Our top-rated Forex brokers
Save on conversion fees
Start trading here
Learn to trade with no risk
Trade with Direct Market Access
Live trading with no deposit
Extend your buying power
Tight spreads and low commissions
Best accounts for Muslim traders
Fixed spreads & instant execution
The top MT4 brokers in Nigeria
The top MT5 brokers in Nigeria
The top TradingView brokers
The top cTrader brokers in Nigeria
Trade on the go from your phone
Copy professional traders
Find a platform that works for you
Broker Score | Min. Deposit | Regulation | Trading Desk Type | Trading Instruments | Forex Pairs | Crypto Pairs | Pros | Cons | Regulation | Trading Conditions | Trading Platforms | Deposit & Withdrawal | Education & Research | Assets Available | Customer Service | % Lose with this broker | Leverage | Spread | Hedging | Scalping | Account Types | Islamic Account | Trading Platforms | Funding Methods | Trading Commission | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD 100 | Market Maker | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals | 50 | 23 |
|
| Read Review | 73% | 200:1 | 1.50 pips | Yes | Yes | Bronze, Gold, Gold ECN, Platinum, Premium, Silver | Yes | MT4, WebTrader | Bank Transfer, Visa, Mastercard, Neteller, Fasapay | Fees Included in Spread | ||||||||||
USD 100 | Market Maker | Bonds, Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices | 56 | 25 |
|
| Read Review | 70.3% | 300:1 | 0.60 pips | Yes | Yes | Live, Markets.com, Marketsx, MetaTrader 4, MetaTrader 5 | Yes | MT4, MT5, markets.com | Mastercard, Visa, Neteller, Skrill, Bank Transfer | Fees Included in Spread |
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FX Scouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare markets.com and CM Trading, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that markets.com holds three Tier 1 and no Tier 2 licences, and CM Trading holds no Tier 1 and no Tier 2 licences.
Based on these findings, markets.com earned a higher trust rating than CM Trading.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that markets.com has overall lower trading costs than CM Trading.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, markets.com offers support for and CM Trading offers support for .
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both CM Trading and markets.com offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that markets.com offers a greater range and depth of instruments to trade than CM Trading. markets.com offers 56 Forex pairs to trade and CM Trading offers 50 Forex pairs to trade.
In this case, markets.com offers 25 cryptocurrencies while CM Trading offers 23 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with markets.com.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither CM Trading nor markets.com charges a withdrawal fee. Overall, markets.com has better deposit and withdrawal processes than CM Trading.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
markets.com has better educational support than CM Trading. Both CM Trading and markets.com offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that 0 offers better research analysis than 0 and that both CM Trading and markets.com offer frequent webinars.
Markets.com offers traders fast, low-cost trading on a broad range of financial instruments, including over 1500 stock CFDs, Forex, commodities, cryptocurrencies, indices, ETFs, and bonds.
Although Markets.com offers only one live account, it offers more account benefits with higher minimum deposits. Spreads are extremely competitive, starting at 0.6 pips (EUR/USD), with no commissions and a minimum deposit requirement of only 100 USD on its Basic Account tier, making it accessible to beginner traders.
Full support is offered for MT4, MT5, and Markets.com's award-winning in-house platform. An advanced multi-asset trading platform, the Markets.com platform is packed full of features, including excellent trading tools, expert analysis, and in-depth charting.
Markets.com also provides a high level of customer service compared to other brokers, and its educational materials provide an excellent resource for beginners starting their trading careers.
Founded in 2012 in South Africa, CM Trading is a market maker with high ongoing trading costs and high minimum deposits compared to other Forex brokers operating in Nigeria. CM Trading offers six trading accounts, including two ECN accounts, and offers trading on multiple instruments, including Forex, indices, cryptocurrencies, commodities, oil, and metals.
Minimum deposits start at 250 USD on its entry-level account with average spreads at 1.5 pips on the EUR/USD. Minimum deposits escalate quickly, with the Premium Account requiring a minimum deposit of 100,000 USD but still featuring relatively high ongoing trading costs.
In addition to the high minimum deposits and trading costs, a significant drawback for beginner traders is the lack of educational and market analysis materials offered at CM Trading. CM Trading charges high deposit and withdrawal fees compared to most other brokers, but local customer service is generally excellent.
Like most Forex brokers, CM Trading supports the MT4 platform and allows for all trading strategies including hedging, scalping, signal trading and algo trading. In addition, it also provides support for Sirix Webtrader - a rare web-based trading platform that runs in browsers on all devices. Sirix comes with a selection of trading tools, including the Guardian Angel system - which provides automated feedback on your trading style - and the CopyKat copy trading system.