Nigeria has witnessed a surge in interest towards forex trading, with many seeing it as a lucrative opportunity to generate income. However, as you dive deeper into the world of foreign exchange, you quickly realize that your success isn’t solely based on your trading strategy; it’s also heavily dependent on the forex broker you choose.
Enter the world of MT5, or MetaTrader 5 – a platform that has become the go-to choice for many forex traders globally and in Nigeria. This advanced, yet user-friendly platform offers numerous features, from advanced charting tools to algorithmic trading, making it a prime pick for seasoned and beginner traders alike.
But with numerous MT5 brokers vying for your attention in Nigeria, how do you separate the wheat from the chaff? This article aims to break down the best MT5 forex brokers available to Nigerian traders, evaluating their features, reliability, and trustworthiness. So, whether you’re just starting your forex journey or looking to switch brokers, you’re in the right place.
Show Summary
Best MT5 Forex Brokers in Nigeria
- LiteFinance
- HF Markets
- Exness
- XM Forex
- FBS
- Pepperstone
- JustMarkets
- RoboForex
- SuperForex
- Deriv
Best MT5 Forex Brokers in Nigeria - Detailed Reviews
| 💰 Min Deposit | $50 / 20717 NGN |
| 📗 Regulations | CySEC |
| 💳 Trading Fees | From 0.8 pips |
| ⚖️ Max Leverage | 1000:1 |
| 💻 Platforms | MT4, MT5, LiteFinance App |
| 👑 Crypto Trading | Yes |
| ☪️ Islamic Accounts | Yes |
Established in 2005, LiteFinance has quickly cemented its reputation as one of the leading MT5 forex brokers not just globally, but especially in Nigeria.
Over the past decade, this brokerage firm has consistently demonstrated an unwavering commitment to facilitating smooth and profitable trading experiences for its Nigerian clientele.
Regulation Status: One cannot stress enough the importance of trading with a regulated forex broker. LiteForex ticks this box confidently, being regulated by CySEC. This ensures that you, as a trader, are protected and can trade with peace of mind.
Trading Conditions: LiteForex boasts competitive spreads that cater to both novice and seasoned traders. With leverage of up to specific leverage, e.g., 1:1000 and a diverse range of currency pairs, traders are equipped with the flexibility they need to maximize their trading strategies.
Local Presence: Recognizing the burgeoning forex market in Nigeria, LiteForex has made significant strides in establishing a local presence. They have representatives on the ground and frequently organize seminars across various Nigerian cities, underlining their commitment to empowering Nigerian traders.
LiteFinance Pros
- A rich history dating back to 2005
- Comprehensive educational resources
- Speedy trade execution
LiteFinance Cons
- Limited range of exotic currency pairs
| 💰 Min Deposit | $5 |
| 📗 Regulations | ASIC, CySEC, |
| 💳 Trading Fees | From 0.8 pips |
| ⚖️ Max Leverage | 1000:1 |
| 💻 Platforms | MT4, MT5, HFM App |
| 👑 Crypto Trading | Yes |
| ☪️ Islamic Accounts | Yes |
Since its establishment in 2010, HF Markets (formerly HotForex) has grown exponentially, solidifying its reputation as one of the most sought-after MT5 forex brokers in the world.
HFM is hailed for its prompt customer service, transparent fee structure, and a rich reservoir of educational resources that empower Nigerian traders to make informed trading decisions.
HF Markets Pros
- User-friendly MT5 platform interface
- Vast array of educational resources
- Swift and hassle-free withdrawal process.
HF Markets Cons
- Limited range of exotic currency pairs
| 💰 Minimum Deposit | $10 |
| 📱 Accepts Mobile Money | Yes |
| ⚖️ Regulations | CMA, CySEC, FCA |
| 🔥 Maximum Leverage | 2000:1 |
| 💵 Trading Cost | USD 7 per lot |
| 🖥️ Trading Platforms | MT4, MT5 |
Founded in 2008, Exness has since grown to become one of the leading forex brokers globally, with a particular appeal to Nigerian traders. Its reputation for reliability, transparency, and innovation has solidified its place as a top choice for many in the bustling Nigerian forex market.
Many Nigerian traders have lauded Exness for its swift deposit and withdrawal processes, with some even going as far as calling it the “best MT5 forex broker in Nigeria”. Additionally, the broker’s 24/7 customer support has received praise for its efficiency and understanding of the local trading conditions in Nigeria.
Exness Pros
- Exness Nigeria offers very low spreads
- $1 minimum deposit
- Swift and hassle-free withdrawal process.
Exness Cons
- Exness does not have a license from the local financial regulatory authority
- Minimum deposit for Pro Accounts is much higher
| 💰 Min Deposit | $5 |
| 📗 Regulations | ASIC, CySEC, |
| 💳 Trading Fees | From 0.8 pips |
| ⚖️ Max Leverage | 1000:1 |
| 💻 Platforms | MT4, MT5, XM App |
| 👑 Crypto Trading | Yes |
| ☪️ Islamic Accounts | Yes |
A titan in the world of forex trading, XM Forex stands tall as one of the most reputable forex brokers not just globally, but in Nigeria as well. Established in 2009, XM Forex has over a decade of experience, cementing its reputation with traders worldwide and gaining a loyal following among the best forex traders in Nigeria.
With its rich history, XM offers a blend of time-tested reliability and innovative tools designed to empower every trader.
XM Forex Pros
- Extensive educational content
- No hidden fees or commissions
- Offers both MT4 and MT5 platforms
XM Forex Cons
- Market Maker
- Huge spreads on its beginner accounts
| 💰 Min Deposit | 350 KES |
| ⚖️ Max Leverage | 3000:1 |
| 📗 Regulations | IFSC |
| 💳 Spread | From 0.5 Pips |
| 💻 Trading Platforms | MT4, MT5 |
FBS, with its roots tracing back to 2009, has proven its mettle in the forex world. For those in Nigeria, seeking an MT5 broker that combines global standards with localized solutions, FBS is a strong contender.
A majority of Nigerian traders highlight FBS’s responsive customer service, which is available 24/7. The quick withdrawal process, coupled with its user-friendly MT5 interface, makes it a hit among both novice and seasoned traders in Nigeria.
FBS Pros
- Tight spreads
- Rich educational resources
- Efficient and swift deposit and withdrawal processes
FBS Cons
- Some advanced tools might require a steeper learning curve for absolute beginners.
| Min Deposit | $200 |
| Trading Platforms | MT4, MT5, cTrader, TradingView |
| Trading Fees | Low |
| Islamic Account | No |
| CBN Regulated? | No |
Since its establishment in 2010, Pepperstone has risen to become one of the leading forex brokers in the global arena. Pepperstone is a well-regulated forex and CFD broker that offers low spreads on various currency pairs. It is considered a safe broker for Nigerian traders to trade with
This broker has consistently demonstrated its dedication to providing traders with the finest tools and platforms, especially the renowned MT5, making it a top pick among the best MT5 forex brokers in Nigeria.
However, although Pepperstone offers a good selection of educational and market analysis material, its educational materials are close to the industry average and not as good as category leaders
Pepperstone Pros
- Tight spreads
- Rich educational resources
- Efficient and swift deposit and withdrawal processes
Pepperstone Cons
- Some advanced tools might require a steeper learning curve for absolute beginners.
Established in 2012, JustMarketrs (formerly known as JustForex) has steadily risen through the ranks to become one of the best MT5 forex brokers not just globally, but also in Nigeria.
With its recent rebranding, JustMarkets seeks to expand its horizons while holding steadfast to the core values and top-notch services that made it a preferred choice for many. Its deep roots in the market, combined with a fresh approach, make it an exciting prospect for traders in Nigeria and beyond.
JustMarkets Pros
- Diverse Account Types
- Efficient Deposit & Withdrawal:
- Robust Educational Resources
JustMarkets Cons
- The high leverage can be a double-edged sword for beginners
Established in 2012, JustMarkers (formerly known as JustForex) has steadily risen through the ranks to become one of the best MT5 forex brokers not just globally, but also in Nigeria.
With its recent rebranding, JustMarkets seeks to expand its horizons while holding steadfast to the core values and top-notch services that made it a preferred choice for many. Its deep roots in the market, combined with a fresh approach, make it an exciting prospect for traders in Nigeria and beyond.
RoboForex Pros
- RoboForex offers multiple account types
- RoboForex offers negative balance protection on all accounts
- Low minimum deposit starting at just $10
- Outsranding 24/7 customer support
RoboForex Cons
- RoboForex is not regulated by any Tier-1 regulatory authority like ASIC, CySEC, FCA etc.
- RoboForex does not offer Naira based trading account
- Withdrawals are not free and include commission ranging from 0.5% – 2.5%.
OctaFX is a forex and CFD broker that offers trading services worldwide since 2011. It is regulated in Cyprus by the Securities & Exchange Commission (CySEC) and in South Africa by the Financial Sector Conduct Authority (FSCA). OctaFX holds just one Tier-1 license and one Tier-2 license.
OctaFX allows traders in Nigeria to trade currency pairs with fixed as well as variable spreads. They also accept local bank transfers from Nigeria but do not have a local office in Nigeria. The number of trading instruments is low which can be a drawback of choosing OctaFX
OctaFX Pros
- More than a decade of forex expertise since its establishment in 2011.
- The choice between fixed and variable spreads.
- Swift and hassle-free local bank transfers from Nigeria.
OctaFX Cons
- Absence of a local office in Nigeria.
- Limited trading instruments, potentially hampering portfolio diversification.
Emerging as a distinct game-changer, Deriv boasts more than 20 years of excellence in the forex arena. While it has cast its net wide across global shores, its tailored offerings for Nigerian traders have positioned it as one of the best MT5 forex brokers in Nigeria.
Deriv is a reliable broker with a wide range of trade types and asset classes, including foreign exchange trading. A blend of innovation, transparency, and commitment to customer satisfaction places Deriv in a league of its own.
Deriv Pros
- Intuitive MT5 platform tailored for optimal user experience
- Versatile account types, offering both flexibility and choice.
- A dedicated 24/7 customer support system to address queries and concerns.
Deriv Cons
- Absence of a local office in Nigeria.
- While their mobile application is proficient, a few more feature enhancements would elevate the trading experience.
Frequently Asked Questions About Meta Trader 5 Brokers
What is the minimum deposit for MetaTrader 5 brokers?
The minimum deposit for MetaTrader 5 (MT5) brokers can vary widely depending on the broker, its business model, the type of account offered, and other factors. There is no fixed minimum deposit that applies to all MT5 brokers.
Here are some general points to consider:
Broker Type: There are different types of brokers, such as market makers, ECN, and STP brokers. Market makers might offer lower minimum deposits compared to ECN brokers who offer direct market access and might require a larger initial deposit.
Account Types: Many brokers offer different account types. For instance, a “micro” or “cent” account might allow a trader to start with as little as $1 to $10. On the other hand, more premium or professional accounts might require deposits of $500, $1000, or even more.
Promotions: Some brokers might reduce their minimum deposit requirements during promotional periods.
Jurisdiction and Regulation: The regulatory environment can also influence minimum deposit amounts. For instance, brokers regulated in jurisdictions with strict financial rules might have higher minimum deposit requirements than those in less stringent jurisdictions.
Brokerage Business Model: Some brokers might be targeting high-net-worth individuals and institutional traders and may have higher minimum deposit requirements. In contrast, others might target retail traders and have lower minimum deposits.
How to find a broker for MetaTrader 5
Finding a broker for MetaTrader 5 (MT5) can be accomplished through several steps. Here’s a guide to help you find the right broker for your trading needs:
Research Online:
- MetaQuotes Official Website: The official MetaTrader website usually lists brokers that support their platforms.
- Broker Review Websites: Websites like
ForexPeaceArmy,Myfxbook, andBabyPipsoften have extensive lists of brokers and user reviews. - Online Trading Forums: Forums are good places to get firsthand accounts from other traders regarding their experiences with different brokers.
- RoboForex Review - November 10, 2023
- AvaTrade Nigeria Review - November 10, 2023
- OctaFx Review – Is OctaFX a Good Broker in Nigeria? - November 10, 2023
