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Nigeria has recently been a major player in the lucrative forex trading market. As long as you have access to the internet, a solid strategy, and a reliable broker, you can profit from the fluctuation in global currency markets.
Nigerian traders have access to a broad variety of reputable brokers nowadays, but only a handful offer Forex no deposit bonuses, which allow new traders to open an account that is already funded by the broker and begin trading.
We’ve compiled a list of the finest no-deposit bonus Forex brokers in Nigeria, each of which offers top-notch trading conditions and a wide range of useful tools.
1. HotForex
Overview
Popular broker HotForex provides a user-friendly trading environment and great customer assistance, as well as a wide range of trading products. Upon successful account verification, new traders at HotForex receive a $30 Forex no deposit bonus that may be used right away.
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 |
👉Open a Free Trading Account Now
2. Tickmill
Overview
Tickmill is a well-known broker that offers trading on more than 80 CFD products, including forex, indices, commodities, and bonds, through three major trading accounts dubbed “Pro Account,” “Classic Account,” and “VIP Account.”
For new customers, Tickmill gives a $30 Forex no deposit bonus, and the broker recently announced a cut in its 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 |
3. XM
Overview
Many traders have made use of the XM platform’s flexibility and adaptability over the years. XM is one of the most popular FX and CFD brokers in the world, with more than 2.5 million traders from 196 countries.
Upon successful account verification, new traders at XM will receive a $30 Forex no deposit bonus incentive.
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. FBS
Overview
ECN and STP broker FBS provides a wide range of high-quality trading options for its customers. MetaTrader 4 and MetaTrader 5 trading platforms are available from FBS, each with more than 75 trading products to choose from.
When you open an FBS account for the first time, you’ll receive a $50 no-deposit bonus.
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 |
View: Best Forex Trading Platforms in Nigeria
5. InstaForex
Overview
New traders at InstaForex can take advantage of a $500 Start-Up Bonus, which is among the most generous in the business. Even while you can trade with the bonus money without making a deposit, you must do so if you want to cash out your winnings.
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 |
