TrioMarkets Broker Review For Nigeria In 2023

TrioMarkets Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	FSCA
💰 Minimum Deposit	$250 (100000 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire, Neteller, Skrill.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Neteller, Skrill.
📌Open an account	Start Trading with TrioMarkets

Our Opinion About TrioMarkets

TrioMarkets was founded by three financial professionals with over 20 years of combined experience in the financial industry. Leveraging their success and extensive market knowledge, these entrepreneurs decided to create one of the most trustworthy and transparent forex brokers in the world. And now their primary goal is to enable traders to embrace every financial opportunity the market offers.

When it comes to trading conditions, TrioMarkets is popular for many reasons. They have four main account types – one of which has a minimum deposit of just $100. This makes them a great choice for new Nigerian traders who are just starting out. They also have a transparent pricing model with tight spreads and low commissions. 

Why We Like TrioMarkets

TrioMarkets offers a nice choice of trading instruments. They offer trading on forex, stocks, indices, cryptocurrencies, metals, oil, gas, and other commodities. Their accounts come with high leverage of up to 1:500 on most trading instruments. This makes them a good choice for experienced Nigerian traders with a good understanding of risk management. 

When it comes to trading resources, TrioMarkets has a strong offering. They have many helpful trading tools including social trading software, advanced trading indicators, and sophisticated trading platforms. They also offer great educational resources, helpful market analysis, and expert market outlooks. More about those below!

Key Benefits

TrioMarkets Regulation and Safety

TrioMarkets is actually the brand of a small group of companies. The main company, EDR Financial Ltd,  is based in Cyprus.  The group is regulated by many top-tier regulators, including the financial regulators for the UK, Cyprus, France, Germany, Italy, Spain, and Mauritius. While this business model might seem a bit complicated at first, it allows TrioMarkets to register with multiple regulatory authorities, and to legally operate in many different countries around the world, including Nigeria. Here are the details:

• EDR Financial Ltd is licenced and regulated by the Cyprus Securities and Exchange Commission (CySEC), with  licence number 268/15
• EDR Financial Limited is authorised and regulated by the Financial Conduct Authority (FCA), with registration number 702759.
• EDR Financial Limited is authorised and regulated by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), with registration number 143165.

• EDR Financial Limited is authorised and regulated by ACPR, Banque de France, with registration number 60724.
• AAA TRADE LTD is authorised and regulated by CONSOB (Commissione Nazionale per le Società e la Borsa), with registration number 4175.
• EDR Financial Limited is authorised and regulated by the CNMV (Comisión Nacional del Mercado de Valores), registration number 3946.
• BENOR Capital Ltd is registered with and licensed by the Financial Services Commission (Mauritius), with licence number C118023678.

Regulation In Nigeria

Nigerian traders can open an account with BENOR capital, which is part of TrioMarkets (Global) group brand, and authorised and regulated by the Financial Services Commission (FSC) of Mauritius. The FSC offers less oversight than some of the other regulators. It also has less regulatory requirements . This means FSC forex brokers are not required to segregate client funds, provide negative balance protection, or participate in investor schemes. TrioMarkets, however, chooses to go beyond its basic regulatory requirements and offer clients a higher level of client fund protection.

Client Fund Safety

TrioMarkets has segregated accounts. This means that your money is held separately from their company funds, in top-tier banks, and that your money is safe even if TrioMarkets goes bankrupt. This is important because it also means that TrioMarkets is not able to use your money for operational purposes or to pay off any debts or liabilities. 

TrioMarkets also offers negative balance protection, on request, and on a case by case basis. This is also important because it means that TrioMarkets is not able to let your account balance fall below zero. In terms of other client fund protection measures, TrioMarkets also has other security measures in place, such as SSL encryption and two-step authentication processes.

TrioMarkets: Legit or Scam?

TrioMarkets is a legitimate forex broker. They have been offering online trading services for many years and have a large client base. They are regulated by some of the best strictest financial authorities in the world, including CySEC and the FCA. With regards to their services, they have a nice range of trading accounts, competitive trading conditions, and reasonable minimum deposits. They also have a good choice of payment methods, fast withdrawals, and good client fund protection. In our opinion, they are a legit forex broker.

TrioMarkets Trading Assets

TrioMarkets offers a wide range of trading instruments. You can choose from currency pairs, shares, indices, energies, metals, and cryptocurrencies.

Trading Instruments

• Forex: They have 60+ instruments including major, minor, and exotic pairs.
• Shares: TrioMarkets also has a wide range of European, American, and Asian shares.
• Commodities: They offer trading on crude oil, Brent, and natural gas.
• Metals: TrioMarkets also offers trading on gold, silver, platinum, and palladium.
• Indices: They give you access to trade the S&P500, DAX30, FTSE100 & more.
• Cryptos: TrioMarkets also gives you access to a great range of cryptocurrencies.

TrioMarkets Accounts

TrioMarkets offers several different account types and each comes with its own unique trading conditions. Here’s what you can expect from each account.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Basic	From 2.4 pips	$100	1:500	$0
Standard	From 1.4 pips	$5,000	1:500	$0
Premium	From 1.1 pips	$25,000	1:500	$0
VIP	From 0.0 pips	$50,000	1:500	$4 per lot

Basic Account

This is their best account option for new traders in Nigeria. It comes with an average spread of 2.4 pips and there are no commissions. It also comes with high leverage of up to 1:500. The minimum deposit for this account is $100 and the base currency is USD. It is worth noting that the Basic Account is only available on MT4.

Standard Account

This is a good account option for intermediate forex traders in Nigeria. It comes with an average spread of 1.4 pips and there are no commissions. It also comes with high leverage of up to 1:500. The minimum deposit for this account is $5000 and the base currency is USD. It is worth noting that the Standard Account is only available on MT4.

Advanced Account

This is a good account for traders with more experience. It comes with an average spread of 1.1 pips and there are no commissions. It also comes with high leverage of up to 1:500. The minimum deposit for this account is $25,000 and the base currency is USD. As with the other accounts, it is worth noting that the Advanced Account is only available on MT4.

Premium Account

This is a great account for professional traders. It comes with an average spread of 0.0 pips and there is a $4 commission per side. It also comes with high leverage of up to 1:500. The minimum deposit for this account is $50,000 and the base currency is USD. As with the other accounts, it is worth noting that the Advanced Account is only available on MT4.

TrioMarkets Leverage

The maximum leverage available on all trading accounts is 1:500.

TrioMarkets Spreads

TrioMarkets offers good spreads. The spreads available depend on which trading account you choose. For example, with the TrioMarkets Premium Account, you can trade with zero spreads, and pay a small commission instead. Meanwhile, with the other accounts, you can trade with wider spreads, and zero commissions. For example, with the Basic Account, you can trade with spreads starting from 2.4 pips, and no commission.

TrioMarkets Commission

TrioMarkets offers low commission trading. The commission fees depend on which trading account you choose. For example, with the TrioMarkets Premium Account, you pay $4 per lot, but can trade with zero spreads. Meanwhile, with the other accounts, you can benefit from zero commission trading, as the fees are included in the spreads. For example, with the TrioMarkets Standard Account, you can trade with 1.4 pips, and no commission.

Base Currencies

TrioMarkets has four base currencies – EUR, USD, CHF, and GBP. This means that TrioMarkets does not offer NGN trading accounts. This may be a disadvantage for Nigerian traders, who are likely to have bank accounts denominated in NGN, and who may have to pay currency conversion fees on deposits and withdrawals in order to trade.

Demo Accounts

TrioMarkets has a demo account. The demo account is for new Nigerian traders who want to get a feel for the forex market before investing real money. The demo account lets you trade with virtual currency. There are no minimum deposit requirements for using the demo account. You get access to many of TrioMarkets’ tools, and you can use your free demo account to learn how to trade.

Islamic Swap-Free Accounts

All of the TrioMarkets accounts are also available as Islamic Swap-Free trading accounts, and you can choose this option when opening your online trading account.

PAMM Accounts

TrioMarkets does offer a PAMM service. PAMM accounts allow Nigerian traders to invest in proven strategies executed by expert traders and take a share of the profit. This service can be very helpful for new traders, as it means they can benefit from a fully-managed investment portfolio and live investment updates.

TrioMarkets Registration – How To Open An Account

As part of our TrioMarkets broker review, we looked at their online registration process. If you live in Nigeria, then you can open a trading account under the FSC business entity. The TrioMarkets account registration process is very easy. To start, visit their website, fill in the online form, and add a few personal details. At this stage of the process, you can also give them your chosen login details.

Next, they might ask you to take a quick online test. This is so that they can see how much you know about forex trading, and decide if their services are right for you. At this stage of the process, you simply answer a few short questions. Lastly, they might ask you to complete the KYC process, submit copies of your documents, and select your account type. This is so that they can confirm your identity and verify your account.

TrioMarkets Registration – How To Verify An Account

As part of our TrioMarkets broker review, we looked at their account verification process. To open a live trading account you’ll need to show TrioMarkets a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The TrioMarkets account verification process is easy. You can send copies of your National ID card, Passport or Driving License. You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add your funds and start trading.

TrioMarkets Payment Methods

As part of our TrioMarkets broker review, we looked at what payment options are available. TrioMarkets offers a nice selection of payment methods. You can choose from a good range of traditional payment options, as well as popular e-wallets. They also offer fast transaction times and low transaction fees, which can make funding your account and withdrawing money much easier.

Deposits & Withdrawals

You can fund your account using a debit card, credit card, or bank transfer. You can also use a Neteller account or a Skrill account. It is worth noting that when you withdraw money from your account, you need to use the same payment method that you used for the deposit.

Trading Platforms

TrioMarkets has one of the industry’s top online trading platforms – MT4, It offers traders the choice of MT4 for Windows and MT4 for Mac. MetaTrader4 (MT4) is great for new forex traders. It has a simple interface and includes many handy, built-in trading tools. You can use it to trade things like forex, stocks, crypto, and indices. The MT4 trading platform has charting tools, 4order execution types, technical indicators, and analytical objects. You can use these trading tools to do technical analysis and to manage your trading strategies.

Trading Tools

TrioMarkets has a great range of trading tools. They offer a social trading tool that allows you to copy other people’s trading strategies. This is, therefore, useful for new traders who feel less confident creating their own strategies. They also offer a trading tool called MT4 TrioXtend. TrioXtend includes a suite of useful apps designed to help you plan trades, manage risk, and access the latest market news. This tool is, therefore, useful for more experienced traders looking to implement more advanced trading strategies.

Extra Trading Services

TrioMarkets also offers a Money Management solution. The solution is set up on an alternative platform, separate from the MT4, for ease of access and for greater transparency. It works on a subscription basis, and you have the right to cancel the subscription at any time.

TrioMarkets Education And Research

TrioMarkets offers you access to educational videos, eBooks, a trading glossary, and many other tools. They also give you access to free market analysis. TrioMarkets offers a basic Market News section, a Market Calendar, and a Video Chart Analysis section. These resources are designed to help new traders carry out market analysis, understand how to use technical analysis, and find good trending opportunities.

Trading Hours

TrioMarkets operates in line with the standard industry trading hours. You can open a trade whenever the financial markets are open. Trading hours may vary on public holidays.

TrioMarkets Customer Support

TrioMarkets’ Customer Support team offers excellent customer service. You can contact them via live chat, email, or by phone. You can also contact them online via their contact us form. Support is available in English, French, and Italian.

Our Verdict

TrioMarkets has a lot to offer traders. It places a high value on transparency, trustworthiness, and reliability. As such, it offers both excellent service and a safe trading environment. It also places a high value on customer support. As such, traders benefit from useful trading tools, insightful research, and high quality education resources. As a broker, therefore, it is a good option for all traders.

TrioMarkets Forex Broker Review – FAQ

Ready to start trading? Sign up for an online trading account with TrioMarkets here.

TrioMarkets Forex Broker Review – Similar Brokers

TrioMarkets is a great choice for forex traders. However, if you want to see some alternatives, there are also many other brokers in Nigeria. Here are some brokers like TrioMarkets.

Still deciding? Take a look at some of our other forex broker reviews.