trading instruments, and an innovative news, research, and education platform.

 

Pros and Cons

Pros

 

Excellent customer support

Advanced suite of technical indicators

Secure and well-regulated trading environment

Cons

 

Demo account is only available for 30 days, and not all platforms can be tested

Limited range of currency options

 

 

Features

Feature Information
Regulation FCA, FSCA
Minimum deposit from $1
Average spread from Variable
Commissions from £3.00 – £8.00 per trade for all types of assets
Deposit/Withdrawal Fees None
Maximum Leverage 1:200
Bonuses None offered
Customer Support 24/6

 

 

5.     Oanda

Overview

OANDA is a multi-faceted, highly regulated financial services business that offers contracts for difference (CFD) trading as one of its many offerings.

The MT4 and MT5 trading platforms are where the majority of OANDA’s focus is, and the company offers a large variety of training tools, has low minimum deposit requirements, and is a popular choice among new traders.

 

Pros and Cons

Pros

 

User-friendly trading platform

Low minimum deposit

Low trading fees

 

Cons

 

Lack of decent customer service

High withdrawal fees

Limited instruments for forex and CFDs

 

 

Features

Feature Information
Regulation FCA, RFED
Minimum deposit from None
Average spread from 1.6 pips
Commissions from $0.01 USD per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:100
Bonuses None
Customer Support 24/5

You might also be interested in: HotForex Review

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