We’ve got you covered if you’re looking for a forex broker with the lowest spread. We’ve compiled a list of the top forex brokers with the tightest forex spreads in the industry today. You’ll find all the information you could want on these brokers, including how they compare to each other and what they offer to help you make an informed decision.
But before we get into it, we want to be clear: there are tons of great minimum-spread forex brokers out there. The best way to find one that fits your needs is by narrowing down your criteria and asking specific questions about what you’re looking for in a broker.
Broker | Minimum Deposit | Broker Reviews | Visit |
 | * 1:1000 leverage * 210+ instruments * $15 min. deposit * Free education | ||
 | * 1:1000 leverage * 1200+ instruments * $50 min. deposit * Tight spreads | ||
 | * 1:888 leverage * 1000+ instruments * $5 min. deposit * Free trading tools | ||
 | * 1:500 leverage * $100 min. deposit | ||
 | * 1:400 leverage * $100 min. deposit | ||
 | * 1:1000 leverage | ||
 | * 1:3000 leverage * 550+ instruments * $100 min. deposit * Great bonuses | ||
 | * 1:500 leverage | ||
 | * 1:1000 leverage | ||
 | * Low deposit | ||
 | * 1:500 leverage * 10,000 instruments * $100 min. deposit * Ultra low latency | ||
 | * 1:500 leverage * 800+ instruments * $10 min. deposit * African broker | ||
 | *1:500 leverage | ||
 | * 1:400 leverage | ||
 | * Cryptotrading * Great education | ||
 | * 1:500 leverage * $1 min. deposit | ||
 | * 1:500 leverage * 300+ instruments * $50 min. deposit * Great support | ||
 | * 1:1000 leverage * 70+ instruments * $1 min. deposit * Trading contests | ||
 | * 1:500 leverage * $10 min. deposit | ||
 | * 1:2000 leverage * 140+ instruments * Great bonuses | ||
 | * 1:1000 leverage * 130+ instruments * $5 min. deposit * Raw spreads | ||
 | * 1:500 leverage | ||
 | * 1:30 leverage | ||
 | * 1:200 leverage | ||
 | * 1:400 leverage | ||
 | * 1:1000 leverage | ||
 | * 1:500 leverage | ||
 | * 1:777 leverage | ||
 | * 1:500 leverage | ||
 | * 1:30 leverage | ||
 | * 1:1000 leverage | ||
 | * 1:500 leverage | ||
 | * 1:30 leverage | ||
 | * 1:500 leverage |
Contents
- 1 What is a Forex Spread?
- 2 How Is The Spread Calculated?
- 3 Why Do Brokers Charge A Spread?
- 4 Why Nigerian Traders Must Keep an Eye on Spreads
- 5 Which Trading Strategies use Low Spreads?
- 6 Best Forex Broker with the Lowest Spread in Nigeria Compared
- 7 Low spread & No Commission Forex Broker
- 8 Low spread & Low Commission Forex Broker
- 9 Broker with Lowest Spread and High Leverage
- 10 Forex Broker with Low Spreads and Low Deposit
- 11 Forex Broker with a Lowest Fixed Spread
- 12 How to Get Started with Low-Spread Brokers in Nigeria
- 13 Summary
- 14 Best Forex Brokers with Tight Spreads FAQs
What is a Forex Spread?
Spread is the difference between the buying price and the selling price. Let’s look at an example. Say you wanted to convert US dollars to euros at the bank. The bank would tell you that the buying price is 1.56 and the selling price is 1.49.
In other words, to buy one euro, you would have to pay 1.56 dollars. If you wanted to sell your one euro back to the bank at that very moment, the bank would then buy your euro at the slightly lower price of 1.49 dollars. So, if you sold 1000 USD to the bank. you would receive 641 EUR. And if you sold your Euros back, you would only get 955 USD.
How Is The Spread Calculated?
When it comes to forex trading, the spread is usually measured in pips. Pips are the smallest unit of the price movement of a currency pair. For most currency pairs, a pip is equal to 0.0001. For example, a 2 pip spread for EUR/USD would be 1.1053/1.1055. A spread can either be fixed or variable, depending on the forex broker and on their business model. Choosing a forex broker with low spreads can help you improve your profitability by saving you money on transaction costs.
Why Do Brokers Charge A Spread?
The spread is what allows ‘zero commission’ forex brokers to make money. It is the fee they charge for providing market access and for facilitating the transaction. And it is what makes their business model and their services financially viable.
Why Nigerian Traders Must Keep an Eye on Spreads
Spreads are one of the most important factors when choosing a forex broker. A wider spread means you will pay more for the currency you buy or sell, and a narrower spread means it will cost less. A forex trader should always choose a broker with lowest spread possible. This minimizes the chances of having an account wiped out in a flash when trading in volatile times or trading liquid currency pairs.
Which Trading Strategies use Low Spreads?
The most common type of strategy that uses low spreads is scalping. This happens when you want to trade very short-term contracts, like one-minute contracts or even a few seconds.
Scalping is risky as it involves rapid trading with little margin money, but it can be lucrative if done correctly.
However, other methods also use low spreads, such as swing trading and day trading. These strategies involve more extended periods and significant amounts of capital, so they’re not suitable for everyone.
Best Forex Broker with the Lowest Spread in Nigeria Compared
Low spread & No Commission Forex Broker
TD markets– If you’re looking for a broker with the lowest spread, look no further than TD markets. They have consistently kept their customers happy by offering a wide range of services at competitive prices. The broker doesn’t charge any trades commissions, which means you’ll never pay more than you need for your trades. This makes it easy for new traders to get started without worrying about spending too much or getting ripped off by hidden fees.
Low spread & Low Commission Forex Broker
Euro trader– Euro Trader, is a top broker with the tightest forex spreads. The average spread is just 1.2 pips, which makes them a favourite forex broker with the lowest spread in the market today. Commissions start at $2 per lot on their Hero account. Eurotrader has all the right tools to help you create your first trade. Their website has a user-friendly interface, many educational videos, and helpful guides.
Broker with Lowest Spread and High Leverage
Hotforex– Hotforex is a great place to start your forex trading journey, as you can get started with 1:1000 leverage and zero spread. You don’t have to pay extra for some brokers’ high spreads. The zero spread account is a nice feature that enables you to make more trades at a low cost. Hotforex has a wide range of trading tools that allow you to trade in different assets and currency pairs.
Forex Broker with Low Spreads and Low Deposit
SimpleFX- SimpleFX is an excellent fit for investors looking to start their first trade. The minimum deposit to open an account at SimpleFX is just $1, and the spread varies from 0.1 pips on average.
SimpleFX’s website is user-friendly, easy to navigate, and offers multiple trading platforms in addition to one-click web trading. With no minimum balance requirement and low spreads, it’s easy to see why so many traders love SimpleFX!
Forex Broker with a Lowest Fixed Spread
M4Markets- M4Markets is a Forex broker with lowest spread. They have a minimum account size of $5, and trading costs are relatively low at only 1.5%. M4Markets has been around since 2019 and has a solid reputation for customer service. Their platform is very user-friendly, with an intuitive interface and a set of features that allow you to trade confidently.
How to Get Started with Low-Spread Brokers in Nigeria
Low spreads are a great way to get started with forex brokers. Minimum spread forex brokers are the cheapest options on the market, and they allow you to trade without having to worry about the typical costs that come with investing in forex. In order to get started with low-spread forex brokers, you’ll need to have a few things in place.
First and foremost, you’ll need to be able to deposit funds into your account. This can be done in several ways, including wire transfers and money transfer services such as Western Union or MoneyGram. If you don’t have access to these methods, you should consider using an online broker that offers instant deposits.
Next, you’ll need to know how much money you want to invest with this broker and what trading strategy fits your needs best. Some brokers allow different trading strategies depending on the amount of money that is being traded—so you need to know what type of trading strategy works best for your situation before choosing a broker with lowest spread!
Finally, some factors may impact how much money you can make from tight-spread forex brokers. These include the type of account, whether or not there are any fees associated with it, whether or not there is any kind of margin requirement (if so), and if there are any restrictions on trading activities.
Summary
In the end, trading forex doesn’t have to be complicated. If you’re looking to trade currencies, picking a forex broker with the lowest spread is your best bet. Also, ensure you find the right broker for your experience level and financial goals. This comprehensive list of minimum spread forex brokers offers you a chance to trade with the benefits of low spreads. A wide choice of trading tools is available on all of the platforms. Some brokers offer demo accounts, allowing you to practice before entering a live account.
Best Forex Brokers with Tight Spreads FAQs
Zero-spread accounts are one of the best ways to make money trading Forex. They offer no difference between the bid and ask prices, meaning that spreads can be as low as 0.0 pips. With a zero-spread account, you can get in and out of positions anytime, even if you have a lot of money on the line. Select a broker with the tightest forex spreads to open a zero-spread account and make an easy deposit.
Yes, there are forex brokers in Nigeria who offer zero-pip spreads. You can find a ton of brokers who offer this service. Zero-pip spreads are generally offered to traders who have a large trading volume. In other words, the more you trade, the more likely you are to get the best deals on spread.
However, some brokers have different policies for “large trading volume.” Some of these policies are based on how much money you deposit with them or how many trades you make per month. If you’re interested in zero-pip spreads, check out our list above. We recommend working with a broker with lowest spread because they provide excellent services at competitive prices.
The best Forex brokers with tight spreads in Nigeria earn money by charging commissions per traded lot or by trade size. The commission can be as low as 0.05% for a single trade, with higher commissions for more significant transactions.
Again, low-spread forex brokers often offer paid VPS services to their clients, which allow them to operate their virtual trading accounts. Some low-spread forex brokers provide educational services, such as webinars or master courses that explain different aspects of trading or provide tips on using specific tools and platforms effectively.
A tight spread means that the products you trade are priced at the lowest possible exchange rate. In other words, they’re not overpriced like they might be with a broker who charges higher spreads. And here’s why this matters:
1) It significantly reduces your trading costs because you will incur fewer expenses associated with opening and closing trades.
2) There are fewer opportunities for losses due to bad timing or market movements because there won’t be too much slippage on trades being executed. And if there aren’t any additional commissions or fees, this can mean significant savings!
A forex broker with the lowest spread is worth it. While there are many benefits to using these brokers, the most obvious one is that they will have fewer trading costs. So if you’re trading foreign currencies and have a tight spread, you’ll be making more money per trade than if you had higher spreads. That means more profit for your account!
You’ll also get a better quality of service because of the lower price tag on trades. You’ll likely never have to wait more than a few seconds to get in and out of your transactions—and that’s something that can’t be overlooked when it comes time to decide whether or not to move forward with your broker.
Regarding forex trading, the spread is usually measured in pips. Pips are the smallest unit of the price movement of a currency pair. For most currency pairs, a pip is equal to 0.0001.
For example, a 2 pip spread for EUR/USD would be 1.1053/1.1055.
A spread can be fixed or variable, depending on the forex broker and their business model.
Choosing a forex broker with lowest spread can help you improve your profitability by saving you money on transaction costs.
To find out more about the top forex brokers in Nigeria, check out our forex broker reviews. To discover the latest promotions and forex broker news, visit our blog.