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Brokers offer no-deposit bonuses to attract new customers. No-deposit bonuses typically involve the broker providing the customer with a small amount of equity, which allows them to learn how to trade Forex without the fear of losing their own money.
Our review team has reviewed all the top brokers in Nigeria to find out which ones offer the best no-deposit bonuses. The brokers below are well-regulated, and we confirmed that their bonuses are valid for Nigerian traders. We also highlight the terms of each bonus, so that you understand the conditions attached to withdrawing your profits.
These are the best Forex Brokers with the best bonuses in Nigeria in 2023.
A no-deposit Forex bonus is a bonus offered by a broker to new customers who open an account. The bonus requires no deposit, and traders can use the money to trade, but the bonus is usually not withdrawable. Profits made from trading with bonus funds can only be withdrawn once certain conditions, such as trading volume thresholds, have been met.
Below you will find short reviews of the best Forex bonuses in Nigeria, highlighting their terms and conditions:
For Nigerian beginners looking for a risk-free start to trading, XM’s one-off 30 USD trading bonus is a good place to start. XM’s minimum deposit is 5 USD, so this bonus can multiply your starting capital 6 times over. While the bonus cannot be withdrawn, any profits you make can be. The bonus is automatically credited to your trading account upon sign-up.
Bonus Terms and Conditions
Accepts Nigerian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.Admiral’s no-deposit campaign provides new traders 100 USD to trade on any of its four accounts. The bonus is available to clients who have not yet funded a live account and is a good way for traders to begin their trading careers risk-free. Additionally, traders will be pleased that the bonus is decreased only by the profit from their trades. So, if their trades are not profitable, the bonus will not be lost.
Bonus Terms and Conditions
Accepts Nigerian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by the FCA, ASIC, CySEC, and the JSC.The FBS Level Up Bonus is a 70 USD no-deposit bonus which can be doubled to 140 USD if certain conditions are met. This Level Up bonus will especially appeal to beginner traders who don’t want to risk any of their own money. To get the 70 USD Level Up bonus, traders need to register with FBS, verify their email address and then link their Facebook account to their FBS Personal Area. To double the bonus to 140 USD, new clients will also need to download the FBS Trading Broker mobile app and follow the same steps.
Bonus Terms and Conditions
Accepts Nigerian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.The Tickmill Welcome Account is a completely risk-free no-deposit trading account and comes with 30 USD available to trade. It can be opened by any Nigerian resident and does not require full registration or identity verification. The Welcome Account will only stay open for 60 days, and the 30 USD bonus cannot be withdrawn, but any profits up to 100 USD can be withdrawn. Once any withdrawal is made, the Welcome Account will be closed. But profits can be used to open the Tickmill Pro Account, the lowest-cost trading account in the world.
Traders should be aware that the Welcome Account is only available in USD and that Expert Advisors cannot be used, even when using the MT4 trading platform. Note that in order to withdraw or transfer funds from the Welcome Account, traders are required to register with Tickmill and verify their identity.
Bonus Terms and Conditions
Accepts Nigerian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.You should consider several factors before choosing to accept a no-deposit bonus. These include:
Only some regulators allow brokers to offer no-deposit bonuses. Regulators such as the FCA of the UK have banned the offering of bonuses. However, many offshore regulators allow brokers to offer Nigerian traders bonuses, but if you have a dispute with the broker, it might be difficult to gain legal redress.
Brokers offer a variety of bonuses to attract new customers. They include:
Deposit bonus: This bonus can be used to trade and is given by Forex brokers when a trader makes a new deposit into a Forex account. Typical offers include “Deposit 500 USD, and we’ll give you 100 USD” or “We’ll match 100% of your deposit up to 1000 USD.”
Trading or volume bonus: This bonus is related to the volume of trades a trader carries out. To qualify, you will need to have traded the minimum monthly volume within a calendar month, and you will then get a rebate on your trades. It involves trading large amounts of money, so does not apply to beginners. For example, if you trade 300 million USD in a calendar month, you could receive a rebate of 10 USD per million dollars traded, which means your monthly rebate would be 3000 USD.
Cashback: This involves returning a portion of paid commissions to the trader’s account. Some brokers charge a flat commission fee – usually between 5 USD and 10 USD on each trade. A broker may offer to pay back, for example, 3 USD of the 10 USD commission they charge on a trade.
Referral bonus: Some brokers pay a cash bonus into your account when you refer a friend to their platform.
As mentioned earlier, this is one of the main disadvantages of bonuses. Forex bonus terms vary, but they generally require a trader to trade a substantial sum of money before any withdrawal can be made. You should always check the terms and conditions of the no-deposit bonus and ensure you understand the rules related to withdrawals.
Yes. You will be required to open an account, verify your email address, and provide the broker with a valid proof of address and identity document to receive the bonus.
Trading Forex and CFDs is unsuitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
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