Some trading fees have been reviewed below:. HotForex has no fixed spread and operates a variable spread system, which is basically the difference between the asking price and bid price. Swap fees differ with traded instruments and pairs, account type, and trade size.

It is important to note that HotForex uses a floating swap policy, which means swap rates change daily. You can use the swaps calculator on the HotForex website to determine your exact swap fees.

HotForex charges low non-trading fees. See details below:. To start trading on the HotForex platform, you need to open a live account. Follow the steps below to open your trading account. Step 3 Select the client type, either as an individual, corporate or joint, then fill in your information, create a password, select Nigeria as country of residence, select NGN as account base currency, check the terms and conditions box after reading, and click on register.

Step 4 A verification link will be sent to your email address. Step 7 Next, you will be required to upload a valid ID to verify your identity and a proof of address to verify your address. Then wait for the approval. Step 8 After your account is approved, you can make deposits, start trading, make transfers and withdrawals. Traders can deposit to HotForex trading account through the multiple accepted payment methods on the website, including direct bank transfers, cards, mobile money, e-wallets like Skrill, and cryptocurrencies through Bitpay.

HotForex support bank transfer in Naira from all Nigerian banks. HotForex does not accept payment from third-party accounts, which means that all payment sources must be in the same name as the name on the trading account.

Deposits via Nigerian banks are credited instantly, while other methods are credited within 10 minutes. Withdrawals to Nigerian banks are processed within 24 hours, while withdrawals to cards take 2 to 10 business days, withdrawals to e-wallets and mobile money are processed instantly or take 10 minutes.

Cryptocurrency withdrawals are processed in 2 business days. This means if you deposit funds through a bank transfer, you can only withdraw through a bank transfer to the same account. The same thing applies to other payment methods. Step 1 Visit the HotForex website and select login at the top right side, and select myHF.

Nigerian bank accounts belonging to HotForex will be shown for you to make payments into. HotForex has deposit accounts with Zenith Bank, Access Bank, First Bank, and Guaranty Trust Bank GTB.

After making a deposit, the funds will be credited to myWallet, which you will have to transfer to a trading account on your dashboard to start trading. After entering the amount you want to transfer, click on start transfer and follow the instructions to complete the transfer.

HotForex offers over 1, trading instruments, all of which are CFD instruments, find their categories below:. HotForex has responsive customer service support. Traders can reach HotForex support via any of the means below during working days:.

Whether you are a registered user or not, you can access the live chat. You can request a call back via their live chat, and a representative will call you, you will have to submit a valid phone number and email address for this to work.

The answers to questions were relevant. The phone line is active from AM to PM on working days. The Nigerian phone number is A representative replied in about 9 minutes, we sent another question and got a reply in less than 10 minutes. The answers to our questions were relevant and satisfactory. According to their live chat support, customers can walk into the office to make inquiries, and it is open from AM to PM Mondays to Fridays. HotForex offers bonuses for different activities.

Each category of bonuses has its terms and conditions to qualify. Current bonus offerings are. This bonus is available to all clients using Premium and Islamic accounts.

Traders can choose to use the cash from this bonus for trading or withdraw to a bank account. This bonus is offered to traders during a drawdown period, to help manage their losses. The Rescue Bonus cannot be withdrawn to a bank account but can be used for trading. It increases the leverage volume for account holders and can be withdrawn if the minimum volume requirement is met.

Traders can request for the bonus to be released after meeting the volume requirement within 3 months, after 3 months, they lose the right to claim this bonus. It is important to note that not all trading instruments count towards the volume requirements. HotForex is regulated in multiple jurisdictions. HotForex customer support is available in Nigeria and they respond quickly to enquiries on business days. HotForex Nigeria has negative balance protection, have low fees compared to some brokers, and offers bonuses to traders.

They also have many account types, so you can choose an account with features that work best for you. One downside to trading with HotForex is that they charge account inactivity fees after 6 months, but you can avoid this if you withdraw all funds, leaving your balance at zero.

Based on these details, we recommend that HotForex Nigeria is safe for trading and good for beginners. How long do withdrawals take at HotForex? The support at Exness is not good. The email support is slow to respond to queries. There is a long hold time on their Live chat, and normally you have to wait for a few minutes before connecting with their live chat agent. Visit AvaTrade. AvaTrade is a well regulated fixed spread European Forex broker. They offer 0.

But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. They have local support options available, as they have phone number on their website for traders in Nigeria. Their support is also available on Whatsapp. also read our in-depth AvaTrade review.

Visit Alpari. Investors will also like their very low minimum deposit, even with their very low fees ECN account. Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review. The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms.

Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help.

read our complete Alpari review. Visit IC Markets. IC Markets is an ASIC regulated ECN type broker that offers very Forex trading at very competitive fees. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option.

Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker.

These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws.

Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors.

Also, remember that not all regulations are the same. Many CFD brokers register their clients under offshore regulation like IFSC Belize , FSA Mauritius etc. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators. A good forex broker will be regulated with multiple Tier-1 regulations like FCA, ASIC, CySEC etc.

Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information. Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number. Another critical aspect to monitor is the reputation and reviews of the broker.

There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers. Did other traders experience any issues with the broker?

How is the feedback of the users of the mobile app on Play Store? Is the broker active in responding to serious issues? By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision on which broker you should choose.

If a broker a lot of negative reviews related to issues such as withdrawals, manipulation of price, spread widening etc. then it should be a red-flag that you should not ignore. Multiple users reporting the same issues is generally a sign that something may be wrong. Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering.

Usually, the best brokers in the business will give you multi-platform access i. the ability to execute trade orders from anywhere and from any device. There are some brokers which only allow you to trade only through a web-based interface. All the brokers that we have included in our list will allow you to trade on the most popular forex trading platforms i.

Normally, the brokers will list all their available platforms on their website. And it matters to check it! For example, many traders in Nigeria prefer MetaTrader 4 platform over others. So, you should check out this information before signing up, whether the platform of your choice is available or not.

But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned. It is really important that you carefully consider the various fees a broker might charge you before signing up. Spread is basically the difference between the bid price and the ask price of a currency. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.

Similarly you can check the spread for other instruments by checking contract specifications for every instrument on ForexTime. So, it would make sense to open Advantage account for lower fees.

Commissions: Also check if there is any extra commission per lot with the account type. Some brokers like XM, OctaFX offer spread only trading accounts. While HotForex, FXTM, IC Markets also have trading accounts with Raw spreads plus commission per lot. Both these depend on the instrument that you are trading. For example, if you are trading 1 Standard Lot EURUSD at HotForex, with Zero account their typical spread for this instrument is 0. Swap Fees: This is the fees charged by forex brokers for overnight trades.

This fees depends on the broker, some brokers have very high Swap Rates, while some have lower. The Swap fees at XM are very high as compared to other forex brokers. You will find the reference to the Swap Fees under the specifications of instruments at forex brokers. The overall fees would be higher if any of the spreads, or commissions or overnight fees are higher. One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support.

Make sure to check that the broker has customer support available via the following channels: a. Email Support c. Local Phone Support in Nigeria. Check how they respond to your questions, and were all your queries answered. Also, if the forex broker has a local office in Nigeria, then it is considered a positive thing.

You should check carefully whether the instrument or currency pair that you want to trade is available at the broker or not. So you would be able to check it before making a decision about a broker. Also check if your broker has tools for risk management including: negative balance protection, guaranteed stop-loss feature, deal cancellation some brokers may offer this for extra fees. For example, one of the important features to check is if the forex broker has Negative Balance protection.

They mention that they offer Negative Balance protection. So, during volatile market conditions, if the market goes against you too much, and your balance goes into negative, then HotForex will change it to zero balance. This is really important, because otherwise, your losses could exceed your account balance.

Which means, you could lose more money than the balance in your trading account. So, you must check if your broker has this feature. or any other tool that you usually use in your trading. If you are a beginner trader then you must look for a broker that offers — a demo account, has low spread commission-free live trading accounts, must be regulated, and offer educational resources. First you need to choose a good broker. For this you can check our list of best forex brokers for trading in Nigeria.

There are few things that you must consider. The most important is the regulation of the broker, make sure that the broker that you are about to choose is regulated with minimum 1 Top Tier regulator like FCA, ASIC, CySEC or FSCA. A good broker will generally have more positive reviews by genuine clients, and also see how the broker responds to negative reviews as this is a good indication of their support. Disclosure: We earn a commission if you Sign Up with a broker through referral links in this review.

This helps us cover the expenses for running the website. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More. Read full risk disclaimer.. NG: Your Guide to Forex Trading in Nigeria. All Rights Reserved, By Akin Benjamin Editorial Staff —. Fees: 1. And 0 pips plus 4. FXTM Pros FXTM is a highly regulated Forex broker, so trading with them is safe.

They are regulated globally with 3 top tier regulators i. This account involved commission per trade. Fast local Bank Withdrawals in Nigeria. Normally processed in few hours. Their support overall is quite good.

FXTM Cons FXTM has higher spread with their Micro Account compared to other brokers. For ex. Swap Rates for overnight trades are bit higher than other Forex brokers like Exness.

HotForex is multi regulated forex broker that has a local office in Nigeria. They accept deposit from Nigerian Traders via local bank transfer. HotForex offer NGN base currency Trading account, as well as USD.

Read our review to know why to choose them. HotForex is a Forex Broker that is licensed with multiple Top-Tier regulations. They have been authorized by the following regulators:. Typical leverage on HotForex can be up to , depending on the account type. Traders can choose floating leverage or fixed leverage option to operate with.

Note: Trading with leverage is very risky, and you must avoid using more than leverage on forex. The availability of floating leverage option is an advantage, and you must never use leverage.

HotForex has 7 account types for traders to choose from, and a demo account, which features unlimited options and is risk-free for beginners to use and familiarise themselves with the trading platform before they open live accounts. HotForex Micro Account has no commission charges and spreads start from 1.

Maximum leverage is at The account is commission-free and spreads start around 1. Maximum leverage is Holders of this type of account can choose a Premium account type which is commission-free with spreads starting from 1. The maximum leverage is The spreads on this account start from 0.

Maximum leverage on the HFCopy account is The account is commission-free and spreads start at 1. The maximum follower per strategy provider is and holders of this account type have limited tradeable instruments. Maximum leverage on Auto Account is No commission is charged and spreads start from 1 pip.

Account-holders can trade all instruments available on the HotForex platform. The minimum deposit applied is based on those account types. Spreads start from 1 pip, and supported account base currencies are USD and EUR. Islamic account holders can trade all instruments on the platform. PAMM and HFCopy account only support USD as base account currency, while Auto Account supports USD and EUR. Traders can choose NGN as account currency at the point of registration.

HotForex is transparent about its fees and you can find details on their website. Some trading fees have been reviewed below:. HotForex has no fixed spread and operates a variable spread system, which is basically the difference between the asking price and bid price. Swap fees differ with traded instruments and pairs, account type, and trade size. It is important to note that HotForex uses a floating swap policy, which means swap rates change daily. You can use the swaps calculator on the HotForex website to determine your exact swap fees.

HotForex charges low non-trading fees. See details below:. To start trading on the HotForex platform, you need to open a live account. Follow the steps below to open your trading account. Step 3 Select the client type, either as an individual, corporate or joint, then fill in your information, create a password, select Nigeria as country of residence, select NGN as account base currency, check the terms and conditions box after reading, and click on register.

Step 4 A verification link will be sent to your email address. Step 7 Next, you will be required to upload a valid ID to verify your identity and a proof of address to verify your address.

Then wait for the approval. Step 8 After your account is approved, you can make deposits, start trading, make transfers and withdrawals. Traders can deposit to HotForex trading account through the multiple accepted payment methods on the website, including direct bank transfers, cards, mobile money, e-wallets like Skrill, and cryptocurrencies through Bitpay. HotForex support bank transfer in Naira from all Nigerian banks. HotForex does not accept payment from third-party accounts, which means that all payment sources must be in the same name as the name on the trading account.

Deposits via Nigerian banks are credited instantly, while other methods are credited within 10 minutes. Withdrawals to Nigerian banks are processed within 24 hours, while withdrawals to cards take 2 to 10 business days, withdrawals to e-wallets and mobile money are processed instantly or take 10 minutes.

Cryptocurrency withdrawals are processed in 2 business days. This means if you deposit funds through a bank transfer, you can only withdraw through a bank transfer to the same account.

The same thing applies to other payment methods. Step 1 Visit the HotForex website and select login at the top right side, and select myHF. Nigerian bank accounts belonging to HotForex will be shown for you to make payments into. HotForex has deposit accounts with Zenith Bank, Access Bank, First Bank, and Guaranty Trust Bank GTB. After making a deposit, the funds will be credited to myWallet, which you will have to transfer to a trading account on your dashboard to start trading.

After entering the amount you want to transfer, click on start transfer and follow the instructions to complete the transfer. HotForex offers over 1, trading instruments, all of which are CFD instruments, find their categories below:.

HotForex has responsive customer service support. Traders can reach HotForex support via any of the means below during working days:. Whether you are a registered user or not, you can access the live chat.

You can request a call back via their live chat, and a representative will call you, you will have to submit a valid phone number and email address for this to work. The answers to questions were relevant. The phone line is active from AM to PM on working days.

The Nigerian phone number is A representative replied in about 9 minutes, we sent another question and got a reply in less than 10 minutes. The answers to our questions were relevant and satisfactory. According to their live chat support, customers can walk into the office to make inquiries, and it is open from AM to PM Mondays to Fridays. HotForex offers bonuses for different activities.

Each category of bonuses has its terms and conditions to qualify. Current bonus offerings are. This bonus is available to all clients using Premium and Islamic accounts.

Traders can choose to use the cash from this bonus for trading or withdraw to a bank account. This bonus is offered to traders during a drawdown period, to help manage their losses. The Rescue Bonus cannot be withdrawn to a bank account but can be used for trading.

It increases the leverage volume for account holders and can be withdrawn if the minimum volume requirement is met. Traders can request for the bonus to be released after meeting the volume requirement within 3 months, after 3 months, they lose the right to claim this bonus. It is important to note that not all trading instruments count towards the volume requirements. HotForex is regulated in multiple jurisdictions. HotForex customer support is available in Nigeria and they respond quickly to enquiries on business days.

HotForex Nigeria has negative balance protection, have low fees compared to some brokers, and offers bonuses to traders. They also have many account types, so you can choose an account with features that work best for you. One downside to trading with HotForex is that they charge account inactivity fees after 6 months, but you can avoid this if you withdraw all funds, leaving your balance at zero. Based on these details, we recommend that HotForex Nigeria is safe for trading and good for beginners.

How long do withdrawals take at HotForex? Typically, withdrawals to Nigerian bank accounts are processed within 24 hours. Withdrawals initiated before AM server time are processed on the same business day before PM server time. If the withdrawal is submitted after AM server time, then it will be processed the following business day between AM and PM server time.

Is HotForex legit in Nigeria? HotForex is legit in Nigeria, considering that the company is regulated by multiple Top-Tier regulators, they have a physical address in Nigeria, and a phone number through which you can talk to a representative. Above all, some Nigerians who have used HotForex have reviewed it as being real, as they were able to deposit and withdraw their funds.

Home HotForex Review HotForex Review HotForex is multi regulated forex broker that has a local office in Nigeria. Editorial Team Updated on March 13, Rating 8. Minimum Deposit. Visit HotForex. Regulation and Safety of Funds.

HotForex Leverage. HotForex Account Types.

Spread is basically the difference between the bid price and the ask price of a currency. Swap Fees: This is the fees charged by forex brokers for overnight trades. Regulation s. And it matters to check it! PAMM: This is a unique account type at HotForex that allows traders to allocate a proportion of the amount to money managers of their choice. Compared with other regulated CFD brokers in Nigeria, the bonus offerings at HotForex are much more lucrative and beneficial for Nigerian clients.

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