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 |
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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 |
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