When opening a trading account with a Forex broker in Nigeria, many of them provide new clients with a free deposit bonus, which also referred to as a welcome bonus. New traders can get started in the Forex market without risking any of their own money thanks to this bonus.
Thank you for reading this post, don't forget to subscribe!However, there are many other things to consider before signing up with a broker. Regulation, pricing, and educational materials are just a few examples of the features which should be considered alongside the welcome bonus.
Here, we reveal the five best Forex brokers that offer a no-deposit bonus and beginner-friendly trading conditions to Nigerians.
1. InstaForex
Overview
Amongst Forex brokers in Nigeria, InstaForex provides its customers with a number of advantages, some of the most notable of which include superior technical solutions, some of the best trading conditions that are currently offered, and a committed team of educators and support staff that works directly with each individual customer.
Pros and Cons
Pros | Cons |
Commission-free trading offered | |
MetaTrader 4 and 5 offered | |
Variety of account types offered | |
Variety of financial instruments | |
Well-regulated by several entities | |
EU citizens are not restricted by the leverage, as they operate under BVI regulations. |
Features
Feature | Information |
Regulation | CySEC, BVI, SVGFSA |
Minimum deposit from | $1 |
Average spread from | 0.0 pips |
Commissions from | 0.03% |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | $500 Start Up Bonus |
Customer Support | 24/5 |
2. FBS
Overview
FBS is a CFD broker that is regulated on a global level and offers trading in a diverse selection of assets as well as a welcome Forex no deposit bonus. These assets consist of currencies, indexes, equities, metals, and commodities in addition to more than 35 different digital assets.
Pros and Cons
Pros | Cons |
Ultra-fast trade execution | Deposit and withdrawal fees |
Low spreads and commissions |
Features
Feature | Information |
Regulation | CySEC |
Minimum deposit from | $100 |
Average spread from | 0.0 |
Commissions from | $6 |
Deposit/Withdrawal Fees | Variable depending on method |
Maximum Leverage | 1:3000 |
Bonuses | $50 No deposit bonus |
Customer Support | 24/5 |
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3. Tickmill
Overview
Tickmill is a reliable STP broker that places a primary emphasis on supplying traders of all skill levels with a trading environment that is risk-free and protected.
Tickmill offers users a trading environment that is not only user-friendly but also features cutting-edge resources and ground-breaking technologies.
Pros and Cons
Pros | Cons |
Competitive pricing | |
Well regulated | |
High leverage | |
Advanced trading software | |
STP model |
Features
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 |
4. XM
Overview
Since its inception in 2009, XM Group has developed into a reliable brokerage that adheres to all applicable regulatory requirements.
Because of its lightning-fast trade execution and broad range of analytical tools, this broker is a top choice for all kinds of traders, from day traders who focus on the very short term to investors who focus on the very long term.
Pros and Cons
Pros | Cons |
Low minimum deposit | Inactivity fee charged after 90 days on live accounts |
Comprehensive educational offering | Limited product portfolio |
Streamlined account opening process |
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 |
5. HF Markets
Overview
In addition to providing a forex no deposit bonus, HF Markets caters to newcomers in the forex market by making trading simple and easy to understand.
Traders who use the HF Markets MT5 platform have access to all of the tremendous capabilities that MetaTrader 5 possesses, and they are able to alter these settings so that it better suits their personal requirements and trading methods.
Pros and Cons
Pros | Cons |
No deposit or withdrawal fees | High commission charges on the Zero account |
Competitive spread |
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 |