Here is a list of forex brokers offering trading with zero spreads.
Broker | Features | Broker Reviews | Visit |
 | * 1:1000 leverage * 210+ instruments * $15 min. deposit * Free education | ||
 | * 1:1000 leverage * 1200+ instruments * $50 min. deposit * Tight spreads | ||
 | * 1:500 leverage * $100 min. deposit | ||
 | * 1:500 leverage | ||
 | * Low deposit | ||
 | * 1:500 leverage * 10,000 instruments * $100 min. deposit * Ultra low latency | ||
 | * 1:1000 leverage | ||
 | * 1:500 leverage * 800+ instruments * $10 min. deposit * African broker | ||
 | *1:500 leverage | ||
 | * 1:500 leverage * 300+ instruments * $50 min. deposit * Great education | ||
 | * 1:400 leverage | ||
 | * 1:1000 leverage * 70+ instruments * $1 min. deposit * Trading contests | ||
 | * 1:2000 leverage * 140+ instruments * Great bonuses | ||
 | * 1:1000 leverage * 130+ instruments * $5 min. deposit * Raw spreads | ||
 | * 1:30 leverage | ||
 | * 1:200 leverage | ||
 | * 1:777 leverage |
Contents
What Is A Spread?
A spread is the difference between the buying price and selling price. Let’s take a look at an easy example. Say you wanted to exchange US dollars for euros at the bank. The bank would tell you that the buying price is 1.56 and that the selling price is 1.49. In other words, they would tell you that to buy one euro you would have to pay 1.56 dollars. If, at that exact moment, you wanted to sell your euro, the bank would then buy your euro back at the lower price of 1.49 dollars. So, if you sold 1000 US dollars to your bank. you would receive 641 euros in return. And if you sold your euros back to the bank, you would receive 955 US dollars in return. This is, of course, just an example.
How Is A Spread Calculated In Forex?
With regards 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 3 pip spread for EUR/USD would be 1.1051/1.1054. A spread can either be fixed or variable depending on your choice of forex brokers. By choosing a forex broker with low spreads, your trading costs and boost your overall profitability.
Why Do Forex Brokers Have Spreads?
The spread is what allows many forex brokers to make money. It is the fee they charge for providing access to the forex market and for finding other buyers and sellers for your trades. For many forex brokers, spreads are what makes their business model viable and what enables them to continue offering online trading services.
For many other forex brokers, spreads are what enable them to get a competitive advantage over other brokers. For example, some forex brokers offer zero spreads in order to attract more clients. In these cases, the forex brokers usually try to make in other ways, usually by charging a low fixed commission for each trade.
How To Choose A Forex Broker
If you’re new to trading, it can be hard to know which forex brokers in Nigeria have the best trading conditions and which can offer you the lowest spreads. Here are a few key things to look out for when choosing a forex broker:
- Regulation – The best forex brokers are usually licensed by at least one regulatory body. It is important to check whether a forex broker has a licence. It’s also important to check if they offer negative balance protection and a good level of client fund protection.
- Trading Conditions – The best forex brokers usually offer a great range of trading instruments including forex, stocks, commodities, and cryptocurrencies. Try to find forex brokers with fast trade execution and high leverage.
- Minimum Deposits – The top forex brokers offer at least one low-cost online trading account. If you’re thinking about opening an account with a broker, make sure you check that they have low minimum deposits and convenient payment methods.
- Trading Support – The top forex brokers usually have free educational resources and free market analysis. Try to find a forex broker that offers free trading tools including trading calculators, economic calendars, EAs, and chart indicators.
To find out more about the best forex brokers in Nigeria, check out our forex broker reviews. To learn more about the latest forex news and promotions, take a look at our blog.