Author:
Alexander Foster
Last Updated:
09/08/2022
Table of Content
- Who should make use of this CFD trading in Nigeria comparison?
- Is CFD trading in Nigeria legal?
- Top 5 steps for a secure & fair Nigerian CFD trading experience
- This is how our experts test CFD brokers in Nigeria
- Checklist: This is how you find YOUR perfect CFD broker in Nigeria!
- What else can you trade online in Nigeria?
- Conclusion: You can trade with peace of mind
- CFD trading in Nigeria FAQ
Who should make use of this CFD trading in Nigeria comparison?
While there are a great deal of similarities between all kinds of trading across the world – and across the candidates for the finest online trading platform – the fact remains that each country has its own unique situation regarding regulation and trading. This is especially true with something like CFDs, which are banned in certain parts of the world.
This means that the choice of best CFD broker in the UK and the best CFD broker in Nigeria will likely have their differences. That’s why this comparison and guide is focused on those looking to make trade CFDs in Nigeria specifically, because it’s a unique place deserving of focus.
Beyond that, we’d say that while much of what is in this guide is intended to be suitable for newcomers, there’s also plenty of advice and recommendations here that would be useful for traders of all experience levels. Put simply, this guide and our comparisons are here for anyone interested in CFD trading in Nigeria.
Is CFD trading in Nigeria legal?
As far as our research into CFD trading in Nigeria, there doesn’t appear to be much specific in the law about this form of trading in particular. However, this doesn’t mean that the situation is the same as CFD trading USA – where it’s explicitly illegal.
Rather, CFDs instead adhere to the general rules of trading in Nigeria. They’re less regulated than other countries, but some rules include you needing to pay tax on investment earnings and requiring a license to trade investors’ capitals, but you’re able to trade your own capital, to give a couple of examples.
Brokers, nonetheless, are required to meet certain requirements to trade on behalf of their clients. This means there remains a level of quality to brokers regulated by the Central Bank of Nigeria, even with their reputation for a lack of regulation.
Make no mistake, the best CFD broker in Nigeria can only be one with very high standards. Less regulation in this market shouldn’t have any impact on your expectations for the best CFD platform in Nigeria. The increasing popularity of CFD trading in Nigeria doesn’t just mean more people are interested, but that there’s an abundance of great brokers to choose from.
Top 5 steps for a secure & fair Nigerian CFD trading experience
We want to ensure that whatever tops your CFD broker list in Nigeria, that you’re able to trade safely while being treated fairly. Doing so is quite straightforward but does require you to keep a few key things in mind. Here’s five steps which we think will go a long way in ensuring a fair CFD trading Nigeria experience:
This is how our experts test CFD brokers in Nigeria
We don’t think there are many better tools for finding the best CFD broker in Nigeria than by checking out our reviews. One reason we’re so proud of them is how comprehensive they are. We really do go through every nook and cranny to discover anything and everything we think will affect your experience.
To showcase our expert attention to detail, here’s a quick breakdown of five key criteria we cover in every CFD broker review Nigeria:
Usability
While CFDs do have a reputation for being one of the more complicated trading options, it can be made much more approachable with the right broker. That’s why useability and accessibility are so important in our reviews.
Trading platforms
The quality of the trading platform is vitally important to how efficiently you can trade. We consider the structure of the platform, who it’s suitable for, the technical performance, mobile integration and everything else that could impact your usage.
Account types
Different people require different account types, even if we’re just talking about CFD trading and nothing else. Many people reading this will be interested in multiple types of trading too. So, the more variety and the easier they are to use, the better.
Payment options
There’s two key parts to our review consideration here. First, there’s which payment methods are actually available. Then there’s how easy they are to use and whether the terms surrounding them are fair.
Customer support
We don’t just look up whether customer service is available – we check them out for ourselves to get first-hand experience on how helpful they actually are. This includes checking from FAQs to direct contact options.
Check out our top-rated CFD Brokers in Nigeria:
70.8% of retail investor accounts lose money when trading CFDs
Checklist: This is how you find YOUR perfect CFD broker in Nigeria!
Something that a lot of people misunderstand when looking for the best online trading platform of any kind is that there isn’t one. Of course, many are better than others, but at the top, it comes down to a matter of personal preferences.
When we talk about the best CFD broker in Nigeria, we’re actually talking about the best one for you specifically. But how do you know what to look for? It comes down to a few important questions. By answering these and checking out our reviews, you’ll be well on your way to finding your perfect broker.
- Do you like to trade at home or on the go?
- If you like to trade via mobile, what are your app needs?
- What payment methods are suitable for you?
- What level of risk and timeframe of investment are you ideally looking at?
- How much do you have to responsibly invest?
- What kind of experience do you have?
- If you’re a newcomer, what kind of help would you need from a broker?
- Are there any other things you would like to trade alongside CFDs?
And in general, we’d recommend you simply take a step back and consider what you’re looking for out of a broker in a broad sense and what your ideal platform would look like.
What else can you trade online in Nigeria?
As mentioned earlier, as far as any of our research indicated, the rules surrounding CFD trading in Nigeria and pretty much any other kind of trading seems to largely be the same including finding the best CFD broker in Singapore. What this means is that from a legal perspective, you should be able to trade on pretty much any kind of financial market you want.
This can include:
- Shares – where you buy a stake in a company and the value of your asset increases or decreases with the value of that company
- Forex – which is a very popular trading option in Nigeria, where you trade on currencies themselves
- ETFs – which are like a basket of securities which work similarly to stocks.
The most notable legal prohibition that separates Nigeria from much of the rest of the world is that their banks and financial institutions are banned from working with cryptocurrencies – even though trading does continue. But beyond that, you can trade with most expected financial options safely and openly in Nigeria.
Conclusion: You can trade with peace of mind
Nigeria may be less regulated than some other countries but that doesn’t mean that you cannot utilise CFD trading safely and as you would in most other places throughout the world.
Indeed, the best CFD broker in Nigeria can stand up to the absolute finest available anywhere. There are things you need to keep in mind and research to be done to find the right platform for you. However, a good investor should understand and appreciate the value of being facetious with all elements of their investment, even on the broker itself. And rest assured, Nigeria has all the variety and quality you could want in terms of options for CFD trading and brokers.
Capital.com Review
T&Cs apply, 18+
VT Markets Review
T&Cs apply, 18+
Libertex Review
70.8% of retail investor accounts lose money when trading CFDs
CFD trading in Nigeria FAQ
More Articles
