Forex trading is a highly lucrative industry which has taken Nigeria by storm in recent years. With only an internet connection, a good strategy, and a reputable broker, traders can steadily grow their wealth by speculating on global currency prices.
While there is a wide selection of excellent brokers available to Nigerian traders today, only a few offer Forex no deposit bonuses, which allow new traders to open an account that is already funded by the broker to start trading.
In this article we list the best Forex no deposit brokers in Nigeria which also provide excellent trading conditions and a strong selection of features.
1. InstaForex
InstaForex, which was launched in 2007 and is regulated by the Financial Conduct Authority, offers more than 300 financial instruments for trading.
For its superior and comprehensive trading services, InstaForex has received a number of major industry awards.
InstaForex offers new traders the promotional $500 Start Up Bonus, one of the highest in the industry. While you can trade using the bonus without making a first deposit, you will have to do so in order to withdraw any profits which you made using the bonus.
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
FBS, a renowned ECN and STP broker, offers a comprehensive selection of high-quality trading features to its clients. FBS offers MetaTrader 4 and MetaTrader 5 trading platforms, both of which feature more than 75 different trading products.
First-time traders with FBS are eligible for a $50 no deposit bonus when opening an account. The bonus can only be applied when trading on the MetaTrader 5 platform.
Pros and Cons
| PROS | CONS |
| Ultra-fast trade execution
Low spreads and commissions |
Deposit and withdrawal fees |
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 |
3. XM
For years, XM has earned a good reputation as a provider of flexible and adaptable solutions for traders of all skill levels.
According to trading volume and clientele, XM is one of the most well-known FX and CFD brokers in the world, with over 2.5 million traders from 196 different nations.
New traders with XM will receive a $30 no deposit bonus upon the successful verification of their accounts.
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 No deposit bonus |
| Customer Support | 24/5 |
4. Tickmill
With three main trading accounts dubbed the Pro Account, Classic Account, and VIP Account, Tickmill is a well-known broker that offers trading on more than 80+ CFD products, including Forex, Indices, Commodities, and Bonds.
Tickmill offers a free $30 no deposit bonus when signing up for a new account, and the broker has also recently announced the reduction of its overall service fees.
Pros and Cons
| PROS | CONS |
| STP model | |
| Advanced trading software | |
| Competitive pricing | |
| Well regulated | |
| High leverage |
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 |
5. HotForex
Overview
HotForex is a very popular broker which provides a user-friendly trading environment, excellent customer support, and a wealth of trading instruments. New traders with HotForex will receive a $30 no deposit bonus which can be used instantly upon successful account verification.
Pros and Cons
| Pros | Cons |
| No deposit or withdrawal fees | High commission charges on the Zero account |
| Competitive spreads |
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 | $30 No deposit bonus |
| Customer Support | 24/5 |
Also Read: Why Forex Trading Is on The Rise in Africa?