The Best Broker in Nigeria: Tools and Account Selection

The Best Broker in Nigeria: Tools and Account Selection

The FBS is a highly regulated global broker with a wide variety of accounts, as well as a designated crypto account and an entry-level inexpensive account, over 100 cryptocurrency pairs, and an easily-to-use mobile banking app. Nigerian traders should be aware, however, that while FBS is regulated by some high-profile authorities, they will operate through FBS’s Belize branch, providing less regulatory scrutiny. So what else should you know about the best broker in nigeria?

FBS Financial Instruments

FBS has a limited selection of available financial assets in comparison to other similar brokers, however it offers a wider variety of cryptocurrencies. Here are examples:

  • High leverage – the FBS offers one of the highest levels of leverage any broker can offer – as much as 3,000:1 on certain types of accounts.
  • Forex – FBS offers only 37 currency pairs for trading, below the industry average. 
  • Stock CFDs – FBS offers 96 stock CFDs, which is limited compared to other major international brokers.  
  • Indices – 12 indices are available for trading at FBS, which is limited compared to what is available at other similar brokers. The most popular indices are those that combine the stocks of some of the largest and globally recognized companies.   
  • Metals – FBs offers trading in 4 metals, which is very limited compared to what is usually available at other brokers.  
  • Energy – FBS offers five types of energy trading, which, again, is limited compared to what other similar brokers offer.  
  • Cryptocurrencies – cryptocurrency trading is only offered in the FBS Trader app, and FBS offers trading on over 100 pairs, which is impressive.

In general, the choice of tools trading available at FBS is limited, but it has a great range of cryptocurrencies.  

Accounts and Trading Commissions for Nigeria

FBS has a wider selection of trading accounts than other brokers and its trading fees are around the industry average.

All accounts have different minimum deposit requirements. 

  • Cent Account – cent accounts are suitable for beginner traders and allow you to trade micro lots. The initial deposit is 1 USD and the leverage is up to 1:1000. 
  • Standard account – standard accounts are commission-free accounts with a minimum deposit of 100 USD and up to 3000:1 leverage.  
  • Micro account – micro accounts have no commissions and have a minimum deposit of 5 USD. The leverage is up to 3000:1. 
  • Zero Spread Account – zero Spread trading account is perfect for traders preferring high-speed Forex trading. Credit leverage is equal to 3000:1, and minimum deposit demand is 500 US dollars.  
  • ECN account – an ECN account is the most comfortable account for experienced traders. The minimum deposit requirement for an ECN account is $1,000.  Maximum leverage on an ECN account is 500:1, but ECN account holders may only trade 25 currency pairs.   
  • Crypto account – FBS offers a dedicated Crypto account that supports over 100 instruments: coins to coins, coins to fiat, coins to metals, etc. The minimum deposit on this account is $1 and leverage is fixed at 1:5.   

For long-term strategies, where a position is kept open for more than two days, FBS charges a fixed fee for the total number of days during which the order was opened.  

So, FBS is a large international online broker with five real accounts with average trading conditions, but accounts that are suitable for both beginners and experienced traders.  It offers low minimum deposits and micro lot trading on its entry level accounts as well as low spreads on accounts with higher minimum deposits. However, FBS charges extremely high withdrawal fees and only offers accounts denominated in U.S. dollars and euros.  

 In addition, FBS offers excellent educational and market analysis materials and, exceptionally, its customer support is available 24/7.

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